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But scams and small scams. And there's something that a fraud 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 enormous hack. And that woke something up for me.
Therefore I can't ignore that. I've got to go dig much deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin events; I started to talking with people that were smarter than me in this space. And what I understood is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The implications of that, of having the ability to have data that we don't need to have it individually validated, it's cryptographically validated. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I understood I needed to commit all my professional resources into ending up being a professional in this area.
And do you believe, I imply you discussed something there about not needing to get a third-party, or intermediary to verify something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a lot of folks may not even totally understand validation process . We were just speaking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then suddenly there's other individuals getting informed about it, like the IRS and things like that. Do you think that the typical folks do not possibly understand about these processes, so they don't perhaps see what you're stating as this advancement, they do not see it in their daily life? Or what do you think of that? I think that's true.
It's not as simple as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you've got to submit your identity documents, then you've got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a great deal of people discover that too troublesome, and that's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a procedure which simply takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your ideas, 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 entire cryptocurrency market will be 10x bigger. So you're in fact really making money a massive quantity of cash to go through maybe, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you envision what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that people go through, and one thing I desire to expose too that you didn't discuss, but I understand a great deal 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 purchase $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently prior to I might start purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 mean, we remain in the early days of that technology, however similar to throughout that period 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to talk to individuals who are, particularly somebody like yourself, who's committed the last, you understand, the much better part of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like a typical 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 trying to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what provides it worth is that it is, there's just going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the transactions on the Bitcoin network. Therefore 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 really, with present innovation, 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 have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We don't trust paper currency, you can print an unlimited quantity of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that were in Cypress, or simply individuals who have actually suffered through either devaluation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, since they currently don't believe in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western investors have a bumpy ride getting their head around. They resemble, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - undefined. However there are billions of people on the planet that don't have steady currencies.
Yeah. Therefore there's this entire blossoming global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially used, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a global computer system that you can write computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we think about something like Ether an utility token, because you're basically buying shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people a concept, 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 very same kind of network effect that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on numerous various locations and. And you sort of mentioned having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably energy based, fix? 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, however I think the genuine opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those decreased a bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people require to understand that not all energy coins are produced equivalent.
So you have the benefit of dedicating your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can check the code, and so on. However for a typical person, there's now what, over 1,000 different kinds of coins offered, almost 1,200 I believe. 'Cause normally it'll crash 80% approximately - Does the team have experience of carrying out in a successful way in another area of their life? And it does not even need to be straight related to cryptocurrency, it does not need to be even straight related to software, right? So, however I want to see a track record of success in something, right? If it's 4 guys in a space that are simply out of college, unless they've got some really good advisors behind them, I'm probably not going to provide them any cash.
Yeah. I think that in marketing in general, my world of company, we constantly search for issues and how we can fix them. Now, are the problems things that individuals are trying to fix a part of the Blockchain usually? Or would you state it's much better if they're fixing kind 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 essentially searching for services that, so I'll offer you an example.
And the factor that we bought it is due to the fact that they found 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 then on top of that, the guy that started it has a track record of developing computer programs that whole states run their whole operations on, right? So you have actually got all right, the wise man has developed substantial computer programs, excellent group, resolving an enormous problem that is going to cut huge expenses.
I imply, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a great deal of this is typical sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really basic rule, Ryan. If I don't comprehend something, I set up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).