kahrorr (OP)
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Merit: 10
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November 05, 2017, 09:18:00 PM |
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as i am watching bitcoin since 2013 . i think this time is not a newbie time as its about 5 year while this bold Crypto in ups and downs . people called this bubble but they adopted it later.
my opinion on bitcoin in coming some years about bitcoin is that in future this will be the money of rich people just because of 2 points according to my study , may be i am not correct .
1. the low supply of this is the main reason due to which its being demanded high . and day by day its price is rising like hundreds and thousands of USD .as from December till now in 11 to 12 months this got about 10 times higher price. and its getting more higher to make rich who are already rich . if in 2020 it goes to 100,000.so the holder of one bitcoin just will also be an owner of 100k USD that means he'll be rich .
2. the fee in the transaction is about 0.0001 . this amount is about 7 USD today more or less but approx. in future if its price rises like 100.000 then its fee will be around 70 100 USD or more or less may be . that means alot for a poor person . this will be making distance from poor with the bitcoin . and slowly this will be the property and possession of rich people . i am not in its high fees favor but its becoming fact. in past i am eye witness that we were paying like 13 cents and some more before December 2016 and now we have to pay 5 to 7 USD for each transaction .
suggestions and ideas to my opinion will be appriciated. thanks alot to reading my words.
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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joinfree
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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL
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November 05, 2017, 09:24:10 PM |
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Yes, but the problem with it, is that mining fees are very high at these moments, bitcoin was made to replace the real currencies, but it can not act like that at the moment. If you go to a coffee shop who accepts bitcoin, and you are paying for a coffee who is worth $1,25, you are going to pay more than five dollars for the fees, this is why bitcoin can not be used for small transactions, and not even for the less-recurses people who does not even have 0.01 bitcoin at all.
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Crypto Enthusiast supporting innovative ideas for the Liberalization of the world from the Centralized Institutions.
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Xavofat
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November 05, 2017, 09:34:56 PM |
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if in 2020 it goes to 100,000.so the holder of one bitcoin just will also be an owner of 100k USD that means he'll be rich .
People don't hold that money forever though. Sooner or later, it goes back into circulation. Price rises also can't increase forever, so eventually it'll have to even out. There's also the basic psychology of trading, which really doesn't involve HODLing as much as people would like to think that it does. if its price rises like 100.000 then its fee will be around 70 100 USD or more or less may be
That's not how transaction fees work. They don't have to increase proportionately with price. |
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STRAKS
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November 05, 2017, 09:48:10 PM |
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The high fees are certainly not helping Bitcoin to make it a real-world currency. It is predominantly utilised today primarily as a storage of fiat, for people who are interested in higher and faster ROI than the bank and stock market. Bitcoin will still be held by everyone in the future, just in smaller proportions. It is not impossible long term though that another currency wins out over Bitcoin, it could be one of its forks or another crypto that has yet to be released - only the future will tell.
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Youghoor
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November 05, 2017, 09:50:05 PM |
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I prefer to use bitcoin to hold my money and earn money at the same time, i dont think about using it to buy stuff, food, or other things, because it is impossible because of the expensive fees that are on the transactions right now. But it is good to hold your money, everybody wants to do that.
and regarding to the fees, you can try to use other altcoins if you want to spend less money while you send payments, far as i know ethereum is only charging $0,30 per transaction..
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eckmar
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Telegram: https://t.me/eckmar
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November 05, 2017, 10:19:20 PM |
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2. the fee in the transaction is about 0.0001 . this amount is about 7 USD today more or less but approx. in future if its price rises like 100.000 then its fee will be around 70 100 USD or more or less may be . that means alot for a poor person . this will be making distance from poor with the bitcoin . and slowly this will be the property and possession of rich people . i am not in its high fees favor but its becoming fact. in past i am eye witness that we were paying like 13 cents and some more before December 2016 and now we have to pay 5 to 7 USD for each transaction .
Not true. Even if price is 100k per BTC fees could theoretically still be less than 10 cents. There are two factors that determine fees. Number of unconfirmed transactions that are currently in the mempool and number of miners that are processing those transactions. Increasing number of miners would lower the fees. We see Segwit2X increasing the block size so they could fit more transactions, lowering the number of unconfirmed ones in mempol. But what they are trying to do now is a bit overkill. |
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franky1
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November 05, 2017, 10:27:05 PM |
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Not true. Even if price is 100k per BTC fees could theoretically still be less than 10 cents.
do some maths if fee was just 1sat a byte.. then with the smallest tx being over 100bytes.. means 100 sat minimum now work out what 100sats are if btc was $100k.. hint: far more than 10cents |
I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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hatshepsut93
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Activity: 2968
Merit: 2145
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November 05, 2017, 11:07:04 PM |
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as i am watching bitcoin since 2013 . i think this time is not a newbie time as its about 5 year while this bold Crypto in ups and downs . people called this bubble but they adopted it later.
my opinion on bitcoin in coming some years about bitcoin is that in future this will be the money of rich people just because of 2 points according to my study , may be i am not correct .
1. the low supply of this is the main reason due to which its being demanded high . and day by day its price is rising like hundreds and thousands of USD .as from December till now in 11 to 12 months this got about 10 times higher price. and its getting more higher to make rich who are already rich . if in 2020 it goes to 100,000.so the holder of one bitcoin just will also be an owner of 100k USD that means he'll be rich .
2. the fee in the transaction is about 0.0001 . this amount is about 7 USD today more or less but approx. in future if its price rises like 100.000 then its fee will be around 70 100 USD or more or less may be . that means alot for a poor person . this will be making distance from poor with the bitcoin . and slowly this will be the property and possession of rich people . i am not in its high fees favor but its becoming fact. in past i am eye witness that we were paying like 13 cents and some more before December 2016 and now we have to pay 5 to 7 USD for each transaction .
suggestions and ideas to my opinion will be appriciated. thanks alot to reading my words.
1. You don't have to own one whole Bitcoin to use Bitcoin, when the price will be at hundreds of thousands, regular users will make payments in thousands of satoshi's. Since every coin can be split into 100 millions smallest units, there's no problem with money supply, even if many coins are lost, or "hodled". 2. 0.0001 BTC is $0.74 today, which is a very cheap fee if you are transferring anything higher than $50. Fees are a problem because cryptocurrencies are not ready to process as much transactions as traditional payment processors - and forks or altcoins like Bitcoins Cash or SegWit2x won't solve this problem. The best hope we have is the Lightning Network. |
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mrcash02
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November 05, 2017, 11:40:27 PM |
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Transaction fees can change along the time as Bitcoin is improved. Bitcoin isn't on its fully developed level yet, there are changes that could be done to make user's experience better and more positive. Bitcoin isn't the money of rich people only, it's the money of who wants to skip unfair fees and taxes, fast online transactions, de-bureaucracy. Anyway, poor people that only listen to their governments and live from social welfare will never use Bitcoins, as governments don't promote it...
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ladydark
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November 05, 2017, 11:49:17 PM |
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No,bitcoin could even be the money of the poor.What would be the difference is that instead of buying and holding one bitcoin,they would be buying it in satoshis 0.01btc or 0.001 btc.
Transaction fee would not increase very high in proportion to bitcoin price rise.So,bitcoin could be used by all sects of people irrespective of its high price.
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Arumi.Bilqis
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November 06, 2017, 12:17:08 AM |
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I do not think because at this moment bitcoin has been enjoyed by all circles and there is no prohibition to have it anyone and from any circle can have it as long as we understand how to get it and if it happens then many people have bitcoin. Will be disappointed with this action hopefully never happened.
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SUDARMONO
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November 06, 2017, 12:22:48 AM |
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it's true that bitcoin prices are getting higher and higher, and bitcoin owners are getting richer and bitcoin enthusiasts are getting higher, I think the poor people will be hard to buy bitcoin but there is a way out if there is a will and understanding, I think the poor can learn and join the forum here to get free bitcoins and that way they can have bitcoins and get rich.
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tamawaelah
Member
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Activity: 87
Merit: 10
trading for living
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November 06, 2017, 12:35:29 AM |
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as i am watching bitcoin since 2013 . i think this time is not a newbie time as its about 5 year while this bold Crypto in ups and downs . people called this bubble but they adopted it later.
my opinion on bitcoin in coming some years about bitcoin is that in future this will be the money of rich people just because of 2 points according to my study , may be i am not correct .
1. the low supply of this is the main reason due to which its being demanded high . and day by day its price is rising like hundreds and thousands of USD .as from December till now in 11 to 12 months this got about 10 times higher price. and its getting more higher to make rich who are already rich . if in 2020 it goes to 100,000.so the holder of one bitcoin just will also be an owner of 100k USD that means he'll be rich .
2. the fee in the transaction is about 0.0001 . this amount is about 7 USD today more or less but approx. in future if its price rises like 100.000 then its fee will be around 70 100 USD or more or less may be . that means alot for a poor person . this will be making distance from poor with the bitcoin . and slowly this will be the property and possession of rich people . i am not in its high fees favor but its becoming fact. in past i am eye witness that we were paying like 13 cents and some more before December 2016 and now we have to pay 5 to 7 USD for each transaction .
suggestions and ideas to my opinion will be appriciated. thanks alot to reading my words.
yess, bitcoin is not ideal for poor man, now the price is to expensive, 1BTC worth it $7000. Not everyone can have 1BTC on their pocket. how crazy this value of bitcoin, |
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Sachinist
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Activity: 179
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November 06, 2017, 12:43:20 AM |
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The high fees are certainly not helping Bitcoin to make it a real-world currency. It is predominantly utilised today primarily as a storage of fiat, for people who are interested in higher and faster ROI than the bank and stock market. Bitcoin will still be held by everyone in the future, just in smaller proportions. It is not impossible long term though that another currency wins out over Bitcoin, it could be one of its forks or another crypto that has yet to be released - only the future will tell.
Whatever the currency, scalability is a problem for all crytocurrencies as the network grows. A viable alternative for PoW may address scalability. There's another way but I'm not giving that idea away for free! |
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fiulpro
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November 06, 2017, 12:49:54 AM |
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I completely aggree that in the near future the supply of bitcoins will cease and the price will increase even further and thus you can say that only the richest would have access to it but I think you are missing a big point here... Well you know I don't think anywhere in this forum we are required to write our annual income and then according to our annual income we get selected^
If you know what I mean.
Yes it might limit us from buying bitcoins but it won't ever limit us from earning ... And if someone is that worried about its prices being that high I think they should go ahead and buy some bitcoins and keep them aside for years to come.
Nothing can keep you from earning through using your skills...at that time you can easily accept payment in the form of bitcoins and still join signature campaigns.
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Yakamoto
Legendary
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Activity: 1218
Merit: 1007
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November 06, 2017, 12:54:53 AM |
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as i am watching bitcoin since 2013 . i think this time is not a newbie time as its about 5 year while this bold Crypto in ups and downs . people called this bubble but they adopted it later.
my opinion on bitcoin in coming some years about bitcoin is that in future this will be the money of rich people just because of 2 points according to my study , may be i am not correct .
1. the low supply of this is the main reason due to which its being demanded high . and day by day its price is rising like hundreds and thousands of USD .as from December till now in 11 to 12 months this got about 10 times higher price. and its getting more higher to make rich who are already rich . if in 2020 it goes to 100,000.so the holder of one bitcoin just will also be an owner of 100k USD that means he'll be rich .
2. the fee in the transaction is about 0.0001 . this amount is about 7 USD today more or less but approx. in future if its price rises like 100.000 then its fee will be around 70 100 USD or more or less may be . that means alot for a poor person . this will be making distance from poor with the bitcoin . and slowly this will be the property and possession of rich people . i am not in its high fees favor but its becoming fact. in past i am eye witness that we were paying like 13 cents and some more before December 2016 and now we have to pay 5 to 7 USD for each transaction .
suggestions and ideas to my opinion will be appriciated. thanks alot to reading my words.
I don't know what kind of fees you're paying but you're paying fees which are way too high and you are just scamming yourself if you have been paying them for the entire time you've been paying Bitcoin. My fees are in the tens of cad cents, which means I'm paying maybe $0.30 USD to send transactions ranging from $10 to $100. Where in the world did you start paying $7 in fees for each transaction? It's not like my transactions take long either, maybe 30 minutes to an hour at most. $7 is insane, and if you're impatient then lmao'ing @ your life. |
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game-protect
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November 06, 2017, 12:59:38 AM |
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In future you can still use bitcoin as a poor person as you will always get the equivalent of the value of your fiat money in bitcoin. You say the people are rich because they get $100k for 1 bitcoin but how much you can get for the $100k in real assets at that time? They are rich in fiat money and the fiat money will experience a hyperinflation one day because that is the cycle of the fiat money out of the nothing printing system!
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maydna
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November 06, 2017, 01:04:26 AM |
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how if that person is only have less than 1 bitcoin? i think he still the rich people because not all people in out there which is using bitcoin and if he can save more bitcoin in his wallet then he will make huge money as we know the bitcoin price now is more than $7xxx. so if in the future, the price is increase more, then we can do many things to increase our bitcoin and we can make sure that we are the rich people which having much of bitcoin.
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ubay
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November 06, 2017, 01:05:37 AM |
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Bitcoin can belong to anyone, as long as they keep it well. Not tempted to sell or spend it on unnecessary things. Bitcoin for everyone.
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yugyug
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November 06, 2017, 01:08:49 AM |
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to OP, you are right, in the future this could be the money for the riches and it is opposing to what Mr. Nakamoto envisioned about bitcoin - it is for the masses. now the problem lies on the transaction side, any form of transactions would go into the blockchain and the blockchain mined bitcoin for security and mining bitcoin cost a lot of electricity, so i don't think it is hard to lower the transaction fee even if segwit2x and lightning be implemented, this is the nature for the proof-of-work coins.
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