/biz/ - Business & Finance

>>9308357
s o y
fuck gookmoot

Tell me more about this "gold man".

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?

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?