Bcrypt For Password Storage - Why Is It Better?

The official description of Bcrypt Password Storage reads - "There are two kinds of cryptography in this world: cryptography that will stop your kid sister from reading your files, and cryptography that will stop major governments from reading your files. This book is about the latter." -- Preface to Applied Cryptography by Bruce Schneier.

Can someone talk about how Bcrypt does the job differently and why is it slower?