Topic: What's going on? Bitcoin for the rich only? - page 6. (Read 14785 times)

Every Bitcoin transaction needed to use kilobyte (KB) through its network for confirmation. The way transaction fees becomes higher is you have to pay for every kilobyte needed to make the confirmation faster. It's pretty inconvenient for those people who can't afford for those ridiculous fees. But, as long Bitcoin's popularity grow even more. There will be a massive transaction circulating around its network which result into a scarcity of kilobyte. Hence, making confirmation slow and fees way up too high. The only way I see that it might get fixed is to rely on Bitcoin miners to produce blocks which is the source of kilobytes needed for the said transaction. If there is sufficient KB's that can sustain the circulation of network, it might solve the slow issues and making fees lower.

That's not right, anyone can use it whether you're rich or poor as long as you have knowledge about bitcoin. Also there's no average whose gonna use bitcoin, if bitcoin is for rich maybe it is not popular like as now.

Yes, it is sad reality.  It is far from the purpose of Satoshi Nakamoto when he first introduced bitcoin or crpto-currency.  It is far from his aim  that every bitcoin transaction is free and no service charge.  It must be free of charge because nobody (bank or government) must control it.  But what is happening right now? Why there is a transaction fee? It was year 2014 when Satoshi Nakamoto went out of the scene.  One of the reason is because back then, China built its own data center intended for bitcoin mining.  At present, Russia has its own state owned data center and there is a private data center in Iceland which are all dedicated in bitcoin mining.  Almost all nodes are basically controlled by 2 countries.   At present, bitcoin transaction fee is too expensive (that is the reason why some people say that it is only for the rich).  The dream of Satoshi Nakamoto about free transaction fee is gone like a bubble.  Why is that happening? Because I guess, every bitcoin transaction must be verified first by the nodes in China, Russia and Iceland. And of course because of that, a service charge is deducted into your bitcoins.  What can be done to fix it? I guess it is difficult to fix it by an ordinary bitcoiner like us.  A certain Satoshi Nakamoto must enter the scene again to be able to fix that.  

Bitcoin is for everybody. Not only for rich people. If bitcoin is just for rich people only. I thing bitcoin is not popular as it is today.

its not really that the bitcoin is only for those who rich in their life, bitcoin is for everyone who want it and interested it if it only to the rich people why the others want to use it to earn and got profit? for me it is for everyone because bitcoin has a good for all they can help you in terms of financial problem and transaction problem because it has a fast transaction

Maybe it's not for me, not all the money for the rich tap under that right is all right, because bitcoin for the public and anybody usually belong to its members, so middle and lower class entitled with bitcoin.

Of course not this is for everybody who had dreams to earn in bitcoin. Not only rich but anybody who can use other method like me bitcoin is my part time job and i'm not rich like anybody who joined it.

no....how did you know that bitcoin is for only rich people.some rich people are investing in bitcoin,just like us i am not rich but i am here joining bitcoin so do not be afraid to join,because bitcoin is for everyone.

Looking at the point where comparing this investment just like with the stocks, before its only knew by he rich folks but days comes and now
it's been use also by people who's not rich but capable to understand and take some risk, it's not for rich but for those who use their capabitlity
to maximize their resources to earn.

We are also the responsible of this man. As we can see bitcoin price is huge and we are the reason of that. Of course if the bitcoin price is rising the fee is also rising. We got to used that the fee is low because the bitcoin price is also low before. But everything now has been changed so we need to adapt it. Bitcoin is for everyone you should remember that.

How come it's for the rich? Maybe because you see that the large portion of bitcoin is owned by a few wealthy people but you need to widen your perspective and you will see a lot of testimonies where an average or poor got rich.

So far i didt not pay anything when i joined bitcoin. One of my cousins mentioned about fees but im not so sure what she mean about that. In my case i never experienced paying fees or transaction fees. Maybe because im only doing signature campaign. I never tried doing trading though i dont have much to trade. Not even investing, i havent tried that one. To be honest, i am happy with what im doing in bitcoin. Signature campaign is giving me a good help and i will be continuing doing this.

Demand makes bitcoin digital gold.
who is responsible?
 50% BCH spammers want to make a value of BCH by destroying bitcoin.
 30% bitcoin spammers.
10% of newbie users who sells when the price drops.
10% bitcoin developers

Well bitcoin is high to afford if we are going to buy this thing. But bitcoin in terms of getting it through the other way such as gambling, faucets and forum, it will not be limited just for rich one but also for those who are poor and will take these steps to become rich or maybe step up from what they are. Let's not limit the usage of bitcoin just for few people. Let it be used to become more useful for all of us.

On our local wallet, fees are really high when you're going to send in an external wallet so i always make sure to transfer reasonable amount. And also, bitcoin is for anyone as long as you know how to use blockchain and if you have knowledge about crypto.

Bitcoin is accessible to anyone, it does require you to be rich or have much wealth. If you can't buy mining rigs then you can go for investment. You can investment for Bitcoin in a small amount. You can trade them for other altcoins to earn or buy and sell your Bitcoin. Other option is to join campaigns here that will ask you to do some certain task and when you completed it, the campaign manger will pay you Bitcoin. Well it depends on the campaign your are joining.

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I agree, but transaction fees are certainly making things harder tho

You mean for rich people only? I think not. Anyone can join bitcoin as long you have internet, smart phones, laptop or a pc. You are rich then you can invest or trade, but you dont have enough money you can work in bitcoin by doing a signature campaign and mining. Its not for rich people only its for eveyone who are interested to work hard in bitcoin. You can even do this as full time or part time. In my case im doing a part time size i have a regular job.

No, it isnt. Maybe it is said that Bitcoin is for rich because the investment is high. But even if you are not rich you can investment in Bitcoin starting from a small amount. And there is also other way to earn Bitcoin by faucets but faucets this days are scam and some are the difficulty are high.

I think a lot of ways to get bitcoin. not just for the rich just like what you say. basically it all requires knowledge of crypto and bitcoin, so I think there are many ways to get bitcoin depending on what you plan and what you do.