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Author Topic: Is bitcoin becoming out of reach on Common Man  (Read 3573 times)
FasTroy
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May 12, 2017, 10:31:39 PM
 #41

I think bitcoin will increase more in the near future. So you are right about that one day not all people can buy 1 btc, because it will be so strong on the price side. But you don't need to buy one or a lot of bitcoins with this extraordinary price, you can just buy a part of 1 btc.

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May 12, 2017, 10:49:46 PM
 #42

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

And here you are the reason why we need a new "unit" smaller than BTC, milibits o whatever. Humans don't like to buy, have or trade 0.00001 of something.

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May 12, 2017, 10:52:58 PM
 #43

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

And here you are the reason why we need a new "unit" smaller than BTC, milibits o whatever. Humans don't like to buy, have or trade 0.00001 of something.
well we have satoshis right?
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May 12, 2017, 11:25:16 PM
 #44

bitcoin can be divide to 8 decimal points which is 100,000,000 units so it doesn't matter if bitcoin is $10 million dollars each. And devs can make more decimal points if it s needed. 

We just need really good conversion tools to insure we don over pay. May something with dummy protection before we click send.
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May 12, 2017, 11:34:01 PM
 #45

To some extent it's becoming the rich's cryptocurrency because even in mining only the rich can afford miners to mine them at a good hashrate. It's what most use for their personal transactions but it's fees have started making waves in the airwaves and I believe there need to be a change.



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May 12, 2017, 11:39:26 PM
 #46

Not at all,bitcoin can be used by anyone, you don't need to buy 1 bitcoin if you can't afford, you can buy smaller amount, and bitcoin is a great investment and currency, if you can grab the opportunity you can become rich with bitcoin, if you start with small amount the profit may not as big as the rich person who bought a lot of coins, but you still can earn profit and everyone can used bitcoin

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May 12, 2017, 11:45:22 PM
 #47

Think of it that way - Bitcoin is the future, safe haven in fiat based economy, it will be worth only more over time, it is limited.
Meanwhile dollar will lose its value due to quantitative easing - Each day, we have new supply of +$160 million of newly printed USD and inflation.
And very much possible future economic crisis - you think that 2008 crisis was bad? Just wait and see how terrible will be our next global crisis.


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May 12, 2017, 11:57:09 PM
 #48

Yes, I also think to the extent that the price increases it becomes more difficult for newcomers to acquire a single bitcoin. But in terms of net worth, money is money and $1000 worth of bitcoin are equally valuable when the price was $1 or at the current price.

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May 12, 2017, 11:57:48 PM
 #49

Why the future? It seems to me now. The economic crisis of 2008 has not ended. Just highly developed countries feel less than a third of the country. The crisis was caused by overproduction. The demand for goods and led to the crisis. What is changed now? Only world war 3 will help to stimulate the economy, but during the war I doubt that bitcoin will be in demand.
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May 13, 2017, 03:32:40 AM
 #50

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

I think so. It's a bit like gold at the moment, if you are just the average Joe in the average country(mind you, USA has is quite above average in terms of wages), then there is pretty much no way you're going to be able to buy an ounce of gold simply because it's so hard to get so much funds.

It's impossible to save up small amounts right now with bitcoin because the tx fee for one transaction is like 0.00055 BTC, and that's economy rates. Not even priority rates.

Who cares? I don't & neither should any of you. We're all invested already or should be. We're some of the lucky people like the early .com investors in the www. Boom.

HODL what you own & reap the rewards in a few years.

It means that nobody new can get into bitcoin, at least big time. Especially in developing countries.

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May 13, 2017, 03:42:35 AM
 #51

Not at all,bitcoin can be used by anyone, you don't need to buy 1 bitcoin if you can't afford, you can buy smaller amount, and bitcoin is a great investment and currency, if you can grab the opportunity you can become rich with bitcoin, if you start with small amount the profit may not as big as the rich person who bought a lot of coins, but you still can earn profit and everyone can used bitcoin

That is right, it is still not that far from common man, but the thing is, they don't need to buy bitcoin, there are a lot of ways to earn bitcoin without buying, though it takes time to save until you can reach 1 bitcoin. You don't need to buy small amount, why not earn them, Join on PTC or captchas, if you have skill you can make it a way to earn some.

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May 13, 2017, 06:50:24 AM
 #52

Can someone define the Common man? Is that like a common cold?
I think I fall into the lesser spotted man group of organic life.
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May 13, 2017, 07:03:55 AM
 #53

Can someone define the Common man? Is that like a common cold?
I think I fall into the lesser spotted man group of organic life.

Regardless of what the price is common Man will be the last one to accept anything and in a country with huge population, common Man doesn't even get to know about the real market and what's going on in it.
To OP: You can start with 0.1BTC and but more when you can.


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May 13, 2017, 07:49:19 AM
 #54

In short, Will bitcoin will only be in the hands of rich in near future ?
Fundamentally you are completely misinterupting what is bitcoin and how much amount of it feasible to everyone. In 2010, one common man may buy 1000 bitcoins for $10, but now that amount will only 0.005 bitcoins so in near future that same $10 may buy only 10 satoshi alone (yes 0.0000001 bitcoins) as many experts are predicting bitcoin may reach values in million.

But I do see that bitcoin is always in favor of common people. Because anyone can buy something of it with what ever money he will be having. The infinitely divisible feature supports this.


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May 13, 2017, 08:26:56 AM
 #55

Just see the bitcoin price climbing so high. 1900$ is a very high amount and not many people can now afford to buy a single bitcoin. Also those who are earning bitcoin will now get less bitcoins like before some pay you 10$ it was 0.01 and not it is just 0.005 (same 10$).

In short, Will bitcoin will only be in the hands of rich in near future ?

Its the paradox of poverty the opportunity is there but only for those who are technically capable of acquiring Bitcoin.
The sadness of this is that those who are not technologically capable or intelligent enough will adopt it last at which point the value will be as you stated out of reach of the common man, the mainstream is a perplexing state in that sense.

When it reaches mainstream some opportunities are lost the new frontier is altcoin for later adoption right now Bitcoin is still an opportunity of a generation for some others will still have a chance now in altcoins as well, a paradigm shift takes time though wealth distribution will always end up with those who are best able to take opportunities they are given and executing them.

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May 13, 2017, 08:29:36 AM
 #56

In short, Will bitcoin will only be in the hands of rich in near future ?
Fundamentally you are completely misinterupting what is bitcoin and how much amount of it feasible to everyone. In 2010, one common man may buy 1000 bitcoins for $10, but now that amount will only 0.005 bitcoins so in near future that same $10 may buy only 10 satoshi alone (yes 0.0000001 bitcoins) as many experts are predicting bitcoin may reach values in million.

But I do see that bitcoin is always in favor of common people. Because anyone can buy something of it with what ever money he will be having. The infinitely divisible feature supports this.

Ya it i true that still also a common man can buy but only matters is the quantity of bitcoin you will get low but if you think of future then todays value you will feel low on future value time. Like what now you are feeling high but in past when you bought you thought that value was high but now you are feeling that past value was low.

So when ever you are buying is the correct time and dont see the value of today but think of future value what can be.

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May 13, 2017, 12:20:41 PM
 #57

BTC is still cheap. 21 million coins for a planet is way too low supply. And yes 1 BTC can reach amounts like 100K but I'd give it 10 years from now... so get it while you still can.

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May 13, 2017, 02:21:05 PM
 #58

The Bitcoin price might rise but let's not forget that the value it has in a common man together with its convenient way of earning really benefits them. Also many have gone rich in Bitcoin through different ways and these ways that they have been using can still be used as of today.

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May 13, 2017, 11:20:25 PM
 #59

I do think Bitcoin is still reachable by the common man.  Satoshi designed the 8 decimal digits so that when the price of Bitcoin skyrocketed, those with lesser funds can alway buy a fraction of BTC.  I believe no one is preventing us from buying bitcoin at 0.005 or 0.01.  We can even get bitcoin at less than those amounts.

                                      
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May 13, 2017, 11:26:36 PM
 #60

BTC is still cheap. 21 million coins for a planet is way too low supply. And yes 1 BTC can reach amounts like 100K but I'd give it 10 years from now... so get it while you still can.
To be frank it is all good to hear these things,yes the supply is really low for the entire population to consume but there are other alternative currencies and we have a ton of coins now,it is well and good if the price could reach those dream figures but i do not expect the network could handle when we have that much of users.



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