What's going on? Bitcoin for the rich only?

thenameisjay

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Quote from: yambub on June 06, 2017, 09:59:57 AM

Hi,

Even just a year ago bitcoin was useable... now the fees are about 10x what the banks charge. Seems like its changing from a peer-to-peer money system for everyone into yet another convenient way for rich people to exchange funds!

What went wrong> And more to the point, who is responsible? What can be done to fix it?
Thanks
Andy

This has been one of the biggest problems I have with bitcoins. The transaction fees are just not that friendly for the less fortunate people who have to transfer their bitcoins to other people. It's crazy how expensive the transaction fees are with different exchanges that caters to bitcoins.

Morticio

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Quote from: GamingBro on April 24, 2018, 11:46:03 AM

Unfortunatly yes, bitcoin is very expenisve nowadays and everyone can't start using it easily. First of all you need enough money to buy at least part of bitcoin or get to trashhold on fucet for example.

A strange judgment! In my opinion, it's never too late to invest in bitcoin and start using it! What difference does it make that bitcoin cost a lot, you can only buy a piece of bitcoin. If you are worried about the fact that bitcoin can fall in price, then Yes it is likely, but it could happen at a time when bitcoin was worth much less!

xxxRaidysxxx

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Not only the wealth, bitcoin is created as currency therefore the bitcoin is called cryptocurrency. You can use bitcoin for payment methods, send money from one country to another with cheap payment and very fast transactions, there are many bitcoins on the offer, except wealth

Pinoyfan

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Quote from: yambub on June 06, 2017, 09:59:57 AM

Hi,

Even just a year ago bitcoin was useable... now the fees are about 10x what the banks charge. Seems like its changing from a peer-to-peer money system for everyone into yet another convenient way for rich people to exchange funds!

What went wrong> And more to the point, who is responsible? What can be done to fix it?
Thanks
Andy

No they dont say that bitcoin is for rich only. Its not that we are equal in this world . We do fairly and help each one .Dont hold others just to fall. Poor people are those people wo are in meed thats why they need to learned ablut and help their family.

GamingBro

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Unfortunatly yes, bitcoin is very expenisve nowadays and everyone can't start using it easily. First of all you need enough money to buy at least part of bitcoin or get to trashhold on fucet for example.

JoshMart

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The Experience Layer of the Decentralized Internet

I feel you with the high fees and all but Bitcoin for the rich only, I don't think so, I am not rich but I still can use Bitcoin. I think we just need to be more adaptive to it, it is also evolving like now, it is not just a currecny or for transferring money, now it is more useful if you use it as an asset, you can use it still as before but if you are looking for the best way to use it, i think we all know that it would be as an asset, to store a value for trading and investment. I think as of now, that is the best way to utilize it to maximize its benefits.

rapsa2018

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What happens in bitcoin is that many people help it especially the poor so it's not just for the rich bitcoin because bitcoin is made for all people.

buiduc

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Definitely no, bitcoin is for rich and also for poor, because both of them are need to earn money. Even they are rich but they have also unlimited need and want, depends where they are living and also the poor.

wolfgang56

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Quote from: yambub on June 06, 2017, 09:59:57 AM

Hi,

Even just a year ago bitcoin was useable... now the fees are about 10x what the banks charge. Seems like its changing from a peer-to-peer money system for everyone into yet another convenient way for rich people to exchange funds!

What went wrong> And more to the point, who is responsible? What can be done to fix it?
Thanks
Andy

Bitcoin is for all if you look on the bigger picture but for now not all people can afford to buy bitcoin because it is too much pricey for some of them especially those poor people who live in a country where their cost of living is higher than the price of bitcoin.

OvoParadise

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Obviously Bitcoin is for all ; those who are rich in mind will be the only ones to take advantage though

Sand King

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Quote from: nikay12 on April 23, 2018, 07:50:26 PM

Bitcoin is for everyone. There was no general rules or required that this is for only rich people. This was made for everyone whose going to work hard to be profitable.

I agree and with this too because bitcoin doesn't choose anyone who can use it. It is very open to all and general for everyone who wants and who knows to use it properly bitcoin wants to help all people despite their gender or nationality.

lamcouz

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You can invest anytime.Everytime is right time for investing.Today bitcoin has gained a lot of popularity and its users are increasing day by day.Bitcoin in today's date is a very good option for investing as it gives very good returns.Bitcoin's price is down now a days so you can invest in it and when the price rises you can earn great profits.Many people just invest in it so as to earn money as they are jobless.Investing is risky but in order to earn money you should invest.

Windybi

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I do not think that . If I do not have much money to invest in bitcoin then I can invest in ICO projects. And when I get more profit then I will buy bitcoin. I do not think bitcoin is just for people with a lot of money.

BlackRacerX

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Quote from: yambub on June 06, 2017, 09:59:57 AM

Hi,

Even just a year ago bitcoin was useable... now the fees are about 10x what the banks charge. Seems like its changing from a peer-to-peer money system for everyone into yet another convenient way for rich people to exchange funds!

What went wrong> And more to the point, who is responsible? What can be done to fix it?
Thanks
Andy

Even I don't know what in God's name happened. The transaction fees just went off the roof and it came to me that bitcoins have been much more expensive to handle as compared to fiat money. It's crazy. Bitcoins were supposed to promote freedom from middlemen but became more of an expensive money hoarding scheme.

indayburakday012

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No not really because we the poor people could afford to invest in smaller scale of money to exchange with bitcoin. Meaning any amount in investing bitcoin will do and if you want to get higher profit of course you will invest also with higher amount. Those are the concepts on getting huge profit. We could not expect that if you will invest in smaller scale of amount then you will going to go higher which is not the case. However, we can get rewards on bounty campaigns without investing so bitcoin system is not for the rich kid only but for all of us whom know the bitcoin system and participated in this forum will probably one of the bitcoin great opportunity that has to offer.

Andalusy

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Yes,thats the greatest issue bitcoin is facing today.Due to increase in fees,thousands of transactions are stuck.New companies are rethinking whether to accept as bitcoin as payment due to high transaction fee.

ABIR HASAN

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Yes it is right. Because bitcoin prise is high rank. For all the people who has want to earn bitcoin and to all the people are interested in bitcoin. i am not rich but i earn bitcoin.

raldix00

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Well rich can buy alot of bitcoin but Bitcoin is not only for rich people still they can earn through different ways and trading is also available for every one and rich people if use they will invest in bitcoin and through their money they can make profit in this currency and we can use bitcoin for different payments ,rich people hold it for future

xamxam

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Bitcoin is not only for the rich but for all people who are interested to know and earn bitcoin. It is the bridge to make us richer and be successful in terms of having investment in digital currency. We can say that it is a stair way to become rich not for the rich only.

julius caesar

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Quote from: yambub on June 06, 2017, 09:59:57 AM

Hi,

Even just a year ago bitcoin was useable... now the fees are about 10x what the banks charge. Seems like its changing from a peer-to-peer money system for everyone into yet another convenient way for rich people to exchange funds!

What went wrong> And more to the point, who is responsible? What can be done to fix it?
Thanks
Andy

Well we just have to accept it. Bitcoin is a momey related business, if you have money you are capable you have better transactions, better things to achieve, this is very techy surroundings for you to manipualte this you have to be capable, you must have to afford everything. Life is so unfair, so like us who dont afford much and the thing that we can give is hardwork, for us to have the profit with the exchange of serviced that we have done.

Topic: What's going on? Bitcoin for the rich only? (Read 14761 times)