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But scams and small frauds. And there's something that a fraud constantly does: it always 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 huge hack. And that woke something up for me.
Therefore I can't neglect that. I've got to go dig deeper." And so I began traveling all around the world. I began going to Bitcoin occasions; I started to talking to individuals that were smarter than me in this area. And what I understood is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of having the ability to have data that we do not require to have it independently verified, it's cryptographically verified. That idea can ripple out throughout the entire greater economy. And when that cent dropped, I knew I needed to commit all my expert resources into ending up being an expert in this area.
And do you believe, I indicate you discussed something there about not having to get a third-party, or intermediary to validate 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 may not even totally comprehend validation process . undefined.
We were just talking about 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 individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't maybe understand about these procedures, so they don't maybe see what you're saying as this breakthrough, they do not see it in their everyday life? Or what do you think of that? I think that holds true.
It's not as simple as shooting up a web browser and going to e-trade. com and pushing a buy button and purchasing 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 then finally, you can go buy some Bitcoin.
So, a great deal of people discover that too inconvenient, and that's why the individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are ready to put in maybe the 20 minutes needed to go through a procedure which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your concepts, but 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 larger. So you're in fact really making money a massive quantity of money 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 simply a question of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will occur to this whole market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and something I desire to expose too that you didn't point out, however I know a lot of folks who have problem with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me permanently prior to I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I indicate it would take 20 minutes to fill 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're in the early days of that innovation, but simply like throughout that amount of time, for the folks that had the vision to see where the future was going, and after that 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 second, due to the fact that I'm constantly curious to talk to people who are, especially someone like yourself, who's dedicated the last, you understand, the bulk of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a terrific concern.
They're 2 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 value is that it is, there's only going to be a restricted 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 take a look at that Bitcoin network, individuals constantly attempt to hack it. However since 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.
And so when people put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't trust fiat money, you can print an endless quantity of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or people that were in Cypress, or simply people who have suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, because they already 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 financiers have a tough 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 stable currency, right? You do not require Bitcoin - undefined. However there are billions of people worldwide that do not have stable currencies.
Yeah. Therefore there's this entire burgeoning international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically used, let's state Ethereum, which a lot 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 a worldwide decentralized computer system program.
So we consider something like Ether an utility token, since you're essentially purchasing programming power. So I would not actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like a really basic one that I would envision you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this same kind of network effect that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many different areas and. undefined. I do not understand the ins and outs of it, but as an example for somebody who might simply be really basic in their understanding of this, there are so many various types of utilities that are available.
And you sort of discussed having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). Many of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, but I think the genuine opportunity lies in the energy coin space.
There's all of these ICOs that were occurring, 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 develop utility coins- Correct, yeah. And people need to comprehend that not all utility coins are created equivalent.
So you have the advantage of devoting your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can examine 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 believe. 'Cause typically it'll crash 80% or so - Does the team have experience of carrying out in an effective manner in another area of their life? And it doesn't even need to be straight related to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, however I wish to see a performance history of success in something, right? If it's 4 people in a room that are simply out of college, unless they've got some really excellent consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of service, we constantly try to find issues and how we can fix them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain typically? Or would you say it's better if they're fixing 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 basically looking for options that, so I'll give you an example.
And the reason that we bought it is due to the fact that they found a method to make documents tamper-proof, and it's 99% more affordable than current technology, 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 performance history of developing computer system programs that entire states run their whole operations on, right? So you've got alright, the clever man has actually developed huge computer programs, excellent team, resolving a huge issue that is going to cut big expenses.
I imply, it does not get any simpler than that in regards to choosing who to put money behind. And a lot of this is typical sense, and a lot of folks will try to make things more complex than it is. And I have a really simple rule, Ryan. If I don't comprehend something, I installed my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).