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However scams and small frauds. And there's one thing that a scams 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 bad news came out. The huge hack. And that woke something up for me.
Therefore 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 occasions; I started to talking with individuals that were smarter than me in this area. And what I recognized is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have data that we do not require to have it independently confirmed, it's cryptographically validated. That idea can ripple out throughout the entire greater economy. And when that penny dropped, I knew I needed to devote all my professional resources into ending up being a professional in this space.
And do you think, I indicate you mentioned something there about not having to get a third-party, or intermediary to confirm 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 completely understand recognition procedure . We were simply discussing how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and after that all of an abrupt there's other people getting informed about it, like the IRS and things like that. Do you think that the typical folks don't possibly understand about these procedures, so they do not possibly see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you believe about that? I believe that's true.
It's not as easy as shooting up a web 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've got to wait to get confirmed, and after that finally, you can go buy some Bitcoin.
So, a lot of people find that too bothersome, which's why the individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are ready to put in possibly the 20 minutes required to go through a procedure which simply takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, setting up a crypto account is so tough." 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 larger. So you're actually truly earning money a massive quantity of money to go through maybe, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you imagine what will take place to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and one thing I wish to expose too that you didn't mention, however I know a great deal of folks who battle with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As tough as possible, right, like Coinbase. It 'd take me forever prior to I could start buying in size on Coinbase. They resemble, well, we'll let you buy $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 pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I imply, we're in the early days of that technology, however just like during 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 business, 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 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 truly go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a great 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. Therefore what gives it worth is that it is, there's just going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously try to hack it. However because of the nature of the network, today it's been unhackable. And truly, with existing technology, 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 actually 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 fiat money, you can print an endless amount of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that remained in Cypress, or simply individuals who have actually suffered through either hyperinflation, 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 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 great deal of American or Western financiers have a difficult time getting their head around. They resemble, "Well I do not need 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 in the world that do not have stable currencies.
Yeah. Therefore there's this entire blossoming global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically utilized, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically an international computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we think about something like Ether an utility token, since you're essentially purchasing programs power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people a concept, like a really easy one that I would envision you 'd called an utility token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable example, because it's on a lot of different locations and. And you sort of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). Many of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were happening, those decreased a bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals require to comprehend that not all energy coins are produced equal.
So you have the advantage of devoting your profession to this, so you can head out there and do the recon, you can satisfy the founders, you can check the code, etc. But for an average individual, there's now what, over 1,000 different kinds of coins readily available, practically 1,200 I believe. 'Cause usually it'll crash 80% or so - Does the team have experience of carrying out in a successful manner in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't have to be even directly related to software application, right? So, but I wish to see a track record of success in something, right? If it's 4 men in a space that are simply out of college, unless they've got some actually excellent advisors behind them, I'm most likely not going to give them any money.
Yeah. I think that in marketing in general, my world of business, we constantly look for issues and how we can fix them. Now, are the problems things that people are attempting to solve a part of the Blockchain typically? Or would you say it's 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 essentially trying to find options that, so I'll provide you an example.
And the factor that we purchased it is because they discovered a way to make files tamper-proof, and it's 99% more affordable 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 performance history of producing computer system programs that whole states run their entire operations on, right? So you've got all right, the wise man has developed substantial computer system programs, terrific group, resolving an enormous issue that is going to cut substantial costs.
I suggest, it does not get any easier than that in regards to deciding who to put money behind. And a lot of this is typical sense, and a lot 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 put up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).