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But frauds and small frauds. And there's one thing 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 bad news came out. The massive hack. And that woke something up for me.
Therefore I can't disregard that. I have actually got to go dig deeper." Therefore I began traveling all around the world. I began going to Bitcoin events; I began to talking to individuals that were smarter than me in this space. And what I realized 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 data that we do not require to have it individually verified, it's cryptographically validated. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I understood I needed to devote all my professional resources into becoming a specialist in this space.
And do you think, I indicate you pointed out something there about not having to get a third-party, or intermediary to validate something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks may not even completely understand recognition procedure . undefined.
We were simply speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other individuals getting alerted about it, like the IRS and things like that. Do you think that the average folks do not possibly learn about these processes, so they don't maybe see what you're saying as this breakthrough, they do not see it in their daily life? Or what do you consider that? I believe that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to submit your identity documents, then you've got to wait to get validated, and then finally, you can go purchase some Bitcoin.
So, a great deal of people find that too bothersome, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are prepared to put in maybe the 20 minutes required to go through a procedure which just takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, setting up a crypto account is so hard." What I tell them is I state, "Look, when it's easy 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 truly getting paid a huge quantity of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you picture what will happen to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that individuals go through, and one thing I wish to bring to light too that you didn't point out, however I understand a great deal of folks who struggle with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently prior to I might begin purchasing 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 Internet, we were doing it with 56k modems, right? I indicate it would take 20 minutes to fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I indicate, we remain in the early days of that technology, however similar to during that duration 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 an action back for a 2nd, since I'm always curious to speak with people who are, especially somebody like yourself, who's devoted the last, you understand, the bulk of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a terrific concern.
They're two completely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what offers it value is that it is, there's just going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And really, with present innovation, the Bitcoin network is so big 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 since they're saying, "We do not trust paper currency, you can print an endless quantity of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that remained in Cypress, or simply individuals who have actually suffered through either hyperinflation, 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 driver for more adoption, because they currently do not believe in their own currency? Yeah, and I believe we've 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're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. And so there's this entire blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are basically utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is basically a worldwide computer system that you can write 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 programming power. So I would not truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people an idea, like an extremely basic one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this very same kind of network result that you have with Bitcoin, where it's like unstoppable example, since it's on numerous various locations and. And you type of discussed having this boots on the ground experience. Now, given that we're taking a look 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 believe the real opportunity lies in the energy coin space.
There's all of these ICOs that were happening, those slowed down a little 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 produce energy coins- Correct, yeah. And individuals require to understand that not all energy coins are produced equal.
So you have the benefit of dedicating your occupation to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can examine the code, etc. But for an average individual, there's now what, over 1,000 different kinds of coins offered, practically 1,200 I believe. 'Cause usually it'll crash 80% approximately - Does the group have experience of executing in a successful manner in another area of their life? And it does not even have to be directly related to cryptocurrency, it doesn't need to be even directly related to software application, right? So, however I want to see a performance history of success in something, right? If it's 4 people in a room that are simply out of college, unless they have actually got some actually great consultants behind them, I'm probably not going to provide any cash.
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 trying to resolve a part of the Blockchain usually? Or would you say it's much better if they're solving kind 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 trying to find options that, so I'll give you an example.
And the reason that we bought it is since they discovered a way to make documents tamper-proof, and it's 99% less expensive than existing 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 track record of producing computer programs that whole states run their entire operations on, right? So you have actually got okay, the clever man has actually developed substantial computer programs, excellent group, solving a massive issue that is going to cut big expenses.
I indicate, it doesn't get any simpler than that in regards to deciding who to put money 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 a really easy rule, Ryan. If I don't understand something, I put up my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).