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But frauds and small frauds. And there's one thing that a scams constantly does: it constantly goes to absolutely no. 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 huge hack. And that woke something up for me.
Therefore I can't neglect that. I've got to go dig deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin events; I began to speaking to people that were smarter than me in this area. And what I realized is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have data that we don't require to have it individually confirmed, it's cryptographically confirmed. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to commit all my expert resources into becoming a professional in this area.
And do you believe, 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 lot of folks may not even totally comprehend recognition procedure . 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 all of an unexpected there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not maybe understand about these processes, so they don't possibly see what you're saying as this breakthrough, they do not see it in their everyday 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 pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you've got to upload your identity documents, then you have actually got to wait to get validated, and then lastly, you can go purchase some Bitcoin.
So, a lot of individuals find that too bothersome, and that's why the individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a process which just takes five minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, setting up a crypto account is so tough." 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly getting paid a massive quantity of money to go through maybe, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you imagine what will happen to this whole market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that individuals go through, and something I desire to bring to light too that you didn't mention, however I understand a lot of folks who have a hard time with this too, is oh, and by the method, you can only 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 prior to I might begin purchasing in size on Coinbase. They're like, well, we'll let you purchase $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 Internet, we were doing it with 56k modems, right? I indicate 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 indicate, we're in the early days of that technology, but simply like during that duration of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young companies, they made an absolute 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, specifically somebody like yourself, who's dedicated the last, you understand, the bulk of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a fantastic question.
They're two completely different things, however 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. 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 computers, validating the transactions on the Bitcoin network. Therefore 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 really, with present innovation, the Bitcoin network is so big today, 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 saying, "We don't trust paper cash, you can print an unrestricted quantity of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that remained in Cypress, or simply individuals who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I believe we have actually already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. And so there's this entire burgeoning international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are generally used, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is basically an international computer system that you can write computer system programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an utility token, because you're essentially purchasing shows power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like an extremely basic one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this exact same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on a lot of different areas and. And you type of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). Many of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine chance lies in the utility coin area.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a few things that was going on, but people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals need to comprehend 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 reconnaissance, you can satisfy the creators, you can check the code, etc. However for an average individual, there's now what, over 1,000 different types of coins offered, practically 1,200 I believe. 'Cause usually it'll crash 80% approximately - Does the group have experience of executing in a successful manner in another area of their life? And it does not even need to be directly related to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, but I want to see a performance history of success in something, right? If it's four guys in a space that are just out of college, unless they've got some really excellent consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of business, 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 normally? Or would you state it's much better if they're solving 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 trying to find options that, so I'll give you an example.
And the factor that we purchased it is since they found a way to make documents tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a track record of developing computer programs that entire states run their entire operations on, right? So you have actually got all right, the smart person has built huge computer system programs, fantastic group, solving an enormous issue that is going to cut big expenses.
I suggest, it does not get any simpler than that in terms of choosing who to put money behind. And a lot of this is typical sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually simple rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).