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But frauds and small scams. And there's something that a scams constantly does: it constantly goes to zero. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The enormous hack. Which woke something up for me.
Therefore I can't ignore that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin occasions; I started to talking with people that were smarter than me in this space. And what I realized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of being able to have data that we don't require to have it independently confirmed, it's cryptographically verified. That concept can ripple out throughout the entire higher economy. And when that penny dropped, I knew I needed to commit all my professional resources into ending up being an expert in this area.
And do you believe, I indicate you mentioned something there about not having to get a third-party, or intermediary to verify 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 completely comprehend validation procedure . We were simply discussing how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and then all of a sudden there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you think that the typical folks do not maybe understand about these processes, so they do not perhaps see what you're stating as this development, they don't see it in their everyday life? Or what do you think of that? I believe that's true.
It's not as easy as shooting up a web internet 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 documents, then you've got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a great deal of people find that too inconvenient, and that's why the people 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 required to go through a procedure which just takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we like your concepts, but gosh, establishing a crypto account is so difficult." What I inform them is I state, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x bigger. So you're in fact really making money a massive amount of money to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern 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 market when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and one thing I wish to expose too that you didn't mention, 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 purchase $500 a week.
As tough as possible, best, like Coinbase. It 'd take me forever before I could start buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, it's if you remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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 remain in the early days of that technology, but just like during that duration 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to talk with people who are, specifically somebody like yourself, who's dedicated the last, you know, the bulk of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic question.
They're 2 completely various 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. And so what gives it worth is that it is, there's just going to be a limited amount. There'll never 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 because 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.
And so when people put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't trust paper money, you can print an unlimited amount of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that remained in Cypress, or just individuals 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, since they currently do not think in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a bumpy ride 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 steady currency, right? You do not require Bitcoin - Yeah. And so there's this entire blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically used, let's say Ethereum, which a great deal of individuals know about Ethereum. Ethereum is basically a worldwide computer that you can compose computer programs for and run computer system programs on an internationally decentralized computer system program.
So we think about something like Ether an energy token, due to the fact that you're basically purchasing shows power. So I would not truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like an extremely basic one that I would imagine 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 type of this very same type of network impact that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on many different areas and. undefined. I do not know the ins and outs of it, however as an example for somebody who may simply be extremely basic in their understanding of this, there are a lot of various kinds of energies that are offered.
And you sort of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I believe the genuine chance depends on the energy coin space.
There's all of these ICOs that were taking place, those slowed down a little bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And people require to understand that not all energy coins are produced equal.
So you have the advantage of committing your profession to this, so you can head out there and do the reconnaissance, you can meet the founders, you can inspect the code, etc. But for a typical individual, there's now what, over 1,000 various kinds of coins offered, practically 1,200 I believe. 'Cause typically it'll crash 80% approximately - Does the group have experience of performing in an effective way in another location of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't 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 4 people in a room that are just out of college, unless they've got some truly great consultants behind them, I'm probably not going to provide them any money.
Yeah. I think that in marketing in general, my world of service, we constantly search for problems and how we can fix them. Now, are the problems things that people are trying to solve a part of the Blockchain generally? 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 generally looking for options that, so I'll provide you an example.
And the factor that we bought it is since they discovered a way to make documents tamper-proof, and it's 99% cheaper 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 whole states run their whole operations on, right? So you've got alright, the wise man has developed huge computer system programs, fantastic group, fixing a massive issue that is going to cut substantial costs.
I indicate, it does not get any easier than that in terms of choosing who to put cash behind. And a lot of this is common sense, and a great deal of folks will try to make things more complex than it is. And I have a truly simple rule, Ryan. If I don't comprehend something, I installed my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).