What is Bitcoin for?

A Lives in Sri Lanka, B lives in Rwanda. They know each other. A would like to employ B to assist with the writing and testing of some software. A would like to wire B the payment upon completion of the service.

A goes to the bank to deposit Sri Lankan Rupees, in to Bs account. B must find a bank willing to accept foreign currency and then convert the rupees in to francs. The bank charges a fee, the bank also charges a fee for FX. A and B would like to do this regularly such that B gets a share of when the software is sold. This software gets sold quit a bit. A&B have a great business, but they realise its a 3-some as the banks get a slice of the action.

A decides to use a digital currency. B does the work, A pays... A can automate the payment for the future royalty. A & B are happy, the banks less so.

the problem you are describing there is an inefficient or costly banking system.

Using online banking, I can transmit money securely to your bank account without charge.

If you are in a foreign country, and your country has decided to cut commercial links with mine, and not to use a common means of exchange, and to allow profiteering, there may be inefficiencies and costs.
 
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Their computers are calculating the next block in the chain. This is the process of verifying (auditing) the transactions on the ledger and helps to stop coins from being duplicated or spent multiple times.

Based on the number of Bitcoin transactions that took place over a 12 month period, we estimate that the total energy usage to be roughly 123 Terawatt Hours (TWh) or 123 billion kWh. This means that Bitcoin alone uses more energy than 185 countries and is comparable to the annual energy consumption of Norway
Not what you might call a clever or sustainable approach.
 
Not what you might call a clever or sustainable approach.
There seems to be a limitation as well. The tokens gained from mining reduce with time. If you read the link you'll see why mining isn't cheap. PLus how it works.
 
there has not been a convincing answer to the question I asked. there has been quite a lot of off-topic talk about other things.
Its probably a challenge you will have to embark on your own then. I suspect I have more luck in convincing you to vote Conservative, than understand the benefits of digital currencies that are protected using encrypted, distributed ledgers.
 
From what I've seen it goes hand in hand with the Dark Web (TOR) and probably why it began (completely untraceable at one point).

I believe TOR use for nefarious activities has been winding down for years after the FBI etc chucked a load of money into finding some criminals operating on it. BitCoin has kept going.

So if you go back to when BitCoin was in it's infancy and could look at the transactions and what they were for I doubt many were on the legal side..
 
there has not been a convincing answer to the question I asked

There has been but you wont accept if for some reason. It's just another currency but a purely digital one. It's to spend. That is what it is for.
 
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