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

[marcbitcoins]

I also realize it that every transaction takes a huge fee to get quickly confirmed it's just I believe this problem will be resolved right when the true block size rises above 1 mB

I dont believe bitcoin is for rich only because some of us are not rich but maybe within middle class people but still we can afford to invest,trade and join the bitcoin legacy. It just happen that the high fees is in favor of rich people because they can invest big while most of us are small time investor in which we just relying on bitcoin as other source of income to support our family needs.

[Omega Weapon]

Anyone from any financial background has the ability to use bitcoin.   Because of the prices now it obviously will take a large stake to purchase a large position, but you can still invest $100 and probably still get better returns over the year than you would on any other investment that is available on the market.

Correct people look at bitcoin and think they can only buy full bitcoins but you can invest any amount that you feel like it, but it is obvious that the more money you put in an investment then the greater the returns, this is nothing new it is a very well known principle in investing, if the amount of money you invest is too low then your profits are going to be low too but if you invest a big amount of money then your earnings are going to be big as well.

[Bransnow]

No, Bitcoin is for everyone,and I mean everyone.you can invest any sum of money.

[naidray]

For me bitcoin is bringing big changes to the people's economy, so everyone has an opportunity to earn income from bitcoin not just for the rich only

Bitcoin has accepted all people without any discrimination as its holders. It is just the variation in the number of bitcoins people can have hands on depending on their will and wealth. Of course if I have more fiats and I decide to turn it into BTC, I will definitely have more of them. Other than that anyone can make as many bitcoins as he wants to. It all depends upon patience and skills.

[cluit]

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

Bitcoin isn’t only for the rich it is for everyone. But I guess only the rich can buy 1BTC because of the price, but I don’t think that should bother anyone since there is a statement like cut your coat according to your size. So if you can’t buy a full bitcoin buy smaller units of it.

[Pakboy]

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 think that one of the most disadvantage of the bitcoin is the high fees. Many sites or even many wallets have a high fee transaction. I think it is really not good for all of us.

[Rinder]

That’s not true at all, bitcoin does allow anybody to purchase it, when bitcoin were 1000 dollars it had already a difference, since not all were able to buy 1 btc, but since we don’t earn the same this is normal, and each one does buy what they can. Rich people even having big purchase power need to buy bitcoin, and well this coin are stored into several people. If you can buy 0.01 btc you are already making your part as supporter, even being harder to get 1 bitcoin all can be part of it.

[Drnice]

Bitcoin is for both right and those who are making a way of becoming rich. Those who got bitcoin when the price was nothing as to compare to it now, and people who are struggling to start earning bitcoin now are not the same. Those who has it before now are presently looked at as the rich and those getting bitcoin now are the coming right people.

[nidacoinlove]

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

Bitcoin isn’t only for the rich it is for everyone. But I guess only the rich can buy 1BTC because of the price, but I don’t think that should bother anyone since there is a statement like cut your coat according to your size. So if you can’t buy a full bitcoin buy smaller units of it.

Yeah I agree, I don't see it fair to blame bitcoin for the high price that now it is out of the reach of a low or middle class. It is not like this if high class is buying bitcoin in a greater quantity why does it bothers me or you? Everyone cab buy bitcoin according to a personal purchase power. Even if you are not able to buy bitcoin, there are various ways of earning bitcoin which don't needs a single penny of investment. The only thing required is a computer system with an internet connection.

[kokojie]

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.

Seriously? you blame it on the miners? the miners that has over 90% supports increasing the block size to at least 2MB, and some of them went so far as forking to a 8MB block chain that currently have less than $0.10 for tx fees?

Now blaming the users I can sort of understand, since most users was lied to by CORE and misled into supporting segwit.

[krisnt80]

That’s not true at all, bitcoin does allow anybody to purchase it, when bitcoin were 1000 dollars it had already a difference, since not all were able to buy 1 btc, but since we don’t earn the same this is normal, and each one does buy what they can. Rich people even having big purchase power need to buy bitcoin, and well this coin are stored into several people. If you can buy 0.01 btc you are already making your part as supporter, even being harder to get 1 bitcoin all can be part of it.

[kevpantof]

That’s a misconception. Bitcoin is for everyone but its just that only the rich can afford to buy much coins because of the price. But that’s not so important since everyone can still have a fair share of it.

[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

That's not a conscious choice, just an unintended consequence of being popular.  The price has risen to the point where only the rich can afford to buy quantities of bitcoin at a time, but that's no different from any other pricey asset or luxury item for that matter. It's not designed that way, and no one is conspiring for it to be that way now either.  It just is what it is.

The fee issue was a confluence of limited block space and too many transactions (including many illegitimate spam transactions intended to drive up the price). But transaction fees are market-based here. If bitcoin can't do anything to keep them in line, it will largely lose its utility as a cheap value transfer mechanism, and thus a lot of the reason for using it, which will result in a decreased price.

[Biggapp]

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

That's not a conscious choice, just an unintended consequence of being popular.  The price has risen to the point where only the rich can afford to buy quantities of bitcoin at a time, but that's no different from any other pricey asset or luxury item for that matter. It's not designed that way, and no one is conspiring for it to be that way now either.  It just is what it is.

The fee issue was a confluence of limited block space and too many transactions (including many illegitimate spam transactions intended to drive up the price). But transaction fees are market-based here. If bitcoin can't do anything to keep them in line, it will largely lose its utility as a cheap value transfer mechanism, and thus a lot of the reason for using it, which will result in a decreased price.

You could be right to some extent but not completely because bitcoin is providing the sources of income for the poor’s as well not only for the rich and it is not just to buy bitcoin some process can make the poor one earn money using bitcoin and for the middle people like me bitcoin is not less than a blessing so bitcoin is good for poor and the rich in the same way no limitation to use bitcoin low and high standard people can use bitcoin equally.

[PatronRH]

   It is not for the rich only. Anyone can use bitcoin as long as you have the money to start the investment on buying bitcoin. Although it priced up, it is still used by people who has different levels on society.

We're not talking about statistics here, as a conseauence the nombre of people using bitcoin doesn't  matter.
What really matter is the high value of fee.

[carrie_white]

I do not think so, bitcoin is not just for rich people, everyone can and is allowed to buy bitcoin, it's just that rich people can easily buy bitcoin because it has capital, and also the turnover is very fast for rich people

[Nyenyepogi]

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

For me as a newbie i thimk bitcoin is not only for a rich becuase bitcoin will also help all people to get money. like me im not a rich so thats why ill keep working hard to use bitcoin becuase i need money to help my family in poverty so bitcoin also profitable to all poor .

[babarian]

who is the word bitcoin just for the rich? I am also not rich people tetpi kalu to participate in this world a lot how kok we can do without having to buy it with money

[eagleman]

The fees now are quite low if you'll try to send with some other wallets but not with xapo that's an exception, you'll be paying lower fee now. This is the result of the lightning network / hard fork that happened last month.

I do not think so, bitcoin is not just for rich people, everyone can and is allowed to buy bitcoin, it's just that rich people can easily buy bitcoin because it has capital, and also the turnover is very fast for rich people

It's for everyone, bitcoin is freedom and good for all of us.

[dart vader]

Bitcoin is not only for rich. It is equally profitable for not so rich people too. Returns through Bitcoin investment will be proportional to the amount invested. Rich can afford to invest more and hence will enjoy more profit. But your $100 investment will also earn equal percentage of return. Moreover, fees has dropped significantly. Yesterday, I made a transaction of 0.022 BTC at 0.00001 BTC fee and it got confirmed easily. Segwit is showing its effect now.