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But scams and small frauds. And there's something that a scams constantly does: it always goes to no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The enormous hack. And that woke something up for me.
Therefore I can't disregard that. I've got to go dig much deeper." And so I began traveling all around the world. I started going to Bitcoin occasions; I began to talking to people that were smarter than me in this area. And what I recognized is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The ramifications of that, of having the ability to have information that we do not need to have it individually validated, it's cryptographically confirmed. That concept can ripple out throughout the whole higher economy. And when that penny dropped, I understood I had to commit all my expert resources into becoming an expert in this area.
And do you think, I indicate you pointed out 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 might not even totally understand validation process . undefined.
We were simply 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 notified about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not perhaps know about these processes, so they do not maybe see what you're saying as this advancement, they don't see it in their everyday life? Or what do you think of that? I think that holds true.
It's not as simple as shooting up a web internet 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 upload your identity files, then you've got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a great deal of people discover that too inconvenient, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that are prepared 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 like your concepts, but gosh, establishing a crypto account is so hard." What I inform them is I say, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x larger. So you're actually really getting paid a massive quantity of cash to go through perhaps, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software. And can you picture what will occur to this entire market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and something I want to bring to light too that you didn't discuss, but I know a great deal of folks who battle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 fill 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 remain in the early days of that technology, but much like during that amount 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to talk to individuals who are, especially somebody like yourself, who's committed the last, you understand, the lion's share of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a fantastic question.
They're 2 completely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what gives 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 computers, confirming the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so 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 saying, "We do not trust fiat money, you can print an unrestricted amount of it. It's actually not secure, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that were in Cypress, or just individuals who have suffered through either devaluation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, since they already don't think in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a hard time getting their head around. They resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. And so there's this whole burgeoning global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are generally used, let's say Ethereum, which a lot of people learn about Ethereum. Ethereum is basically a global computer system that you can compose computer programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're essentially purchasing programming power. So I would not actually consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like a really simple one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this very same type of network result that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many various locations and. undefined. I do not understand the ins and outs of it, however as an example for someone who might simply be extremely basic in their understanding of this, there are numerous different types of utilities that are available.
And you sort of discussed having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Many of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine opportunity depends on the energy coin space.
There's all of these ICOs that were taking place, those decreased a bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people require to comprehend that not all utility coins are produced equal.
So you have the benefit of committing your occupation to this, so you can go out there and do the recon, you can meet the creators, you can examine the code, etc. But for a typical person, there's now what, over 1,000 various types of coins available, practically 1,200 I think. 'Cause usually it'll crash 80% or two - Does the group have experience of carrying out in an effective manner in another area of their life? And it doesn't even need to be directly associated to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, but I desire to see a performance history of success in something, right? If it's four people in a room that are simply out of college, unless they've got some truly great advisors behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in general, my world of organization, we constantly look for issues and how we can resolve them. Now, are the issues things that people are trying to solve a part of the Blockchain usually? Or would you state it's much better if they're fixing 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 basically looking for options that, so I'll give you an example.
And the factor that we bought it is due to the fact that they found a method to make files tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a track record of developing computer programs that whole states run their whole operations on, right? So you've got fine, the wise man has built substantial computer programs, great group, fixing a massive problem that is going to cut huge expenses.
I mean, it doesn't get any easier than that in terms of deciding who to put money behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a truly easy guideline, Ryan. If I don't understand something, I set up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).