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But scams and little scams. And there's one thing that a scams always does: it constantly goes to no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The huge hack. And that woke something up for me.
Therefore I can't disregard that. I've got to go dig deeper." And so I started traveling all around the world. I started going to Bitcoin occasions; I began to speaking to individuals that were smarter than me in this space. And what I realized is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have information that we don't need to have it separately validated, it's cryptographically confirmed. That principle can ripple out throughout the whole higher economy. And when that penny dropped, I understood I needed to devote all my professional resources into ending up being an expert in this area.
And do you think, I suggest you discussed 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 great deal of folks may not even completely understand validation process . We were just discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other people getting informed about it, like the IRS and things like that. Do you believe that the average folks do not perhaps learn about these procedures, so they don't possibly see what you're saying as this development, they don't see it in their daily life? Or what do you believe about that? I think 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 publish your identity documents, then you have actually got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a lot of people find that too troublesome, and that's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that want 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 ideas, however gosh, establishing a crypto account is so tough." 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 entire cryptocurrency market will be 10x bigger. So you're in fact really getting paid an enormous amount of money to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software application. And can you envision what will take place to this whole market when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that individuals go through, and one thing I desire to expose too that you didn't discuss, but I know a lot of folks who have problem with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever prior to I might start buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, 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 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 imply, we remain in the early days of that technology, but much 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 companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm always curious to speak to individuals who are, especially someone like yourself, who's devoted the last, you understand, the lion's share of the last few 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 two absolutely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what provides 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 computers, confirming the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And really, with current innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when people put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We do not trust paper cash, you can print an unlimited quantity of it. It's actually not protect, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, due to the fact that they already don't think in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a tough time getting their head around. They're like, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - undefined. But there are billions of individuals in the world that do not have steady currencies.
Yeah. And so there's this entire growing global 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 utilized, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is basically a worldwide computer that you can write computer programs for and run computer programs on a worldwide decentralized computer system program.
So we consider something like Ether an utility token, because you're basically purchasing shows power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals a concept, like an extremely basic one that I would picture you 'd called an utility token, resembles FileCoin.
Where the idea 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. undefined. I do not understand the ins and outs of it, but as an example for someone who may just be extremely basic in their understanding of this, there are so lots of different types of energies that are offered.
And you type of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). Most of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity depends on the energy coin area.
There's all of these ICOs that were happening, those slowed down a bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and start to create energy coins- Correct, yeah. And individuals require to understand that not all energy coins are developed equal.
So you have the advantage of devoting your occupation to this, so you can go out there and do the recon, you can satisfy the creators, you can inspect the code, and so on. However for a typical individual, there's now what, over 1,000 various types of coins available, nearly 1,200 I think. 'Cause typically it'll crash 80% approximately - Does the team have experience of performing in an effective manner in another location of their life? And it does not even need to be directly associated to cryptocurrency, it does not have to be even directly associated to software application, right? So, but I want 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 really great advisors behind them, I'm probably not going to provide them any cash.
Yeah. I think that in marketing in general, my world of organization, we constantly try to find issues and how we can resolve them. Now, are the issues things that people are attempting to fix a part of the Blockchain usually? Or would you say it's much 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 searching for options that, so I'll offer you an example.
And the reason that we bought it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% more affordable than present innovation, 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 creating computer system programs that entire states run their entire operations on, right? So you've got fine, the clever person has actually built huge computer system programs, excellent group, solving an enormous issue that is going to cut huge costs.
I imply, it doesn't get any easier than that in regards to choosing who to put money behind. And a lot of this is common sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a truly basic guideline, Ryan. If I don't comprehend something, I put up my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).