If you are a spectator watching the so called Bitcoin Bubble expand then this is for you – a Bitcoin FAQ:
“1) Should I buy Bitcoins?
9) Wait, does that mean that every advantage that people claim Bitcoin has is not actually true?
Yes. It’s not anonymous, it’s not free, it’s not instant, and it’s not convenient. It’s extremely difficult to make money on it, mining is useless, and it’s literally impossible that it will ever go into widespread use. Unless you have an ideological stake in the concept of Bitcoin (or want to buy drugs and/or child porn), there is literally no reason to get involved in it.
There’s actually one thing that Bitcoin supporters claim about Bitcoin which is true: it has no chargebacks. Bitcoin transactions are irreversible. Whether this is actually an advantage or not probably depends on whether you’ve ever been ripped off before. If you haven’t, then getting involved in Bitcoin is probably a good way to fix that.”
I think that the main “error” in this document is that is falls prey to the general misconception that Bitcoin is indeed a currency. Which it isn’t … or if you insist it is then know this … currency is its weakest feature (a corrupt side-effect). Describing Bitcoin as a currency is like describing … oh I don’t know … lets just pick something fancy … a Jaguar XJR SWB by focusing on its cup holder. Currency just happens to be an issue of our times and the whole “coin” thing in the name can be misleading. It is a remarkable techological experiment of mathematics and software engineering. Parts of it have already been adopted and used for other experiments in other currencies and other fields … and that is very likely to continue … because that’s the good thing about it.
If only non-tech people had any clue how arbitrary the real world can be perceived by tech people …