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But frauds and small scams. And there's something that a scams always does: it always 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. 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 occasions; I started to speaking to people that were smarter than me in this space. And what I recognized is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The implications of that, of having the ability to have information that we don't require to have it separately validated, it's cryptographically confirmed. That idea can ripple out throughout the whole higher economy. And when that penny dropped, I understood I needed to devote all my expert resources into ending up being an expert in this area.
And do you think, I mean you pointed out 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 lot of folks may not even totally understand validation procedure . We were simply talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that all of an abrupt there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not perhaps learn about these procedures, so they do not perhaps see what you're stating as this development, they do not see it in their everyday life? Or what do you consider that? I think that's real.
It's not as easy as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You've got to go to an exchange, you have actually got to publish your identity documents, then you've got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a lot of people find that too inconvenient, and that's why the people that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that are ready to put in perhaps the 20 minutes needed to go through a procedure which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your concepts, but gosh, setting up a crypto account is so challenging." 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 larger. So you're actually really earning money a massive amount of cash to go through perhaps, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you picture what will happen to this whole 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 want 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 method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me forever prior to I could begin purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, when we were getting on the Web, 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 suggest, we're in the early days of that innovation, but simply like during that time period, 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 outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to talk with individuals who are, specifically someone like yourself, who's dedicated the last, you understand, the much better part of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average individual? That's an excellent question.
They're 2 totally different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what gives 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. And so if you look at that Bitcoin network, people constantly try to hack it. However because of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't trust fiat money, you can print an endless amount of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that remained in Cypress, or simply people who have suffered through either run-away inflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, because they currently do not think in their own currency? Yeah, and I believe we've already 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're like, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. And so there's this whole blossoming worldwide need 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 state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an utility token, because you're essentially buying shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals an idea, like a really basic one that I would envision you 'd called an energy token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this exact same type of network result that you have with Bitcoin, where it resembles unstoppable example, because it's on a lot of various areas and. And you type of pointed out having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, but I believe the genuine 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 people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And individuals require to understand that not all energy coins are produced equal.
So you have the advantage of dedicating your profession to this, so you can head out there and do the recon, you can meet the creators, you can check the code, etc. However for an average individual, there's now what, over 1,000 various kinds of coins available, nearly 1,200 I think. 'Cause normally 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 does not even have to be directly associated to cryptocurrency, it doesn't need to be even straight related to software, right? So, but I desire to see a track record of success in something, right? If it's 4 men in a room that are just out of college, unless they have actually got some truly 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 constantly try to find issues and how we can solve them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain typically? Or would you state it's much better if they're solving sort 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 because they discovered a way to make documents tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a track record of creating computer programs that entire states run their whole operations on, right? So you have actually got fine, the clever guy has built substantial computer programs, fantastic team, fixing an enormous problem that is going to cut huge costs.
I imply, 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 lot of folks will attempt to make things more complicated than it is. And I have an actually simple guideline, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).