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But frauds and small scams. 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 enormous hack. And that woke something up for me.
And so I can't ignore that. I have actually got to go dig much deeper." Therefore I started taking a trip all around the world. I started going to Bitcoin events; I began to speaking to people that were smarter than me in this area. 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 ramifications of that, of having the ability to have information that we don't need to have it independently validated, it's cryptographically confirmed. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I understood I needed to dedicate all my professional resources into ending up being a professional in this area.
And do you think, I imply you mentioned something there about not needing to get a third-party, or intermediary to validate something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks may not even completely understand validation procedure . undefined.
We were just speaking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that all of a sudden 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 perhaps learn about these procedures, so they don't possibly see what you're saying as this advancement, they do not see it in their everyday life? Or what do you believe about that? I think that's real.
It's not as easy as shooting up a web 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've got to upload your identity documents, then you've got to wait to get confirmed, and after that lastly, you can go purchase some Bitcoin.
So, a great deal of people discover that too troublesome, and that's why the individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are prepared to put in possibly the 20 minutes required to go through a procedure 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 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 whole cryptocurrency market will be 10x bigger. So you're actually truly earning money a huge quantity of money to go through possibly, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you envision what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as simple as firing 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 point out, but I know a lot of folks who struggle with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently before I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $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 indicate 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 imply, we're in the early days of that technology, however similar to during that time period, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm constantly curious to speak to people who are, specifically someone like yourself, who's dedicated the last, you understand, the bulk of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's an excellent concern.
They're 2 absolutely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. And so what gives it worth is that it is, there's just going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. And so if you look at that Bitcoin network, people constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals who have actually 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 currency, you can print an unlimited quantity of it. It's actually not secure, and the federal government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that were in Cypress, or simply people who have suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, since they already do not believe 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 tough time getting their head around. They resemble, "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. And so there's this entire blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are basically utilized, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially a global computer system that you can write computer programs for and run computer programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, because you're basically purchasing programming power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people an idea, like a really basic one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's type of this same type of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on so lots of various areas and. And you sort 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, fix? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance depends on the energy coin area.
There's all of these ICOs that were taking place, those decreased a little bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equal.
So you have the advantage of committing your occupation to this, so you can go out there and do the recon, you can meet the creators, you can examine the code, and so on. However for an average person, there's now what, over 1,000 different kinds of coins offered, 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 have to be directly associated to cryptocurrency, it does not 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 men in a space that are just out of college, unless they have actually got some actually excellent consultants behind them, I'm probably not going to provide them any cash.
Yeah. I believe that in marketing in general, my world of company, we continuously look for problems and how we can fix them. Now, are the issues things that individuals are trying to solve a part of the Blockchain normally? Or would you say it's much better if they're solving kind 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 generally searching for services that, so I'll provide you an example.
And the reason that we bought it is because they discovered a method 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 after that on top of that, the man that started it has a performance history of producing computer programs that entire states run their whole operations on, right? So you have actually got all right, the wise man has built huge computer system programs, fantastic group, resolving an enormous issue that is going to cut huge costs.
I suggest, it does not get any simpler than that in terms of choosing who to put money behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a really basic guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).