Topic: What's going on? Bitcoin for the rich only? - page 2. (Read 14785 times)
It is true that you need a small initial capital to invest in crypto-currency. But the advantage with Bitcoin is that it is almost infinitely divisible. So if you want to purchase Bitcoin for $2 or $5, you can do that (provided that you find a seller who is willing to trade with you).
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 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
Your are actually get the point that the really problem of bitcoin now is the expensive transaction fee and if it will happen it is not convenient for small transaction and possible to use only by people rich people. Maybe this problem address by the team if they need some adjustment for the fee.
#Taklimakan
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.
Thats true, there is no single rule that requires bitcoin users are rich, whoever is allowed to buy and use bitcoin that is a function of decentralization. but you know that bitcoin is getting more and more of a higher price, of course it will be hard enough for poor people to buy large amounts of bitcoin, but that does not mean bitcoin just for the rich only. 
given the high bitcoin prices and also the public interest for transactions using bitcoin is very high, the government raised fees for each transaction charged to the owner. I have also heard this news last month, to be exact news from the south korean government regarding the tax on bitcoin. in this way, it is very burdensome users. if the fee is 1%, it is still reasonable.
Recently more and more people complained about bitcoin fee that's too high.
I'm not really sure what made it like that but maybe because bitcoin price is increasing? So the transaction fee increase as well lol.
So it doesn't really matter since btc price is high, the fee seems quite cheap for some people, but ofc whatever happens there'll always be people complaining about something.
We only can hope that the fee will be lower.
I feel like Bitcoin is becoming a bank, in order to transact now we need big amount of fee so that the transaction will be fast. I was amazed in Bitcoin before because the transaction is instant now i don't know what to do anymore, i feel like selling all my Bitcoin and find another crypto that will be used by everyone in the future that will always have a low fee.
I'm not really sure what made it like that but maybe because bitcoin price is increasing? So the transaction fee increase as well lol.
So it doesn't really matter since btc price is high, the fee seems quite cheap for some people, but ofc whatever happens there'll always be people complaining about something.
We only can hope that the fee will be lower.
I feel like Bitcoin is becoming a bank, in order to transact now we need big amount of fee so that the transaction will be fast. I was amazed in Bitcoin before because the transaction is instant now i don't know what to do anymore, i feel like selling all my Bitcoin and find another crypto that will be used by everyone in the future that will always have a low fee.
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 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
The fees must be increasing along with its price. And since Bitcoin has reached to a much higher price from a year ago, you must also expect that the fees will also be moving along. I guess there are certain transactions wherein a specific percentage is being charged as fee. There are also others that charge a specific Bitcoin amount. Either way, it would be a lot wiser if you transact with large amounts rather than small ones.
For rich people only? That was a big no. It is for everyone of us who were interested in participating in Bitcoin. It's just you have to learn how you're going to work in Bitcoin.
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.
Bitcoin was not for rich only. Bitcoin is for everyone who were interested with it. No one should judge who will going to join. Because this is open to all people who's willing to earn money.
bitcoin is not for rich people only, poor people can also have bitcoin by working on bounty campaign. people who work on bounty campaign can get a free token from their bounty, then they can exchange it into bitcoins in the crypto currency market.
One of the problems is the misconception that a person has to buy an ENTIRE bitcoin at the same time, which we all know to be false.
It would be much easier to spread the word if people could grasp the concept of purchasing pieces of BTC, not having to spend around $9k to have ownership.
It would be much easier to spread the word if people could grasp the concept of purchasing pieces of BTC, not having to spend around $9k to have ownership.
the fees is high because the transaction traffic is high to, so people increasing their fees to makes their transaction confirmation become faster, so its mean that the high fees is because the user, you can use the low fee with consequences that the confirmation time will be longer than high fee
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 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
Maybe you transact in an inappropriate time. I did a few months ago sending btc from a personal wallet with a fee of about $ 5 but now only about $ 1 and sometimes below that. so the miner fees now sometimes do like high.
but with the segwit wallet I think it's not a problem anymore
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
For me, bitcoin is for everyone. Bitcoin is for a rich person, for normal person, for old and young, it is for everybody. As you can see one bitcoin may divided into 8 decimal point which is good and all of us may have a piece of bitcoin. So it doesnt mean that bitcoin is very expensive so it is only for rich. 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 think it's true. With the increase in unit value and trade volume, the BTC from a democratic and popular currency has become an elite currency with such a high cost that it is impossible for many.
bitcoin is now really at that price only for the rich 
I think it's true. With the increase in unit value and trade volume, the BTC from a democratic and popular currency has become an elite currency with such a high cost that it is impossible for many.
I think bitcoin is not just for the rich only, lower middle person can just use bitcoin, there is no ban of bitcoin in use anyone, just do not use the wrong thing for crime, that's all.
Nope my friend, Bitcoin is using right now as a currency which mean it can absolutely replace other normal currency to do things that normal currency are used to do.So that mean you could be paid with Bitcoins and that means everyone in this world could have Bitcoin if they want to, Bitcoin isn't only for the rich because it was open for everyone who want to own it.
That might be one among the reason why bitcoin is suggested to be the asset or the currency for the richest. Now too transaction fee is not that big, but considering the small volume transactions the fee is big but for large volume transactions the fee doesn't look big.
I think bitcoin is not just for the rich only, lower middle person can just use bitcoin, there is no ban of bitcoin in use anyone, just do not use the wrong thing for crime, that's all.
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
That is very true high transaction fees is there with some exchanger that can make the disadvantage. That is why when you make cash out try to cash out a bigger amount on order to save the high transaction fee. Also try to choose exchange that offers lower fees there are some like that. 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
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