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

[n0ne]

Based on the affordability bitcoin is being used by majority of the rich people. The low level people try hard to earn through the different ways available to get few bitcoins. As the rich can afford large scale, they gain good profit on trading. This makes people believe that bitcoin is for rich which is not correct.

[BTCbengi]

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 think Bitcoin is not just for the rich, it's for everyone, from young to old, you have knowledge of it, it will pay for you. The rich will become richer, the poor will escape from poverty, ordinary people will become rich

[kidsrock]

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 think Bitcoin is not just for the rich, it's for everyone, from young to old, you have knowledge of it, it will pay for you. The rich will become richer, the poor will escape from poverty, ordinary people will become rich

yes bitcoin is for every people and we can use bitcoin for many things. but if you think the price is too expensive, you can buy small amount that match with your money. don't worried if you can not buy 1 bitcoin directly, i am sure that in out there, many people that can't do that too. so bitcoin is not for the rich people but for every one which want to join in bitcoin world and using bitcoin.

[Lorilikes]

Bitcoin fees sometimes lately have felt like perhaps bitcoin is for the rich.  I feel ya.  When the fork finally happens and the dust settles we will be able to afford to send transactions again, don't worry! The value will continue to rise but the proportionate purchases will be adjustable to the size that anyone can afford.  Eventually a satoshi may be a dollar.  Keep buying!

= )
Cheers!

[mdripon]

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 think not. yes,you earn enough money but instant rich is not possible.

[An1ks]

It is for rich now, but there are so many altcoins to trade. So there are many options to get capital for BTC

[avilsd]

If the prices go up even further, it might be approaching towards a future where it does indeed favor the rich in such a skewed way that it'll turn off the average Joe. We'll see whether this is resolved or not soon.

[naidray]

Based on the affordability bitcoin is being used by majority of the rich people. The low level people try hard to earn through the different ways available to get few bitcoins. As the rich can afford large scale, they gain good profit on trading. This makes people believe that bitcoin is for rich which is not correct.

Affordability level will be common for both rich and poor people and up to their capability they are using bitcoins. Probably due to recent higher transaction fees some people might have decided not to use bitcoins for micro transactions which might lead to some wrong assumptions like bitcoin is only for those who are afford to include bigger tx fees. In that case it is true but this trend will get changed in very near future as scalabilty is going to be fixed.

[iqlimasyadiqa]

If the prices go up even further, it might be approaching towards a future where it does indeed favor the rich in such a skewed way that it'll turn off the average Joe. We'll see whether this is resolved or not soon.

Bitcoin does not always benefit the rich. Everyone is entitled to benefit from the use of bitcoin.
One of which is the person who has bitcoin in their wallet. So anyone with bitcoin has the right to be rich because of bitcoin.

[foxbat]

Well you are actually right.That's why I always make sure that I send amount which would make the fees appropriate and not end in the situation where my fees are bigger or as big as the transaction I am making.BTC will be more and more like a store of value and not so much a way of transferring money except for the big sums.At least as long as the problem continues and isn't fixed

Bitcoin is rising and valuable. If you think bitcoin is only for the poor. That's not right! There are many who get rich by bitcoin, they also go up from bitcoin not right from the start they hold in hand a large amount of money. My nephew asked bitcoin to become rich.

[Basmic]

Bitcoin is more for the poor. In developed countries sufficient earnings in Fiat. Most of them are not even interested in bitcoin. They were all happy. In poorer countries, the bitcoin is the ability to feed themselves so they are actively involved in this project. My opinion is bitcoin is rather poor.

[Potato Chips]

Bitcoin is more for the poor. In developed countries sufficient earnings in Fiat. Most of them are not even interested in bitcoin. They were all happy. In poorer countries, the bitcoin is the ability to feed themselves so they are actively involved in this project. My opinion is bitcoin is rather poor.

I'm not saying that its only for the rich but did you know that most people who has a huge amount of bitcoin are rich? basically you can't just blurt out that this thing is for this

kind of people. in bitcoin, it is for everyone that can access on the internet, mostly everyone can enter it. if you're that worried about the miner fees, you can just pay 10K sats

per kb and have viabtc help you although actually the community are already fixing this slow and high fee transactions.

[Ekanenf]

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.

well you may be right but still there are many opportunities to earn or buy bitcoins. Firstly you can earn bitcoins through advertising and marketing for those investors who provide a fair share, secondly you can work for wages and get bitcoins instead of cash. A little time ago there were same opportunities for both but its economy which is fully dependent on money.

I don't know why you guys are saying that bitcoin is for rich? It is so ridiculous, I'm not a rich person, yet here I am in this forum and earning bitcoin, the real thing is bitcoin is for those people who are dedicated and who are not that narrow minded to try the things that they thought was just for the rich person. Bitcoin is the one that could make us rich, and there is no such thing like Bitcoin is for the rich people only.

What we should do is to spend some time on earning bitcoin in this forum or on whatsoever way we wanted to do to earn bitcoin, of course we need an investment here, but not all of the investment is all about money, we just need to invest some of our time here to earn bitcoin, for example is joining the Signature Campaign to earn bitcoin weekly or monthly, and that's it. We could save our earnings and only spend some of our bitcoin on the things that we know that bitcoin is worth to spend with, and not to those things that we only want, but for the things that we really do need.

[ceedtime]

I'm a regular person with low level of income and I can't reach bitcoin. Advoating that bitcoin is for whole society, is just wrong here since as a low-income-person I can't buy bitcoins.

[panganib999]

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 think it's not that bitcoin is just for rich people. Because for us to be able to make our transactions we must pay a transaction fee to miners that facilitates the transaction process. As bitcoin value rises, the charges also rises because it serves as the income of the people behind the transaction. So if you want to have a transaction that suits your budget, better do transaction in one time whereinna large amount is present for you to be able to satisfy your large transaction fee paid.

[tinhyeumaunang]

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

Anyone can use bitcoin. I do not think it's just for the rich.

[traderethereum]

I'm a regular person with low level of income and I can't reach bitcoin. Advoating that bitcoin is for whole society, is just wrong here since as a low-income-person I can't buy bitcoins.

don't be sad like that, you still can use free source as mention on here and you only need to find what suit with you. there are many good thread that discuss about how to earn bitcoin by free source and once you found, you need to work hard to earn bitcoin. i am sure that you can do like others people do.

[Omega Weapon]

Based on the affordability bitcoin is being used by majority of the rich people. The low level people try hard to earn through the different ways available to get few bitcoins. As the rich can afford large scale, they gain good profit on trading. This makes people believe that bitcoin is for rich which is not correct.

Affordability level will be common for both rich and poor people and up to their capability they are using bitcoins. Probably due to recent higher transaction fees some people might have decided not to use bitcoins for micro transactions which might lead to some wrong assumptions like bitcoin is only for those who are afford to include bigger tx fees. In that case it is true but this trend will get changed in very near future as scalabilty is going to be fixed.

The problem is that some want to send very low transactions, can you imagine someone trying to send a few cents by a bank wire?, I do not know if that is even possible, and then they get mad that the fee is higher than the amount they are sending, I'm sure the same will happen if you tried that with fiat, also while the fees for fast confirmation are high, the fees to get a confirmation after several hours are fine in my opinion.

[Superways]

I'm a regular person with low level of income and I can't reach bitcoin. Advoating that bitcoin is for whole society, is just wrong here since as a low-income-person I can't buy bitcoins.

don't be sad like that, you still can use free source as mention on here and you only need to find what suit with you. there are many good thread that discuss about how to earn bitcoin by free source and once you found, you need to work hard to earn bitcoin. i am sure that you can do like others people do.

I appreciate your sincere piece of advice. I will agree with you that there’s nothing to take on heart. Bitcoins are for everyone. One just needs to figure out authentic and easy ways of earning them. In the beginning, all this give tough time but once you have acquired a bitcoin; it will pay you off your all hard work and patience.

[Blinken]

Yes, Bitcoin is only for the rich, go away.