Daily Archives: March 12, 2017

Storms, Pirates and Fees

The spring weather is coming to the Atlantic Provinces of Canada where I live and although the clock rolled ahead one last night with Daylight Savings Time ,the weather outside is bitter cold for the second weekend in a row.

Newfoundland’s east coast on the Avalon Peninsula got hit with winds in excess of 180 km, causing wide spread damage and power outages. Strongest wind storm in 10 years for that area. Crazy weather patterns for sure.

Here in Nova Scotia, it’s just a steady cold northerly wind keeping things icy for now.

Pirates and fees. My last post I published and then within 24 hours, I deleted it where I wrote about a potentially profitable new venture but what I call a script dude (programmer or developer) added code to export members Bitcoin deposits to his personal BTC wallet. Unaware of this pirating until it was too late, the program manager had no choice but to shut it down.

With the US exchange of over a $1100 for one Bitcoin at this time, greed and pirates are in the mix of it all.

It took me some convincing a few months back to get into the Bitcoin for a payment option with the opportunities I pursue online.

Things were going very well with my steady buildup of the digital currency and multiple transaction happening daily in my Blockchain account. However, over the last month, I noticed I’m being hit with increasing higher fees with each ‘send’ I make.

That slowed me down where I calculate the fees in relation to the return I’m getting from a compensation plan.

This past week, I’ve been stalled where I’m now being charged with a minimum 10% fee to send BTC and that will take from an hour to perhaps 24 hours to be processed, or even longer. What the heck!

I expect this fee to probably increase. Some say it’s ‘demand’ and after questioning Blockchain … it’s out of hour hands where Bitcoin ‘miners’ charge these fees to move my money.

Ok …  demand fluctuates over 24 hours and over a week at times … up and down. After several ‘test’ spends over the past week my fee remains at 10% or more to allow a ‘send’. To me, I feel I’m getting fleeced so now I have to revaluate my Bitcoin strategy.

With my tradional processors, i knew where I stood with their fees but Bitcoin … I’m not into folks gouging me and paying other people high fees …. a reasonable fee, yes.

I figure this will all come to a head in the near future and investors plus program managers will be rethinking their bottom lines dealing with the steady loss of cash due to high fees paid to ‘middle people’ not involved in their compensation plans.

Meanwhile, my Bitcoin financed ventures continue to honor my withdrawal requests where according to the knowledge base of Bitcoin exchangers like Blockchain, merchants can get a ‘fixed’ fee for their businesses.