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However scams and small frauds. And there's one thing that a fraud constantly 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 problem came out. The enormous hack. Which woke something up for me.
And so I can't disregard that. I've got to go dig deeper." And so I began traveling all around the world. I started going to Bitcoin occasions; I began to talking to individuals that were smarter than me in this area. And what I realized 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 enormous that is! The ramifications of that, of having the ability to have information that we do not require to have it individually confirmed, it's cryptographically verified. That idea can ripple out throughout the entire greater economy. And when that penny dropped, I knew I had to dedicate all my expert resources into becoming an expert in this space.
And do you believe, I suggest you pointed out something there about not needing to get a third-party, or intermediary to validate something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks might not even fully comprehend validation process . We were just discussing how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then suddenly there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you think that the average folks don't possibly understand about these procedures, so they do not possibly see what you're saying as this advancement, they don't see it in their daily life? Or what do you consider that? I believe that holds true.
It's not as simple as firing up a web 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 have actually got to publish your identity files, then you have actually got to wait to get confirmed, and after that lastly, you can go purchase some Bitcoin.
So, a lot of people discover that too troublesome, and that's why the individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes required to go through a procedure which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your concepts, however gosh, setting up a crypto account is so hard." What I inform them is I say, "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 bigger. So you're in fact really making money an enormous quantity of cash to go through maybe, you understand, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you picture what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and one thing I wish to expose too that you didn't point out, however I know a lot of folks who have a hard time 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 permanently before I might start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, 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 mean 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 innovation, but similar to during that period 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 absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to speak to individuals who are, specifically someone like yourself, who's committed the last, you understand, the bulk of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's a fantastic concern.
They're 2 completely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. And so what offers it value is that it is, there's just going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, people continuously try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with current 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 individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't rely on paper cash, you can print a limitless quantity of it. It's truly not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, because they currently don't believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a hard time getting their head around. They're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. Therefore 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 generally utilized, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially a global computer system that you can write computer system programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, due to the fact that you're essentially buying programs power. So I would not truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people a concept, like a really basic one that I would picture you 'd called an utility token, is like FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on numerous different locations and. undefined. I do not understand the ins and outs of it, however as an example for someone who might simply be extremely fundamental in their understanding of this, there are many various kinds of utilities that are readily available.
And you sort 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). Most of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I think the genuine opportunity depends on the utility coin area.
There's all of these ICOs that were happening, those slowed down a bit with some changes to a few things that was going on, but individuals are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals need to understand that not all energy coins are produced equivalent.
So you have the benefit of committing your occupation 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 a typical individual, there's now what, over 1,000 different types of coins readily available, practically 1,200 I think. 'Cause generally it'll crash 80% or so - Does the team have experience of carrying out in an effective manner in another area of their life? And it does not even have to be directly related to cryptocurrency, it doesn't need to be even directly related to software application, right? So, however I desire to see a performance history of success in something, right? If it's four people in a space that are simply out of college, unless they've got some actually great advisors behind them, I'm probably not going to give them any cash.
Yeah. I think that in marketing in general, my world of company, we continuously try to find problems and how we can fix them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain generally? Or would you say it's much 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 offer you an example.
And the factor that we purchased it is because they discovered a method to make files tamper-proof, and it's 99% cheaper than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that began it has a track record of creating computer system programs that whole states run their entire operations on, right? So you have actually got okay, the wise guy has developed big computer programs, fantastic team, solving an enormous issue that is going to cut substantial costs.
I suggest, it does not get any simpler than that in terms of deciding who to put cash behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have an actually basic guideline, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).