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

[mornabo]

This is indeed bitcoin to give the rich richer, bitcoin should provide some of its assets for those who do not have ....

It's modern capitalism at its best. Those who already own Bitcoins get richer and richer (see the latest jump in price) and those who haven't any, have fewer and fewer opportunities to get some. But if price continues to rise in future it might still be worth to invest here.

You now have to look at it more than likely from a fiat perspective. For instance, if you invest $5,000, there is still a great chance that your investment will become worth $10,000 in the long term. You can't get too concerned whether that is 2BTC or .02 BTC, you still will have made 100% return which is next to impossible on almost any investment on the planet

Do not get stuck with the high bitcoin price because in fact you can make a profit even though the bitcoin price is high right now, after all you are free to invest with any money in your wallet. You can invest $ 1 or $ 10 etc, it's free and likewise with people who are not rich, they are very likely invest in bitcoin whatever their money total

[lombok]

You could say that.
For example bitcoin gives BCH to a person holding multiple bitcoins. That means the rich get richer ....

[batang_bitcoin]

I can't understand why are Bitcoin costs so high...

Understand economics, law of supply and demand. And that's why the price of bitcoin is so high, we are getting close to reach the total supply limit of 21 Million. Thinking that the price is too high now, what do you think when there's a limited supply circulating in the market in the future? The price will be completely too high.

[choppork]

This is indeed bitcoin to give the rich richer, bitcoin should provide some of its assets for those who do not have ....

It's modern capitalism at its best. Those who already own Bitcoins get richer and richer (see the latest jump in price) and those who haven't any, have fewer and fewer opportunities to get some. But if price continues to rise in future it might still be worth to invest here.

I think there's no other way. Obviously, it can never be the other way around. Those who invested first will of course and kept on holding will of course have more profits than the ones that just invested today. The only way new investors can keep up with the amount of bitcoin holdings the early investors has is to do his best to make his bitcoin grow. He can do trading, altcoin campaigns, bitcoin campaigns, etc. He can never go back to time and buy bitcoins.

The new investors will still be the "old" investors of tomorrow. We are all lucky that we found bitcoin before the mainstream found it.

[Mr.Anonymous]

You could say that.
For example bitcoin gives BCH to a person holding multiple bitcoins. That means the rich get richer ....

But remember the airdrop interesting as Bitcoin Cash not usually happening. Conversely, it's very rare and this is best opportunity for anyone earning huge money from free money. But however in this year we have 2 airdrop for user holding Bitcoin, this is Stellar and Bitcoin Cash.

[Proton2233]

I can't understand why are Bitcoin costs so high...

Understand economics, law of supply and demand. And that's why the price of bitcoin is so high, we are getting close to reach the total supply limit of 21 Million. Thinking that the price is too high now, what do you think when there's a limited supply circulating in the market in the future? The price will be completely too high.

The price will not cease to grow even after all the bitcoins are mined. Many people would be willing to pay double the price for goods only to these purchases could not track the fiscal authorities. To protect their Fiat currency from inflation, too many people.

[TheBTCAlex]

Why only the rich? Can't we also earn bitcoins from working? Even we can use freelance sites to earn BTC or earn from signature campaigns. Once you get a good amount of capital, and learn trading, even you can start making a good amount of money. It won't be easy, but this shows that BTC is not only for the rich.

[batang_bitcoin]

I can't understand why are Bitcoin costs so high...

Understand economics, law of supply and demand. And that's why the price of bitcoin is so high, we are getting close to reach the total supply limit of 21 Million. Thinking that the price is too high now, what do you think when there's a limited supply circulating in the market in the future? The price will be completely too high.

The price will not cease to grow even after all the bitcoins are mined. Many people would be willing to pay double the price for goods only to these purchases could not track the fiscal authorities. To protect their Fiat currency from inflation, too many people.

As we are talking about bitcoin's price, protection from fiat currency will not even affect it after all. Are you sure that the price will not grow even all the coins are mined? I'm going to say that you properly misunderstand it, once all coins are mined there will no more production nor supply of bitcoin that leads to shortage and it will affect price that results to increase.

[BeGoods]

This is indeed bitcoin to give the rich richer, bitcoin should provide some of its assets for those who do not have ....

It's modern capitalism at its best. Those who already own Bitcoins get richer and richer (see the latest jump in price) and those who haven't any, have fewer and fewer opportunities to get some. But if price continues to rise in future it might still be worth to invest here.

You now have to look at it more than likely from a fiat perspective. For instance, if you invest $5,000, there is still a great chance that your investment will become worth $10,000 in the long term. You can't get too concerned whether that is 2BTC or .02 BTC, you still will have made 100% return which is next to impossible on almost any investment on the planet

Thats right, I think bitcoin is not just for rich people because no one gives a benchmark for the amount of investment you have to spend on bitcoin. You are free to invest in bitcoin whatever amount you will spend, maybe you are not a rich man you can invest in accordance with the ability of your money and no one forbids it

[fullhdpixel]

3$ transaction fee to withdraw 25$

what a joke if this is the "future" of crypto then its going to suck

First of all it's not like this won't get resolved. Without a block size consensus and some upgrades of our dear old network the fees will keep growing and that $3 you're talking about will become $5 or 6 next year. This is a temporary problem that needs a software update and that update is coming.
For now, you can stop sending small transactions and wait it out until you have a large sum to process.

Yes, the transaction fees may eventually grow to 5$ to 6$, but if it does happens then bitcoin would be a cryptocurrency only for the rich. Small transactions will require half of the amount as the fees for the transaction to complete. The segwit update should surely come into being and the fees should gradually lower to make smaller transactions quick and affordable.

[xIIImaL]

3$ transaction fee to withdraw 25$

what a joke if this is the "future" of crypto then its going to suck

First of all it's not like this won't get resolved. Without a block size consensus and some upgrades of our dear old network the fees will keep growing and that $3 you're talking about will become $5 or 6 next year. This is a temporary problem that needs a software update and that update is coming.
For now, you can stop sending small transactions and wait it out until you have a large sum to process.

Yes, the transaction fees may eventually grow to 5$ to 6$, but if it does happens then bitcoin would be a cryptocurrency only for the rich. Small transactions will require half of the amount as the fees for the transaction to complete. The segwit update should surely come into being and the fees should gradually lower to make smaller transactions quick and affordable.

I have transferred some bitcoin two days before but I don't this cost has been increased in mining fee for each transaction. This is simply we are paying for network pools to get the transacted the amount.
0.0003 btc for a transaction would be fine amount for the transaction with the current price.

[ReLieD]

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 have to open your eyes . Are you just seeing the increase in fees ?? Did you actually see how the price of Bitcoin increased over the years. Yes I agree to those who are new will feel that the fees Bitcoin takes for transactions are a lot but if you see it through Bitcoins point of view and not converting it then the value of fees is still the same.

[Ewinsane]

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.

I don't think bitcoin can be replaced by any other cryptocurrency. Bitcoin has been the best from 2009. It has highly emerged the markets. Certain cryptocurrencies like ETH/LTC/etc can maybe replace Bitcoin but accordingly their transaction fees will increasing due to heavy increasing use.
The only way to overcome the fees is to include and calculate the fees in the transaction performed.

[Emoclaw]

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.

I don't think bitcoin can be replaced by any other cryptocurrency. Bitcoin has been the best from 2009. It has highly emerged the markets. Certain cryptocurrencies like ETH/LTC/etc can maybe replace Bitcoin but accordingly their transaction fees will increasing due to heavy increasing use.
The only way to overcome the fees is to include and calculate the fees in the transaction performed.

There are cryptocurrencies that are faster, better, more anonymous and safer than Bitcoin that can also scale better.
Bitcoin's only advantage is that of being the first at this point. I too believe that it won't be replaced as long as it's smooth development continues, but there are other currencies (such as XMR) which are a very real threat to Bitcoin.

[choppork]

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.

I don't think bitcoin can be replaced by any other cryptocurrency. Bitcoin has been the best from 2009. It has highly emerged the markets. Certain cryptocurrencies like ETH/LTC/etc can maybe replace Bitcoin but accordingly their transaction fees will increasing due to heavy increasing use.
The only way to overcome the fees is to include and calculate the fees in the transaction performed.

There are cryptocurrencies that are faster, better, more anonymous and safer than Bitcoin that can also scale better.
Bitcoin's only advantage is that of being the first at this point. I too believe that it won't be replaced as long as it's smooth development continues, but there are other currencies (such as XMR) which are a very real threat to Bitcoin.

Almost every single altcoin out there has claimed that they are a threat to bitcoin. But obviously, that is not the case. Even ETH, which has a lot of other altcoins under its contract, can't surpass bitcoin. People don't really need a coin that has some slight improvement. Other coins are just slightly faster, slightly better, slightly more anonymous (except blackBytes) and slightly safer than bitcoin. People don't need that.

Maybe if a coin has a lightning network, then it might get some momentum but still not enough reasons to surpass bitcoin especially now that bitcoin's tx fee and tx time is a lot better than before.

[bakkang]

I think not, for me not enough money can also be rich by collecting coins that we can with a little bit follow the project.

lol what?  Didn't quite catch that.

Yep, fees suck.  It's more practical to use another coin like doge for spending.   As to the 'why', I think that has to do with the price explosion you might have noticed,  which is currently in progress.

I think he/she was trying to say that even those people who are not rich can use and earn bitcoin. They can earn bitcoin by mining and even gambling and most usable way in earning is through signature campaign and social media campaign.

[lukmandog]

Bitcoin for people have the will, rich people not yet necessarily have the will to learn about bitcoin or utilize potential in it. I am not yet feel rich, but i make bitcoin as a new way to make more money.

[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

The fee does not seem to be a problem anymore. Believe me if you want, but recently I've seen small transactions being confirmed with almost zero fee. Everything indicates that the network was being spammed in past months.
You also need to understand that it is not very wise to compare Bitcoin with banks. Visa is faster because it's centralized, but this will never be the best way to store value.

I don't see fees as a hindrance for Bitcoin to be accessible for all form of people. It is quite a crypto-currency that provide people a time and a purpose on transaction. And Bitcoin being a part of the technology can brought a good intact progress for people if they are going to used it. It is not just limited for rich because technology development is aligned for the better and good of people as a whole.  And for me the best thing to consider is this forum where all types and level of people can access it for them to earn and learn Bitcoin.

[dali_masmoudi]

It is for everyone if you know how to earn it.
It is not only for rich, there is many ways to make money.
Maybe the ones who invested in Btc years ago are previliged but it is never late or you, you still have chance.

[Quietman]

Bitcoin is not for the rich people only. Maybe rich people are able to buy bigger numbers of bitcoin but it doesn't mean that they are the only people who has the right to use it. We are all the same in this community. No one is rich and no one is poor. So let us all be fair enough.