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However scams and little scams. And there's something that a scams 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 bad news came out. The enormous hack. Which woke something up for me.
Therefore I can't neglect that. I've got to go dig much deeper." And so I started traveling all around the world. I began going to Bitcoin occasions; I started to speaking with people that were smarter than me in this space. And what I realized is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have information that we do not need to have it independently verified, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that cent dropped, I knew I had to devote all my expert resources into becoming a professional in this area.
And do you believe, I imply you mentioned something there about not having to get a third-party, or intermediary to confirm 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 comprehend validation process . undefined.
We were just talking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other people getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly understand about these processes, so they don't maybe see what you're stating as this development, they do not see it in their everyday life? Or what do you consider that? I think that's real.
It's not as easy as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You've got to go to an exchange, you've got to upload your identity documents, then you have actually got to wait to get verified, and then lastly, you can go purchase some Bitcoin.
So, a great deal of people find that too troublesome, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a procedure which simply takes five minutes if you desire to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, setting up a crypto account is so hard." What I tell 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 in fact really making money a massive quantity of cash to go through perhaps, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you picture what will take place 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 point out, however I understand a great deal 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 only purchase $500 a week.
As hard as possible, ideal, 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 purchase $500 a week, Teeka. I imply, 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 imply 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 innovation, but similar to throughout that time period, for the folks that had the vision to see where the future was going, and then 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 2nd, since I'm constantly curious to speak with individuals who are, specifically somebody like yourself, who's dedicated the last, you understand, the bulk of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? That's an excellent concern.
They're 2 totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's just 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 deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously attempt to hack it. However because of the nature of the network, today it's been unhackable. And really, with existing technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on fiat money, you can print an unrestricted amount of it. It's actually not protect, and the government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or people that remained in Cypress, or just individuals who have actually suffered through either run-away inflation, 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, because they currently don't think in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a hard 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 steady currency, right? You do not require Bitcoin - Yeah. And so there's this whole blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are basically utilized, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially an international computer that you can compose computer system programs for and run computer programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're basically buying programming 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 give individuals a concept, like a very easy one that I would picture you 'd called an energy token, is like 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 effect that you have with Bitcoin, where it resembles unstoppable example, since it's on numerous different areas and. undefined. I don't understand the ins and outs of it, but as an example for someone who might just be really fundamental in their understanding of this, there are numerous various types of utilities that are offered.
And you sort of mentioned having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). Most of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however I think the genuine opportunity depends on the energy coin space.
There's all of these ICOs that were occurring, those decreased 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 produce energy coins- Correct, yeah. And people need to understand that not all energy coins are produced equivalent.
So you have the advantage of devoting your occupation to this, so you can go out there and do the reconnaissance, you can meet the creators, you can examine the code, etc. But for an average person, there's now what, over 1,000 various types of coins available, nearly 1,200 I believe. 'Cause generally it'll crash 80% or so - Does the group have experience of performing in an effective way in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't need to be even directly associated to software application, 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 just out of college, unless they have actually got some truly excellent consultants behind them, I'm most likely not going to provide any cash.
Yeah. I think that in marketing in general, my world of business, we continuously search for issues and how we can resolve them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain generally? Or would you say it's much better if they're fixing sort 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 generally searching for options that, so I'll offer you an example.
And the factor that we purchased it is due to the fact that they discovered 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 after that on top of that, the person that began it has a track record of developing computer system programs that entire states run their entire operations on, right? So you've got alright, the wise person has actually developed huge computer system programs, excellent team, resolving an enormous issue that is going to cut huge costs.
I suggest, it doesn't get any simpler than that in regards to deciding who to put cash behind. And a great deal of this is common sense, and a lot of folks will try to make things more complex than it is. And I have an actually basic guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).