Plenty of people are commenting on how modern microcontrollers are better than the 555. I agree, with a caveat: the 555 is a great learning tool. It is complex enough to be interesting, yet simple enough to be well understood. It is easy to clip an oscilloscope to it's pins to have a visual representation of how its inputs affects its outputs. It is a stepping stone that helps people learn how to build more complex circuits. Much as some software developers have to understand assembly language to build the most fundamental bits of software (e.g. compilers), some people have need to understand electronics to build the most fundamental bits of hardware.
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