What is Bitcoin? (v1)

> I don't think most reputable proponents have been saying that for years though. Define reputable. > Announcing the first release of Bitcoin, a new electronic cash system [link] > Instant transactions for points-of-sale [link] (That verbiage lasted most of 2013, but was removed a couple days after this capture, presumably because payments were starting to become less "instant.") > Bitcoin is a new payment system, independent from the traditional financial sector, and this could provide resilience to the economy in case of a crisis, as it creates a parallel payment system. Understanding Bitcoin: Cryptography, Engineering, and Economics by Pedro Franco, 2010, pp. 26. > You can purchase video games, gifts, books, servers, and alpaca socks. [...] Bitcoins are a great way for small businesses and freelancers to get noticed. It doesn't cost anything to start accepting them [...] and you'll get additional business from the Bitcoin economy. [this video] Bitcoin has literally been presented as a replacement for cash payments since day 1. I could go on, and on. That history is now being rewritten, and I think it’s important to understand why. Bitcoin set out to do one thing, is failing at that one thing, and I’m discouraged to see people rewrite the narrative rather than own it and say it didn’t work for that. And you've mixed up your history: the research grants into the Internet were funded for that purpose, but it quickly morphed into an alternative usage once the new abilities were see