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However scams and little scams. And there's something that a fraud constantly does: it always 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 massive hack. Which woke something up for me.
Therefore I can't disregard that. I have actually got to go dig much deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin events; I started to speaking with people that were smarter than me in this area. And what I realized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have information that we do not require to have it separately verified, it's cryptographically validated. That idea can ripple out throughout the whole higher economy. And when that cent dropped, I understood I had to devote all my expert resources into ending up being an expert in this space.
And do you think, I mean you mentioned 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 lot of folks might not even completely understand recognition process . undefined.
We were just discussing how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and after that all of a sudden there's other people getting notified about it, like the IRS and things like that. Do you think that the average folks do not perhaps understand about these procedures, so they don't maybe see what you're saying as this development, they do not see it in their everyday life? Or what do you believe about that? I believe that holds true.
It's not as simple as firing up a web internet 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 upload your identity files, then you've got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a lot of individuals discover that too troublesome, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes needed to go through a procedure which simply 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 challenging." What I inform them is I say, "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 actually truly getting paid a huge 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, 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 picture what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and one thing I wish to expose too that you didn't mention, however I know a great deal of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently prior to I could start purchasing in size on Coinbase. They're like, 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 Web, we were doing it with 56k modems, right? I indicate 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 remain in the early days of that innovation, however similar to during that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm constantly curious to speak with individuals who are, particularly somebody like yourself, who's committed the last, you understand, the bulk of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a fantastic concern.
They're 2 completely various things, however 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 gives it worth is that it is, there's only going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when individuals 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 don't rely on paper currency, you can print an unlimited quantity of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, right , go ahead.
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 example, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, because they currently don't think in their own currency? Yeah, and I believe we have actually already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time getting their head around. They're like, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. Therefore there's this whole burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally utilized, let's say Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically a worldwide computer system that you can compose computer programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, because you're basically buying programs power. So I would not truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people an idea, like an extremely basic one that I would envision you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on numerous various locations and. And you kind of mentioned having this boots on the ground experience. Now, since 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 advise and look at are utility-based. We have a couple of cryptocurrencies, however I think the real chance lies in the utility coin area.
There's all of these ICOs that were taking place, those decreased a bit with some changes to a few things that was going on, however people are going to come out of the woodwork and start to create utility coins- Correct, yeah. And individuals need to understand that not all utility coins are created equal.
So you have the advantage of dedicating your profession to this, so you can head out there and do the recon, you can fulfill the creators, you can check the code, and so on. But for an average individual, there's now what, over 1,000 different kinds of coins readily available, almost 1,200 I believe. 'Cause usually it'll crash 80% or two - Does the team have experience of performing in an effective manner in another location of their life? And it doesn't even need to be directly related to cryptocurrency, it does not have to be even straight associated to software application, right? So, but I wish 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 have actually got some really great consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of company, we continuously search for problems and how we can solve them. Now, are the problems things that people are attempting to solve a part of the Blockchain generally? Or would you state it's better if they're solving 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 basically looking for services that, so I'll give you an example.
And the reason that we purchased it is since they found a way to make documents tamper-proof, and it's 99% less expensive than current technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of producing computer programs that entire states run their entire operations on, right? So you have actually got fine, the wise person has built big computer programs, fantastic group, resolving an enormous issue that is going to cut huge costs.
I mean, it does not get any easier than that in terms of choosing who to put money behind. And a great deal of this is typical sense, and a lot of folks will attempt to make things more complex than it is. And I have a really easy guideline, Ryan. If I do not comprehend something, I installed my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).