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But frauds and little scams. And there's something that a fraud always 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 massive hack. Which woke something up for me.
Therefore I can't ignore that. I have actually got to go dig much deeper." Therefore I began traveling all around the world. I started going to Bitcoin occasions; I started to speaking with individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of having the ability to have information that we do not need to have it separately confirmed, it's cryptographically verified. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I understood I had to commit all my expert resources into ending up being a professional in this area.
And do you think, I suggest you pointed out something there about not needing to get a third-party, or intermediary to verify 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 totally comprehend recognition procedure . We were just discussing how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then all of a sudden there's other individuals getting informed about it, like the IRS and things like that. Do you believe that the typical folks don't possibly learn about these procedures, so they don't maybe see what you're stating as this breakthrough, 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 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 submit your identity files, then you have actually got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a great deal of individuals find that too inconvenient, 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 maybe the 20 minutes required to go through a process which just takes 5 minutes if you desire to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, setting up a crypto account is so challenging." 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 entire cryptocurrency market will be 10x bigger. So you're in fact really making money an enormous amount of cash to go through maybe, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll have the ability to buy cryptocurrencies straight through your trading software. And can you envision what will happen to this whole market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that individuals go through, and one thing I desire to bring to light too that you didn't mention, but I know a lot of folks who fight with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can only buy $500 a week.
As hard as possible, right, like Coinbase. It 'd take me forever prior to 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 keep in mind the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I indicate it would take 20 minutes to pack 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 remain in the early days of that innovation, however much like during that time period, for the folks that had the vision to see where the future was going, and after that bought 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, because I'm constantly curious to talk to people who are, particularly someone like yourself, who's devoted the last, you know, the lion's share of the last few years to really go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a great concern.
They're 2 absolutely different things, however 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. And so what offers 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 computers, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And actually, with current innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have literally 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 unrestricted amount of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or people that remained in Cypress, or just people who have suffered through either devaluation, 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 potentially be a driver for more adoption, due to the fact that they currently do not believe in their own currency? Yeah, and I think 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 require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. Therefore there's this whole blossoming worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially used, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a global computer system that you can compose computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially buying 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 give individuals an idea, like a very easy one that I would picture you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this very same kind of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on a lot of different areas and. undefined. I don't 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 many various types of energies that are available.
And you type of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are probably energy based, correct? 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 believe the real opportunity lies in the energy coin area.
There's all of these ICOs that were happening, those slowed down a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and start to create energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are developed equal.
So you have the benefit of devoting your profession to this, so you can go out there and do the reconnaissance, you can satisfy the founders, you can examine the code, etc. But for a typical person, there's now what, over 1,000 different types of coins readily available, almost 1,200 I think. 'Cause usually 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, right? So, but I wish to see a track record of success in something, right? If it's four men in a space that are simply out of college, unless they've got some truly excellent consultants behind them, I'm probably not going to provide them any cash.
Yeah. I believe that in marketing in general, my world of company, we constantly search for issues and how we can fix them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain usually? Or would you state it's much better if they're resolving type of a mass problem? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm essentially trying to find solutions that, so I'll offer you an example.
And the reason that we purchased it is since they found a method to make files tamper-proof, and it's 99% more affordable than present technology, 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 entire states run their entire operations on, right? So you have actually got all right, the wise man has built huge computer programs, great team, solving a massive problem that is going to cut substantial costs.
I imply, it does not get any easier than that in regards to choosing who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a truly basic rule, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).