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However scams and little scams. And there's something that a fraud constantly does: it constantly goes to absolutely no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The huge hack. Which woke something up for me.
And so I can't disregard that. I have actually got to go dig deeper." And so I started taking a trip all around the world. I started going to Bitcoin occasions; I started to speaking with people that were smarter than me in this space. And what I recognized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of being able to have data that we do not require to have it separately validated, it's cryptographically confirmed. That principle can ripple out throughout the entire greater economy. And when that cent dropped, I knew I had to commit all my professional resources into becoming an expert in this space.
And do you believe, I imply you discussed something there about not needing to get a third-party, or intermediary to confirm something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks may not even totally comprehend validation procedure . undefined.
We were just talking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of an abrupt there's other individuals getting alerted about it, like the IRS and things like that. Do you think that the typical folks do not maybe understand about these procedures, so they don't perhaps see what you're stating as this development, they do not see it in their daily life? Or what do you think about that? I believe that's true.
It's not as easy as shooting up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You've got to go to an exchange, you've got to submit your identity documents, then you've got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a great deal of people find that too troublesome, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes needed to go through a procedure which simply takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we love your concepts, however gosh, establishing a crypto account is so difficult." What I tell them is I state, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x bigger. So you're in fact truly earning money a massive amount of money to go through maybe, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you envision what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that people go through, and one thing I wish to expose too that you didn't discuss, but I understand a great deal of folks who deal with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever prior to I could begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you remember the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I indicate it would take 20 minutes to load a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I indicate, we remain in the early days of that innovation, but simply like during that time period, for the folks that had the vision to see where the future was going, and then bought in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm always curious to speak to people who are, particularly someone like yourself, who's dedicated the last, you understand, the bulk of the last few years to really go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a great concern.
They're 2 absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. And so what provides it worth is that it is, there's only going to be a limited amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not trust fiat money, you can print an unrestricted amount of it. It's actually not protect, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or just people who have actually suffered through either devaluation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, due to the fact that they currently don't believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a tough time getting their head around. They're like, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. And so there's this entire burgeoning international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a worldwide computer that you can write computer system programs for and run computer programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're essentially purchasing programs power. So I would not actually think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people an idea, like an extremely simple one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's kind of this exact same type of network impact that you have with Bitcoin, where it's like unstoppable example, since it's on many various areas and. And you sort of pointed out having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine opportunity depends on the energy coin area.
There's all of these ICOs that were happening, those slowed down a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And people need to comprehend that not all energy coins are created equal.
So you have the benefit of dedicating your profession to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can inspect the code, and so on. However for an average individual, there's now what, over 1,000 different kinds of coins offered, almost 1,200 I believe. 'Cause usually it'll crash 80% or so - Does the team have experience of carrying out in a successful manner in another area of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't have to be even directly related to software, right? So, but I wish to see a track record of success in something, right? If it's 4 men in a space that are simply out of college, unless they have actually got some really excellent advisors behind them, I'm probably not going to offer them any money.
Yeah. I believe that in marketing in basic, my world of service, we continuously look for issues and how we can solve them. Now, are the problems things that individuals are trying to fix a part of the Blockchain generally? Or would you state it's much better if they're solving sort of a mass problem? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm generally trying to find services that, so I'll give you an example.
And the reason that we purchased it is due to the fact that they found a way to make documents tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a performance history of creating computer programs that whole states run their entire operations on, right? So you have actually got alright, the smart guy has actually constructed huge computer programs, great team, resolving an enormous problem that is going to cut substantial expenses.
I suggest, it does not get any simpler than that in regards to deciding who to put cash behind. And a lot of this is typical sense, and a lot of folks will try to make things more complicated than it is. And I have an actually basic guideline, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).