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But scams and little scams. And there's something that a scams constantly does: it always goes to no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news 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 much deeper." And so I began taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking with individuals that were smarter than me in this area. And what I understood is that Blockchain innovation and the execution of Blockchain innovation 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 need to have it individually verified, it's cryptographically validated. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to commit all my expert resources into becoming a specialist in this space.
And do you think, I mean you mentioned 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 great deal of folks may not even completely understand recognition process . undefined.
We were simply speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of an unexpected there's other individuals getting alerted about it, like the IRS and things like that. Do you believe that the typical folks don't maybe understand about these processes, so they do not possibly see what you're stating as this breakthrough, they don't see it in their everyday life? Or what do you consider that? I think that's true.
It's not as simple as shooting 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 upload your identity files, then you've got to wait to get verified, and after that finally, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, and that's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that are ready to put in maybe the 20 minutes needed to go through a process which simply takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, establishing a crypto account is so hard." 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 bigger. So you're actually really getting paid an enormous quantity of cash to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software. And can you envision what will take place to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that people go through, and one thing I want to expose too that you didn't mention, however I understand a great deal of folks who fight with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, best, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I mean it would take 20 minutes to load 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 remain in the early days of that technology, however much like throughout that period 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 absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to talk with people who are, specifically somebody like yourself, who's devoted the last, you understand, the bulk of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a fantastic question.
They're two absolutely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's just going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously try to hack it. But since of the nature of the network, today it's been unhackable. And really, with existing innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually 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 trust paper money, you can print an endless amount of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or people that remained in Cypress, or simply people who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, due to the fact that they already 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 financiers have a tough time getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't 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 used, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially a worldwide 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, since you're essentially purchasing shows power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people a concept, like an extremely easy one that I would imagine 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 kind of this exact same type of network effect that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on numerous different areas and. And you sort of discussed having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however I think the genuine chance depends on the energy coin space.
There's all of these ICOs that were happening, 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 create energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are created equivalent.
So you have the advantage of committing your profession to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can examine the code, and so on. But for an average individual, there's now what, over 1,000 different kinds of coins available, practically 1,200 I believe. 'Cause usually it'll crash 80% approximately - Does the group have experience of executing in a successful way in another area of their life? And it doesn't even have to be directly related to cryptocurrency, it does not have to be even straight related to software, right? So, but I want to see a track record of success in something, right? If it's four men in a room that are just out of college, unless they have actually got some truly excellent consultants behind them, I'm most likely not going to provide any cash.
Yeah. I think that in marketing in basic, my world of company, we constantly search for issues and how we can fix them. Now, are the issues things that individuals are attempting to fix a part of the Blockchain typically? Or would you say it's better if they're solving type 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 searching for options that, so I'll give you an example.
And the factor that we bought it is since they found a method to make documents tamper-proof, and it's 99% more affordable than current technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a performance history of developing computer programs that entire states run their entire operations on, right? So you've got alright, the clever man has constructed substantial computer system programs, great group, fixing a huge problem that is going to cut substantial costs.
I imply, it doesn't get any easier than that in terms of deciding who to put money behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complex than it is. And I have an actually simple rule, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).