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However frauds and small scams. And there's something that a scams always 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 huge hack. Which woke something up for me.
And so I can't disregard that. I've got to go dig much deeper." And so I began taking a trip all around the world. I began going to Bitcoin events; I began to talking to people that were smarter than me in this area. 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 massive that is! The ramifications of that, of having the ability to have information that we do not require to have it individually verified, it's cryptographically validated. That concept can ripple out throughout the entire greater economy. And when that penny dropped, I knew I had to devote all my expert resources into becoming a professional in this area.
And do you think, I mean you pointed out 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 might not even fully understand validation process . We were simply discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that all of a sudden there's other individuals getting notified about it, like the IRS and things like that. Do you think that the average folks do not possibly learn about these processes, so they don't possibly see what you're stating as this advancement, they don't see it in their daily life? Or what do you consider that? I believe that holds true.
It's not as simple as shooting up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to publish your identity files, then you've got to wait to get validated, and then finally, you can go purchase some Bitcoin.
So, a great deal of individuals discover 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: people that are willing to put in possibly the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so hard." What I inform them is I say, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x larger. So you're actually really earning money an enormous amount of cash to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you imagine what will occur to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and something I wish to bring to light 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 method, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently before I might begin purchasing in size on Coinbase. They're like, well, we'll let you purchase $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 mean 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 indicate, we're in the early days of that technology, but similar to during 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 2nd, because I'm constantly curious to speak with people who are, especially somebody like yourself, who's dedicated the last, you know, the much better part of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific concern.
They're two totally different things, but 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. Therefore what offers it value is that it is, there's only going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. But since of the nature of the network, today it's been unhackable. And really, with present technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't rely on paper cash, you can print an unlimited quantity of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually suffered through either hyperinflation, 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 currently don't think 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 investors have a hard time getting their head around. They resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - undefined. But there are billions of individuals on the planet that don't have stable currencies.
Yeah. Therefore there's this entire blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially used, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially a global computer that you can write computer programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, since you're essentially purchasing programming power. So I would not really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide people an idea, like a very simple one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's type of this same kind of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on so lots of various areas and. And you sort of pointed out having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Many of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine opportunity depends on the utility coin space.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a few things that was going on, but people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And people need to understand that not all energy coins are created equal.
So you have the advantage of committing your occupation to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can check the code, and so on. But for an average person, there's now what, over 1,000 various kinds of coins readily available, practically 1,200 I believe. 'Cause usually it'll crash 80% or two - Does the team have experience of carrying out in an effective manner in another location of their life? And it doesn't even have to be straight associated to cryptocurrency, it doesn't need to be even straight associated to software, right? So, however 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 excellent consultants behind them, I'm most likely not going to offer them any money.
Yeah. I think that in marketing in general, my world of service, we constantly look for issues and how we can resolve them. Now, are the problems things that people are attempting to fix a part of the Blockchain normally? Or would you state 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 basically searching for solutions that, so I'll offer you an example.
And the reason that we purchased it is since they found a way to make files tamper-proof, and it's 99% cheaper than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a performance history of developing computer programs that whole states run their entire operations on, right? So you've got okay, the clever guy has actually constructed huge computer programs, fantastic team, solving an enormous problem that is going to cut substantial costs.
I suggest, it does not get any easier than that in terms of deciding 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 complex than it is. And I have an actually basic guideline, Ryan. If I don't comprehend something, I put up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).