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However scams and little scams. And there's one thing that a fraud always does: it always goes to zero. However 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. And that woke something up for me.
Therefore I can't ignore that. I've got to go dig deeper." And so I began traveling all around the world. I started going to Bitcoin events; I started to speaking with individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of having the ability to have information that we do not need to have it separately verified, it's cryptographically confirmed. That principle can ripple out throughout the whole greater economy. And when that cent dropped, I knew I needed to commit all my expert resources into ending up being a specialist in this area.
And do you think, I suggest you pointed out something there about not needing 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 great deal of folks might not even fully comprehend recognition procedure . We were simply talking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other individuals getting notified about it, like the IRS and things like that. Do you think that the typical folks don't possibly understand about these procedures, so they don't perhaps see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you believe about that? I believe that's real.
It's not as easy as shooting up a web internet 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've got to submit your identity files, then you have actually got to wait to get validated, and after that lastly, you can go buy some Bitcoin.
So, a lot of people discover that too troublesome, and that's why the individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a process which just takes 5 minutes if you want to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so challenging." What I inform 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 larger. So you're in fact really earning money a massive amount of money to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will occur to this entire market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and something I want to expose too that you didn't mention, but I understand a lot of folks who deal with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only buy $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I mean, it's if you remember the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I suggest 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 time period, for the folks that had the vision to see where the future was going, and after that 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 know, the lion's share of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? That's an excellent concern.
They're two absolutely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's only going to be a limited amount. 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, individuals constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with present 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 have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't trust paper currency, you can print a limitless quantity of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or individuals that were in Cypress, or simply people who have actually suffered through either devaluation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, due to the fact that they currently do not believe in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a lot 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 don't need Bitcoin - undefined. However there are billions of people worldwide that do not have stable currencies.
Yeah. And so there's this entire blossoming international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, because you're essentially buying programs power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people a concept, like a very basic one that I would picture you 'd called an energy token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's sort of this exact same type of network impact that you have with Bitcoin, where it's like unstoppable example, since it's on a lot of various areas and. And you kind of mentioned having this boots on the ground experience. Now, because we're looking at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). Many of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the genuine chance lies in the energy coin space.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people need to comprehend that not all energy coins are created equivalent.
So you have the advantage of dedicating your profession to this, so you can go out there and do the recon, you can satisfy the creators, you can check the code, etc. But for a typical person, there's now what, over 1,000 different kinds of coins offered, practically 1,200 I believe. 'Cause generally it'll crash 80% or so - undefined. Which's when we actually begin looking at the idea in more detail. So here are some fast and dirty things that you should look at, right? So, one is, are they fixing an issue that needs to be solved? Among the big drawbacks with very smart, technical individuals, is that they like to fix problems that no one appreciates fixing.
Does the team have experience of executing in an effective manner in another area of their life? And it does not even have to be straight related to cryptocurrency, it does not have to be even directly related to software, right? So, however I desire to see a track record of success in something, right? If it's 4 men in a room that are just out of college, unless they have actually got some truly great advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of business, we continuously look for problems and how we can solve them. Now, are the problems things that people are trying to solve a part of the Blockchain typically? Or would you state it's better if they're solving sort 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 searching for solutions that, so I'll give you an example.
And the reason that we purchased it is since they found a way to make documents tamper-proof, and it's 99% cheaper than current innovation, 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 developing computer programs that entire states run their whole operations on, right? So you have actually got okay, the wise guy has actually constructed huge computer programs, terrific group, solving an enormous problem that is going to cut big costs.
I suggest, it doesn't get any easier than that in terms of deciding who to put cash behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually simple rule, Ryan. If I don't comprehend something, I installed my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).