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But frauds and little frauds. And there's one thing that a fraud 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 enormous hack. Which woke something up for me.
And so I can't ignore that. I have actually got to go dig much deeper." And so I started traveling all around the world. I started going to Bitcoin events; I began to speaking to people that were smarter than me in this area. And what I recognized is that Blockchain technology and the execution 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 being able to have data that we do not need to have it individually validated, it's cryptographically verified. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I understood I had to devote all my professional resources into becoming a specialist in this area.
And do you believe, I mean you pointed out something there about not having 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 might not even completely comprehend validation procedure . undefined.
We were simply discussing how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of an abrupt there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't maybe learn about these procedures, so they don't perhaps see what you're stating as this advancement, they do not see it in their everyday life? Or what do you think about that? I think that holds true.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to upload your identity documents, then you have actually got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a great deal of people find that too inconvenient, and that's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are ready to put in perhaps the 20 minutes required to go through a process which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, establishing a crypto account is so challenging." 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 entire cryptocurrency market will be 10x bigger. So you're actually truly getting paid an enormous amount of cash to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you picture what will happen to this entire market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that individuals go through, and something I wish to expose too that you didn't discuss, but I understand a lot of folks who fight with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I suggest, it's if you keep in mind the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I suggest 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 suggest, we're in the early days of that innovation, however much like throughout that period 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm always curious to speak with people who are, specifically someone like yourself, who's committed the last, you understand, the better part of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's an excellent question.
They're two totally various things, however 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 just going to be a minimal 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. Therefore if you look at that Bitcoin network, individuals constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And really, with current innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when people put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust fiat money, 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, right , proceed.
Yeah. Or people that were in Cypress, or simply people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high demand 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 have actually currently 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 require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - undefined. But there are billions of people worldwide that don't have steady currencies.
Yeah. Therefore there's this whole growing worldwide demand for cryptocurrencies. So anyway, 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 lot of individuals learn about Ethereum. Ethereum is basically a worldwide computer system that you can write computer programs for and run computer programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're basically buying shows power. So I would not really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals an idea, like a really basic one that I would picture you 'd called an energy token, is like FileCoin.
Where the idea is that basically 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, since it's on numerous different 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). Most of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those decreased 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 produce energy coins- Correct, yeah. And people need to comprehend that not all utility coins are developed equal.
So you have the advantage of committing your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can inspect the code, and so on. But for an average individual, there's now what, over 1,000 various types of coins readily available, almost 1,200 I think. 'Cause usually it'll crash 80% or two - Does the group have experience of performing in a successful manner in another location of their life? And it does not even have to be straight related to cryptocurrency, it doesn't need to be even straight associated to software, right? So, however I desire to see a track record of success in something, right? If it's four people in a space that are just out of college, unless they've got some actually good consultants behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of company, we constantly try to find problems and how we can fix them. Now, are the problems things that individuals are trying to solve a part of the Blockchain normally? Or would you say it's better if they're solving type 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 looking for options that, so I'll give you an example.
And the reason that we bought it is since they discovered a method to make documents tamper-proof, and it's 99% less expensive than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a track record of producing computer programs that entire states run their whole operations on, right? So you have actually got fine, the wise man has actually developed huge computer programs, terrific group, solving a massive problem that is going to cut substantial expenses.
I mean, it does not 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 truly basic rule, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).