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But scams and little scams. And there's one thing that a fraud 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 problem came out. The huge hack. And that woke something up for me.
Therefore I can't neglect that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin occasions; I started to speaking with people that were smarter than me in this space. And what I understood is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of being able to have data that we do not require to have it separately verified, it's cryptographically verified. That idea can ripple out throughout the entire greater economy. And when that cent dropped, I knew I needed to devote all my expert 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 confirm 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 fully comprehend recognition procedure . We were just talking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other individuals getting alerted about it, like the IRS and things like that. Do you believe that the typical folks do not perhaps know about these procedures, so they don't maybe see what you're stating as this advancement, they don't 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 pressing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to publish your identity documents, then you have actually got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a great deal of people discover that too troublesome, which's why the people that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes needed to go through a procedure which simply takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we love your ideas, but 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 whole cryptocurrency market will be 10x bigger. So you're actually truly getting paid a huge amount of cash to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you imagine what will happen 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 mentioned the procedure that people go through, and one thing I wish to expose too that you didn't discuss, however I know a lot of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult 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 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 load 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, but much like during that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm constantly curious to talk to individuals who are, particularly someone like yourself, who's dedicated the last, you understand, the better part of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's a great concern.
They're 2 completely 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. Therefore what gives it value is that it is, there's only 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, validating the deals on the Bitcoin network. And so if you look at that Bitcoin network, people continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when people put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on fiat money, you can print an unlimited amount of it. It's truly not secure, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that remained in Cypress, or just people who have actually suffered through either devaluation, 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 potentially be a catalyst for more adoption, since they currently don't think 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 financiers have a difficult time getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. And so there's this entire blossoming international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are generally used, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a worldwide computer that you can compose computer programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, since you're essentially buying programming power. So I would not really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals a concept, like a really simple one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's kind of this same type of network impact that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on a lot of different areas and. And you kind of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity lies in the energy coin area.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a few things that was going on, but individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people require to understand that not all energy coins are produced equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the recon, you can meet the founders, you can check the code, etc. However for a typical 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 two - Does the team have experience of executing in a successful way in another location of their life? And it does not even have to be directly related to cryptocurrency, it does not have to be even straight related to software, right? So, but I desire 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've got some truly great advisors behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in basic, my world of organization, we continuously look for problems and how we can fix them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain usually? Or would you say it's better if they're resolving 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 basically searching for services that, so I'll give you an example.
And the reason that we purchased it is since they discovered a method to make files tamper-proof, and it's 99% less expensive than current technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a performance history of creating computer programs that whole states run their whole operations on, right? So you have actually got fine, the clever man has actually developed huge computer system programs, fantastic team, resolving an enormous problem that is going to cut big costs.
I mean, it does not get any simpler than that in terms of choosing who to put money behind. And a lot of this is typical sense, and a great deal of folks will attempt to make things more complex than it is. And I have a really basic rule, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).