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But frauds and little scams. And there's one thing that a scams constantly does: it always goes to 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. Which woke something up for me.
Therefore I can't ignore that. I've got to go dig deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin events; I started to speaking with people that were smarter than me in this area. And what I realized is that Blockchain innovation and the application 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 need to have it individually validated, it's cryptographically confirmed. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to commit all my professional resources into becoming a specialist in this space.
And do you think, I suggest you pointed out something there about not needing to get a third-party, or intermediary to verify 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 may not even completely understand validation process . We were just discussing how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that all of a sudden there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not maybe know about these processes, so they do not possibly see what you're saying as this breakthrough, they don't see it in their everyday life? Or what do you think about that? I believe that's true.
It's not as simple as firing up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you have actually got to submit your identity files, then you've got to wait to get confirmed, and after that lastly, you can go purchase some Bitcoin.
So, a lot of people find that too inconvenient, which's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a procedure which just takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, setting up a crypto account is so tough." 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 quantity of money to go through perhaps, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software application. And can you envision what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and something I wish to expose too that you didn't discuss, but I understand a lot of folks who battle with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently before I could start buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you keep in mind 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 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 innovation, however similar to throughout that duration of time, for the folks that had the vision to see where the future was going, and after that purchased 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 always 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 an excellent concern.
They're 2 completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's just going to be a limited amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly try to hack it. But because of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've 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 money, you can print an unrestricted amount of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that remained in Cypress, or just people who have suffered through either devaluation, 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, since they already do not believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a hard time getting their head around. They resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. And so there's this whole burgeoning international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are generally used, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer system programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, since you're essentially buying programming power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people an idea, like an extremely simple one that I would envision 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 type of this exact same kind of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on a lot of various areas and. And you sort of mentioned having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine opportunity depends on the utility coin space.
There's all of these ICOs that were happening, those slowed down a little bit with some changes to a few things that was going on, however individuals are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people require to understand that not all energy coins are created equivalent.
So you have the benefit of committing your profession to this, so you can head out there and do the recon, you can satisfy the founders, you can check the code, and so on. But for a typical individual, there's now what, over 1,000 different types of coins readily available, practically 1,200 I believe. 'Cause usually it'll crash 80% or so - Does the group have experience of executing in a successful way in another area of their life? And it does not even have to be straight associated to cryptocurrency, it does not need to be even straight associated to software, right? So, but I want to see a performance history of success in something, right? If it's 4 men in a room that are just out of college, unless they've got some truly excellent advisors behind them, I'm most likely not going to provide any cash.
Yeah. I think that in marketing in general, my world of organization, we continuously try to find issues and how we can resolve them. Now, are the issues things that people are trying to fix a part of the Blockchain usually? Or would you say it's much 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 basically looking for options that, so I'll offer you an example.
And the reason that we bought it is because they found a method 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 started it has a track record of creating computer system programs that entire states run their entire operations on, right? So you have actually got all right, the wise person has actually developed huge computer system programs, terrific group, resolving an enormous problem that is going to cut substantial expenses.
I mean, it does not get any easier than that in terms of deciding who to put cash behind. And a lot of this is common sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually simple guideline, Ryan. If I do not understand something, I set up my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).