What's going on? Bitcoin for the rich only? - page 20.

Omega Weapon

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Quote from: Bellator on July 08, 2017, 08:41:05 AM

Quote from: pathapoddo on July 07, 2017, 09:23:56 PM

I think it's right.Bitcoin is now making just for the rich.The fee of transactions are getting higher.It's analysis that it is now going to make just for the rich. Cry

Yes indeed. Sometimes the transactions fee is more bigger than the amount that we want to withdraw . Sometimes we are being feeling sad that our withdrawal amount has been lessen because of the bigger fees. We cannot get the whole amount because of that.

If that is the case why not wait, the status of the mempool is not immutable, it changes depending on the number of transactions if it is low then you can get confirmations for cheap, like it is the case at the moment, people complain about the fees but I do not see many people trying to obtain the best out of their fees, if you can wait, then you could wait until segwit gets activated and enjoy the new bitcoin with faster confirmations and with lower fees.

ladydark

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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 brother.Things have already started changing even much before the activation of segwit.I used to pay 0.0008 btc as transaction fee fro sending 0.02 btc from my wallet earlier.But now,i am able to send 0.02 btc at even 0.0002 btc as transaction fee.So bitcoin has once again become useful for the poor to send money at very low cost.

TIDOVEE

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To me it is actually high, if not that its still bearable, but segwit and lightning network can help.

Tamilson

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Quote from: stergium on July 08, 2017, 12:25:31 PM

Quote from: bozo333 on July 08, 2017, 01:40:28 AM

Each and every person have own thoughts and mindsets. Somebody thinks bitcoins for rich only. And my self, i didin't think like that as there are wonderful advantages with the bitcoins.

i also think that bitcoin is not only for the rich people, but it is for everyone who want to use. it. i am sure that bitcoin is not only for the rich people but it is for everyone and everyone has the right to use it and save it and spend it equally and according to their own wishes. i

Yeah as long as they want to use or to learn bitcoin. It is welcome to everyone moreover there's no law that preventing the low class people to use bitcoin. Everyone can enjoy the benefits and advantages that bitcoin can offer.

stergium

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Quote from: BTC_1 on July 08, 2017, 11:55:22 AM

It can't be said whether its for rich only, It also belongs to those who are ready to take high amount of risk as nobody knows what would be the future of the currency. It is just regularization period post which it would be available for everyone that is what i think

no i also do not think that bitcoin is for the rich people only. i think even the poor peole have the opporutnites to use and invest money in bitcoin to make more and more money. if poor peole cannot afford to burchase a good amount of bitcon even then they have good chances to invest thier little amount in trading cheep altcoin and get opporutinties to makeing more money even by investing a small amount of money.

doomloop

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Quote from: Caelanpelley on July 07, 2017, 10:01:40 PM

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

Yes, as you say. Now when using bitcoin we need a big charge. This is detrimental to us.Perhaps bitcoin seems to have become the currency exclusively for the rich.

well you may be right but still there are many opportunities to earn or buy bitcoins. Firstly you can earn bitcoins through advertising and marketing for those investors who provide a fair share, secondly you can work for wages and get bitcoins instead of cash. A little time ago there were same opportunities for both but its economy which is fully dependent on money.

jc89

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Quote from: stergium on July 08, 2017, 12:25:31 PM

Quote from: bozo333 on July 08, 2017, 01:40:28 AM

Each and every person have own thoughts and mindsets. Somebody thinks bitcoins for rich only. And my self, i didin't think like that as there are wonderful advantages with the bitcoins.

i also think that bitcoin is not only for the rich people, but it is for everyone who want to use. it. i am sure that bitcoin is not only for the rich people but it is for everyone and everyone has the right to use it and save it and spend it equally and according to their own wishes. i

Yes, Bitcoin is still for everyone. Everyone has the right to use Bitcoin. However, having the right to use it does not mean that you will and you can. Bitcoin's price is so much high as of now and people that belong to lower class just cannot afford to buy some. To think that they need a computer or a smartphone to use Bitcoin as well as internet connection. The transaction also comes with transaction fees which is crazy high currently. So even though the lower class people have the right to use Bitcoin but since they cannot afford to have some or use some then their right is useless.

stergium

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Quote from: bozo333 on July 08, 2017, 01:40:28 AM

Each and every person have own thoughts and mindsets. Somebody thinks bitcoins for rich only. And my self, i didin't think like that as there are wonderful advantages with the bitcoins.

i also think that bitcoin is not only for the rich people, but it is for everyone who want to use. it. i am sure that bitcoin is not only for the rich people but it is for everyone and everyone has the right to use it and save it and spend it equally and according to their own wishes. i

bouren

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Quote from: BTC_1 on July 08, 2017, 11:55:22 AM

It can't be said whether its for rich only, It also belongs to those who are ready to take high amount of risk as nobody knows what would be the future of the currency. It is just regularization period post which it would be available for everyone that is what i think

When we are talking about "use" and "fees" then how could you drag in "investment" and "risk".
No doubt anyone can afford buying fractions of bitcoin according to his needs and make profit with holding. But when we are talking about using bitcoin, it means spending it like normal money. And it is sad enough to say, bitcoin fees are out of common people's reach. Only rich can afford such huge fees.

BTC_1

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It can't be said whether its for rich only, It also belongs to those who are ready to take high amount of risk as nobody knows what would be the future of the currency. It is just regularization period post which it would be available for everyone that is what i think

skorupi17

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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 am afraid but it seems it is just the way it is. Bitcoin is not practical to be used on a daily basis because of its high fees. Only the rich, for now, can use Bitcoin for transaction. Though some can use it too but the fees are just too high. It seems that we are wasting our coins for transactions.

There are some solution laid on the table to cope with this issue. We have segwit + 2MB block size increase. I just hope that it is a concrete solution for the current issue.

junkozane

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Bitcoin is useful for any kind of usage, it may be rich, or any. Who says that Bitcoin for rich only, its always not correct. Small amount invested bitcoins will also available. Amount of investing is people's decision.

madcoinfarmer

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I heard of some thing like doge-coin, won't it help you in your question? Haven't tried it yet, though

Bellator

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Quote from: pathapoddo on July 07, 2017, 09:23:56 PM

I think it's right.Bitcoin is now making just for the rich.The fee of transactions are getting higher.It's analysis that it is now going to make just for the rich. Cry

Yes indeed. Sometimes the transactions fee is more bigger than the amount that we want to withdraw . Sometimes we are being feeling sad that our withdrawal amount has been lessen because of the bigger fees. We cannot get the whole amount because of that.

Fermin

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It is not a matter of rich or poor. Bitcoin fees are high because so many people are willing to pay and so many investors are ready to trade.
Now we can buy bitcoin our future will become good. at the time we are also rich.

chalkboard17

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Quote from: pathapoddo on July 07, 2017, 09:23:56 PM

I think it's right.Bitcoin is now making just for the rich.The fee of transactions are getting higher.It's analysis that it is now going to make just for the rich. Cry

who say that. You are wrong. It is suitable for all people, not only for the rich. Maybe a small part right. But you just need a computer or only a smartphone that it can get access to the internet. My brother is very poor. He uses the computer that he has kept it since he was a kid. He uses it and now he rich. He pays all the cost of living for my family at the age of 18.

DarkIT

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Well, indeed the current fee looks so great, but I guess it's equivalent to tens of thousands of transactions that need to be governed. It also makes people withhold the bitcoin they have. I hope someday back bitcoin transactions are cheap.

mastadonballs

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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

Basically, people can use Bitcoin to RECEIVE funds and only RECEIVE, just like me, I do online works and receive Bitcoin as my rewards so that I don't need to worry about Bitcoin fees (lol)

Netnox

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I am not a rich person, and I own a good amount of BTC. On the other hand, very few of the billionaires around the world has shown interest in Bitcoin. A number of them (such as Warren Buffet and Mark Zuckerberg) has even ridiculed BTC.

Adbitco

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Leading Crypto Sports Betting & Casino Platform

I don't think there's any relationship between ever rising high transaction fee and being rich. Why would even rich people spend their hard earned bitcoins in transaction fee so it's not like bitcoin is for rich people only. Yes the transaction fee has increased a lot in the past few months but just like other problems in the world this one too will have a solution, it might take some time but it will be fixed soon.

Topic: What's going on? Bitcoin for the rich only? - page 20. (Read 14769 times)