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But scams and small scams. And there's something that a fraud always does: it constantly 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 enormous hack. Which woke something up for me.
And so I can't neglect that. I have actually got to go dig deeper." And so I began traveling all around the world. I began going to Bitcoin events; I started to speaking with individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of having the ability to have information that we do not require to have it individually validated, it's cryptographically verified. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I knew I had to dedicate all my expert resources into ending up being a specialist in this space.
And do you believe, I indicate you pointed out something there about not having 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 may not even fully understand validation procedure . We were just discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't maybe know about these procedures, so they do not possibly see what you're stating as this advancement, they do not see it in their daily life? Or what do you think of that? I think that's true.
It's not as easy as shooting up a web 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've got to submit your identity files, then you have actually got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a lot of people find that too troublesome, and that's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are prepared to put in perhaps the 20 minutes needed 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, but gosh, setting up a crypto account is so challenging." 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 entire cryptocurrency market will be 10x larger. So you're in fact really earning money a massive amount of cash to go through maybe, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software application. 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.
Today you discussed the process that people go through, and something I wish to expose too that you didn't discuss, but I understand a lot of folks who fight with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me permanently before I might begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 imply 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 indicate, we remain in the early days of that technology, but just like throughout that time period, 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 outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, due to the fact that I'm constantly curious to talk with people who are, particularly someone like yourself, who's dedicated the last, you understand, the better part of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a great question.
They're 2 totally different 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. Therefore what gives it worth is that it is, there's just going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously try to hack it. However since of the nature of the network, today it's been unhackable. And really, with existing technology, the Bitcoin network is so big 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 since they're saying, "We do not trust fiat money, you can print a limitless quantity of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or simply individuals who have actually suffered through either devaluation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since they already do not 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 resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. Therefore there's this whole burgeoning international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are generally used, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a global computer that you can write computer system programs for and run computer programs on a globally decentralized computer program.
So we think about something like Ether an utility token, since you're basically buying programming power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people an idea, like a really basic one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this very same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on numerous different areas and. And you type of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely 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, but I believe the real chance depends on the energy coin area.
There's all of these ICOs that were happening, those decreased a little bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and start to create energy coins- Correct, yeah. And people need to comprehend that not all energy coins are developed equivalent.
So you have the advantage of committing your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can examine the code, and so on. But for an average individual, there's now what, over 1,000 different types of coins available, nearly 1,200 I believe. 'Cause typically it'll crash 80% approximately - Does the group have experience of carrying out in an effective way in another area of their life? And it doesn't even need to be directly related to cryptocurrency, it does not have to be even directly related 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 just out of college, unless they've got some really great advisors behind them, I'm probably not going to offer them any cash.
Yeah. I believe that in marketing in basic, my world of service, we constantly try to find issues and how we can resolve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain typically? Or would you state it's better if they're fixing kind 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 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 files 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 person that started it has a track record of producing computer programs that whole states run their entire operations on, right? So you've got fine, the clever guy has actually constructed big computer system programs, great team, fixing an enormous issue that is going to cut huge costs.
I indicate, 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 simple guideline, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).