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But scams and small scams. And there's one thing that a scams constantly does: it constantly 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 huge hack. And that woke something up for me.
And so I can't neglect that. I've got to go dig much deeper." And so I began taking a trip all around the world. I began going to Bitcoin events; I started 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 technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have information that we do not require to have it individually verified, it's cryptographically verified. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I knew I had to devote all my professional resources into ending up being an expert in this space.
And do you think, I suggest 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 might not even fully understand validation process . We were just speaking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and then all of an abrupt there's other individuals getting alerted about it, like the IRS and things like that. Do you think that the average folks do not perhaps understand about these processes, so they do not maybe see what you're saying as this advancement, they do not see it in their everyday life? Or what do you think of that? I believe that's real.
It's not as simple as firing up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to publish your identity files, then you have actually got to wait to get verified, and then finally, you can go purchase some Bitcoin.
So, a great deal of individuals find that too bothersome, and that's why the people 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 required to go through a process which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, but gosh, establishing a crypto account is so hard." What I inform 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 bigger. So you're in fact really getting paid a massive quantity of cash to go through maybe, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you picture what will happen to this entire market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that people go through, and something I wish to expose too that you didn't point out, but I know a lot of folks who deal with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever before I could start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I suggest, 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 fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I mean, we remain in the early days of that technology, however similar to throughout that duration of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm constantly curious to speak to individuals who are, especially someone like yourself, who's dedicated the last, you know, 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 an average person? That's an excellent question.
They're two totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. And so what offers it value is that it is, there's just going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And actually, with present innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore 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 a limitless quantity of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that were in Cypress, or simply individuals who have actually 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 countries that could potentially be a driver for more adoption, due to the fact that 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 difficult 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 basically used, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a global computer system that you can compose computer system programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, due to the fact that you're basically purchasing programs power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals an idea, like a very simple one that I would picture you 'd called an energy token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this exact same kind of network result that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on many different areas and. And you type of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity lies in the utility coin area.
There's all of these ICOs that were happening, those decreased a bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And individuals require to understand that not all utility coins are produced equivalent.
So you have the benefit of committing your profession to this, so you can head out there and do the reconnaissance, you can fulfill the creators, you can inspect the code, and so on. But for an average individual, there's now what, over 1,000 various kinds of coins readily available, almost 1,200 I think. 'Cause typically it'll crash 80% or so - Does the team have experience of performing in an effective manner in another location of their life? And it doesn't even need to be straight related to cryptocurrency, it doesn't have to be even directly associated to software, right? So, however I wish to see a track record of success in something, right? If it's four people in a room that are simply out of college, unless they've got some truly great advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in basic, my world of business, we constantly look for problems and how we can solve them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain generally? Or would you state it's 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 basically trying to find services that, so I'll give you an example.
And the reason that we bought it is due to the fact that they discovered a method to make files 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 began it has a performance history of developing computer programs that whole states run their whole operations on, right? So you've got fine, the wise person has actually constructed huge computer programs, excellent group, resolving a huge issue that is going to cut substantial expenses.
I mean, it doesn't get any simpler than that in terms of choosing who to put cash behind. And a lot of this is typical sense, and a great deal of folks will try to make things more complex than it is. And I have a truly easy guideline, Ryan. If I do not comprehend something, I set up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).