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But frauds and little frauds. And there's one thing that a fraud constantly does: it always goes to absolutely 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 enormous hack. And that woke something up for me.
And so I can't overlook that. I've got to go dig deeper." And so I started traveling all around the world. I began going to Bitcoin events; I began to speaking to individuals that were smarter than me in this area. 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 huge that is! The ramifications of that, of being able to have information that we don't require to have it individually validated, it's cryptographically verified. That idea can ripple out throughout the entire greater economy. And when that penny dropped, I knew I needed to devote all my expert resources into ending up being an expert in this area.
And do you believe, I indicate 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 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 simply speaking 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 people getting alerted about it, like the IRS and things like that. Do you believe that the average folks do not perhaps learn about these procedures, so they don't possibly see what you're saying as this advancement, they do not see it in their everyday life? Or what do you consider that? I think that holds true.
It's not as simple as firing up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to publish your identity files, then you have actually got to wait to get verified, and then lastly, you can go purchase some Bitcoin.
So, a lot of individuals discover that too troublesome, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that are willing to put in possibly the 20 minutes required to go through a process which just takes five minutes if you want to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, setting up a crypto account is so hard." 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly getting paid a huge amount of money to go through perhaps, you know, 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 buy cryptocurrencies directly through your trading software application. And can you imagine what will take place to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that individuals go through, and something I desire to bring to light too that you didn't point out, but I know a lot of folks who fight 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 forever before I might begin buying 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 Web, we were doing it with 56k modems, right? I imply 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 imply, we remain in the early days of that innovation, however similar to during that amount 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 companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm always curious to talk to people who are, specifically somebody like yourself, who's committed 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 an average individual? That's a terrific question.
They're two absolutely different things, but 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. And so what provides it value is that it is, there's only going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously attempt 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 today, you can't co-opt it, you can't take it over.
And so 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 stating, "We do not trust fiat money, you can print an endless quantity of it. It's really not protect, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that were in Cypress, or simply people who have suffered through either devaluation, or there's a high demand for, in Argentina for instance, 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 think 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 investors have a bumpy ride getting their head around. They resemble, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. Therefore there's this entire burgeoning global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically used, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically an international computer that you can write computer programs for and run computer system programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, since you're basically purchasing programs power. So I wouldn't really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people a concept, like a very basic one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this exact same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on a lot of different areas and. And you sort 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, fix? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity lies in the energy coin space.
There's all of these ICOs that were happening, those slowed down a 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 develop utility coins- Correct, yeah. And individuals require to comprehend that not all energy coins are developed equivalent.
So you have the benefit of dedicating your occupation to this, so you can go out there and do the recon, you can meet the creators, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 various kinds of coins readily available, practically 1,200 I think. 'Cause generally it'll crash 80% approximately - Does the team have experience of executing in an effective way in another area of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't need to be even directly associated to software, right? So, however I wish to see a performance history of success in something, right? If it's 4 people in a space that are simply out of college, unless they've got some actually good consultants behind them, I'm probably not going to provide them any cash.
Yeah. I believe that in marketing in basic, my world of company, we constantly look for issues and how we can solve them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain typically? Or would you state it's better if they're solving sort 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 basically looking for services that, so I'll offer you an example.
And the factor that we purchased it is since they discovered a way 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 guy that began it has a performance history of creating computer system programs that entire states run their whole operations on, right? So you have actually got fine, the smart person has actually developed big computer system programs, great team, fixing a massive issue that is going to cut big expenses.
I suggest, it doesn't get any easier than that in terms of choosing who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have a really easy guideline, Ryan. If I do not comprehend something, I installed my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).