What's going on? Bitcoin for the rich only?

[Zicadis]

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!

We have to understand that the bitcoin community and demand has grown with the network almost staying the same and at times i feel a hardfork can fix this Anyway less not look at the fees in dollars at times because it will hurt you more.
if you still want to pay low fees you need to have a miner friend to enjoy the privileges or use this free service for low fees https://bitcointalk.org/index.php?topic=1955028.0

What went wrong> And more to the point, who is responsible? What can be done to fix it?
Thanks
Andy

Its all in the name of scalability and the rumored fork "Segwit2x" that is our possible fix

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[Taki]

You are correct. The fee value is just going up and up. That tendency really can make bitcoin allowed only for rich people. I don't know what we should to do to stop them to grab us. I have heard that one guy got a reply from a bitcoin wallet's support when he was asking about their high fees, he got the reply "use fiat". Maybe it's the only way for us...

[pitiflin]

You really cannot guess or assume for knowing about who is behind the rich and poor divide on the basis of bitcoin and yes i do agree that bitcoin fees is increasing and i think that the reason might be that the increase in price happened over the last year  would have caused the transaction fees to be increased by 10 times.

[stergium]

You really cannot guess or assume for knowing about who is behind the rich and poor divide on the basis of bitcoin and yes i do agree that bitcoin fees is increasing and i think that the reason might be that the increase in price happened over the last year  would have caused the transaction fees to be increased by 10 times.

that is really not a good news to hear about the transaction fee, because it is effecting the small transaction, you have to pay a huge amount of money even for a very very small amount of transaction, i think it has already become difficult for me to recharge my mobile using bitcoin directly, because i have to pay double amount as transaction fee, which is really not fare.

[Xester]

You really cannot guess or assume for knowing about who is behind the rich and poor divide on the basis of bitcoin and yes i do agree that bitcoin fees is increasing and i think that the reason might be that the increase in price happened over the last year  would have caused the transaction fees to be increased by 10 times.

that is really not a good news to hear about the transaction fee, because it is effecting the small transaction, you have to pay a huge amount of money even for a very very small amount of transaction, i think it has already become difficult for me to recharge my mobile using bitcoin directly, because i have to pay double amount as transaction fee, which is really not fare.

Yes one of the problem now is the higher fee compared before.  I topup my phone using bitcoin but now I am rushing through stores to buy load.  I do not want my bitcoin to buy for things like that and I do not like the transaction fee.  Maybe the high charge of transaction was made because of the high value of bitcoin right now.

[DRaGoN RaNTaRo]

If bitcoin will be the world's bank that will change your future life, in order to transact now we need a big cost so the transaction will be fast, I am amazed with the instant that is in bitcoin.

Are you trolling here,bitcoin is a transaction platform and asset and it is not even a bank and since it is decentralized no one can control it,i accept the fact that we have a problem with the increase in transaction charges,lets see how this will go.

[bitbob82]

You really cannot guess or assume for knowing about who is behind the rich and poor divide on the basis of bitcoin and yes i do agree that bitcoin fees is increasing and i think that the reason might be that the increase in price happened over the last year  would have caused the transaction fees to be increased by 10 times.

that is really not a good news to hear about the transaction fee, because it is effecting the small transaction, you have to pay a huge amount of money even for a very very small amount of transaction, i think it has already become difficult for me to recharge my mobile using bitcoin directly, because i have to pay double amount as transaction fee, which is really not fare.

Yes one of the problem now is the higher fee compared before.  I topup my phone using bitcoin but now I am rushing through stores to buy load.  I do not want my bitcoin to buy for things like that and I do not like the transaction fee.  Maybe the high charge of transaction was made because of the high value of bitcoin right now.

yes that is right and i think it will create so many other problems specially for low transaction, this problem should be solve on priority bases other wise we will not be able to use bitcoin in our daily life for small transactions.

[keeee]

I also realize it that every transaction takes a huge fee to get quickly confirmed it's just I believe this problem will be resolved right when the true block size rises above 1 mB

Yes having a high transaction fee for a quick transfer of money is a burden for those who lack of money in their wallet. They maybe lose more than the bitcoin that they going to transfer. But im hoping that it will be resolved this year to.

[In-Op]

Bitcoin is supposed to spend in Satoshi. Bitcoin will work as the gold of the economy. I is going to be worth unfathomable amounts. I expect governments will buy them up at an alarming rate soon.

[DOGE12321]

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

The mempool has is filling up faster than it can be cleared. In order for a transaction to be confirmed, one needs to pay a relatively high amount for the miner to place the transaction in the next block. One solution is accelerators, but we need a more efficient solution and fast.

[investinator]

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 there is some hope for a solution to come to those ridiculous fees sometime this year and if thats the case the price will rise sky high without a resulting increase in fees and we can go back to thinking about using bitcoin in physical stores again.

[nuela]

I know every transaction costs big enough to be confirmed soon, but I'm sure not only the rich ones, who will enjoy it all but small must be able to enjoy bitcoin.

[tittensor]

If bitcoin will be the world's bank that will change your future life, in order to transact now we need a big cost so the transaction will be fast, I am amazed with the instant that is in bitcoin.

I not hope that, I want bitcoin only a digital cash and have a huge community use it.
The price now is good, but I hope it can up more than now and can send BTC instant with low fee, short time =))

Don't consider bitcoin as a digital money alone. You can use the bitcoin as stock, investment as simply holding it, transaction medium for international money transfers.
As said price moving good but fees are so high than the last 3 years. Almost 0.001 btc for a transaction.

Well, in three month ago I ussually use 0.001 BTC for a transaction to 50 address and confirm after 3 hours. But look now, with 0.001 BTC we only can send to an address

[shine1123]

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

The fee is become higher because there so many unconfirmed transaction, i don't know what happen to the miner though. But it's fine for now, i mean, the fee is not much higher like before. It's ridiculous though the fee for each transaction can reach 0.001.

[Yuhee]

If bitcoin will be the world's bank that will change your future life, in order to transact now we need a big cost so the transaction will be fast, I am amazed with the instant that is in bitcoin.

I not hope that, I want bitcoin only a digital cash and have a huge community use it.
The price now is good, but I hope it can up more than now and can send BTC instant with low fee, short time =))

Don't consider bitcoin as a digital money alone. You can use the bitcoin as stock, investment as simply holding it, transaction medium for international money transfers.
As said price moving good but fees are so high than the last 3 years. Almost 0.001 btc for a transaction.

Well, in three month ago I ussually use 0.001 BTC for a transaction to 50 address and confirm after 3 hours. But look now, with 0.001 BTC we only can send to an address

I think this are means to recover the loss in wallets that are lost. I dont really think its true but i guess they have there own reasons. Some would even suggest that tbe blockchain was abused by wealthy business men that they transact big amounts or multiple transaction. Or they are just having maintainance over the pump and but either ways im sure it will be fixed soon i hope.

[Ewox]

You really cannot guess or assume for knowing about who is behind the rich and poor divide on the basis of bitcoin and yes i do agree that bitcoin fees is increasing and i think that the reason might be that the increase in price happened over the last year  would have caused the transaction fees to be increased by 10 times.

I agree, I've noticed ever since bitcoins price increased, most of the online wallets also increased their transaction fee. Some even were free from the time I started and doesn't cost anything to transfer it. It has been very expensive to transfer a minimum amount.

[In-Op]

My understanding is many of the fees have increased due to the huge influx of new users and their need to invest in more infrastructure.

[CarnagexD]

I feel like Bitcoin is becoming a bank, in order to transact now we need big amount of fee so that the transaction will be fast. I was amazed in Bitcoin before because the transaction is instant now i don't know what to do anymore, i feel like selling all my Bitcoin and find another crypto that will be used by everyone in the future that will always have a low fee.

Yes this is the big problem right now in the bitcoin, its transaction fee. Its very high and you will lose more than the money you transfer if you are not that rich. This maybe the reason of getting disappear of bitcoin if it will not be solved as soon as possible.

[South Park]

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 there is some hope for a solution to come to those ridiculous fees sometime this year and if thats the case the price will rise sky high without a resulting increase in fees and we can go back to thinking about using bitcoin in physical stores again.

I hope you are right because truth to be told, things are getting a little but out of hand with the fees, if we are to use bitcoin in the physical world the rates needs to be very cheap, and the confirmations need to be lightning fast, without that the rate of adoption of bitcoin I not going to grow at a rapid enough way to be able to compete with the currencies of the world.

[Rostadom]

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

What went wrong was that more and more people are using bitcoins. That's what's up. Apparently, there's some type of bidding going on in the queue of the blocks. You have to pay higher to become a higher priority. We can't expect a system that would prioritize transactions with lower fees, obviously.

With the amount of money that you can earn in the bitcoin world, and the amount of money you can send per transaction, I think bitcoin is actually a good thing even for normal citizens. Bitcoin has opened up doors of opportunities to us. Bitcoin is not for the rich only but transacting millions of money through bitcoins will have a really really low transaction fee. On the other hand, micro transaction people suffers since in micro transaction, the fee is really huge.