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But scams and little scams. And there's something that a scams always 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 bad news came out. The massive hack. And that woke something up for me.
Therefore I can't overlook 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 occasions; I started to speaking to individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have data that we don't require to have it individually verified, it's cryptographically confirmed. That idea can ripple out throughout the entire greater economy. And when that cent dropped, I knew I had to dedicate all my expert resources into ending up being a specialist in this area.
And do you think, I indicate you discussed something there about not having to get a third-party, or intermediary to confirm 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 recognition process . We were just talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that suddenly there's other individuals getting informed 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 don't 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 holds true.
It's not as simple as firing 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 submit your identity files, then you have actually got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a great deal of people discover that too inconvenient, and that's why the individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a process which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your concepts, but gosh, setting up a crypto account is so tough." What I tell them is I state, "Look, when it's easy 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 actually really earning money a huge quantity of money to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you imagine what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that people go through, and something I wish to expose too that you didn't mention, however I know a lot of folks who struggle with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever prior to I might start 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 Web, 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 imply, we're in the early days of that innovation, but similar to during that amount of time, for the folks that had the vision to see where the future was going, and after that bought 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, due to the fact that I'm always curious to speak with people who are, particularly someone like yourself, who's committed the last, you understand, the lion's share of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic question.
They're two absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what provides it worth 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 computer systems, verifying the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We don't rely on paper currency, you can print an unlimited quantity of it. It's truly not protect, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that were in Cypress, or simply people who have suffered through either devaluation, 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 possibly be a catalyst for more adoption, due to the fact that they already do not believe in their own currency? Yeah, and I believe we have actually 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 resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. Therefore there's this whole growing international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically used, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically an international computer system that you can compose computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we think about something like Ether an energy token, since you're basically buying programs power. So I would not truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like a very simple one that I would picture you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's sort 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 a lot of various areas and. And you kind of discussed having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine opportunity lies in the energy coin area.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals require to comprehend that not all energy coins are produced equivalent.
So you have the advantage of committing your occupation to this, so you can go out there and do the reconnaissance, you can meet the founders, you can examine the code, etc. But for a typical person, there's now what, over 1,000 different kinds of coins offered, nearly 1,200 I think. 'Cause usually it'll crash 80% or two - Does the group have experience of carrying out in an effective way in another area of their life? And it doesn't even need to be straight associated to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, but I want to see a performance history of success in something, right? If it's four people in a room that are simply out of college, unless they have actually got some actually excellent consultants behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in basic, my world of business, we continuously try to find issues and how we can resolve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain usually? Or would you say it's much better if they're fixing 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 looking for solutions that, so I'll provide you an example.
And the reason that we bought it is due to the fact that they discovered a method 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 began it has a performance history of developing computer system programs that whole states run their entire operations on, right? So you've got alright, the clever guy has actually constructed big computer programs, fantastic team, fixing a huge issue that is going to cut substantial costs.
I indicate, it does not get any simpler than that in terms of deciding who to put money behind. And a great deal of this is typical sense, and a lot of folks will try to make things more complex than it is. And I have an actually simple guideline, Ryan. If I do not understand something, I set up my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).