I'm seriously thinking of dipping my toes in cryptocurrency and am doing a bit of research. I'm aware the banks don't like you transferring more than $5000 at a time - but it looks like the banks don't like you investing in crypto. At all.
To be fair, if you bank with the CBA you prove you know nothing about banks and financial products in Australia. They do not have a single competitive product and for at least 20 years have had mega corporate levels of youre a peasant and we don't care attitudes.
And crypto is just another market currency. It's value is double volatile as the crypto market fluctuates and it uses actual currencies to determine its value and they fluctuate. Terrible investment unless you are playing the market game.
Australia has many laws about how you are allowed to use your money and banks oblige all the time. Specially in regards to trading finance products, which is what they consider crypto. None of these laws apply to big businesses though. Which is actually part of the law. When I was playing around with CFD trading they saw too many small time people making money, so they classified it as gambling and restricted the amount of money a private investor was allowed to spend at any one time. It essentially crippled every one who was not a big mega corp investing company.
The way people 'make money' in crypto is mostly by taking it from other people, same as the stock market. Don't do it, or at least wait until you don't lose it all while paper trading. Taking money from 'investors' is a huge industry.
The thing about banks is, you took 'your' money and gave it to 'them'... Do they have to give it back, or give it back when you want it? That's debatable.
Do you have credit unions there? I still only keep enough in mine to cover current bills and purchases.
For all intents and purposes, there is no real difference between banks and credit unions in this country. The differences come down to who is underwriting them and who is more likely to take all of your money with them when they go bust.
[ + ] AnmanIndustries
[ - ] AnmanIndustries 1 point 1 monthMar 14, 2024 08:02:45 ago (+1/-0)
And crypto is just another market currency. It's value is double volatile as the crypto market fluctuates and it uses actual currencies to determine its value and they fluctuate. Terrible investment unless you are playing the market game.
[ + ] dulcima
[ - ] dulcima [op] 1 point 1 monthMar 14, 2024 08:33:39 ago (+1/-0)
The real shocker though is that Australian banks seem to control how you may or may not use your own money.
[ + ] AnmanIndustries
[ - ] AnmanIndustries 1 point 1 monthMar 15, 2024 02:32:17 ago (+1/-0)
[ + ] Sector2
[ - ] Sector2 0 points 1 monthMar 14, 2024 14:06:04 ago (+0/-0)
The thing about banks is, you took 'your' money and gave it to 'them'... Do they have to give it back, or give it back when you want it? That's debatable.
Do you have credit unions there? I still only keep enough in mine to cover current bills and purchases.
[ + ] AnmanIndustries
[ - ] AnmanIndustries 1 point 1 monthMar 15, 2024 02:33:52 ago (+1/-0)
[ + ] Sector2
[ - ] Sector2 0 points 1 monthMar 15, 2024 03:36:04 ago (+0/-0)