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Author Topic: Bitcoin for the rich, not the poor - We are talking about the miners fees  (Read 2738 times)
neochiny
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February 09, 2017, 11:27:51 AM
 #41

Every technology favors the rich! why not become one? it ma not be easy but not all millionaire
became a millionaire in one night. Cheesy

If you keep whining about being poor and not being able to afford everything that
you want or treated differently because you're poor then why not make bitcoin as a
stepping stone to becoming rich surely there are bitcoin users who became rich because
of bitcoin right?  Cheesy





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February 09, 2017, 11:28:42 AM
 #42

The perspective that Bitcoin is for rich comes from fact that the Bitcoin price is currently very high so only rich ones can afford it. But I wouldn't agree with that because you can also earn Bitcoin, not just buy it and that is available to everyone in different forms like freelancing, trading, signature campaign, even gambling if you are lucky and smart enough to stop on time.

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jovs
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February 09, 2017, 11:37:00 AM
 #43

Every technology favors the rich! why not become one? it ma not be easy but not all millionaire
became a millionaire in one night. Cheesy

If you keep whining about being poor and not being able to afford everything that
you want or treated differently because you're poor then why not make bitcoin as a
stepping stone to becoming rich surely there are bitcoin users who became rich because
of bitcoin right?  Cheesy




This is why bitcoin isn't only for rich people. It can be used by poor people to become rich. It gives an opportunity for poor people to get a sideline that would help for assistance in making a business or paying such bills. In bitcoin, everyone is equal. There is really no favor for such one person. Only we ourselves have the power to make ourselves from poor to become rich. Use this platform to create an innovations that would suceed in the future.



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Juggy777
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February 09, 2017, 11:37:28 AM
 #44

I partially agree with op here. There is no doubt that those who pays the fees get vip treatment but then the people are not really rich. They earn like we do and pay a price I would not call them rich just as of now, I would rather call them smart as they have learnt the art of making more money than we have, otherwise they would not be able to afford the fees. Bitcoin was never about the rich and poor. The core values were a decentralised currency and people are free to choose to earn it or pay fees with it so for me they are not rich at all ya but they do get vip treatment cause they can afford it.

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February 09, 2017, 11:41:20 AM
 #45

that's what sets it apart where the position of people in a brighter financial future and that barely fit, from the image had been seen if we a lot of money a lot of convenience gained, another case with barely fit to be willing to queue up and jostle, therefore bitcoin was created in order to equalize the difference mentioned

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February 09, 2017, 11:47:53 AM
 #46

The perspective that Bitcoin is for rich comes from fact that the Bitcoin price is currently very high so only rich ones can afford it. But I wouldn't agree with that because you can also earn Bitcoin, not just buy it and that is available to everyone in different forms like freelancing, trading, signature campaign, even gambling if you are lucky and smart enough to stop on time.
You are right bitcoin now on its price we could really say that it is really expensive for now and a normal or average person and yes only rich could able to afford to buy it but same as you said there are lots of ways on how to earn it without the need of buying it and those things you already mentioned.

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February 09, 2017, 11:48:35 AM
 #47

The perspective that  is for rich comes from fact that the  price is currently very high so only rich ones can afford it. But I wouldn't agree with that because you can also earn , not just buy it and that is available to everyone in different forms like freelancing, trading, signature campaign, even gambling if you are lucky and smart enough to stop on time.
i don't think that it is only for rich and i think the price of the  doesn't matters on this issue..... i think there are many platform which you mentioned above from which anyone can earn a decent amount of it......

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February 09, 2017, 11:48:40 AM
 #48

Well, I think that bitcoin is not just for the rich but the poor also could earn and use this kind of currency. We could not be sure that a poor has no ability to gain profit with bitcoin and I believe that there's a lot of poor people has intelligent minds which can do competitions with even richer bitcoin earners. Those poor people will be more hardworking for money and their experiences will be used in achieving goals for digital currency future success as a user and investors.


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February 09, 2017, 11:54:58 AM
 #49

Well, I think that bitcoin is not just for the rich but the poor also could earn and use this kind of currency. We could not be sure that a poor has no ability to gain profit with bitcoin and I believe that there's a lot of poor people has intelligent minds which can do competitions with even richer bitcoin earners. Those poor people will be more hardworking for money and their experiences will be used in achieving goals for digital currency future success as a user and investors.
I agree , not all bitcoin user is rich , It is like me I'm in a middle class zone , I'm not too rich and I'm not too poor , it's just we can gain something but we need to save and earn money to gain something. Im using bitcoin to earn extra income , maybe it can qualify for me as a job because I earned money here more than my real salary.


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Kakmakr
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February 09, 2017, 12:01:15 PM
 #50

The situation with the Blockchain lately, reminds me of the Air line industry. If you are rich, you can pay for first class treatment and you advance past the plebs in the queue, directly to the VIP area. Money <higher miners fees> will make sure that you are treated like a VIP.

Bitcoin is no different than any other technology, because it still favors the rich. ^hmmmmmmm^
Idk, recommended miner fees as of now are still low (ranging from 30 cents) compared to credit cards that have processing fees of like $5 above. If bitcoin favors the rich then fees should be skyrocketing with like $2 per transaction.

Agreed, but at the rate it is going now we will soon see those prices. The $0.30 US can buy a loaf of bread in say, Afghanistan at $0.24 <2014> See : http://www.nationmaster.com/country-info/stats/Cost-of-living/Prices-at-markets/Loaf-of-bread/Fresh,-white

My point is, the whole system is engineered to favor the rich and if you are getting paid in US dollar, then $0.30 would not be a problem.

Bitcoin is supposed to be a <cheaper> alternative P2P cash payment network, but it is not. The majority of the poor people will transfer small amounts. So this adds up to a lot of money if you stack these transactions up and when you convert it to a local <3rd world> currency. < Example : 5 tx's per day @ $0.30 per tx = $1.50 x 30 days = $45 monthly = 187 loafs of bread in Afghanistan > <== You can feed a whole village on that.

Do not think in terms of 1st world currencies, when you think of Bitcoin fees, because there is a world of difference between 1st world & 3rd world currencies and what you can buy for say $0.30.

 

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February 09, 2017, 12:09:23 PM
 #51

The perspective that Bitcoin is for rich comes from fact that the Bitcoin price is currently very high so only rich ones can afford it. But I wouldn't agree with that because you can also earn Bitcoin, not just buy it and that is available to everyone in different forms like freelancing, trading, signature campaign, even gambling if you are lucky and smart enough to stop on time.

"Bitcoin price is currently very high" which makes one fell is both cheerfull and troubled somehow. A thousand dollars are not unaffordable for people originating from industrialized countries. And comparing world's population against total amount of available coins one should not even think in "whole bitcoin denominations".
I once owned just a half one, and that has been like hundred dollars back in those days.
So the questions isn't at all about if thousand is much. More about if it can be sustainable. Usually we reached that level only on short spikes, not prolonged timespans lasting days.

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February 09, 2017, 12:19:54 PM
 #52

Hello I am a poor but I am still using bitcoin , I know where are you getting from that only rich person can afford a fast transaction due to they can afford to spent huge for mining fee well basically its right but transaction time in not important , what important is it gets confirmed even I just sent a low fee compare to the high paying fee we will have the same output in no time , what I sent they received ,what they send I received that is very simple logic of bitcoin and that is not dependent on the transaction/Miner Fee .

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February 09, 2017, 12:21:09 PM
 #53

The rich-get-prioritized-first situation is always been in our society despite the equal treatment projects going on for years .
Waiting for that to be realized will take too long so the trick should be to accept and adapt through it . Make the situation right now a motivation to move to the upper class as there are many ways to earn . But the miner fees are so cheap . If you're transacting frequently . Pick the urgent transactions that requires high fees and the others who are left should be payed with normal fees ranging 20-30K satoshis .


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February 09, 2017, 12:35:38 PM
 #54

I do not think it is for the rich. Why would it be? Fees are not a big problem because we actually have a choice. You can pay $10, $1, $0.10 or $0.01 in fees.. if you wish, you can go even under that amount. I am not rich and I afford using Bitcoin without problems. Many of us here are actually not rich.

I agree. Normally I pay around $0.2 for transaction and it gets its first confirmation in 10 minutes. Yes, there are some exceptions, but only in rare cases. And of course it is possible to pay much less than $0.2, but it's risky in my opinion unless you are ready to wait 30 hrs for the first confirmation.

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February 09, 2017, 12:55:05 PM
 #55

I don't think so, although the fees transaction is increasing but (not all the amount of bitcoin be sent become fees)
and the value in bitcoin is increasing too, we can see bitcoin's price is increasing.
so bitcoin is for every one the poor people can put the money in bitcoin without losing the value
is like put the whealty in fiat money because of the inflation.
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February 09, 2017, 01:06:18 PM
 #56

Why not the poor? hah, mostly poor people are trying to do some illegal activities and bitcoin is great thing for illegal payments, they become rich after that. Paypal and some etc cards have monthly fees (as I know and also mine has) and bitcoin isn't depended on bank, wallet can be saved in computer, hard drive and etc, plus it's better for investment, I mean buy bitcoins and save it for some months or if you have nerves, for years.
i think most of the people who are involved in illegal activities do not have any knowledge about bitcoin. i think using bitcoin for illegal activities may be very rare. those people are financially weaker and still want to earn money using legal ways they have good opportunities to use bitcoin and get good profit from it. they just need some skill, either as designer or some other working skill and they can find good job in bitcointalk.org. and can get good money.
In fact, I think that most people who engage in illegal activities still prefer to use fiat currencies instead of using Bitcoin. Also, I think Bitcoin is not as anonymous as some people think, that's why there are coins like Monero, and other coins being developed to provide better anonymity.

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February 09, 2017, 01:13:18 PM
 #57

Rising Bitcoin transaction fees is good for the network. Low transaction fees are unsustainable as they do not provide incentive for miners to continue processing transactions.
Right now, we have subsidies, so we don’t really need any transaction fees, because of subsidies, miners are willing to mine. But later on, as the subsidy goes away, we definitely need to figure out a balance between miners and users of the network.
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February 09, 2017, 01:14:11 PM
 #58

I do not think it is for the rich. Why would it be? Fees are not a big problem because we actually have a choice. You can pay $10, $1, $0.10 or $0.01 in fees.. if you wish, you can go even under that amount. I am not rich and I afford using Bitcoin without problems. Many of us here are actually not rich.

I agree. Normally I pay around $0.2 for transaction and it gets its first confirmation in 10 minutes. Yes, there are some exceptions, but only in rare cases. And of course it is possible to pay much less than $0.2, but it's risky in my opinion unless you are ready to wait 30 hrs for the first confirmation.
The fees are not much a standard 80sat/byte usually confirms the tx within 10 to 15 minutes. If you are impatient, then a little higher fee like 90-100sat/byte might confirm it sooner but since the average block time is around 10mins a faster confirmation cannot be guaranteed.  

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February 09, 2017, 01:24:49 PM
 #59

The situation with the Blockchain <higher miners fees> lately, reminds me of the Air line industry. If you are rich, you can pay for first class treatment and you advance past the plebs in the queue, directly to the VIP area. Money <higher miners fees> will make sure that you are treated like a VIP.

This is how the Blockchain is for poor people :




And this is what it is like to have enough money to pay the higher fees :



The poor people cannot even afford to fly in economy class, so they will have to be satisfied with this :



Bitcoin is no different than any other technology, because it still favors the rich. ^hmmmmmmm^

Edit : For the people who are too lazy to read the content of the thread, we are talking about the miners fees, not about the price of Bitcoin. ^grrrrrrr^

The situation is alarming guys, we need to do something before it's too late, the monetization of Bitcoin transactions must stop do that all can have free and equal access to transaction confirmations. I will suggest a thorough review and if possible a reverse of the current rates if possible.



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Rainbot
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positivezero
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February 09, 2017, 01:31:39 PM
 #60

Honestly i dont understand why bitcoin is for the rich and not for the poor, since bitcoin is an open source then of course many people can know about bitcoin, not only for the rich but also for the poor. Bitcoin is a kind of currency that will help to the people earning some money especially for the poor, this is the chance for them to have some money even in a simple way.

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