Can somebody please explain bitcoin to me?

Can somebody please explain bitcoin to me?

I started asking about what bitcoin was for about 3 weeks ago in /r/bitcoin. 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 it's for, they banned me.

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

But, anyway, what is it for?

If it's meant to be money, a currency, a method of payment then it fails on multiple counts - it's slower than cash / VISA, it's more 'spensive than cash / VISA, it's complicated, fiddly and an effort to use compared to cash / VISA, it (sometimes) goes up in value (quite a lot, quickly) meaning Johnny Consumer won't want to spend it, it (sometimes) goes down in value (quite a lot, quickly) meaning Johnny Retailer won't want to accept it.

It's no good as a store of value, since it unpredictably loses huge chunks of value for no reason.

It's not going to "bank the unbanked" since to use it, you need an internet connection (at home), an internet connection (where you're spending it), a purchaser who knows how to use it, and a retailer who knows how to use it and accepts it. Oh yeah, and if you're unbanked, you can't buy bitcoin with your money, or sell it for currency. So actually, buyer and seller need banking anyway.

So, what is this amazing thing for then? Given that I have money I can spend, why would I turn it into bitcoin before spending it? Someone must know.Any ideas?

Shut up faggot and post more of that fat titted negress

Its a coin that tells you to go back to r*ddit

brotha i will show u de wei.

It was originally a project to create a trustless encrypted anonymous currency. It worked with a small number of users but it's flaw was the process of minting a new coin and maintaining the network. If there could have been a process that controlled the mining difficulty relative to price of other commodities or currencies and rewards for maintaining the network were changed, it may have succeeded as it grew in user base

This is like saying computers are useless tech in 1980's

>Stay poor.

Crypto is Greek fire.
It's useless until it isn't.
Right now it's slow, expensive and unpractical, but at some point it won't be.

Dear Op,

Fuck You.


The answer is don't think about it and continue to make money off of retarded normies

>what is bitcoin

depends on what OP is
oh right

a faggot

also please leave this board, to be honest we shit on redditfags all the time here, but they are right to ban some dickass who's too fucking lazy to use google like 2-3 times, damn I wish our mods would ban normie newfags

I want those lips all over my dick and balls

Back to plebbit little one

>what is bitcoin

A failed project. Good intentions, bad execution.

It's too complicated for the average person to use in everyday life. This dream of "decentralization" is just that - a dream. All decentralization has achieved is an asset that is absurdly slow to transact in while costing a ridiculous amount in fees.

The only people still clinging to bitcoin are the purists who cannot accept the fact that obsolete technology does not and has never stood the test of time - and they've successfully sucked others into their delusion. Bitcoin is running on name recognition only at this point. it is useless as a currency, useless as a store of value, and therefore intrinsically worthless.

Three words: Bazinga Coin

>technology can never improve

BTC was made at the end of the 2008 recession when much of the public lost trust in the economy. BTC allows anyone send money to another person without having to rely on the banks. People storing money in banks have to rely on the bank not going bankrupt. With BTC nobody has jurisdiction over YOUR money. All transactions are verified by miners ensuring no foul play. Satoshi however didnt account for the scalability of BTC, thus some of the issues with transaction speeds, and absurd fees. Now there are better cryptocurrencies like ETH, LTC, XRP etc. These cryptocurrencies mitigate some of BTC's core issues.

Of course it can, dumbass. And it has. They are what the natives call "alts".

I didn't say CRYPTOS were a failed project did I? Stop reading shit that isn't there.

Unless you think blockchains are fundamentally obsolete then there's no reason to think that BTC is obsolete.

They were probably rude and banned you because you're asking for information. There's no reason to turn information acquisition into an interactive experience, since there are tons of resources on youtube, reddit, medium, etc. about any question you could ever have, right down to the nitty gritty of cryptography.

It's valuable because blockchain protocols allow for the processing of transactions publically, anonymously (formerly), and without centralization (good because it disallows shady backroom deals and secret printing of money like what's happening to Venezuela).
To most people, they want it because they anticipate an increase in value and they want it as a means to get more fiat currency. Intellectuals (most of whom hate fiat currency) see it as a viable and increasingly viable alternative to fiat currency.
It's also useful for aggregating processing power (like a botnet), and some other complicated software things that I don't have a grasp on yet (oracle, etc.).

TL;DR it's a communist dream

>they started being very rude to me, and they banned me.
Sounds like reddit

Its a meme you can buy with real money