Topic: What's going on? Bitcoin for the rich only? - page 8. (Read 14761 times)

With their current fees, it feels that way. The other day I made my first ever bitcoin transaction, a small one, less than 0.02 BTC, and it was from a BTC wallet to another BTC wallet, yet the fee was extremely high (worse than if I had transferred money from an account in one bank to a different bank! ... but this might vary depending on were are you based). Initially I had thought about doing it in small batches to ensure I would receive what I was paying for but after checking the fees I realized it would be a much bigger loss (in the end I never received what I paid for, but oh well). Additionally it took way too long to get all the confirmations and for the transfer to be completed.

I thought part of the appeal of BTC was low fees and fast speed, but without those benefits what is left? A crypto currency that only keeps growing due to its limited amount and the sense of exclusivity? Will that be enough to keep it going? It might be a nice asset and worth it as investment, and maybe even the fees are worth it when transferring large sums, but the speed should be improved.

When I have done ETH purchases the fees are much smaller and the speed is faster, yet for some reason ETH is not a currency that I am interested in purchasing as an investment. As someone else mentioned it might be worth finding a different crypto currency that more people will be able to have access to and that you will actually be able to spend, not just hold.

You know how much bitcoin fee is right now.
It's more than 2$ no matter how small your tx is and if you made a tx with a low fee then it will take a huge amount of time get a single confirmation.
So you can say bitcoin is for rich only :/

If you say bitcoin is only for the rich, it's wrong. Because I think bitcoin is free for use by all circles of society, such as students, farmers, and even housewives. but the price is quite high.

As for me, I think bitcoin is not only for the rich people because bitcoin will also help all other people that needs support in terms of financial support. Just like me, I am not a rich person but the I can still use bitcoin. That's why I will keep on working hard to use bitcoin because I also want to help my family. And now I therefore conclude that whoever is willing, they can use bitcoin anytime not just the rich people.

Bitcoin for the rich only? Who says that? I myself used to be very poor. However, in a very beautiful day, I came across Bitcoin on the internet. I decided to learn trading and study about Bitcoin. Now I'm successful without any help.

Doesn't change the future. Bitcoin cash soon will die.

Not only the transaction fee has increased, even the price of bitcoin has increased which made people to think multiple ways to get some profit, especially after the August 1 scenario, bitmain has continued it's support for bitcoin cash and ant pool released this thing called ant miner which enables miners to switch between bcc and btc to get maximum profit. Tactics do play a key role in here.

This time it is true, but for the future bitcoin will only be controlled by the rich, and beginners can only play on altcoin alone while collecting bitcoin from the smallest fraction. That's not counted with the cost of bitcoin transactions that will get bloated due to a very significant price change

We are still speculating because there is no definite picture, to overcome this then we must collect as much bitcoin as possible because it is still easy to get.

We see that bitcoin's price are very high compared years ago. It does not mean that it is for rich only.
It may be used by everyone. Rich people are not the only one having cellphones, also average people use and needs it everyday.
I can also say that access to bitcoin depends on the person if he is really eager to know bitcoin.
You can earn without investing anything but your time here and sharing what you know.
Like myself, I am not rich, my first payment was great. I did not invest anything. Just my time and some knowledge I have from reading.

I think BTC is the duplicated real money where you can buy BTC with cash and that is what like bill gates etc invest

it is a strategy bro..
having a much faster time convenient than banks is much better if you get what I mean

btc yess you can store but not like a bank
its like a road where you can widraw dep[osit anytime if you have internet
does not require larege fees or taxes like banks

Wow the fees are 10x what the bank charges guys. I had no idea it was $200 to send a one input/output bitcoin transaction. We've totally screwed.

Oh wait OP doesn't understand remittance prices. Way to go. Google is your friend.

Name one bank that can process transactions as fast as Bitcoin.

i think it is not right that bitcoin is only to the rich. Bitcoin is for every one who need an extra income and for don't have an income. I think bitcoin is the one solution that people survive for their daily life, right.

No this is myth,
In my college so many students who earn money from bitcoins, I am not That rich but i still earn money.
There is only small amount of investment need to earn bitcoins.
 

Based on the increased price its been listed under one among the investment that the rich people can benefit from, but in reality the thing is different. With bitcoin we have got the chance of buying what we can afford. This is all because of the small denominations available in terms of Satoshi. So, if thought as expensive then it is, else it's the way each and every user got for benefitting.

We all know that many rich people invest in bitcoin but i think many people is not rich before i think  becuase of bitcoin so theyre become rich . i think bitcoin is not for a rich it is also for a people like me that needs an income.

I don’t think so, everyone has the right to join and enter the bitcoin and cryptocurrency world. It is not created just for the rich ones if you have the hardwork and few knowledge of the topic you’ve chosen you could go on and earn from this.

The rich can scoop up large quantities of bitcoin. The middle and lower class can only purchase a fraction of a bitcoin and would most likely wait until the drops to buy in. So BTC, as with any asset, makes the rich get richer. So if money does not come easy to you, I suggest to keep at it and buy in at regular intervals. You have to start somewhere...

I disagree that the bitcoin is only for rich we know that some people in this forum is a students who needs some money for their schools projects and their needs. To not depend on their families to lessen the spendings of they yeah rich people use bitcoin to buy illegal drugs firearms houses foods but for me bitcoin is for everyone.

Bitcoin is not only for rich. It is equally profitable for not so rich people too. Returns through Bitcoin investment will be proportional to the amount invested. Rich can afford to invest more and hence will enjoy more profit. But your $100 investment will also earn equal percentage of return. Moreover, fees has dropped significantly. Yesterday, I made a transaction of 0.022 BTC at 0.00001 BTC fee and it got confirmed easily. Segwit is showing its effect now.