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However scams and small frauds. And there's one thing that a fraud constantly does: it constantly goes to no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The huge hack. Which woke something up for me.
And so I can't overlook that. I have actually got to go dig deeper." And so I began taking a trip all around the world. I started going to Bitcoin occasions; I began to speaking with individuals that were smarter than me in this space. And what I understood is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of being able to have information that we do not require to have it individually verified, it's cryptographically validated. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I understood I needed to devote all my professional resources into becoming a professional in this area.
And do you believe, I mean you mentioned 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 recognition procedure . We were just talking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the average folks don't perhaps understand about these processes, so they don't maybe see what you're stating as this development, 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 shooting up a web internet browser and going to e-trade. com and pushing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to upload your identity documents, then you have actually got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a great deal of people discover that too troublesome, which's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are prepared to put in possibly the 20 minutes needed to go through a procedure which just takes 5 minutes if you desire to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, setting up a crypto account is so challenging." What I tell them is I state, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x larger. So you're actually truly making money a massive quantity of money to go through possibly, you know, 20 minutes of a discomfort in the neck.
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 purchase cryptocurrencies directly through your trading software. And can you imagine what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the process that people go through, and one thing I desire to expose too that you didn't discuss, however I know a lot of folks who battle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Web, 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 suggest, we're in the early days of that technology, but similar to throughout that period of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, due to the fact that I'm always curious to talk to individuals who are, particularly someone like yourself, who's committed the last, you understand, the bulk of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a great question.
They're two totally various 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 worth is that it is, there's only going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly try 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 right now, you can't co-opt it, you can't take it over.
And so when people put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't rely on 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, best , go ahead.
Yeah. Or individuals that were in Cypress, or simply individuals who have actually suffered through either devaluation, 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 potentially be a catalyst for more adoption, because they currently 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 hard 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 stable currency, right? You do not require Bitcoin - Yeah. And so there's this whole burgeoning international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally utilized, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a worldwide computer system that you can compose computer system programs for and run computer programs on a globally decentralized computer program.
So we think about something like Ether an utility token, due to the fact that you're basically buying shows power. So I wouldn't actually consider 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 very basic one that I would picture you 'd called an energy token, is like FileCoin.
Where the concept 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 resembles unstoppable example, since it's on a lot of various locations and. And you kind of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely energy based, fix? 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 chance depends on the energy coin area.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a couple of things that was going on, but individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require to comprehend that not all energy coins are created equal.
So you have the advantage of committing your profession to this, so you can head out there and do the recon, you can meet the founders, you can examine the code, and so on. But for a typical person, there's now what, over 1,000 various kinds of coins offered, nearly 1,200 I think. 'Cause normally it'll crash 80% or two - Does the group have experience of executing in a successful way in another location of their life? And it does not even have to be straight associated to cryptocurrency, it does not need to be even directly associated to software application, right? So, however I wish to see a track record of success in something, right? If it's four guys in a space that are just out of college, unless they have actually got some actually great consultants behind them, I'm probably not going to give them any money.
Yeah. I believe that in marketing in general, my world of organization, we constantly look for issues and how we can resolve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain generally? Or would you say it's much better if they're resolving sort of a mass issue? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm essentially looking for solutions that, so I'll give you an example.
And the factor that we bought it is since they discovered a way to make documents tamper-proof, and it's 99% cheaper than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that started it has a track record of developing computer system programs that whole states run their whole operations on, right? So you've got okay, the clever man has actually developed substantial computer programs, terrific team, fixing a huge issue that is going to cut big costs.
I suggest, it does not get any easier than that in regards to deciding who to put cash behind. And a great deal of this is typical sense, and a great deal of folks will try to make things more complicated than it is. And I have a really basic guideline, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).