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Author Topic: Bitcoin for the rich, not the poor - We are talking about the miners fees  (Read 2739 times)
Senor.Bla
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February 11, 2017, 09:49:26 AM
 #101

In one of the quote its been described that his friend a poor guy became rich through bitcoin. This happened due to the price difference that took place from 2009. In my view such scenarios are very rare, because at the early days only few people knew about it and the potential is realized by the users few years back. At that time rich people were found much into it as they have good capital. Now little by little poor people were getting into bitcoin network.
Back in 2009 a Bitcoin was just worth cents, so you could buy a bunch for just a few Bucks. Depending on where he bought the house the price he paid could be also low. If he sold at the peak then even 10 Bitcoin might be enough. So it is possible, but here is what seems off. In 2009 nobody was buying Bitcoin (The famous Pizza was sold in 2010), You could easily mine it and i do not know about any exchange in 2009. Also most of Bitcoin was happening in the US, which makes the whole buying a cheap house theory harder. Also he would have needed the luck to sell at the right point. But life is funny, so why not.
Your other point, that only rich people where involved at the beginning seems wrong. I think it was mostly the middle class. For the rich Bitcoin was surly looking like a waste of time back then and not worth putting their money in this small experiment. In the last 2-3 year Bitcoin started to get their attention.
The poor on the other hand had probably better things to do as well and better things to spend their money on then this magic internet money.
But all this talk about rich and poor always begs the question where do you draw the line and how do you define both terms.
Just the other day i was reading that in the us about 43% new born babies are born into poverty. Nobody would expect this and it still is a difference to be poor in the us then be super poor somewhere else. These super poor will not be able to pay the fees. There are quite a lot of them and they would benefit from a secure and fee less money system a lot, but Bitcoin is to expensive for them.
Also another debate should be if even the poor that could afford Bitcoin, should accept the raising fees. I would say no. If it is possible to do it with almost no fees, then why settle for less? If Bitcoin can not or will not do it, then wait for the next thing that comes along and does that. It will only be a matter of time and maybe even replace Bitcoin.

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KuromaYoichi
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February 11, 2017, 11:29:18 AM
 #102

Well, things always like that in the world. Rich people have advantages because they can spend more money for something. You pay more for better service, in this case you pay more fee for faster transcation time. But i disagree if you said bitcoin is only for the rich, yes they have advantages but the poor also could earn and use bitcoin.

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February 11, 2017, 11:38:17 AM
 #103

Well, things always like that in the world. Rich people have advantages because they can spend more money for something. You pay more for better service, in this case you pay more fee for faster transcation time. But i disagree if you said bitcoin is only for the rich, yes they have advantages but the poor also could earn and use bitcoin.

Bitcoin is not only for the rich, Those who had trust in Bitcoins and bought it at the beginning are Rich now..  Grin Grin
I agree that there are some problems going on lately but I guess Segwit is the answer for all those things.

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