Bitcoin for the rich, not the poor - We are talking about the miners fees

[pedrog]

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.

[1713911037]

1713911037

[1713911037]

1713911037

[1713911037]

1713911037

[1713911037]

1713911037

[1713911037]

1713911037

[sportis]

Don't forget that current situation is just the beginning as throughout the years pools will more and more depend on income through fees. People will just have to shift priority. If you for example transfer $1000 from one place to another nearly instantly, then it's definitely worth to include $0.50-$1 in fees. But if you buy a drink somewhere for $1.5 and you include a fee of like $0.50, then obviously it doesn't make much sense to use Bitcoin as preferred currency. Current situation shouldn't be that surprising as you could have seen this become reality years ago. People just have to adapt to the situation and realize Bitcoin is not a micro transacting tool anymore, unless you're willing to pay for it.

Of course like is the situation currently none will use the bitcoin network if he buys a cheap drink because he is not willing to pay high fees. But if he wants to send money in another place or want to buy something from online store then bitcoin is the best solution. There are also cases, although it is not the norm, where some clever entrepreneurs offer better prices if you buy something with bitcoins than another online payment because if customer uses paypal or web banking sellers are paying fees to bank or paypal. The way I see it after some years from now when the incentive of mining blocks in the future will be very small or almost negligible only the tx fees will be the main source of profit for miners.

[loreykyutt05]

well I agree with you but not on the bitcoin theme ! bitcoin has been very welcoming to every social status you have , well I agree with you that those who have higher amount of miners fee process their transaction fast but in doesn't really affect the output of it ! It  still gonna be confirmed and what the amount you transacted will eventually go to your receiver !which is also happening to the people who uses bitcoin with low transaction fee the receiver also get the same exact amount of what they sent ! Actually I really dont see the essence of paying higher transaction fee if you still gonna have the same output .

[OrangeII]

Well, I feel bitcoin created for everyone, whether it be from among the poor, or the rich, everyone is entitled to have bitcoin if you want. however, everyone has a different way of looking bitcoin. everyone can have a bitcoin, but it must be equipped with a great effort.

[MMA]

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.

[arsyah18]

bitcoin for all men in this world, and I'm sure anyone has the right to have bitcoin. and did not see who you are and where you are

good

[mace15]

As what I have read in your statement, Bitcoin literally is not for rich people nor for the poor. It is for all people who believes in bitcoin and wants to use bitcoin. Bitcoin is decentralized and not for discrimination. All of us here can easily use bitcoin, may earn big and become millionaire someday. This is should be the way it is in the world of bitcoin.

[Sundark]

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.

[1Referee]

That is the point. Bitcoin was very promising to be the currency for all and not only the rich, but with the rising fees we can forget about it. Bitcoin is still a nice technology and for big amounts still good enough, but i see it more as an store of value then a daily based currency. The fact, that we have the technology to do micro transaction for almost no fees leads me to the believe that another cryptocurrency will come along and claim that sector. I think it is very likely to see Bitcoin being used for big transactions and some altcoin for micro transactions and daily use for smaller stuff. You can see it as pocket money if you will. And as long as the fees stay low it will be heavily used by the poor. The best part seems to be that once people are familiar with the whole cryptocurrencies and realise that you can change and do not have to stay forever with one. So if the people decide the fees are getting to high, they can just switch to the next one. This might bring the negative aspect of having a couple smaller cryptos which can be seen as inconvenience, but bring the positive aspects of a free market and competition, that would provide low costs and innovation.

Correct, there are enough alternatives that people can make use of in the crypto world. Same basically goes up for people that complain about Bitcoin not offering anon features while Bitcoin has never been a fully anonymous currency, and probably will never be. Nothing prevents them from diving into Monero for their privacy minded transactions, but instead, they blame Bitcoin. I have to note that fiat related payment platforms get better and better, where payments come through instantly without any fees, etc. In local stores it doesn't really make sense to use of crypto to pay for things since fiat does the job pretty well. That's why I don't understand why certain people think that Bitcoin can greatly help people in poor countries as currency. It's pure nonsense.

[Mometaskers]

Bitcoin doesnt go that way. I have friends who are poor who are now millionaires due to bitcoin. With just a few dollars they bought bitcoin last 2009 and some collect religiously in faucets to get more. And right now they are millionaires they have huge houses. Bitcoin is for the people who believe in the power of bitcoin. I am not rich yet I do bitcoin and with bitcoin I have met many online opportunities and that gave me hundred of dollars additional profit which is very helpful to my family. Thanks to bitcoin I dont have huge debt today.

First adopters luck I believe. I heard years ago they were practically giving away btc. I know someone who said he actually printed paper wallets but misplaced them. Needless to say he was very disappointed when the price hit 40k in our currency and then he remembered he used to have coins.

Don't forget that current situation is just the beginning as throughout the years pools will more and more depend on income through fees. People will just have to shift priority. If you for example transfer $1000 from one place to another nearly instantly, then it's definitely worth to include $0.50-$1 in fees. But if you buy a drink somewhere for $1.5 and you include a fee of like $0.50, then obviously it doesn't make much sense to use Bitcoin as preferred currency. Current situation shouldn't be that surprising as you could have seen this become reality years ago. People just have to adapt to the situation and realize Bitcoin is not a micro transacting tool anymore, unless you're willing to pay for it.

That is the point. Bitcoin was very promising to be the currency for all and not only the rich, but with the rising fees we can forget about it. Bitcoin is still a nice technology and for big amounts still good enough, but i see it more as an store of value then a daily based currency. The fact, that we have the technology to do micro transaction for almost no fees leads me to the believe that another cryptocurrency will come along and claim that sector. I think it is very likely to see Bitcoin being used for big transactions and some altcoin for micro transactions and daily use for smaller stuff. You can see it as pocket money if you will. And as long as the fees stay low it will be heavily used by the poor. The best part seems to be that once people are familiar with the whole cryptocurrencies and realise that you can change and do not have to stay forever with one. So if the people decide the fees are getting to high, they can just switch to the next one. This might bring the negative aspect of having a couple smaller cryptos which can be seen as inconvenience, but bring the positive aspects of a free market and competition, that would provide low costs and innovation.

May your words come true. Poor people sending remittances would definitely be affected but hopefully by the time the fees begin to match those of traditional money transfer methods altcoins are already a viable alternative to btc and have the same level of support, for example when it comes to cash-out options.

[talkbitcoin]

i disagree with the subject being like this because bitcoin transactions are still cheap which makes bitcoin still for everyone. but at the same time we can't ignore the problem at hand which is small block size and inability of bitcoin to handle all these transactions which is making the fees go up.

we are a long way away from those scary pictures but if we continue down this path of fighting over control instead of developing bitcoin we will get there.

[zend7]

You are totally wrong. Bitcoin is not for the riches or the poor, it's not divisible like the services you are mentioning. Bitcoin is decentralized , that means no one controls it, different from the services you have put up in your pictures.  Rich and poor have nothing to do with it, Bitcoin is for everyone who likes this technology. Some adopt it immediately and are happy with it(that blonde in first class), some continue to use that train in your last picture (i.e use FIAT).

[Arvydas77]

You are totally wrong. Bitcoin is not for the riches or the poor, it's not divisible like the services you are mentioning. Bitcoin is decentralized , that means no one controls it, different from the services you have put up in your pictures.  Rich and poor have nothing to do with it, Bitcoin is for everyone who likes this technology. Some adopt it immediately and are happy with it(that blonde in first class), some continue to use that train in your last picture (i.e use FIAT).

I agree with you that Bitcoin is not for the riches or the poor people. All the dynamics shows that Bitcoin is the best for speculators and continues to rise only because of that pumped harder by media hype. Also the so-called Bitcoin angel investors are concerned about the price BTC, naturally, they are trying to push it up. But Bitcoin is not suitable for microtransactions and mass adoption. Other crypto will take a lead in the future. Created or still to be created in the future. 

[shamzblueworld]

I agree to the topic and of course as you said that is the case with almost everything in this world. But one hope or silver lining for people with less money is that bitcoin can make them quite rich. It has done so already to many people and can certainly make anyone rich overnight(maybe not exactly overnight). So although there are some benefits for  having money, its not a losing cause for poor people either.

[NeuroticFish]

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

Actually yes and no.
If you are poor you will change Bitcoin into local currency and goods very fast because you need them.
Else you afford to keep the Bitcoin in the wallet long enough to get nice profit or even buy or trade.
It's not that much about rich and poor, it's about poor and not so poor (which is way different from rich).
And even less about tx fees. If you are poor you will optimize your transactions to not pay those fees.

It's just another asset. Yes, many poor people come thinking of Bitcoin as the seed for the tree with gold leaves. No, you have to work for it, you have to be smart about it, you have store or "buy low sell high", concept indeed, not for the poor. More for the middle class imho, since imho the rich should be busy managing their money, not investing in something so new, uncommon and highly volatile (ie risky).

[carlisle1]

Bitcoin doesnt go that way. I have friends who are poor who are now millionaires due to bitcoin. With just a few dollars they bought bitcoin last 2009 and some collect religiously in faucets to get more. And right now they are millionaires they have huge houses. Bitcoin is for the people who believe in the power of bitcoin. I am not rich yet I do bitcoin and with bitcoin I have met many online opportunities and that gave me hundred of dollars additional profit which is very helpful to my family. Thanks to bitcoin I dont have huge debt today.

well that's the good thing that bitcoin can bring to people's lives even if they are poor but at least they have a good knowledge regarding with the technologies and they are exploring to the broad of the internet then that would be their advantage . going back to the year 2009 each bitcoin only worth 0.0001 USD according to some article that I just read while ago on reddit, and with that value if they bought a bitcoin back in that days with a few dollars then they will surely become a millionaire if they kept it since the day after they bought it. it's great that they belong to the people who have become successful with bitcoin .

[paul gatt]

I totally agree with your opinion, an absolutely correct thinking. High cost of your transaction will be implemented quickly, in contrast, cost will not be processed, and the situation was so clearly happening, more than 60000 transactions not confirmed, all payments freezes, and if you are a rich person, you will not have to wait. Blockchain are making a distinction between rich and poor. This is worse

[philiveyjr]

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.

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^

As of now, I still think that bitcoin is affordable for transactions for anybody. Be it rich or poor. Its not like it takes forever to confirm a transaction and it still takes lesser time than a lot of banks when it comes to international transactions and also the fact that its still cheaper.

[requester]

Bitcoin is making me rich day by day before my PC was having only 2 GB DDR3 ram but now I have 4GB DDDR4 ram and it was all possible because of bitcoin. and now I am dreaming of buying 12 DDR4 ram and all these credit goes to bitcoin it had made my day by allowing me to earn my pocket money which my parents couldn't give

[piloder]

Accepting smaller amount of bitcoin from different transactions and trying to send them out will cost pretty much high due to big size of that transaction but for normal 1 input = 1 output transaction with size less than 200 bytes 20000 satoshi or even less fee is enough to get confirmed within next block.

Sending 1000$ through paypal will cost you anything around 30-40$ in fees
Sending 1 BTC will still cost you only 0.20$ so bitcoin is still way cheaper than other payment processors.