Is bitcoin becoming out of reach on Common Man - page 3.

Taxidermista

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Quote from: taxmanmt5 on May 11, 2017, 10:02:09 AM

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

And here you are the reason why we need a new "unit" smaller than BTC, milibits o whatever. Humans don't like to buy, have or trade 0.00001 of something.

FasTroy

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I think bitcoin will increase more in the near future. So you are right about that one day not all people can buy 1 btc, because it will be so strong on the price side. But you don't need to buy one or a lot of bitcoins with this extraordinary price, you can just buy a part of 1 btc.

MingLee

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Quote from: taxmanmt5 on May 11, 2017, 10:02:09 AM

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

It's still in reach of the common man, it doesn't matter whether or not you buy 1 whole BTC or just a few mBTC, it doesn't matter at all and people can still invest and take advantage of the market regardless of the quantity they purchase.
It's like with gold, but you can still buy small portions of it. It's not like you have to go and spend a ton on it just to have some of it.

stripykitteh

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Quote from: taxmanmt5 on May 11, 2017, 10:02:09 AM

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

Bitcoin is not getting too rich for people to get. Don't forget that the whole Bitcoin thing contains decimals and altcoins that allow smaller transactions of Bitcoin to get spread around.

Since Bitcoin can be purchased with decimals, the people that want to purchase Bitcoin will be able to do so though the price of Bitcoin might be high so they would get a low amount of BTC.

The people that didn't purchase Bitcoin since they saw it on the news really should've purchase it right then when it was cheaper.

iamTom123

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Quote from: taxmanmt5 on May 11, 2017, 10:02:09 AM

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$). In short, Will bitcoin will only be in the hands of rich in near future ?

That is actually just one way to look at it. since Bitcoin is now really unstoppable and is cementing its value going to the 2K level, we have to look at Bitcoin as fractions or satoshis. Of course, if we have to look at its fractional value, we all can afford Bitcoin.

What I mean is if you $10 then buy Bitcoin using that money or if you have $100 then use it to buy its equivalent in Bitcoin. Since we are expecting the value to be rising, then we are earning money from our Bitcoin kept in any online wallet.

Przemax

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Bitcoin is not any mystery, so the common man can have a perfect access to it.

If you mean the statistical common man, then a common man should not have access to investment options, because a common guy is drown in debt. The best advise for people that have debt problems is to pay their debts and to later on starting the their investment adventure.

Dudeperfect

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The price is increasing just because more and more people are getting in bitcoin and most of them are not buying 1 whole bitcoin. The creators must have thought about this and hence they made bitcoin divisible by smallest fractions. So everyone out there can buy bitcoins worth his capacity and I don't think common man would have any issues with it.

ralle14

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Quote from: taxmanmt5 on May 11, 2017, 10:02:09 AM

In short, Will bitcoin will only be in the hands of rich in near future ?

Yes.The price is climbing up but it could also go down like what happened during 2014. Also when you invest in bitcoin just invest what you can afford to lose because if you end up investing too much on bitcoin you might end up like this guy right here.

Pursuer

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it will all come down to what you are planning to do with bitcoin!
1. as an investment the "common man" shouldn't care about what price is but how it moves up. if you invest $1000 at $1000 and it goes up to $2000 you make the same profit as you invested $1000 at $500 and price went up to $1000 (2x) in one year for example

2. if you want to spend bitcoin, then again you buy $1000 you can spend $1000 and as it rises you get some more buying power as price rises for example you get $1200 when it goes up 20% and even more if you get discounts, you can even get up to 60% discounts.

tosmartak

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No it isn't. I am a common man and I am still trying to acquire as much as I can no matter how little. It depends on the common man to be able to foresee bitcoin skyrocketing in future. No one is restricted to purchasing 1 bitcoin, so you can always purchase less than that in your own little way that you can afford. With the little I have now, if my projection is right, then I should have a lot in future. SAVING FOR THE RAINY DAYS. Wink

NorrisK

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It's becoming a game of numbers indeed. For those that have been around longer it sucks earning less bitcoin for the same amount of time spend, but it still nets the same or more in euro/usd.

New people shouldn't have this problem as they never experienced the cheaper bitcoins. All they care about is the stories about rising price and they will still think its cheap.

DoublerHunter

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Quote from: taxmanmt5 on May 11, 2017, 10:02:09 AM

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

This is one of the rising problem as well as the price of bitcoin. If the price of bitcoin will continue to rise then the capability of the newbies or people that are just getting started will be low because they will earn bitcoin with a lower value and it will be hard for the to collect at least 1 bitcoin for a few months. I think this is true that the rich people will have the power to buy 1 bitcoin and the poor or common people will get it by the hard way.

SingAlong

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Though it is hard to buy or earn 1BTC nowadays but it doesn't mean a comman man can't earn a fari amount of money or Bitcoin. It has just been adjusted with regards of the price of Bitcoin. Also it is accessible to most of the people not just the rich ones but also the common man like me.

Decoded

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Bitcoin is infinitely divisible. However, I see your point that Bitcoin isn't really that nice psychologically, when one Bitcoin is worth so much. We could make a change, making each coin multiply by ten, so one Bitcoin would be worth less, but value won't be affected.

Russlenat

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for me I considered my self as common man and it's difficult to me to buy 1 bitcoin for now. but I don't go it if can't reach it I just did is to earn bitcoin until it reach to high.

tiggytomb

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We are getting close to where the average joe will find it much harder to purchase a single bitcoin easily in lets say a monthly wage. True that bitcoin will always be available in smaller amounts but I think this year will be the last we'll see bitcoin under $2,000.

European Central Bank

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Quote from: The Sceptical Chymist on May 11, 2017, 11:26:11 AM

Just like to say that when the common man jumps on board after reading about the big bull market, we are then fucked. It's going to be like baseball cards, comic books, and beanie babies in the 1990s. But this money has to be coming from somewhere. Maybe joe blow and suzie shitbox have already started up the pig pile.

by the time the common man comes on board it'll be seen as a safe option and it'll be packaged up nicely and sold to them by the deep pockets. all the craziness will happen before they arrive just as there's less insanity now compared to 2011 or 2013.

danherbias07

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That is a bad way to put it. Every one of us here are common man.
It is still at reach you can buy satoshis if you want. $2000 might be too high but nobody says you should buy a bitcoin whenever you got spare money.
What if suddenly it increases again doubling the price and while at that way you have already earned 1 bitcoin from saving the satoshis you bought every payroll. Then it is still profit for the common man.

skorupi17

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Quote from: taxmanmt5 on May 11, 2017, 10:02:09 AM

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

In terms of buying Bitcoin ( in Bitcoin I mean 1BTC and above), yes, only rich people are capable in doing so because of the high price of bitcoin. However, if we are going to talk about having bitcoin then being rich is not the limitation. Even the "Common Man" can still have bitcoin by earning them. Regardless of what is the price of bitcoin, it will still have a direct conversion to fiat. So if the common man earned $100 from his work then he can get a $100 worth of bitcoin.

This problem is coped by the highly divisible capability of bitcoin. If you cannot afford a single BTC then go for the Satoshi.

ekoice

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Quote from: BrewMaster on May 11, 2017, 10:04:23 AM

nobody is forcing the "Common Man" to buy 1 whole bitcoin. there are 8 more zeros after the decimal point and they can choose any amount they want to buy.
1BTC= 100000000 sat

and besides there should be a difference between someone who didn't listen to the FUD of others and bought when it was cheap and someone who did listen to FUD and didn't buy or sold his coins.

Absolutely.Bitcoin is divisible into 8 digits and the common man could even buy 0.00000001 btc which would be easy for him.People who kept their trust earlier in bitcoin were winners and they deserve it.They gave their support to bitcoin community while most people at that time were repeatedly saying Bitcoin is dead.Bitcoin deserves this price and much more.

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