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Vyazhan
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August 02, 2017, 08:43:27 AM |
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Maybe you should look at Bitcoin more in terms of how Gold is handled in our economy. You wouldn't bring a nugget to your local coffee shop and have them convert it with a scale. There is plenty of cryptocurrencies out there that take care of that aspect. Bitcoin has long since passed the everyday usage platform and is more of an investment-coin for long-term storage, similar to gold or silver. A 10 minute block confirmation time just reinforces this assumption and I believe we will see less and less use of BTC in the future for everyday goods and more altcoins taking the place in turn - but who knows  |
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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suvo05
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August 02, 2017, 01:53:37 PM |
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Yes, you are right. Bitcoin transaction fee is high for the small transaction . But if you are transacting big then it is ok compared to the small. Now day by days bitcoin turning out to be a great asset and people are using it for storing. So for transferring money we have to look for altcoin maybe.
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Noore Najjar
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August 02, 2017, 01:58:11 PM |
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Hi,
Even just a year ago bitcoin was useable... now the fees are about 10x what the banks charge. Seems like its changing from a peer-to-peer money system for everyone into yet another convenient way for rich people to exchange funds!
What went wrong> And more to the point, who is responsible? What can be done to fix it?
Thanks
Andy
because many people use it there is no other cause than that , i heard that if you using low fees blockchain block cant be mined or some other like that but i think you can still send with default normal bucks above 1 dollar using coinomi wallet , they only take max 30 minutes to send your funds ..work well for me |
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wildflower18
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August 02, 2017, 02:03:46 PM |
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Bitcoin can be used by ordinary citizen also. The difference might be the volume of bitcoin an individu uses but definitely it can also be used by anyone as long as he or she knows how to. Let's put it to a point that there are rich people who does not use bitcoin and there are ordinary people who doesnt to. Its a fair deal.
Bitcoin is for all users not for the rich only. Bitcoin price is expensive so the fees is high but I notice when you had a transaction fees lately are low. Anyway, bitcoin can be used by anyone as long you have funds. |
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Harlot
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August 02, 2017, 02:12:13 PM |
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Yes, you are right. Bitcoin transaction fee is high for the small transaction . But if you are transacting big then it is ok compared to the small. Now day by days bitcoin turning out to be a great asset and people are using it for storing. So for transferring money we have to look for altcoin maybe.
As far as I know same wallet transactions like coinbase to coinbase or xapo to xapo wallet addresses are free of charge, the only time you will get a transaction fee is when you transact with a different wallet provider. That is one way to avoid high transaction fees as of right now. Also you are right by transacting on a bigger number it will obviously dwarf the transaction fee which you can take advantage of. |
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giveen
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August 02, 2017, 04:06:55 PM |
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How is it only for the rich the fees has been same from years the only thing changed is the speed if you want your transaction to be confirmed faster you need to pay more fees otherwise it will take an hour to confirm. About the money used for sending it has only become costly because the price of bitcoin has increased. So if the price becomes $10k and fees is 0.001 btc the cost will be $10. You will still cry for the fees but you are not noticing how much the price has increased. More price = more fees simple.
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Wicked17
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August 02, 2017, 04:24:06 PM |
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Hi,
Even just a year ago bitcoin was useable... now the fees are about 10x what the banks charge. Seems like its changing from a peer-to-peer money system for everyone into yet another convenient way for rich people to exchange funds!
What went wrong> And more to the point, who is responsible? What can be done to fix it?
Thanks
Andy
well yeah it is too unfair for us who are low profile in terms of bitcoins. the transaction fee right now are too heavy for us. Its like a bank that for every transaction we need to pay an amount everytime. In my experience i better hold my btc than to sell a plenty of btc |
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Harry Callahan
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August 02, 2017, 09:23:47 PM |
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Bitcoin is for all of us, for all the people who has want to earn bitcoin and to all the people who are interested in bitcoin. Bitcoin is not just for rich people because like me, I am not rich but I can have a bitcoin. 😁
Sure you could have bitcoin but in order to purchase that you need money .  If you are planning to stock a good amount of coins,it is really not possible with the price we have right now,so basically it is for the rich who has a lot of money to invest,but for causal users,you can really use too and i guess with the fork ,i really hope that the transaction price goes down so that even small tokens can be sent . |
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pecson134
Sr. Member
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Activity: 630
Merit: 250
★Bitvest.io★ Play Plinko or Invest!
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August 02, 2017, 09:46:48 PM |
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What's going on? Bitcoin for the rich only
Who says bitcoin just for the rich ... it's wrong opinion because bitcoin can be owned and played for all groups both rich and poor as long as there is a will there must be a way
It is not specifically on rich people when dealing with bitcoins but also on the lower bracket because one of the main factor that will help you to achieve a successful way to bitcoins is to have a good strategy and technique to earn bitcoins. I'm not rich but I still earn bitcoins in my own way. |
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chichigirl
Sr. Member
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Activity: 588
Merit: 251
HELENA
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August 02, 2017, 10:00:32 PM |
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Bitcoin is for everybody who does have a capital and skills to invest. It is not only for rich people but for everyone who already learned about bitcoin. Any type of person, young or old, man or woman can go into bitcoin.
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Zemangat
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August 02, 2017, 10:13:35 PM |
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My cost required for the transaction is not so great and it is comparable with the service of the wallet. The same as their bank requesting an expensive payment, by providing maximum service to provide satisfaction to customers. If you want to react with small amounts maybe the fee for the transaction is small ,, and i think you do not do that .. better keep your bitcoin. And wait until you have a huge profit from bitcoin
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boyptc
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August 02, 2017, 10:24:12 PM |
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Because of the fork happened you may now try to check the fees. Bitcoin isn't for rich before and it is open for everyone to be used. I've been transacting and I can say the amount of the fee isn't that big and it's very affordable so it can be now good for everyone else, rich or poor or just a normal user and investor in bitcoin.
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galactica
Newbie
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Activity: 28
Merit: 0
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August 02, 2017, 10:27:07 PM |
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Onbthe contrary its an opportunity for poor and middle income people to attain wealth.
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franco123
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August 04, 2017, 06:11:51 AM |
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Frankly speaking, business is business. What I mean is anyone who will have the opportunity to gain money from something will grab that opportunity. And it Bitcoin, transaction fee is one of those opportunities to others. However, we can not say that Bitcoin is for the rich. Yes it may have the transaction fees but today in the society, a lot of people can now afford to pay those fees for the convenience it may bring. In the case of Bitcoin, transacting through smart phones or laptops is very convenient because the consumers would no longer have to go places to places to transact through cash which is relatively also costly because of the travel cost.
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131tc01n
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August 04, 2017, 08:33:50 AM |
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This is indeed bitcoin to give the rich richer, bitcoin should provide some of its assets for those who do not have ....
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dwieyani
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August 04, 2017, 09:03:38 AM |
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Maybe it's not for me, not all the money for the rich tap under that right is all right, because bitcoin for the public and anybody usually belong to its members, so middle and lower class entitled with bitcoin.
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liliiaolivia2017
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August 04, 2017, 09:14:19 AM
Last edit: August 04, 2017, 09:42:40 AM by liliiaolivia2017 |
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There are no levers of pressure on the crypto currency and it can not be, as we see the bitcoin rate has grown and is now stable, it can be unprofitable to invest in it now, as it is very expensive, about 2800 dollars, I think now it makes sense to invest in new crypto-currencies that are protected by law States and are unique and now have a low rate, as a variant it can be Recoin, heard that since autumn this currency can be invested and that it has passed full registration in accordance with US legislation.
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Pattart
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August 04, 2017, 09:18:14 AM |
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Of course not just wealth, bitcoin is created as currency, therefore bitcoin is called cryptocurrency. You can use bitcoin for payment methods, send money from one country to another far away with cheap fees and very fast deals, there's a lot of bitcoin on offer other than wealth
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iv4n
Legendary
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Activity: 3136
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August 04, 2017, 09:49:49 AM |
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Nothing is going on, OP is not an early adopter and that is giving him trouble. Only then anyone who knew for bitcoin could buy for cents, there wasn't big fees sloe transactions. Now everything is different, 3 days ago we had an upgrade, bitcoin cost more, more people is using it, basically this is what is going on for some time, and there wasn't anything about that bitcoin is just for rich people, only thing special about them is that rich people can invest more money and buy more bitcoins even now when its expensive. Rich can risk more, because even when they lose they can try with more money.
Bitcoin is for anyone who can see the future, for people who are ready to work and learn about this innovative technology.
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SiNeReiNZzz
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αLPʜα αɴd ΩMeGa
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August 04, 2017, 10:33:27 AM |
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Of course not just wealth, bitcoin is created as currency, therefore bitcoin is called cryptocurrency. You can use bitcoin for payment methods, send money from one country to another far away with cheap fees and very fast deals, there's a lot of bitcoin on offer other than wealth
Yeah I think so too. I also thought if that is the case then there is also a descrimination between poor and rich in bitcoin economy, but as far as I am concern, bitcoin is created for equal purpose, and it has nothing to do whether you are rich or poor. And yet it also opens new opportunities to people who are willing to engage this kind of economy, but least also they need to be open minded. Maybe OP did misunderstand why the fees became higher but, as for me business is business and yet they somehow upgrade some sorts of things to make the transaction faster. |
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