It’s been dubbed digital gold for Millennials and anybody else with a sense for good investments. Virtual currencies like Bitcoin are revolutionizing how we make transactions and interact with our global financial system. These unconventional and futuristic currencies are changing our financial world in ways we are just now beginning to grasp.
Entrepreneur Troy Osinoff thrives on the unconventional, and he has long seen the potential that Bitcoin has on how we do business. Osinoff got his start working in marketing for Pando, the file-transfer service, and continued to build his career consulting for entertainment websites, helping them increase their traffic and revenues through social marketing and SEO.
His large network of entertainment websites and social channels reaches millions of users every month. He follows the Bitcoin and digital currency market closely, sometimes tweeting snippets of advice, such as when dips in the market make it a good time to buy.
Osinoff recently sat down with me to explain why savvy entrepreneurs won’t let the Bitcoin revolution pass them by. His insights crystallize the importance of digital, decentralized currencies like Bitcoin, explaining how they fit into the larger trend of globalized decentralization and how you can better navigate these digital currencies.
Deep Patel: Can you explain Bitcoin, altcoins and blockchain in simple terms for readers?
Troy Osinoff: Bitcoin is essentially a type of currency that is purely digital. It’s decentralized, meaning there is no central authority that regulates a bitcoin’s worth or how many bitcoins exist. Bitcoin’s price is dictated by the market, and the reproduction of bitcoins is built into its programming.
Altcoins is a term used for any coins that are not Bitcoin. A few of the most popular are Ethereum, Litecoin and Ripple. While these coins may have some similarities (mostly their blockchain structure—we’ll get into that in a bit), they largely have different purposes.
Deep Patel is a serial entrepreneur, marketer and the author of A Paperboy's Fable: The 11 Principles of Success.