I’ve never understood the attraction of Bitcoin or other crypto currencies. I understand that you have a type of money outside the banking system, away from government oversight, etc. But never understood who administers it, who decides the exchange rate between Bitcoin and dollars, if there even is an exchange rate, or if all transactions are just barter transactions.
In short, why would we want to have such systems set up?
"But never understood who administers it"
The god of really, really big numbers.
"who decides the exchange rate between Bitcoin and dollars"
You, me and anyone else who wants to buy or sell a coin or two.
"if there even is an exchange rate, or if all transactions are just barter transactions."
Yep. Just a big, ol' bazaar where we all stand around and haggle. I'll give you a buck thirty five for all ya got.
"In short, why would we want to have such systems set up?"
Anonymity, security (no bank account required that can be frozen or emptied by
TPTB with just a keystroke or two) and to remove our reliance on a constantly depreciating currency that provides an inherently unfair advantage to the creators and the earliest recipients of the currency.