What's going on? Bitcoin for the rich only? - page 17.

akym

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Quote from: odolvlobo on July 26, 2017, 05:02:40 PM

Quote from: akym on July 26, 2017, 07:09:07 AM

I would accuse blockchain.info for the problem. I might be wrong but before they decide to make their new wallet(last year) that was forcing everyone to use 1000000s of different wallet address...

It seems like you don't have a full understanding of how addresses are used. Using multiple addresses has absolutely no impact on Bitcoin's performance or throughput.

I'd agree with you, however how blockchain made it is when you send 1BTC but have 500 btc in your wallet, you are making a 500 btc transaction. it move 499 btc to a new wallet, and 1 btc to the destination wallet.

The wallet which sent the 1BTC end up with 0 BTC while a new wallet have all balance.

I am pretty sure 1+ million people sending high amount of bitcoin at some point will make difference.

SHANTA

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Bitcoin is for rich and furthermore for poor, in light of the fact that the two need to win cash. Indeed, even they are rich yet they have likewise boundless need and need, relies upon where they are living and furthermore poor people.

odolvlobo

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Quote from: akym on July 26, 2017, 07:09:07 AM

I would accuse blockchain.info for the problem. I might be wrong but before they decide to make their new wallet(last year) that was forcing everyone to use 1000000s of different wallet address...

It seems like you don't have a full understanding of how addresses are used. Using multiple addresses has absolutely no impact on Bitcoin's performance or throughput.

Eternu

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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 to be totally honest, i do not know exactly why are transfer fees so high. As far as i understand, person who mined bitcoin, decide how much will fee be. If that is correct, than i am not sure if anything can be done to lower fees. But i do not think that bitcoin has become another currency just for rich people.

erep

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Quote from: Ewinsane on July 26, 2017, 02:10:46 PM

Quote from: Sarah08 on July 25, 2017, 01:35:43 AM

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

Obviously the bitcoin is now just for rich peoples investment because of the high market value of bitcoin in the market you can not buy a high volumeof bitcoin with just investing a liitle bitcoin ofr bitcoin in the market i guess the bitcoin is only just for rich person who can afford it also the bitcoin is having a hard time to dump and pump in the market.

I agree with your statement that bitcoin rate is so much high and only people can buy bitcoin but signature campaign holder may also earn through bitcoin and I have seen many people who earn through bitcoin campaign and run their homes. So I think middle class people and poor people who have just knowledge of computer and internet can also entertain bitcoin as a source of income.

Just dont spam the forum for that money. Lots of people come here to earn BTC through signature campaigns but people have to learn that its because of the forum everyone is getting signature and other campaigns.
Bitcoin is for everyone, you just need to know how to earn them, buy them and hold them until they reach moon one day.

Ewinsane

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Quote from: Sarah08 on July 25, 2017, 01:35:43 AM

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

Obviously the bitcoin is now just for rich peoples investment because of the high market value of bitcoin in the market you can not buy a high volumeof bitcoin with just investing a liitle bitcoin ofr bitcoin in the market i guess the bitcoin is only just for rich person who can afford it also the bitcoin is having a hard time to dump and pump in the market.

I agree with your statement that bitcoin rate is so much high and only people can buy bitcoin but signature campaign holder may also earn through bitcoin and I have seen many people who earn through bitcoin campaign and run their homes. So I think middle class people and poor people who have just knowledge of computer and internet can also entertain bitcoin as a source of income.

akym

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Quote from: odolvlobo on June 06, 2017, 03:39:01 PM

Quote from: BitHodler on June 06, 2017, 02:18:41 PM

However, the entities that are spamming the network with nonsense transactions are heavily contributing towards mempools more and more filling up, and from there drive up the fees. It's a dirty game that is being played here.

That seems like a crazy conspiracy theory to me. Do you have information on who is "spamming the network", and why they are willing to pay so much money to increase fees for everyone else?

Find it crazy, but, i agree with him.

I would accuse blockchain.info for the problem. I might be wrong but before they decide to make their new wallet(last year) that was forcing everyone to use 1000000s of different wallet address, move bitcoin toward all addresses and always move all bitcoin...When making transaction of 1BTC it send the 1BTC to the person and then transfer the balance of the old wallet to a new wallet address... why? why the fuck would they decide that one wallet address or newly generated address need their money moved to new address everytime they make transaction .... they claim that are biggest wallet on the internet, i am near certain this caused the bitcoin problem we are now facing.

I think they created a big problem by forcing everyone to use thousnads of wallets (one time use) and to keep sending all bitcoin balance to one wallet, and change that wallet always...

What they did did not appear as a problem at first but now talking about confirmation problem, size problem, and so on, i am really thinking the problem is related to that.

Aur3

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Embrace change

Just my humble opinion, it isn't a matter of rich and poor. Bitcoin is for all. It's probably about the type of transaction you make.

acpr23

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Bitcoin is for everyone, anyone even those who arent rich can have bitcoin they only need to learn how to earn it, not anyone can afford to buy whole bitcoin, but everyone can buy portion of bitcoin(satoshis) and with that portion of bitcoin even if small if managed and traded well can grow

karanggatak

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its what people's desire, we that made bitcoin have high price. and im sure bitcoin just for earn for income, not like investor that need coin to increase their job, or something like that. and in people mind (me too), bitcoin can change people.

Liza Soberano

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Definitely not, most of the user in bitcoin needs money and social strata is not being part here, as long as you can deal with bitcoin, you know how to follow fiat, you're dedicated, you can earn and invest.

ProzCoin

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Quote from: Omega Weapon on July 23, 2017, 11:57:35 PM

Quote from: rjbtc2017 on July 17, 2017, 08:03:58 PM

I should agree because maybe i am poor and i am in a poor country
it's really hard to earn bitcoin, even if you had enough the fees became higher and the process took longer
but i will still hold on and be hopeful that someday bitcoin process and fees will be optimized for a greater efficiency.

You wont have to wait for long, with segwit activation things are going to get better in the network confirmations are going to be faster and the fees are going to be lower, that is not going to last forever as more people adopt bitcoin and begin to fill the mempool and the network with more transactions but it buys time until the next solution is created by the developers.

I don't know why you are hard to earn Bitcoin but your opinion is wrong. Poor country is not mean you can't have a lot of money from Bitcoin. I'm also live in a poor country and I'm still investing and have money from Bitcoin. Not only me, but also my relatives, my friend, they are all success thanks to Bitcoin.

genocide

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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

I don't think that bitcoin is for the rich only because even though you just belong to the average people including me, you can still earn bitcoins through various ways instead of buying and investing. To me, it is true that bitcoin is made for everyone. But I agree that the fees had increased a lot since last year. What happens right now is that the faster you want the transaction to happen, the higher the required fees that you must pay. I suggest that you use other cryptocurrencies instead for your transactions since they have lower fees than bitcoin.

poplolnman

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Quote from: malikusama on July 25, 2017, 01:26:50 AM

Somehow you are right that the high transaction fee is becoming a big problem for the bitcoin users, a common person which is using bitcoin is really disturb because he can't pay this high fee for transactions, however for rich people it is not a hurdle to pay high fees.

it's really a big problem especially for a newcomer. they know about bitcoin because they think that bitcoin give them a very low fee. but when they experience it directly it's just make them disappointed and choose to leave bitcoin immediately. but for old users it's doesn't really matter , as they bought bitcoin in cheap price. the high price might feel so heavy when they doing a continuous transaction, still it's a big problem indeed.

batako

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Quote from: 19Nov16 on July 25, 2017, 10:21:36 AM

I think not, because bitcoin is made to deliver a very complicated world financial solution, bitcoin made for all, rich or poor.

Bitcoin was created to be used by everyone. But just like most other stuffs in this world, the rich people of course will be more flexible in exploiting it. Money makes money with some risks that could happen to it.

GregH37

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Quote from: Russlenat on July 25, 2017, 01:20:00 AM

Quote from: Bunsomjelican on July 25, 2017, 01:03:34 AM

Bitcoin is a virtual currency were it is very open to anyone. Meaning, whether the person is poor its okay as long as the individuals is dedicated and has strong determination to know what bitcoin is all about. Therefore, anyone who will take bitcoin seriously it will surely in a long run will become rich.

Yes that's right! bitcoin is for everyone, as long as you have internet connection and laptop or cellphone you can earn and have bitcoin. I'm not consider myself as rich person because I only have small amount of bitcoin.
Bitcoin just can make person rich if he/she hold it for a long term.

Everyone know that no one is prohibited to invest in bitcoin. Everyone can easily access to by bitcoin without any terms and conditions and can earn through bitcoin. In a sense it is right that bitcoin price is so high and only rich people can buy bitcoin and face the losing risk of bitcoin.

For common people it is very difficult to invest in bitcoin but it doesn’t mean that there is no any way for common and middle class people to earn money through bitcoin. Through signature campaign a middle class person can earn a lot of bitcoin for investment but depends on work.

19Nov16

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I think not, because bitcoin is made to deliver a very complicated world financial solution, bitcoin made for all, rich or poor.

Sithara007

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Quote from: sapnu on July 25, 2017, 09:19:44 AM

I dont think so. Because this is not only for the rich who can invest and earn. This is also the way for the othersto eran by simply joining in a particular signature campaign of some investors so that they both earn with the help of each other. But it will only happen if the signature campign succeed. Thats what i think. Its just an opinion.

None of the current signature campaigns could replace the income from full-time job. They are good only for passive earning. Well, in 2014 there was this PrimeDice signature campaign, which had a maximum payout of close to BTC2.4 per month. That was the only campaign, which could replace a full time job.

sapnu

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I dont think so. Because this is not only for the rich who can invest and earn. This is also the way for the othersto eran by simply joining in a particular signature campaign of some investors so that they both earn with the help of each other. But it will only happen if the signature campign succeed. Thats what i think. Its just an opinion.

Sarah08

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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

Obviously the bitcoin is now just for rich peoples investment because of the high market value of bitcoin in the market you can not buy a high volumeof bitcoin with just investing a liitle bitcoin ofr bitcoin in the market i guess the bitcoin is only just for rich person who can afford it also the bitcoin is having a hard time to dump and pump in the market.

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