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However scams and little frauds. And there's something that a fraud always does: it always goes to absolutely 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 enormous hack. And that woke something up for me.
And so I can't neglect that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin events; I began to speaking to individuals that were smarter than me in this area. And what I realized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how huge that is! The implications of that, of being able to have data that we don't need to have it separately confirmed, it's cryptographically validated. That principle can ripple out throughout the entire greater economy. And when that cent dropped, I understood I needed to dedicate all my expert resources into ending up being a professional in this area.
And do you believe, I imply you discussed something there about not needing to get a third-party, or intermediary to verify 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 comprehend validation procedure . undefined.
We were simply discussing how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that suddenly there's other individuals getting informed 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 do not maybe see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you think of that? I believe that holds true.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to publish your identity files, then you've got to wait to get confirmed, and after that lastly, you can go buy some Bitcoin.
So, a lot of people discover that too troublesome, which's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are ready to put in maybe the 20 minutes required to go through a procedure which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, setting up a crypto account is so difficult." 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 whole cryptocurrency market will be 10x bigger. So you're actually really earning money a massive quantity of cash to go through possibly, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software. And can you picture what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the process that individuals go through, and one thing I wish to bring to light too that you didn't discuss, but I know a great deal of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently prior to I might begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I imply, it's if you keep in mind the early days of the Web, when we were getting on the Web, 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 remain in the early days of that innovation, however just like during that amount of time, for the folks that had the vision to see where the future was going, and then bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm constantly curious to speak to people who are, specifically somebody like yourself, who's devoted the last, you know, the better part of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a great question.
They're 2 absolutely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's just going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And really, with present technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when people put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust paper cash, you can print an endless amount of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or people that remained in Cypress, or simply people who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, due to the fact that they already do not believe in their own currency? Yeah, and I think we have actually already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride 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 do not require Bitcoin - undefined. But there are billions of people on the planet that don't have steady currencies.
Yeah. Therefore there's this whole burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically utilized, let's state Ethereum, which a lot of people know about Ethereum. Ethereum is essentially a global computer system that you can compose computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an energy token, due to the fact that you're basically buying shows power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals a concept, like an extremely simple one that I would imagine you 'd called an energy token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this same kind of network effect that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on a lot of different areas and. And you type of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I think the genuine chance lies in the utility coin space.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And people require to understand that not all energy coins are produced equal.
So you have the advantage of dedicating your occupation to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can inspect the code, and so on. However for a typical person, there's now what, over 1,000 various kinds of coins offered, nearly 1,200 I think. 'Cause generally it'll crash 80% or two - Does the team have experience of carrying out in an effective way in another location of their life? And it does not even have to be directly related to cryptocurrency, it doesn't need to be even directly related to software application, right? So, however I wish to see a performance history of success in something, right? If it's 4 people in a space that are just out of college, unless they've got some actually excellent consultants behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in basic, my world of organization, we constantly search for issues and how we can solve them. Now, are the issues things that people are attempting to solve a part of the Blockchain generally? Or would you say it's 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 searching for services that, so I'll offer you an example.
And the factor that we bought it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% more affordable than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that began it has a track record of producing computer programs that whole states run their entire operations on, right? So you have actually got okay, the clever man has built substantial computer programs, terrific team, fixing a massive issue that is going to cut huge expenses.
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 prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually basic rule, Ryan. If I don't comprehend something, I installed my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).