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However scams and small frauds. And there's something that a scams constantly does: it constantly goes to absolutely 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 have actually got to go dig deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin events; I began to speaking with individuals that were smarter than me in this space. And what I realized is that Blockchain innovation and the execution 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 data that we do not require to have it independently validated, it's cryptographically validated. That concept can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to devote all my professional resources into becoming an expert in this space.
And do you believe, 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 factor that this isn't getting as much mass adoption is that a great deal of folks might not even totally comprehend validation procedure . We were simply talking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of an unexpected there's other people getting informed about it, like the IRS and things like that. Do you believe that the typical folks do not possibly learn about these procedures, so they do not possibly see what you're saying as this development, they do not see it in their everyday life? Or what do you consider that? I think that's true.
It's not as easy 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've got to publish your identity documents, then you have actually got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too inconvenient, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are willing to put in possibly the 20 minutes required to go through a procedure which simply takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we like your ideas, but gosh, setting up a crypto account is so hard." 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 actually truly earning money a huge quantity of cash 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 question of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software. And can you picture what will occur to this whole market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and something I wish to expose too that you didn't point out, however I understand a lot of folks who have problem 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 before I might begin purchasing 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 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 mean, we're in the early days of that technology, however similar to throughout that amount of time, for the folks that had the vision to see where the future was going, and then bought in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to talk with people who are, specifically somebody like yourself, who's devoted the last, you know, the much better part of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's a great concern.
They're 2 absolutely different 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 offers it value is that it is, there's just going to be a minimal 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 continuously attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, with existing technology, the Bitcoin network is so big 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 actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not rely on paper cash, you can print a limitless quantity of it. It's truly not secure, and the government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that remained in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high need 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 already don't 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 investors have a difficult time 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 do not require Bitcoin - Yeah. And so there's this whole growing international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are generally utilized, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer system programs for and run computer programs on a globally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially purchasing shows power. So I wouldn't truly think about 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 very basic 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 same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on so many different areas and. And you sort of pointed out having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). Many of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the real opportunity depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some changes to a few things that was going on, however people are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And individuals need to understand that not all energy coins are produced equivalent.
So you have the advantage of devoting your occupation to this, so you can head out there and do the reconnaissance, you can meet the founders, you can examine the code, etc. However for a typical individual, there's now what, over 1,000 different types of coins offered, almost 1,200 I think. 'Cause typically it'll crash 80% or two - Does the group have experience of performing in a successful way in another area of their life? And it does not even need to be straight associated to cryptocurrency, it doesn't have to be even straight associated to software application, right? So, but I wish to see a performance history of success in something, right? If it's four people in a room that are just out of college, unless they have actually got some really great advisors behind them, I'm probably not going to give them any money.
Yeah. I think that in marketing in basic, my world of organization, we continuously try to find issues and how we can resolve them. Now, are the problems things that people are attempting to resolve a part of the Blockchain typically? Or would you say it's better if they're fixing 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 basically searching for solutions that, so I'll provide 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% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a performance history of producing computer programs that entire states run their entire operations on, right? So you've got alright, the smart guy has actually built substantial computer programs, excellent group, fixing a huge problem that is going to cut huge costs.
I mean, it doesn't get any simpler than that in regards to deciding who to put cash behind. And a great deal of this is typical sense, and a lot of folks will try to make things more complicated than it is. And I have a really basic rule, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).