What is Bitcoin in Under a Minute?

“Explain Bitcoin in under a minute,” is what someone said to me recently who was on the fence about investing in cryptocurrency. His skepticism seemed to be oozing out of his eyeballs even before I opened my mouth to respond. I had just gotten back from a 14-hour day of fly-fishing on the Cache la Poudre River near Fort Collins, Colorado, so my mood was a little more irritable than normal. When I responded with a one-word answer saying Bitcoin was an “investment” and then stopped talking, he said okay well, that was under a minute but I need more. His curiosity and skepticism are atypical of what I encounter on a daily basis when I go outside the realm of my usual Crypto 101 podcast or coinmarketcap.com circles. So, I can either sit on my delusional high horse, or really strive to get better at condensing my explanation of Bitcoin, cryptocurrency, digital currency, and blockchain into easy to understand language. Option B is my choice and will be much more rewarding than simply acting like a self-appointed “Know-it-all.”

So, thank you, Tom, for stumping me and allowing me the opportunity to grow. I mean, seriously, it was just over two months ago I was grilling someone about Bitcoin and cryptocurrency in the very same way before pulling the trigger and investing $5000 of my own money. Since making that decision/investment, my $5000 has dwindled more than 60 percent to just under $2000, plus add in the $500 I paid to a “Bitcoin Advisor” for daily trade ideas and help setting up my Coinbase, Bittrex, Binance, and Kraken accounts, and I’ve got a whopping negative 65 percent return on my investment. But, to tell the truth, I’m grateful my investment did not go up 5000 percent because then I would be even more of a “know-it-all” and really be closed off to suggestions, education, and curiosity.

So, now, in the spirit of full disclosure, you know how much I still have to learn in the cryptocurrency world, but I am profoundly grateful for the past two months and everything I have learned and had the pleasure of experiencing. Today, I know what Bitcoin is mainly because I own some of it and used the rest of it to buy the following coins: TRX, FUN, XRP, ADA, POWR, PIVX, and SALT. I also own a Ledger Nano S Cryptocurrency Hardware Wallet that I do not use and get paid to write a daily 500 word blog largely focused on digital currency. Also, I have had the absolute joy of listening to and speaking with numerous figureheads from the crypto space and even gotten a free ticket and dinner invite to the SALT Lending “Day for Crypto” Conference on March 10, 2018 at the Downtown Westin Hotel in Denver, Colorado.

Hopefully, I can ask some of the speakers and fellow conference-goers to explain to me in simple terms “What is Bitcoin in under a minute?” because many people want to know. It is my job as a journalist to answer any and all questions from my constituents and to do that I need help. Luckily, the help is readily available and all in one place this weekend. Remember you can enter my name “BoltonFlautt” for a $50 discount to the conference in the promo code box. I hope to see some of you there and continue to come up the curve together.