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However scams and little frauds. And there's something that a fraud always does: it constantly goes to no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The massive hack. And that woke something up for me.
And so I can't neglect that. I've got to go dig much deeper." And so I began traveling all around the world. I began going to Bitcoin occasions; I started to talking to individuals that were smarter than me in this area. And what I recognized is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of being able to have data that we don't need to have it independently confirmed, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to dedicate all my professional resources into ending up being an expert in this area.
And do you believe, I imply you discussed something there about not needing to get a third-party, or intermediary to validate 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 completely understand recognition process . We were just speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you think that the typical folks do not maybe learn about these processes, so they do not maybe see what you're saying as this advancement, they do not see it in their daily life? Or what do you think about that? I believe that holds true.
It's not as easy as firing up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you've got to upload your identity documents, then you've got to wait to get verified, and then lastly, you can go purchase some Bitcoin.
So, a lot of individuals find that too inconvenient, which's why the people that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes needed to go through a process which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so tough." What I inform them is I state, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x bigger. So you're in fact really getting paid a massive amount of money to go through possibly, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you picture what will happen to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and one thing I wish to bring to light too that you didn't discuss, however I understand a lot of folks who fight with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever before I might begin purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I suggest, it's if you remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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 imply, we're in the early days of that technology, but much like throughout that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, due to the fact that I'm constantly curious to talk with individuals who are, specifically someone like yourself, who's committed the last, you know, the bulk of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a terrific concern.
They're two absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what gives it worth is that it is, there's just going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously try to hack it. However since of the nature of the network, today it's been unhackable. And truly, with present innovation, 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 people who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not rely on paper cash, you can print an unrestricted quantity of it. It's really not secure, and the federal government can take it away from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that remained in Cypress, or simply individuals who have suffered through either devaluation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, due to the fact that they currently do not believe in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. And so there's this whole burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are basically utilized, let's say Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially a global computer system that you can compose computer programs for and run computer programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, since you're essentially buying programming power. So I would not actually think about 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 very basic one that I would imagine you 'd called an energy token, is like FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this same kind of network result that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many various areas and. undefined. I don't understand the ins and outs of it, but as an example for someone who may simply be extremely basic in their understanding of this, there are a lot of different kinds of utilities that are offered.
And you kind of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity lies in the utility 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, but individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals need to understand that not all energy coins are developed equivalent.
So you have the benefit of dedicating your profession to this, so you can go out there and do the recon, you can meet the founders, you can check the code, etc. However for an average person, there's now what, over 1,000 different types of coins available, almost 1,200 I think. 'Cause usually it'll crash 80% approximately - Does the group have experience of performing in a successful way in another location of their life? And it doesn't even need to be directly related 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 people in a space that are just out of college, unless they have actually got some truly excellent advisors behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in general, my world of organization, we continuously look for problems and how we can resolve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain usually? Or would you state it's much better if they're solving kind 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 offer you an example.
And the factor that we bought it is due to the fact that they discovered a way to make documents tamper-proof, and it's 99% less expensive than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that started it has a performance history of producing computer programs that whole states run their whole operations on, right? So you've got alright, the wise man has actually developed huge computer system programs, great team, solving a massive problem that is going to cut substantial costs.
I imply, it does not get any simpler than that in regards to choosing who to put money behind. And a great deal of this is common sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually simple guideline, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).