Reasons Behind Wallet of Satoshi's Departure from the U.S.
Last Friday, Wallet of Satoshi, a prominent provider of Lightning Network payment services, announced its decision to exit the U.S. market. While the company did not explicitly state the reasons behind this move, it informed its U.S. clientele that they could easily withdraw and transfer their funds to an alternative wallet.
The Background of Wallet of Satoshi
Wallet of Satoshi, also known as WoS, is an application available on iOS and Android platforms that enables users to manage bitcoin (BTC) and Lightning Network transactions. Established by Daniel Alexiuc in 2018, WoS quickly gained popularity as a secure and user-friendly platform for managing digital assets.
WoS's Decision and Commitment to Its Users
In its official statement, WoS expressed the difficulty of the decision to remove its app from the U.S. Apple and Google app stores and discontinue its services to U.S. customers. However, the company emphasized that this decision was made with the utmost concern for the safety and interests of its customers and the company as a whole.
While WoS acknowledged that this news may be disappointing to its users, the company remains hopeful for future developments that could potentially allow them to resume operations in the U.S. market.
Record-Breaking Month for WoS
Interestingly, WoS's decision to exit the U.S. market comes at a time when the company was experiencing significant growth. According to Kevin Rooke, a well-known industry observer, WoS was on track to process over 1.1 million Lightning payments in November alone. Rooke attributed this surge in transactions to the company's effective Lightning advertising strategies.
Share Your Thoughts
What are your thoughts on Wallet of Satoshi's departure from the U.S. market and the removal of its apps from the Google Play and Apple App Store? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
Should you open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren’t covered by insurance. It is impossible to get back money if you lose your investment. All your investments can be lost due to theft, fire or flood.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items are timeless and have a lifetime value. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
You should choose a reputable firm that offers competitive rates. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
Do not open an account unless you’re ready to retire. So, don’t forget about the future!
What are the pros and disadvantages of a gold IRA
An Individual Retirement Plan (IRA) has a major advantage over regular savings accounts. It doesn’t tax any interest earned. An IRA is a great option for those who want to save money, but don’t want tax on any interest earned. However, there are disadvantages to this type investment.
For example, if you withdraw too much from your IRA once, you could lose all your accumulated funds. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. If you do withdraw funds, you’ll need to pay a penalty.
A disadvantage to managing your IRA is the fact that fees must be paid. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management fees ranging from $10 to $50.
If you prefer to keep your money outside a bank, you’ll need to purchase insurance. Most insurers require you to own a minimum amount of gold before making a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. Some providers limit the amount of gold that you are allowed to own. Others allow you the freedom to choose your own weight.
You will also have to decide whether to purchase futures or physical gold. Gold futures contracts are more expensive than physical gold. Futures contracts, however, allow for greater flexibility in buying gold. They allow you to set up a contract with a specific expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy does NOT include theft protection and loss due to fire or flood. However, it does cover damage caused by natural disasters. You may consider adding additional coverage if you live in an area at high risk.
Additional to your insurance, you will need to consider how much it costs to store your gold. Storage costs will not be covered by insurance. Banks charge between $25 and $40 per month for safekeeping.
Before you can open a gold IRA you need to contact a qualified Custodian. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians cannot sell your assets. Instead, they must maintain them for as long a time as you request.
After you’ve determined which type of IRA is best for you, fill out the paperwork indicating your goals. You must include information about what investments you would like to make (e.g. stocks, bonds and mutual funds). Your monthly investment goal should be stated.
After filling out the forms, you’ll need to send them to your chosen provider along with a check for a small deposit. Once the company has received your application, they will review it and send you a confirmation email.
A financial planner is a good idea when opening a gold IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
How is gold taxed within an IRA?
The fair market price of gold when it is sold determines the tax due on its sale. You don’t have tax to pay when you buy or sell gold. It isn’t considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
Loans can be secured with gold. Lenders try to maximize the return on loans that you take against your assets. In the case of gold, this usually means selling it. This is not always possible. They may just keep it. They might decide that they want to resell it. You lose potential profits in either case.
To avoid losing money, only lend against gold if you intend to use it for collateral. You should leave it alone if you don’t intend to lend against it.
Is the government allowed to take your gold
You own your gold and therefore the government cannot seize it. It’s yours, and you earned it by working hard. It belongs to your. This rule could be broken by exceptions. You could lose your gold if convicted of fraud against a federal government agency. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
Is buying gold a good retirement plan?
Although gold investment may not seem appealing at first glance due to the high average global gold consumption, it’s worth considering.
The most popular form of investing in gold is through physical bullion bars. There are other ways to invest gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you don’t want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you need cash flow to finance your investment, then gold stocks could be a good option.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item’s value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
investopedia.com
forbes.com
cftc.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement funds
How To
The best way to buy gold (or silver) online
To buy gold, you must first understand how it works. It is a precious metal that is very similar to platinum. Because of its resistance to corrosion and durability, it is very rare. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins should only be used for investment purposes. Inflation can cause their value to increase.
They can’t be exchanged in currency exchange systems. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. For every dollar spent, the buyer gets 1 gram of Gold.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. There are a few options if you wish to buy gold directly from a dealer. First, you can visit your local coin store. You can also try going through a reputable website like eBay. You can also look into buying gold online from private sellers.
Private sellers are individuals that offer gold at wholesale or retail prices. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This option can be a good choice for investing in gold because it allows you to control the price.
Another way to buy gold is by investing in physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.
If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks often charge higher interest rates then pawnshops.
You can also ask for help to purchase gold. Selling gold can be as easy as selling. Set up a simple account with GoldMoney.com and you will start receiving payments instantly.
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By: Jamie Redman
Title: Wallet of Satoshi Halts U.S. Operations: What You Need to Know
Sourced From: news.bitcoin.com/wallet-of-satoshi-exits-us-market-amidst-record-breaking-month-leaving-customers-to-seek-alternatives/
Published Date: Fri, 24 Nov 2023 17:30:14 +0000
