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However frauds and small scams. And there's something that a scams always does: it constantly goes to zero. 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 ignore that. I have actually got to go dig much deeper." Therefore I started traveling all around the world. I started going to Bitcoin occasions; I began to speaking to 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 overemphasize how massive that is! The ramifications of that, of being able to have data that we don't require to have it independently verified, it's cryptographically verified. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I understood I had to commit all my professional resources into becoming a professional in this space.
And do you think, I imply you pointed out something there about not needing to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a great deal of folks might not even completely understand validation procedure . We were just speaking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of a sudden there's other people getting notified about it, like the IRS and things like that. Do you think that the average folks don't possibly understand about these processes, so they don't perhaps see what you're saying as this advancement, they do not see it in their everyday life? Or what do you think about that? I think that's true.
It's not as simple as firing up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to submit your identity documents, then you've got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a great deal of people discover that too inconvenient, which's why the individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that are ready to put in maybe the 20 minutes needed to go through a process which just takes five minutes if you want to set up a brokerage account.
"Oh Teeka, we love your concepts, however gosh, establishing a crypto account is so hard." What I tell them is I say, "Look, when it's simple 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 actually really getting paid an enormous quantity of cash to go through maybe, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software application. And can you picture what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that individuals go through, and one thing I desire to expose too that you didn't discuss, however I know a great deal of folks who battle with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just buy $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever prior to I could start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest it would take 20 minutes to pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I suggest, we're in the early days of that innovation, but just like during that period of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, 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 constantly curious to talk to individuals who are, specifically somebody like yourself, who's committed the last, you know, the bulk of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific concern.
They're two absolutely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's only going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you look at that Bitcoin network, people continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And actually, with current innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not rely on paper money, you can print an unlimited quantity of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that remained in Cypress, or just individuals who have suffered through either hyperinflation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since they already don't believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a tough time getting their head around. They're like, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. Therefore there's this entire growing global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically used, let's say Ethereum, which a lot of people know about Ethereum. Ethereum is essentially a global computer system that you can write computer system programs for and run computer programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're essentially buying programming power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people an idea, like a really easy one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on so many different areas and. And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). Many of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I think the genuine opportunity depends on the utility coin space.
There's all of these ICOs that were happening, those slowed down a bit with some changes to a few things that was going on, however individuals are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And individuals need to comprehend that not all energy coins are developed equivalent.
So you have the benefit of committing your occupation to this, so you can go out there and do the reconnaissance, you can meet the founders, you can check the code, etc. But for a typical individual, there's now what, over 1,000 various types of coins offered, practically 1,200 I think. 'Cause typically it'll crash 80% or so - Does the team have experience of carrying out in a successful way in another area of their life? And it does not even need to be directly associated to cryptocurrency, it doesn't have to be even straight associated to software application, right? So, but I wish to see a track record of success in something, right? If it's four guys in a space that are just out of college, unless they have actually got some truly good advisors behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in basic, my world of company, we continuously search for problems and how we can resolve them. Now, are the issues things that people are trying to solve a part of the Blockchain generally? Or would you state it's much better if they're solving type 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 essentially trying to find solutions that, so I'll give you an example.
And the reason that we purchased it is since they found a way to make files tamper-proof, and it's 99% cheaper than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you've got fine, the smart person has actually developed huge computer system programs, great team, resolving a massive issue that is going to cut big expenses.
I suggest, it does not get any easier than that in terms of deciding who to put money behind. And a great deal of this is typical sense, and a great deal of folks will try to make things more complicated than it is. And I have a really simple guideline, Ryan. If I do not comprehend something, I installed my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).