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However scams and little scams. And there's something that a scams always does: it always goes to zero. But 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.
Therefore I can't neglect that. I have actually got to go dig deeper." And so I began traveling all around the world. I began going to Bitcoin events; I began to talking with people that were smarter than me in this space. And what I realized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of being able to have information that we do not need to have it independently verified, it's cryptographically verified. That concept can ripple out throughout the entire greater economy. And when that cent dropped, I knew I had to devote all my professional resources into becoming a professional in this space.
And do you think, I imply you mentioned 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 may not even completely comprehend recognition procedure . We were simply discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of an unexpected there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't maybe learn about these processes, so they don't perhaps see what you're saying as this breakthrough, they don't see it in their daily life? Or what do you consider that? I believe that's true.
It's not as simple as firing up a web internet browser and going to e-trade. com and pushing a buy button and purchasing it, right? You've got to go to an exchange, you've got to submit your identity documents, then you've got to wait to get validated, and then finally, you can go purchase some Bitcoin.
So, a lot of people discover that too bothersome, and that's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are willing to put in maybe the 20 minutes needed to go through a procedure which just takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, setting up a crypto account is so difficult." What I inform them is I state, "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 larger. So you're actually truly getting paid an enormous quantity of cash to go through maybe, 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 purchase cryptocurrencies straight through your trading software application. And can you imagine what will occur to this entire 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 people go through, and one thing I wish to expose 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 method, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As tough as possible, right, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Internet, 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 imply, 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 purchased in on a few of these young companies, they made an outright 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, especially somebody like yourself, who's committed the last, you understand, the much better part of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a fantastic concern.
They're two absolutely different things, but 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. Therefore what offers it value is that it is, there's just going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when individuals 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 currency, you can print an endless amount of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or people that were in Cypress, or simply people who have suffered through either hyperinflation, or there's a high need 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, due to the fact that they already 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 tough time getting their head around. They're like, "Well I don't 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 whole blossoming worldwide 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 lot of people understand about Ethereum. Ethereum is basically a global computer system that you can compose computer programs for and run computer system programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, because you're essentially purchasing programming power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely simple one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's kind of this exact same kind of network result that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on many various locations and. undefined. I don't know the ins and outs of it, however as an example for someone who might simply be very fundamental in their understanding of this, there are numerous various kinds of energies that are readily available.
And you kind of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity depends on the energy coin area.
There's all of these ICOs that were happening, those decreased a bit with some changes to a few things that was going on, but 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 developed equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the recon, you can meet the creators, you can inspect the code, etc. But for a typical individual, there's now what, over 1,000 different kinds of coins readily available, practically 1,200 I think. 'Cause normally it'll crash 80% or two - Does the team have experience of carrying out in a successful manner in another location of their life? And it does not even need to be straight related to cryptocurrency, it does not need to be even directly related to software, right? So, however I desire to see a track record of success in something, right? If it's four guys in a space that are simply out of college, unless they have actually got some truly good consultants behind them, I'm most likely not going to give them any money.
Yeah. I believe that in marketing in basic, my world of organization, we continuously try to find problems and how we can solve them. Now, are the issues things that individuals are trying to solve a part of the Blockchain normally? Or would you state it's much better if they're fixing 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 give you an example.
And the reason that we purchased it is due to the fact that they found a method to make documents tamper-proof, and it's 99% more affordable than existing 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 developing computer system programs that entire states run their whole operations on, right? So you've got fine, the wise person has developed huge computer programs, terrific group, resolving an enormous problem that is going to cut big costs.
I mean, it doesn't get any simpler than that in regards to deciding who to put cash behind. And a lot of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have a really basic guideline, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).