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

[allthingsluxury]

I certainly do hope that fees reduce over time. For the long term health of BTC.

[kokojie]

Probably stating the obvious, but just because each full bitcoin is over $4000 doesn't mean you need to be rich. It doesn't change the price of items you purchase, so you just spend smaller fractions of each coin for each burger/hotel room/computer part.

If anything, the increasing price of btc (up to a point/limit) means that the consumer items are getting progressively cheaper, which would benefit both the rich and the poor.

What does this have to do with the OP's complaint? The issue is BSegwit's transaction fee is too expensive, which is expected since CORE is pushing Bitcoin to lightning network. So the on-chain transaction fee has to be expensive in order for lightning network to make sense.

[majeed]

I'm poor, but I invest in bitcoin. Bitcoin does not belong to the rich. Bitcoin is mine, ours (belonging to someone who wants to own it). The Bitcointalk forum has opened up many opportunities for you. Take advantage of all this

I agree bitcoin doesnt intended for rich people it must to all who beleive in bitcoin. Even the bitcoin value is expensive but anyone could use it and invest in bitcoin. Thus, it is all open for those who wants to earn btc.

You are right. Bitcoin is made for everyone, anybody can use it and invest. For sure that i used to be very poor and i'm in financial problem. That was really hard time but I could pass it thanks to Bitcoin. Now I can say that I'm rich. Bitcoin is not only for the rich.

[Netnox]

I'm poor, but I invest in bitcoin. Bitcoin does not belong to the rich. Bitcoin is mine, ours (belonging to someone who wants to own it). The Bitcointalk forum has opened up many opportunities for you. Take advantage of all this

I agree bitcoin doesnt intended for rich people it must to all who beleive in bitcoin. Even the bitcoin value is expensive but anyone could use it and invest in bitcoin. Thus, it is all open for those who wants to earn btc.

You are right. Bitcoin is made for everyone, anybody can use it and invest. For sure that i used to be very poor and i'm in financial problem. That was really hard time but I could pass it thanks to Bitcoin. Now I can say that I'm rich. Bitcoin is not only for the rich.

Same here. A few years back, I was in deep financial trouble. I had to dip in to my Bitcoin holdings to survive. Sold a lot of coins at $300 per BTC. But I don't regret the decision now. It was better than taking a personal loan.

[Pacanier]

Stop spreading FUD mate. Fees are not very high. That is true that they were really more inexpensive in the past, but now they have just gone from barely free to little costly. And banks charge way more, in addition to be very slow and be a threat to your financial freedom.

[vrm86]

If you want to own xx BTC - yes, you need to be rich nowadays, like to have some significant amount of gold However BTC is still divisible by 100000000 to handle even micro transactions, therefore it's for everyone - it's only the matter of scale.

[Aztek]

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

Obviously the bitcoin is now just for rich peoples investment because of the high market value of bitcoin in the market you can not buy a high volumeof bitcoin with just investing a liitle bitcoin ofr bitcoin in the market i guess the bitcoin is only just for rich person who can afford it also the bitcoin is having a hard time to dump and pump in the market.

I agree with your statement that bitcoin rate is so much high and only people can buy bitcoin but signature campaign holder may also earn through bitcoin and I have seen many people who earn through bitcoin campaign and run their homes. So I think middle class people and poor people who have just knowledge of computer and internet can also entertain bitcoin as a source of income.

If you are pertaining on buying Bitcoin in terms of its price I agree that not all people can afford to buy one Bitcoin because as we can see Bitcoin price for now is expensive and have a high value. Hence, there is still a lot of ways for people to earn and to have Bitcoin just consider signature campagin where people can obviously earn by posting and supporting the campagin. So technically they can have a portion of Bitcoin where they can also earn on trading and investing a part on their holds.

[Oceat]

Stop spreading FUD mate. Fees are not very high. That is true that they were really more inexpensive in the past, but now they have just gone from barely free to little costly. And banks charge way more, in addition to be very slow and be a threat to your financial freedom.

Yes the transaction fees are not that high unlike in the banks that's why it is easy to use bitcoins and bitcoin is not only for rich people, maybe banks are for rich people where they can save their millions and got taxed. Bitcoin is not yet taxed unless the government will have a control to it and there you have a very big problem.

[BitcoinsGreat]

NO! only rich for money? but there are also Rich in mind haha lol

Good thing is that we can buy portion of the bitcoin too. If you are looking to buy Bitcoins with Fiat there's a couple of web sites out there where you can do so quickly.. they are trusted easy to find and easy to use.  No need to be rich to buy the coins.

[RajaJudi]

do not think that. Bitcoin is for everyone. If you can not buy 1 bitcoin, why not buy 0.1 bitcoin? If you can not buy 0.1 bitcoin, why dont you buy 0.01 bitcoin? The price of bitcoin always goes up and if you keep believing in biticoin, one day, 1 satoshi will equal to 1 dollar

[Coffee135]

People become rich thanks to their hard work. You will not be able to buy bitcoin and wait for the price to increase to such an extent that you will become a millionaire. It is the dream of those who do not understand the laws of Economics. Bitcoin price will necessarily fall. No one knows when will start this fall, but it will be required.

[drwhobox]

3$ transaction fee to withdraw 25$

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

I do feel you. it is not becoming a peer to peer transaction due to high fees. but, i do understand why are the fees are getting high at this time. well, it is because of the transactions that they are sending to the blockchain. The More transactions = Higher fees for the miners in the blockchain. I'm kinda getting sad for this. You'll need to spend some big ammount of cash before you can send it to another person on the bitcoin network.

[bitbunnny]

Unfortunately high fees are new Bitcoin relality and reflectiion of current situation with miners and users. But I still believe that Bitcoin is created for everyone, for every social class and not for rich only.
And the price going up is a very good news. I know that not everyone can afford to buy Bitcoin at this high price but you can always earn it, there are many ways to do that and then Bitcoin can actually help the poor as additional income.

[Biggapp]

NO! only rich for money? but there are also Rich in mind haha lol

Yes rich in money because bitcoin is volatile so anyone could buy sell btc. Bitcoin is not for only so anyone can use bitcoin, so let's grab the opportunity of btc because we can earn money here.

Anyone can buy and sell bitcoin and it doesn't matter if you are not rich because bitcoin is not for rich to use it but for also the poor to become rich. Bitcoin can be the bridge for us to become rich but it needs a lot of work ethic and also perseverance to become rich so i don't think that bitcoin is only for the rich.

no bitcoin is not for the rich people only it is now being use by all kind of the people by the rich and the poor equally as rich people are using bitcoin as an investment and the medium type of people are using bitcoin as a side job while the poor people are using bitcoin as a part time job so bitcoin is for poor and the rich equally there is no limit nor any restrictions.

[virtualkeybuyer]

Bitcoin fee is high,its crazy how high the fees are getting,but this high is unnecessary

because according to Gavin, Bitcoin's transaction fee structure will be redesigned at some

point.

Hmm it will take some time we should give a time to this world because it is on the grow thing stage. As we know if it's on peak stage it will never have chance to redesign the structure therefore we need to give some time to bitcoin that they will restructure the design i would like to say that bitcoin should need to go on this stage as well to improve for people and it will be happen soon.

[BunnyShibe]

Unfortunately high fees are new Bitcoin relality and reflectiion of current situation with miners and users. But I still believe that Bitcoin is created for everyone, for every social class and not for rich only.
And the price going up is a very good news. I know that not everyone can afford to buy Bitcoin at this high price but you can always earn it, there are many ways to do that and then Bitcoin can actually help the poor as additional income.

although high fees are causing a lot but it does not mean that bitcoin is for the rich people only. i am sure that bitcoin will solve all such kind of problems on preyority basis. i think we need to use bitcoin because it is thee currency of the future, and the new generation will be using it in future as their main currency for everything they want.

[Cosbycoin]

I'm poor, but I invest in bitcoin. Bitcoin does not belong to the rich. Bitcoin is mine, ours (belonging to someone who wants to own it). The Bitcointalk forum has opened up many opportunities for you. Take advantage of all this

Me too! i'm a poor that take every challenge that I encounter in my life until I have given the opportunity to become part of the bitcoin and now i'm earning it!

Being poor is a matter of fate but staying poor is a matter of choice. It will be actually a pride to get rich while you were not born with a silver spoon in mouth. Bitcoin provides greater opportunity to those who work hard and struggle for a better future. All these efforts will pay you back one day.

[zarados]

I feel like Bitcoin is becoming a bank, in order to transact now we need big amount of fee so that the transaction will be fast. I was amazed in Bitcoin before because the transaction is instant now i don't know what to do anymore, 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 hope you're right that bitcoin is becoming a bank, but what I'm seeing is the bank still below bitcoin in transaction fees, and above bitcoin in transaction time. The bank give a flat fee for transaction that I know, but bitcoin, the higher mount of your transaction, the higher fees you get.

[jerowacik]

I do not agree that bitcoin is created for those who have wealth only. Bitcoin is freely used for anyone as long as the use is unlawful, I am very disappointed with people who use bitcoin in illegal acts. Bitcoin was created to facilitate all transactions made by most people. No rich and poor, everyone is the same.

[ramsdaj28]

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, that's the reason why the price of bitcoin is rising. Sue to its high demand, its price is going up, and now that the miners know that people will try to run their BTCs, they will ask for high fees. Another thing, they ask for high fees to prioritize those transactions who can afford to pay that because it is expected that the traffic on blockchain, for example, is going to be slow, then most people will think that giving high fee will speed up the proccessing of their transactions. This is all about business.