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Author Topic: Bitcoin for the rich, not the poor - We are talking about the miners fees  (Read 2727 times)
romero121
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February 09, 2017, 01:35:00 PM
 #61

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......
In reality bitcoin is truly for the rich and very few in the poor category using bitcoin for their needs and earning. Without investing, earning good from bitcoin is not at all possible. So poor people using bitcoin is something which can earn a small amount for few bills.

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February 09, 2017, 01:51:57 PM
 #62

That is just the way the world functions, even on cryptocurrency. The rich will always have the advantage since they have more spending power. Anyway, the fee is not yet that high anyway. I spend 65sat per bytes as fee and it got confirmed with in 20mins. That is good enough for me. Not too expensive, not too long wait.


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February 09, 2017, 01:54:01 PM
 #63

There are a lot of alternatives to bitcoin, some are quite stable and more suited for small and fast payments, you don't have to depend on bitcoin.
So you are suggesting that we should switch because now fees are 10 cents too high? It is not the way of fixing things.
Bitcoin miners should realize soon that current situation is not exactly favorable for bitcoin's community.
Which in the end will cause miners to lose money too, less overall transaction equals less bounty from fees.

You don't have to switch anything, you can do whatever you want.

As you can see with the bitcoin price right now, fees aren't really a problem, miners are happy and everyone is happy with increased value, some use cases are price out because increased fees, in these cases people don't need to be stuck with bitcoin and go out of business or lose a lot of money to transfer small amounts of money, there are plenty of other alternatives out there.

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February 09, 2017, 02:03:26 PM
 #64

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.

Agree with you, I personally not rich people who use bitcoin. almost 3 years using bitcoin and have never having problems related to my poor or rich. you might think bitcoin too relieve the rich because only burdened fee small and without taxes. but the other hand it is also fun poor people because relieve they also. thank you.
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February 09, 2017, 02:31:19 PM
 #65

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......
In reality bitcoin is truly for the rich and very few in the poor category using bitcoin for their needs and earning. Without investing, earning good from bitcoin is not at all possible. So poor people using bitcoin is something which can earn a small amount for few bills.
Exactly that's I'm also believe.You are poor that's mean you can't afford such of big amount for investment/unable to afford or others purposes so you guys can't expect big return from it.As a result,you are limited in tiny income which only meet up yours mobile bills or something else.In future,its not guaranteed that Bitcoin will be the solution a good live like rich peoples has belonged.

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February 09, 2017, 02:31:38 PM
 #66

I somewhat agree with your point about the miner fees, but that is everywhere in this world. You pay a better price for the services, you will get red carpet welcome. Or else you will have to suffer. Be it airlines or be it trains.

But considering the fact, that bitcoin is way more costly than any other crypto currency, this little fees hardly bothers people unless and until you want to transfer a very small amount. But for bigger amount, bitcoin fees is nothing. There are many people who are millionaire now becaue of bitcoin, I don't think they would mind to pay such miner fees for confirming the transactions they undertake.

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February 09, 2017, 02:33:21 PM
 #67

Due to the fees of bitcoin transaction you are saying that bitcoin is for rich and not for poor? then tell me for whom the banks and other remittance institutes where amount 1000% higher fees is collected for the transaction compare to bitcoin fees. I think you have to compare its fees with your other older payment methods.

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February 09, 2017, 02:36:48 PM
 #68

The fees are so high and I don't know what the miners even do differently to warrant so much? It's gradually creating a gap between the rich and poor and there's the need to look at it again.

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February 09, 2017, 02:45:47 PM
 #69

Oh, I see and I get the point of OP,we cannot really deny the fact that if you can pay high fee you can get your money instantly unlike making and paying just minimum amount for fee you gonna wait for almost hours before you get your money in your wallet. But then the title did not matched to topic, the bitcoin is for all, whether you are rich or poor as long as you can provide things that needed to access bitcoin.

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February 09, 2017, 02:49:05 PM
 #70

sadly this is turning into reality for bitcoin, and some times it almost feels like miners and developers don't care about these issues. and despite all the nonstop talk about "block size debate" so far nothing has changed.

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February 09, 2017, 02:49:16 PM
 #71

Seriously!! I mean paying miner fees will widened the gap between rich and poor!
OK, tell me one thing. Poor is poor, if he couldn't pay higher fees, he doesn't even trade the higher amounts. And paying fees 0.0001-0.0005 BTC behind transaction worth 0.01-0.05 BTC is still the cheapest than lethargic banking system! If you can't imagine poor paying several bits in fees then don't even imagine him trading 4-5 BTC! BTC is currency meant to curb high banking fees and it is successful by now!

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February 09, 2017, 02:53:49 PM
 #72

I think for me its not a problem to pay for high fee just they improve the speed of the transaction and delay ..
Since this is the only problem of our transaction every year the fee is increasing and if you are paying low amount of fee your transaction will slow depends in the size of the transaction.. like other said this is still no end block size debate..

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February 09, 2017, 02:54:35 PM
 #73

Bitcoin is for the hodlers, so they won't lose everything with miners fees.

Bitcoin has not been designed to be constantly moving around with no reason, but to be some kind of reserve currency, like gold

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February 09, 2017, 03:05:15 PM
 #74

Offcourse bitcoin is not for the poor. Bitcoin cannot be purchased by the poor. Look at the bitcoin's price .By paying so much price how can a poor buy the bitcoin. Why speaking about the poor even a middle class average man cannot afford the bitcoin.Bitcoin is made for the rich person to become more rich.Ah if one knows to mine , he can get bitcoin by mining. But still I has to pay high amount of electricity fees as well as need expensive equipments. In my opinion bitcoin is not for the poor , its for the rich.

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allthingsluxury
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February 09, 2017, 03:11:30 PM
 #75

There are lots of alt coins out there atm that could fill your needs. This is true is almost every aspect of society, and is what it is. I don't believe it to be an evil thing.

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February 09, 2017, 03:40:20 PM
 #76

If someone will have bitcoin then he will not be poor as he will earn a good income with bitcoin and will be able to pay the fees of transaction the same as other rich people pay. I myself now earn a good income from bitcoin and now I am not caring for the higher fees of bitcoin transaction etc. So bitcoin is same for everyone.


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Daniel91
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February 09, 2017, 03:44:56 PM
 #77

If someone will have bitcoin then he will not be poor as he will earn a good income with bitcoin and will be able to pay the fees of transaction the same as other rich people pay. I myself now earn a good income from bitcoin and now I am not caring for the higher fees of bitcoin transaction etc. So bitcoin is same for everyone.

It's ideal scenario but not for everyone.
Some people will just try to collect some free btc through faucets, some games etc.
So, for them, any fee will create problem.
It seems that fees increasing and confirmation period is longer day by day and I don't like it.

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February 09, 2017, 03:50:21 PM
 #78



It's ideal scenario but not for everyone.
Some people will just try to collect some free btc through faucets, some games etc.
So, for them, any fee will create problem.
It seems that fees increasing and confirmation period is longer day by day and I don't like it.

That is their problem anymore. Then try to find to maximize their bitcoin earning knowledge and not only stuck at the idea of getting bitcoin through faucets or whatever micro earnings method is that.

Oh, I see and I get the point of OP,we cannot really deny the fact that if you can pay high fee you can get your money instantly unlike making and paying just minimum amount for fee you gonna wait for almost hours before you get your money in your wallet. But then the title did not matched to topic, the bitcoin is for all, whether you are rich or poor as long as you can provide things that needed to access bitcoin.

No it's not always an instant even you pay a higher fee. Remember that bitcoin transactions are continous and most of them have higher fees. We can see that it was just making the line of priority so much long. In other words, first come first serve depends on the fees lol.


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babsalt1975
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February 09, 2017, 04:21:49 PM
 #79

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^

I like the way you have illustrated the bitcoin blockchain issue. It is very true that when you have enough money, you will get first class service, and when you less money, you have to scramble with the rest for the same service. Like in the past one month, the blockchain has been clogged by transactions with smaller fees and it could take a whole day for a transaction to be confirmed. Paying higher fees guarantees that your transaction gets confirmed within a very short time.

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February 09, 2017, 04:28:28 PM
 #80

i guess it will be always like that no matter currency, money will make money, rich will richer
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