Raw or fresh olives are naturally very bitter and astringent because of oleuropein, a bitter phenolic compound that can make up as much as fourteen percent of a young olive's dry matter, so olives must be cured and fermented before they become palatable. Depending on the method, curing can take anywhere from a few days using lye to several months using brine or dry salt packing. Beyond removing the bitter phenolic compounds, traditional curing also generates beneficial byproducts from bacteria and yeast, including organic acids, probiotics, glycerol and esters, that improve the finished olive's flavor.
Sources
Fermentation and curing of olives (Wikipedia)
In Group: Fermentation Methods, Lead paragraphQuote, In Group: Fermentation Methods, Lead paragraph
Raw olives are naturally very bitter and astringent; to make them palatable, they are cured and fermented using any of several processes.
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