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However scams and little frauds. And there's one thing that a fraud constantly does: it constantly goes to absolutely no. However 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. Which woke something up for me.
And so I can't neglect that. I've got to go dig deeper." Therefore I began traveling all around the world. I began going to Bitcoin occasions; I began 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 innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The implications of that, of being able to have information that we don't need to have it separately confirmed, it's cryptographically validated. That principle can ripple out throughout the whole higher economy. And when that cent dropped, I knew I needed to commit all my professional resources into ending up being an expert in this space.
And do you think, I indicate you pointed out something there about not needing 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 great deal of folks might not even completely understand validation procedure . We were simply discussing how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that suddenly there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the average folks don't maybe learn about these processes, so they don't perhaps see what you're saying as this advancement, they don't see it in their daily life? Or what do you believe about that? I believe that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pressing a buy button and purchasing 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 verified, and after that lastly, you can go buy some Bitcoin.
So, a lot of individuals discover that too troublesome, which's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes required to go through a procedure which simply takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so challenging." What I tell them is I state, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x bigger. So you're in fact really earning money a massive amount of money to go through perhaps, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software application. And can you imagine what will happen to this whole market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that people go through, and one thing I wish to expose too that you didn't point out, however I know a great deal of folks who have a hard time 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 hard as possible, right, like Coinbase. It 'd take me permanently before I might begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I suggest, it's if you remember 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 load 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're in the early days of that technology, but just like throughout that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to speak with individuals who are, specifically someone like yourself, who's dedicated the last, you understand, the lion's share of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a fantastic question.
They're 2 completely various things, but 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. And so what provides it value is that it is, there's only going to be a limited 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. And so if you look at that Bitcoin network, people constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't rely on fiat money, you can print an endless amount of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually suffered through either run-away inflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, due to the fact that they already 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 difficult time getting their head around. They're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. Therefore 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 generally used, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a worldwide computer system that you can write computer system programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an energy token, because you're essentially buying programs power. So I wouldn't actually consider 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 really easy one that I would imagine you 'd called an utility token, resembles 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 impact that you have with Bitcoin, where it resembles unstoppable example, since it's on a lot of different areas and. And you kind of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, but I believe the genuine chance 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 begin to develop energy coins- Correct, yeah. And people require to comprehend that not all energy coins are produced equivalent.
So you have the advantage of dedicating your occupation to this, so you can go out there and do the reconnaissance, you can meet the founders, you can examine the code, etc. But for an average individual, there's now what, over 1,000 different kinds of coins readily available, almost 1,200 I think. 'Cause usually it'll crash 80% or so - Does the group have experience of performing in an effective way in another area of their life? And it does not even need to be straight related to cryptocurrency, it doesn't need to be even straight related to software, right? So, but I desire to see a performance history of success in something, right? If it's four guys in a space that are simply out of college, unless they've got some actually great consultants behind them, I'm probably not going to offer them any money.
Yeah. I think that in marketing in basic, my world of service, we constantly look for problems and how we can solve them. Now, are the issues things that individuals are attempting 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 give you an example.
And the reason that we purchased it is due to the fact that they discovered a way to make documents tamper-proof, and it's 99% less expensive than current innovation, 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 performance history of developing computer system programs that whole states run their whole operations on, right? So you've got okay, the smart man has actually developed substantial computer programs, fantastic group, solving an enormous issue that is going to cut huge expenses.
I mean, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a lot of this is common sense, and a great deal of folks will attempt to make things more complex than it is. And I have a really simple guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).