Daily Archives: April 3, 2017

Japan, Bitcoin and the Bank Fees

While a lot of folks here in Nova Scotia are complaining about the constant 2 to 5 centimeters of snow we are getting every second day here and already into the first week of April, Newfoundland got hit with 6 to 10 feet of snow in some areas. That’s wicked for this time of year and I’m sure there will be a lot of water running/flooding going on when that melts rapidy with the warming temps to come soon.

In Bitcoin news, some countries are debating about recognizing the digital coin as legal tender while the ‘Blockchain System’ that sends and receives currency is already being used by some major companies and improved on, like IBM for example.

BTC value compared to the US dollar, dropped last week where US Feds didn’t allow 2 ‘market’ ETF’s (Exchange Traded Funds) to go ahead dealing with Bitcoin and … the possibility of a “Hard Fork” I wrote about in my last article.

This week, however … Japan has ruled that Bitcoin is now legal tender in their country so the price shot up again to around $1100 US. That comes with rules and compliances to be met.

That’s upbeat news for the BTC community but it’s been a roller coaster lately with the fluctuations in value.

Anyone into the financial world involved in making a dollar with their principal and/or gains like I do, try to work with the less fees ‘paid in’ as possible. Sometimes they are set where I have no choice but to take the hit while grumbling. In other areas … I can shop around for the lowest possibe fee.

In Canada, this past couple weeks … the major banks have come under fire from the press and the public coming forward, about employees acting like salesmen selling financial products that’s not always in the favour of the customer. The employees reported to a site setup so they can post their experiences with a named Bank but not requiring an identity.

The bigget chatter was about being under fire to reach sales targets and in order to keep their jobs, they push what they can even though as I mentioned …  not always in the best ‘interest’ of the customer/investor ending up paying fees that eventually brings down the value of their investments/accounts every month or yearly.

With that all being common knowledge now, Canadians can now attempt to avoid getting into high fee traps (those that watch and read the news anyway) when dealing with a bank rep to negotiate the lowest possible fee rate. Again, some are set in stone but others like Mutual Funds, ETF’S and various other plans can come with some ‘high end’ fees that can bring down any gains made … it’s wise to do some online homework before depositing.

Some investment examples are presenting a fund with an avearge of a 6% gain. Cool but kind of left under the table until prompted … what is the managment fee? 2% and that’s subtracted so that leaves an average of 4%. All those MER and/or management fees can be researched online.

Wrapping up for this post, I’m mostly just watching the online niches for now where there’s not much doable for now. Kind of a continuing lull ever since mid March when some big name outfits went under.