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But scams and little frauds. And there's one thing that a scams constantly 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 enormous hack. Which woke something up for me.
And so I can't overlook that. I've got to go dig deeper." And so I began traveling all around the world. I started going to Bitcoin events; I started to speaking with people that were smarter than me in this space. And what I recognized is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The implications of that, of having the ability to have data that we do not require to have it separately verified, it's cryptographically confirmed. That principle can ripple out throughout the whole higher economy. And when that cent dropped, I knew I needed to commit all my professional resources into ending up being a specialist in this space.
And do you think, I mean you mentioned 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 lot of folks might not even totally comprehend validation process . We were just speaking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that 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 typical folks do not perhaps understand about these processes, so they don't maybe see what you're stating as this breakthrough, they don't see it in their daily life? Or what do you think of that? I think that's true.
It's not as simple as shooting 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've got to publish your identity documents, then you have actually got to wait to get verified, and then finally, you can go purchase some Bitcoin.
So, a lot of people find that too bothersome, which's why individuals that are literally 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 simply takes 5 minutes if you want to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, establishing a crypto account is so hard." 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 whole cryptocurrency market will be 10x bigger. So you're actually truly getting paid an enormous amount of cash to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software application. And can you envision what will occur to this entire market when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the process that individuals go through, and one thing I want 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 method, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, right, 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 suggest, 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 suggest 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 imply, we're in the early days of that innovation, however much like throughout that time period, 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 an action back for a second, since I'm constantly curious to speak with people who are, specifically 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 an average individual? That's a great concern.
They're two totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And actually, with present technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We do not trust paper money, you can print an unrestricted amount of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually 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 countries that could possibly be a driver for more adoption, because 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 great deal of American or Western financiers have a difficult time getting their head around. They're like, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this whole blossoming 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 basically utilized, let's say Ethereum, which a great deal of individuals know about Ethereum. Ethereum is essentially a global computer that you can compose computer system programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an utility token, since you're essentially purchasing shows power. So I would not really think about 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 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 exact same kind of network result that you have with Bitcoin, where it's like unstoppable example, since it's on many various locations 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, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity depends on the energy coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And people require to understand that not all energy coins are developed equivalent.
So you have the advantage of dedicating 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 an average person, there's now what, over 1,000 different kinds of coins offered, nearly 1,200 I think. 'Cause usually it'll crash 80% or two - Does the group have experience of performing in a successful manner in another area of their life? And it doesn't even need to be directly associated to cryptocurrency, it does not need to be even directly associated to software, right? So, but I wish to see a performance history of success in something, right? If it's four people in a room that are just 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 think that in marketing in general, my world of service, we continuously look for issues and how we can fix them. Now, are the problems things that individuals are trying to solve a part of the Blockchain generally? Or would you state it's better if they're fixing 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 searching for services that, so I'll provide you an example.
And the reason that we bought it is because they found a way to make files tamper-proof, and it's 99% cheaper than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a performance history of producing computer system programs that whole states run their whole operations on, right? So you have actually got okay, the smart guy has constructed substantial computer programs, excellent group, fixing an enormous issue that is going to cut substantial costs.
I indicate, it does not get any simpler than that in terms of deciding who to put cash behind. And a great deal of this is common sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really basic guideline, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).