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However scams and small scams. And there's one thing that a fraud constantly does: it always goes to no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The massive hack. Which woke something up for me.
And so I can't ignore that. I've got to go dig deeper." Therefore 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 area. And what I recognized is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The ramifications of that, of having the ability to have information that we don't require to have it separately confirmed, it's cryptographically verified. That concept can ripple out throughout the whole higher economy. And when that penny dropped, I knew I had to devote all my expert resources into ending up being a professional in this area.
And do you believe, I imply you discussed something there about not needing to get a third-party, or intermediary to verify 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 speaking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and after that all of an unexpected there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not perhaps understand about these processes, so they don't perhaps see what you're saying as this advancement, they don't see it in their everyday life? Or what do you consider 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 purchasing it, right? You've got to go to an exchange, you have actually got to submit your identity files, then you've got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a lot of people find that too bothersome, and that's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes needed to go through a procedure which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your ideas, however gosh, establishing a crypto account is so difficult." What I tell them is I say, "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 in fact truly making money a massive amount of money to go through perhaps, you know, 20 minutes of a headache.
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 directly through your trading software. And can you picture what will take place to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the process that people go through, and something I wish to expose too that you didn't discuss, however I understand a great deal of folks who deal with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me forever prior to I might begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I imply, 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 indicate 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 mean, we remain in the early days of that innovation, however simply like throughout that period of time, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young business, they made an outright 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 with people who are, particularly someone like yourself, who's dedicated the last, you know, the bulk of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a fantastic question.
They're two totally various things, however 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. Therefore what gives it value is that it is, there's only going to be a limited 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. And so if you take a look at that Bitcoin network, people constantly try to hack it. However because 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.
Therefore when individuals put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't trust fiat money, you can print an endless amount of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or people that remained in Cypress, or simply individuals who have suffered through either devaluation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, due to the fact that they already don't believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a bumpy ride getting their head around. They're like, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - undefined. However there are billions of people in the world that do not have stable currencies.
Yeah. And so there's this entire blossoming global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are essentially used, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially a global computer system that you can compose computer programs for and run computer programs on a globally decentralized computer program.
So we think about something like Ether an energy token, due to the fact that you're basically purchasing shows power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals a concept, like an extremely easy one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this very same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on many different areas and. And you sort of discussed having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, however I think the real opportunity lies in the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And individuals need to understand that not all utility coins are produced equivalent.
So you have the benefit of dedicating your occupation to this, so you can go out there and do the reconnaissance, you can meet the creators, you can examine the code, and so on. But for an average individual, there's now what, over 1,000 various kinds of coins offered, practically 1,200 I believe. 'Cause typically it'll crash 80% or so - undefined. Which's when we actually begin looking at the idea in more information. So here are some quick and filthy things that you should take a look at, right? So, one is, are they solving a problem that needs to be fixed? One of the huge downsides with extremely wise, technical people, is that they like to fix issues that no one cares about fixing.
Does the team have experience of carrying out in a successful way in another location of their life? And it does not even need to be directly related to cryptocurrency, it doesn't need to be even straight related to software application, right? So, but I want to see a track record of success in something, right? If it's 4 people in a room that are simply out of college, unless they have actually got some truly excellent advisors behind them, I'm most likely not going to give them any cash.
Yeah. I think that in marketing in general, my world of organization, we constantly search for issues and how we can resolve them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain normally? Or would you say it's much better if they're solving kind 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 generally looking for options that, so I'll give you an example.
And the factor that we bought it is because they found a way to make documents tamper-proof, and it's 99% cheaper than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a track record of creating computer programs that whole states run their whole operations on, right? So you've got all right, the clever person has constructed huge computer system programs, great team, fixing an enormous issue that is going to cut huge costs.
I indicate, it does not get any simpler than that in regards to 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 a really easy guideline, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).