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

[ladydark]

Yes,thats the greatest issue bitcoin is facing today.Due to increase in fees,thousands of transactions are stuck.New companies are rethinking whether to accept as bitcoin as payment due to high transaction fee.We could hope that on Aug 1st,segwit 2x would be activated and this problem would be solved.

[RubyM]

I agree with you. We were fooled by the term no middleman but now it seems as if the middleman exists. These fees are too much.

[MetalGear]

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

No bitcoin is not only for the rich.Because bitcoin can be used by all.Bitcoin can be use by anyone as long as you have your internet connection with you because in able to use bitcoin you will be needing an internet connection.

[Raven91]

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

No bitcoin is not only for rich because bitcoin can be use by all people.Vitcoin can be used as long as you have internet connection because bitcoin can be used only with the use of internet conection.

[carriebee]

I agree with you. We were fooled by the term no middleman but now it seems as if the middleman exists. These fees are too much.

This is actually the problem of bitcoin facing these days. The fees were collecting everytime doing a transactions. Im still hoping these would be corrected and resolved. Because bitcoin has been used by many people doing a transactions like in a bank. But, bitcoin is not only for the rich people.

[eann014]

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

When I am going to transfer my funds in an account there is no fees for me, I withdraw everytime I want and when I buy load in my btc wallet it also have  a rebate which ia good for me. I don't know what you meant to say, because there is no problem with bitcoin for me.

Actually fee MUST be paid to network for processing payment in any reasonable time. Do you mean deposit fiat money to buy bitcoins? If so, that's not the problem which we are discussing here.

I don't deposit fiat to buy bitcoin. I just earn it and converted it into fiat when I need some of it for our expenses. I don't have any fee when I need money or when I converted some of it. Even if we are not rich people it is still convenient to use bitcoin.

[mrcash02]

I agree with you. We were fooled by the term no middleman but now it seems as if the middleman exists. These fees are too much.

This is actually the problem of bitcoin facing these days. The fees were collecting everytime doing a transactions. Im still hoping these would be corrected and resolved. Because bitcoin has been used by many people doing a transactions like in a bank. But, bitcoin is not only for the rich people.

Yes... We have the sensation we skipped the "middleman", but if we think more about it the middleman here is the miner which we are paying fees to confirm our transaction, and they are taking too much fees to do it. The real profit is being made by them.

For this thread question, it's inevitable rich people will have preference in BTC transactions as they can pay higher fees for it, and who pays more, finishes transactions faster. Until the capacity increases, it will continue happening and poorest people will continue only holding their funds.

[Palmerson]

I think the opposite. Bitcoin helps people in poor countries earn on the Internet and a little to improve their living conditions. A lot of people on earth earn 100 dollars a month or even less. Rich people get richer no matter what currency they have income. Bitcoin is not for them.

[The_prodigy]

Yes,thats the greatest issue bitcoin is facing today.Due to increase in fees,thousands of transactions are stuck.New companies are rethinking whether to accept as bitcoin as payment due to high transaction fee.We could hope that on Aug 1st,segwit 2x would be activated and this problem would be solved.

i am not complaining to the transaction fees now, as long as the amount that I have been withdrawing is still bigger than the transaction fees,but sometimes when i want to withdraw a little amount of money, the transaction fees is more bigger. so if i want to withdraw money i need to wait until my money is big so that it is worth to pay the fees. just be patient everything has change we need to go with the flow.

[7jaka7]

I think the opposite. Bitcoin helps people in poor countries earn on the Internet and a little to improve their living conditions. A lot of people on earth earn 100 dollars a month or even less. Rich people get richer no matter what currency they have income. Bitcoin is not for them.

If someone earns 100$ pre month every time he transfer Bitcoin from one address to another he loses one day of work due to high transaction fees. Exactly what OP was trying to say. 

[Xenophoto]

If bitcoin's transaction fee is too expensive for you, may I ask how do you even eat? It has come to the point where you can't just play with your bitcoins. You can't just move your bitcoins to one address to another then move it again just because you are organizing your money. You have to plan things before sending money. Bitcoin isn't that expensive compared to how much money you're going to earn if you continue trading or participating in signature campaigns.

Bitcoin isn't just for the rich people but if you're a poor person, you're going to think that bitcoin's transaction fees are so much. You can buy a meal for that amount of money. But that's just how things are now. You can only hope for SegWit to get activated.

[Pab]

Usually i am transfering in LTC and Dash to exchange to fiat,cost less and is much faster,waiting houres for btc confirmation is to much for me.Fee and speed is btc problem and it has to be solved

[audaciousbeing]

Usually i am transfering in LTC and Dash to exchange to fiat,cost less and is much faster,waiting houres for btc confirmation is to much for me.Fee and speed is btc problem and it has to be solved

Its so unfortunate that things have to degenerate to this point that everyone is now looking for alternatives in carrying out transactions which should not be so for any reason. However, I still believe is not for the rich alone because there is a unit for everyone depending on what you can afford and when there is increase in price, it affects everybody the same thing with when there is a fall in the price of bitcoin as well. Hopefully, this can be sorted out  by the acclaimed August 1.

[PancherBitCoin]

Usually i am transfering in LTC and Dash to exchange to fiat,cost less and is much faster,waiting houres for btc confirmation is to much for me.Fee and speed is btc problem and it has to be solved

Its so unfortunate that things have to degenerate to this point that everyone is now looking for alternatives in carrying out transactions which should not be so for any reason. However, I still believe is not for the rich alone because there is a unit for everyone depending on what you can afford and when there is increase in price, it affects everybody the same thing with when there is a fall in the price of bitcoin as well. Hopefully, this can be sorted out  by the acclaimed August 1.

Today Bitcoin is uniquely used by everyone and one must understand that everyone uses crypto currency in their conviction and need. First of all the rich due to Bitcoin hide their fortunes from taxation. Therefore, they buy the lion's share of these coins. We understand that the amount of Bitcoin is limited and a limited number goes into the hands of ordinary users.

[aeternus]

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

It seems we are going to finally activate segwit and when it does the fees should go down so you just need to wait some time before things finally go back to the way they used to work in the past.

[Lauren Smith]

I'm glad this fee problem is sorted it was beginning to annoy and worry me. Now that all is back to normal we can spend and merryily be on our way. 

I think the opposite. Bitcoin helps people in poor countries earn on the Internet and a little to improve their living conditions. A lot of people on earth earn 100 dollars a month or even less. Rich people get richer no matter what currency they have income. Bitcoin is not for them.

You are correct. Bitcoin is for the people. It helps those who are poor the most

[Elcapsono]

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

It seems we are going to finally activate segwit and when it does the fees should go down so you just need to wait some time before things finally go back to the way they used to work in the past.

She does not sit all the time at the computer, and then I'll have to work all the time on a tax on pills. The capacity of the crypto currency gives good opportunities to earn a comma, but I believe that users should think more about their health, they are only about wealth. Bitcoin can give you a good Here and even become a rich man.

[Taylorw]

It's nice to use bitcoin opportunities instead of bank account. As for me, it's more profitable and surely

[Fireblade]

Usually i am transfering in LTC and Dash to exchange to fiat,cost less and is much faster,waiting houres for btc confirmation is to much for me.Fee and speed is btc problem and it has to be solved

Its so unfortunate that things have to degenerate to this point that everyone is now looking for alternatives in carrying out transactions which should not be so for any reason. However, I still believe is not for the rich alone because there is a unit for everyone depending on what you can afford and when there is increase in price, it affects everybody the same thing with when there is a fall in the price of bitcoin as well. Hopefully, this can be sorted out  by the acclaimed August 1.

Today Bitcoin is uniquely used by everyone and one must understand that everyone uses crypto currency in their conviction and need. First of all the rich due to Bitcoin hide their fortunes from taxation. Therefore, they buy the lion's share of these coins. We understand that the amount of Bitcoin is limited and a limited number goes into the hands of ordinary users.

i am hopeful that even in future it will be use by everyone, even though the price of bitcoin increase too much. then they will trade bitcoin in satoshi and even invested in satoshi they will get a good profit. but it is for sure that bitcoin will be use both for rich and poor people, because bitcoin is the currency of all the people and not belong some group of people.

[micher143]

Usually i am transfering in LTC and Dash to exchange to fiat,cost less and is much faster,waiting houres for btc confirmation is to much for me.Fee and speed is btc problem and it has to be solved

Its so unfortunate that things have to degenerate to this point that everyone is now looking for alternatives in carrying out transactions which should not be so for any reason. However, I still believe is not for the rich alone because there is a unit for everyone depending on what you can afford and when there is increase in price, it affects everybody the same thing with when there is a fall in the price of bitcoin as well. Hopefully, this can be sorted out  by the acclaimed August 1.

Today Bitcoin is uniquely used by everyone and one must understand that everyone uses crypto currency in their conviction and need. First of all the rich due to Bitcoin hide their fortunes from taxation. Therefore, they buy the lion's share of these coins. We understand that the amount of Bitcoin is limited and a limited number goes into the hands of ordinary users.

i am hopeful that even in future it will be use by everyone, even though the price of bitcoin increase too much. then they will trade bitcoin in satoshi and even invested in satoshi they will get a good profit. but it is for sure that bitcoin will be use both for rich and poor people, because bitcoin is the currency of all the people and not belong some group of people.

Bitcoin need a gadget and internet so poor people or the bottom rock of our society cannot use bitcoin so I think the fiat is the best for them. But in terms of using alternative currency to lessen the fee and the transaction time is a smart move. I think many people are using that now because the bitcoin transactions take so long to confirmed.