Can somebody please explain bitcoin to me?

These anons are right.
The fact that BTC is ultimately traded against fiat (you know the shit that actually buys you food and a house) signals its greatest failure as a decentralized form of currency. No one has really "adopted" it; they fall back on good, old, secure, widely accepted fiat, and when they cash out it's banks who they deposit to.
Who knows, maybe this will change in another two decades or so, but the currency ofthe future won't be BTC. The tech is already outdated; it would be like us still trading in papyrus scrip and hand forged pewter coins.

The point that OP addresses also bothers me and has stopped me from investing in cryptocurrency. I just don't see why cryptocurrency will be the future of currency. The only use appears to be to hide your money.

It's a scam, user. Don't buy it. I only wish all these other idiots were as smart as you.

Some cryptos are a bit like penny stocks. Those are the ones you want.

also if we become one day cashless i will rather have control over it that believe corporations will not punish me for my options

It's not the future of currency, retard. It's the future of how currency goes from one place to the next place.

You realize we are entering a world where technological security will be of top priority or we risk our economy getting completely obliterated by cyber crime, yes? As we shift more and more data transfers (money included, when you put cash into an ATM and your bank account # goes up, that's data transferring), we need additional security measures. Blockchain & decentralization solves a large number of the present day security problems for which we legitimately have no other available solutions.

But please, don't bother to invest in the future of technology while you have the chance of a lifetime. Instead just doubt it and sit on your fucking hands. YOU FUCKING MADMAN!

Can somebody please explain cars to me?

I started asking about what cars are for about 3 weeks ago in /r/cars. I think I was only ever polite and reasonable when I asked, but after a while for some reason they started being very rude to me, and when I kept asking what they're for, they banned me.

Well, that's not very nice, is it?

But, anyway, what are they for?

If they're meant to be transport, a vehicle, a method of getting around then they fail on multiple counts - they're slower than trains / railroads, they're more 'spensive than horses / ships, they're complicated, fiddly and an effort to use compared to trains / horses, they (sometimes) go up in flames (quite a lot, quickly) meaning Johnny Driver won't want to drive them, they (sometimes) break down (quite a lot, quickly) meaning Johnny Transporter won't want to use them.

They're no good as a means of transport, since they unpredictably break down for no reason.

They're not going to "transport the horseless" since to use them, you need tools (at home), roads (where you're driving on), a driver who knows how to use it, and a mechanic who knows how to fix and maintain it. Oh yeah, and if you're horseless, you can't buy a car with your money, or trade one for your horse. So actually, you need a horse anyway.

So, what are those amazing things for then? Given that I have a horse I can ride, why would I turn to cars to get where I want? Someone must know.Any ideas?

lol this guys trying to REALLY steal your money

maybe because it exists for less than a decade you fucking moron.

So you're the proud owner of a series of magnetic configurations spread out at indiscriminate parts of the world, at most valuable only because it has Tyrone's drug transactions encoded in it, nice.

So you're the proud owner of a series of magnetic configurations stored on a central server, at most valuable only because you believe that central banks act in your interest, nice.

i disagree. the reason why people use fiat is because its still more convenient, of course it is, only 1% of the global population is in crypto. Who the hell would accept crypto lol? apart from nomads.

But heres the thing, the trust in fiat currency by normal average-joe people is high. They dont understand the schematics of economics and the past financial crisis and how they affected the overall global economy. Theres more cheaper money today than there was yesterday. Money itself is just paper with a printed value that has normal people convinced it is worth something. Can you imagine working your whole life just to think back that you wasted the most precious commodity you own - your time - on just paper? The psychological effects are enormous.

However, as we are currently in a global bubble, once the next financial crisis strikes I truly believe bitcoin will soar. Why? Because regular gold isnt easier to transport/send/receive than bitcoin is. The network is decentralized, its proven to be stable for the past 9 years. it has won the trust of people, and i believe many people will start to enter the market.

Nope, I keep all my non-liquid assets in Gold.

I kno this is bait, at its best... When you are dealing in Blackmarket, you will pay more, for everything...

So what you have a huge pile of Gold lying around somewhere in your house?

I'm not arguing that BTC and crypto in general doesn't have the problem of being widely unknown, I know that.

What I'm arguing is that we, the 1%, the investors and pioneers, still only care about how much fiat can we make by moving it around. We are making no effort at all into developing a system able to support cryptocurrency trading. We are doing the exact opposite by using it as a stepstone to accumulating more fiat.

It's like we invented cars and traded them for carriages. If the rest of the world takes after us crypto will never reach any real widely spread use case.

Go ask in /r/btc, it is full of butthurt retards like you, they will love you there.

I understand. But if only 1% of the world is in crypto, imagine the demand pressure there would be if everyone else all of a sudden just go into it, the price of bitcoin would go up 10000000000% and people would scream "BUBBLE BUBBLE!!!", in reality its just the supply doesnt meet the demand so it increased to a price in which demand/supply are at price equilibrium. Truthfully the people who are cashing out right now, are cashing out pennies to what you could have if crypto actually becomes even 25% mainstream adopted. 1-2m would be nothing compared to the 20-30m you could potentially have. just my 2 cents and thoughts.

i honestly don't care about Tyrone's drug transactions Tyrone will always find a way
i care about myself and that i will never find myself in situation where some crazy fuck
decice that I'm too problematic for society to deal with me you may say that its paranoid and maybe you are right but as someone who live in Eastern Europe the current politic in the west make me worry all these noble socialist and pretendious good people are the most deceiful people i ever meet i will rather live with Vilians that live with people who let yourself opressed for the greater good

Bitcoin is shit. Just invest in things with actual value like real estate you madman

Why would 25% invest in a volatile unsafe currency with slow transactions? Are you fucking retarded?

... so did i until i came to the conclusion, i'm not illiterate ... and i don't need confirmation to know whats laid out to me

crypto in its current state has no future - banks will issue their own coins and shitchain ... they are already underway

-

till then gamble what you can afford to lose ... but be prepared there's many traps down this hole ...

right on spot. Well done sir

clearly you didnt get the memo you inbred spastic lmfao.

> Trust me, 25% of the world population will switch over to this digital currency, which is inferior to fiat money

Don't forget scaling up BtC to the mass market level requires financial audits of stuff like supply chains--e.g, traditional accounting and banking.

The ONLY value of bitcoin is as a ponzi scheme to Veeky Forums speculators. It's actively harmful to speculators if it loses value, stabilizes, and functions like a real currency.

hi cunt

it can't stay volatile forever, if it did all other currency would go into bitcoin eventually

So how do I Veeky Forums-speculate?

Super short version:

A good currency is a bad investment.

A good investment is a bad currency.

Bitcoiners want it to be both. You already noticed why it fails at it.

Bitcoin was supposed to be a seamless money transfer system but the whole cryptocurrency space at some point got overtaken by greedy speculators, pump and dumpers, insider trading scumbags, tape painting and wash trading bots, scammers and other shady entities to the point the whole thing became so unstable and volatile and clunky it no longer can be a sensible payment system.

Those that have a stake in now had moved the goalposts and claim it is supposed to be a store of value (nice store with these swings btw) and will attack anyone who disrupts their nice, dreamy vision of the perfect money of the future.

Your fault was you entered main bitcoin sub overrun by cultists heavily invested in bitcoin emotionally and financially and very, VERY sensitive about speaking anything negative of their religion and used common sense and practical thinking to disrupt their train of thought. It couldn't end well.

They are paranoid to such an extent they may have thought you were a "paid shill" or it was simply a damage control, lol.

Welcome to the light side. We don't have lightsabers but we don't need them.

reddit.com/r/Buttcoin/comments/7rcy3x/can_somebody_please_explain_bitcoin_to_me/

Get on the boat earlier on the next fad and hope you're lucky and picked the right fad. Or just make a ponzi scheme yourself.

>not understanding how fiat currency works or even simple economics

dont worry pajeet, you will make it for sure 100% no doubt in my mind