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However scams and small scams. And there's something that a fraud constantly does: it constantly goes to absolutely 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. And that woke something up for me.
Therefore I can't neglect that. I have actually got to go dig deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin events; I started to talking with individuals that were smarter than me in this space. And what I understood is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of being able to have information that we do not require to have it individually confirmed, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I understood I had to dedicate all my professional resources into becoming an expert in this space.
And do you believe, I suggest you mentioned something there about not having to get a third-party, or intermediary to verify 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 validation 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 IRS and things like that. Do you think that the average folks do not perhaps learn about these procedures, so they do not maybe see what you're stating as this advancement, they do not see it in their daily life? Or what do you think of that? I believe that holds true.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to submit your identity documents, then you've got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, which's why the people that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes needed to go through a process which simply takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, but 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 making money a huge quantity of money to go through maybe, you understand, 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 buy cryptocurrencies straight through your trading software. And can you imagine 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 mentioned the process that individuals go through, and one thing I wish to expose too that you didn't mention, but I understand a great deal of folks who battle with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently 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 keep in mind 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 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 after that bought in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm always curious to speak with people who are, specifically somebody like yourself, who's dedicated the last, you understand, the much better part of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it value is that it is, there's just going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And actually, with present innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust paper currency, you can print an unlimited amount of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or people that were in Cypress, or simply people who have suffered through either run-away inflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, since they currently don't think in their own currency? Yeah, and I think we've already 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 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 whole burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are generally utilized, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a global computer system that you can write computer system programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, due to the fact that you're basically buying shows power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like a really basic one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this very same type of network result that you have with Bitcoin, where it resembles unstoppable example, because it's on a lot of different areas and. And you sort of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine opportunity lies in the energy coin area.
There's all of these ICOs that were taking place, those decreased a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And individuals require to understand that not all utility coins are developed equal.
So you have the benefit of dedicating your profession to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can examine the code, etc. However for an average person, there's now what, over 1,000 various kinds of coins offered, practically 1,200 I think. 'Cause normally it'll crash 80% approximately - undefined. And that's when we actually start taking a look at the idea in more information. So here are some fast and filthy things that you should take a look at, right? So, one is, are they solving an issue that needs to be solved? Among the huge drawbacks with very wise, technical individuals, is that they like to resolve problems that no one appreciates resolving.
Does the team have experience of executing in an effective manner in another area of their life? And it doesn't even have to be directly associated to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, but I desire to see a performance history of success in something, right? If it's 4 men in a room that are simply out of college, unless they've got some truly great consultants behind them, I'm probably not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of service, we continuously try to find issues and how we can fix them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain generally? Or would you state it's much better if they're solving type 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 essentially searching for services that, so I'll offer you an example.
And the reason that we bought it is due to the fact that they found a method to make files tamper-proof, and it's 99% less expensive than present 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 okay, the wise person has actually constructed substantial computer programs, fantastic group, resolving a huge problem that is going to cut big expenses.
I mean, it does not get any simpler than that in regards to choosing who to put money behind. And a great deal of this is common sense, and a great deal of folks will try to make things more complicated than it is. And I have a really simple guideline, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).