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

[DoublerHunter]

Bitcoin is for everyone as long as you have money to buy bitcoin even at it decimal form then you already own few parts of bitcoin. Bitcoin doesn't require all its bitcoin user to buy at least 1 or a whole of it because they can either buy it piece by piece or just work hard for it to earn it without using any penny on their pocket money.

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[Karmakid]

No bitcoins is for everyone but in this current stage no small transaction must be done i think,because of huge fees in the network small people and users will carry this problem all,fees are bigger than the transaction amount most of the time

[xuan87]

No bitcoins is for everyone but in this current stage no small transaction must be done i think,because of huge fees in the network small people and users will carry this problem all,fees are bigger than the transaction amount most of the time

I agree bitcoin was made for everyone, but the rich one can make more profit because they have more capital to invest, but the poor one also got the chance to earn they can earn from trading or offering their service and you don't need to do transaction you can just save it and become investment, I do agree that the transaction fee need to be reduced so a lot of people will enjoy using bitcoin

[hajimasan]

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

As I understand that , according to you the Bitcoin is no more profitable for the small earner or user of the Bitcoin , because the transaction fee is high and also earnings in the current time for the Bitcoin is a big hardworking job .
But here I never don't think about this in this negative ways , because the most of the times I never find any problem with the fee system .
Since unconfirmation problem arise few times but with low fees the payment always get confirmed without much problems ( wait of 4-5 hours ) and also here I a big thing that I always using the low priority for the fee transaction but never get any big problem .
So here I can say that Bitcoin is able for everyone and anyone can use it until the Bitcoin exists in the world .
with the high fee , you should see that price also increases , so why we should get worrying about the high fee .

[Anegg]

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 a currency grows it is impossible for it to stay to same, same transaction fees and the same speed it takes to move bitcoin. There is really no one to blame it but I am pretty sure that after August the first the transaction fees should fall a bit. The only reason the bitcoin might help the rich benefit is that they have more money to invest in, but that applies to everything, stock market, gold and banks.

[NJB18]

Transaction fees is really one big chasm that the people behind bitcoin need to fill up. Otherwise, it will stay wise not to spend bitcoin especially on small transactions. It is not worth it. But if the amount involved is huge, it is all right.

Transaction fees rise rather fast because the value of bitcoin is also fast rising. It goes with it. There is actually some wrong logic involved here but that is the case as of now. They need to fix it. If the value is high, the fees should be low.

Bitcoin for now is best used as an investment, an asset whose price is growing consistently. 

[CryptoBry]

You are not alone complaining about the currently high and repressive transaction charges levied against Bitcoin users. And this is quite ironic because Bitcoin was partly born because the usual financial sector is charging high for money transfers. However, soon this can be a thing of the past because hopefully by August we can solved this whole mess. We just have to wait for that.

[kpcian]

No bitcoins is for everyone but in this current stage no small transaction must be done i think,because of huge fees in the network small people and users will carry this problem all,fees are bigger than the transaction amount most of the time

I completely agree with you on this issue, bitcoin is for everyone, but it is getting benefited for the large amount holder Because of its​ fee, so level should be equal Because of maintaining its acceptability. But it is noticable that small amount holder are suffering a bit, but I strongly believe that the problem will be solved as soon as possible...

[Makka]

Yes, bitcoin has become a mode of payment among rich peers. The rest are suffering from incredibly expensive transaction fees. I hope they will fix this problem because a lot are leaving bitcoin as a form of payment, transferring to other alternate cryptos that require them to pay much lesser fees. This is aside from the confirmation time problem that a lot are also complaining about. Hopefully, the August 1 date that they give will all put these problem to an end.

[emezh10]

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

If the fee is so expensive for you, you can switch coin like doge or etherum with low fee only because the only matter is the fee so switch with it and then exchange it into bitcoin that is the way that I am using to lower the fee of every transactions that I maid. So try it.

[Gens09]

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 that it is but not really im not rich but i do bitcoin trading and a lot forms of earning bitcoin bitcoin price is inceeasing also the transaction fees is increasing a lot so i guess it is just a fair thing but investing in bitcoin will be a hard thing because it cause a lot to invest and buy a great volume.

[Phyton76]

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

I guess fee was not really a thing but the thing is bitcoin price was already in a high price rate that causes almost 3000$today and still increasing so i guess investing in bitcoin your gonna need a lot of money to invesy in bitcoin. And of course as we all know a great volume of bitcoin is a great profit also.

[pathapoddo]

I think it's right.Bitcoin is now making just for the rich.The fee of transactions are getting higher.It's analysis that it is now going to make just for the rich.

[Caelanpelley]

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

Yes, as you say. Now when using bitcoin we need a big charge. This is detrimental to us.Perhaps bitcoin seems to have become the currency exclusively for the rich.

[jaysabi]

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

Network congestion brought on by limited block size (in conjunction with spam attacks) have pressured transaction fees. You're right that the fees are prohibitively expensive now. The inability to deal with this comes down to special interests now; essentially people with Bitcoin-caused riches who are afraid to take any action that will devalue their wealth. That's why consensus about what to do is so difficult now. This is inevitable though whenever this much wealth is created, it's not a unique problem for Bitcoin. I think people just naively assumed Bitcoin would be different.  

[KennyR]

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

Yes, as you say. Now when using bitcoin we need a big charge. This is detrimental to us.Perhaps bitcoin seems to have become the currency exclusively for the rich.

It's not exclusively for the rich. It has got lowest denomination in satoshi which makes it affordable for all class people. No restrictions in the usage and the profit is earned big by the rich as their affordability is big compared to the common people as well the benefits is much on high volume transactions.

[Omega Weapon]

I think it's right.Bitcoin is now making just for the rich.The fee of transactions are getting higher.It's analysis that it is now going to make just for the rich.

If I’m not mistaken the price of the fees of bitcoin have been lower for the past weeks since it seems that however was spamming the network has stopped and with that the fees have gotten lower, and with segwit activation the fees are probably going to get even lower for quite some time so I disagree with you in your analysis about bitcoin being just for the rich.

[bozo333]

Each and every person have own thoughts and mindsets. Somebody thinks bitcoins for rich only. And my self, i didin't think like that as there are wonderful advantages with the bitcoins.

[seattletu]

its absoulte false, bitcoins not only for rich. evary one can use and its for everyone. its not only for rich. by this we are become a rich. 
future of bitcoins is very high market prise. its increasing while day passing.

[Adbitco]

I don't think there's any relationship between ever rising high transaction fee and being rich. Why would even rich people spend their hard earned bitcoins in transaction fee so it's not like bitcoin is for rich people only. Yes the transaction fee has increased a lot in the past few months but just like other problems in the world this one too will have a solution, it might take some time but it will be fixed soon.