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

[panju1]

I think not, because bitcoin is made to deliver a very complicated world financial solution, bitcoin made for all, rich or poor.

Bitcoin was created to be used by everyone. But just like most other stuffs in this world, the rich people of course will be more flexible in exploiting it. Money makes money with some risks that could happen to it.

It feels like it's the general rule of this world where all things are convenient for rich people. I hope the fees could go lower after August 1 or else only rich people will have the privileged to use it. Just imagine if poor people will use it to make transaction to buy cheap things and seeing that the fee is much higher than the value of what they are going to buy. It's really too much so someone should do something.

I think the fees will do down. Some people will move to Bitcoin Cash which will reduce the load on Bitcoin. Plus after segwit's implementation, the capacity of blocks will increase.

[ArnoldChippy]

I think not, because bitcoin is made to deliver a very complicated world financial solution, bitcoin made for all, rich or poor.

Bitcoin was created to be used by everyone. But just like most other stuffs in this world, the rich people of course will be more flexible in exploiting it. Money makes money with some risks that could happen to it.

It feels like it's the general rule of this world where all things are convenient for rich people. I hope the fees could go lower after August 1 or else only rich people will have the privileged to use it. Just imagine if poor people will use it to make transaction to buy cheap things and seeing that the fee is much higher than the value of what they are going to buy. It's really too much so someone should do something.

but i am sure that bitcoin will ever be convenient only for rich people but it will also facilitate the poor people also. we can see that currently the price price of bitcoin is providing opportunities to the poor people to make money. if even they have limited amount of money still they can invest their money in altcoin and can get good profit from there.

[fanbeila]

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

My friend,it has already been solved.Now you could send even large amount of money with very low transaction fee.It is also confirmed very fastly.Spammers have almost left the network since they all knew that segwit is sure to be activated.The biggest problem of bitcoin has been solved.

[Gummybear67]

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 not only for investment .I disagree , for you enable to deal with bitcoin , enough knowledge , patience, dedication, and faith are neede, youre in bitcoin to earn so why to focus only for the rich who can invest so much?

[Omega Weapon]

Very good question! It seems like Bitcoin is going down a bad path, with fees always increasing... I hope they can find a way to fix this, but maybe SafeCoin is the only way forward, so it can have zero transaction fees (MaidSafe "project safer")

Bitcoin is going in a good direction the problem is there are many visions for bitcoin, the developers have a vision, the miners have a vision, the users, have a vision and it seems we are unable to come to an agreement about what it is what we should do, even now the scaling wars are not over, with some miners deciding to release a hard fork called bitcoin cash and the fork the miners are planing after segwit gets activated.

[wizardee]

No, I not think that Bitcoin is only for the rich. Everyone cavity get involved all they like and they do not have to have a large initial deposit to do so.

However, Bitcoin as of this moment it is only for investment purposes, as most people are just holding onto their funds for now. We should however see a change in this trend in the coming years, maybe even months from now.

[jpoker272727]

I think not, because bitcoin is made to deliver a very complicated world financial solution, bitcoin made for all, rich or poor.

I have the same opinion. Bitcoins are not for any particular class, caste, color, creed or state. It’s a currency that can be used by anyone who is interested in increasing his/her income within short time or with little effort. Many poor people have become rich by trading with bitcoins. I guess it’s really cruel on our part to associate bitcoins with any class.

[klarki]

I would accuse blockchain.info for the problem. I might be wrong but before they decide to make their new wallet(last year) that was forcing everyone to use 1000000s of different wallet address...

It seems like you don't have a full understanding of how addresses are used. Using multiple addresses has absolutely no impact on Bitcoin's performance or throughput.

I'd agree with you, however how blockchain made it is when you send 1BTC but have 500 btc in your wallet, you are making a 500 btc transaction. it move 499 btc to a new wallet, and 1 btc to the destination wallet.

The wallet which sent the 1BTC end up with 0 BTC while a new wallet have all balance.

I am pretty sure 1+ million people sending high amount of bitcoin at some point will make difference.

[odolvlobo]

I would accuse blockchain.info for the problem. I might be wrong but before they decide to make their new wallet(last year) that was forcing everyone to use 1000000s of different wallet address...

It seems like you don't have a full understanding of how addresses are used. Using multiple addresses has absolutely no impact on Bitcoin's performance or throughput.

I'd agree with you, however how blockchain made it is when you send 1BTC but have 500 btc in your wallet, you are making a 500 btc transaction. it move 499 btc to a new wallet, and 1 btc to the destination wallet.
The wallet which sent the 1BTC end up with 0 BTC while a new wallet have all balance.
I am pretty sure 1+ million people sending high amount of bitcoin at some point will make difference.

Whether the change is sent to the same address or a different address makes no difference. I suspect you don't understand how transactions work and what a change address is. Please read this: https://en.bitcoin.it/wiki/Change

[FlightyPouch]

No, I not think that Bitcoin is only for the rich. Everyone cavity get involved all they like and they do not have to have a large initial deposit to do so.

However, Bitcoin as of this moment it is only for investment purposes, as most people are just holding onto their funds for now. We should however see a change in this trend in the coming years, maybe even months from now.

I do think so, the truth is I am not a rich individual myself. I am just a normal commoner you can see everyday.

Bitcoin do not put a boundary into us commoners and rich people. It unites us in one currency that can be used by all so I think we don't need to do it. I did not invest my money at first because I want to know first if it is worth investing for, after earning some, I've decided to invest my money and I am earning profit from it. As you can see, I am a commoner earning profit from bitcoin the same as rich people.

[CODE200]

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

You are right. Fees seems to be rising along with the bitcoin's price gets high. This happens because as price value rises, it also indicate that also income will rise. The transaction fee we are paying for is also paid for the service of the people or company who took care of the transaction process. But this is not an indication that bitcoin is just for rich people it is just you must know that it might be appropriate if you send large amount so that you can be satisfied with the fee you pay for. Transaction must be larger than the fee.

[Smarty14392]

Yea you are correct, i too consider it. Fees for bitcoins transactions has grew a lot evn as compared to bank fees. The fees might be reduced coz its a bit hard difficult to send huge amounts bitcoins. I always consider transaction fees before sending any amount bitcoins so it dosent really matter lot for me. But it should be reduced for future.

[cipotok]

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

[Omega Weapon]

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 to be totally honest, i do not know exactly why are transfer fees so high. As far as i understand, person who mined bitcoin, decide how much will fee be. If that is correct, than i am not sure if anything can be done to lower fees. But i do not think that bitcoin has become another currency just for rich people.

The reason the fees went very high at some point is that someone was spamming the network with transactions, that fill the mempool and now the miners had to decide who to prioritize and at that point supply and demand came into play, the one that offers the biggest fee gets a faster confirmation but then a bidding war began and the prices of the fees went very high.

[eann014]

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. 😁

[fanita]

  I do not think it's all enough, money can be rich by collecting lots of bitcoins and can be used by following projects.

[Biggapp]

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

no bitcoin is not for only rich people because bitcoin is being use by all level of the people because as the value of the bitcoin is increasing the income of the bitcoin users is also increasing so if you have money then put your income in bitcoin and make your future secure no matter from which level of society you are and you are rich or poor bitcoin is for everyone not just for rich people.

[basyang]

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

     I am strongly agree with you. For me, bitcoin is not only for rich people it can also be in all society. Anyone can have a bitcoin even a children, teenager, women, men, adults as long as we owned bitcoin. I disagree to those people who says that bitcoin is for reach only, Because we all have rights to have that just like a physical money.

[ekoice]

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

     I am strongly agree with you. For me, bitcoin is not only for rich people it can also be in all society. Anyone can have a bitcoin even a children, teenager, women, men, adults as long as we owned bitcoin. I disagree to those people who says that bitcoin is for reach only, Because we all have rights to have that just like a physical money.

Yes,bitcoin is for every one.OP has said that BTC is only for rich since transaction fee has become very high and so poor would not be able to pay it.But that transaction fee problem has almost been solved with segwit activation and now every one is free to send bitcoin with very low transaction fee.Every one even belonging to most under developed country could use bitcoins but what is needed is a laptop or pc and access to internet.

[Wesimon]

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.