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However frauds and small scams. And there's one thing 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 bad news came out. The enormous hack. And that woke something up for me.
And so I can't ignore that. I have actually got to go dig deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking with individuals that were smarter than me in this area. And what I realized is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The ramifications of that, of having the ability to have information that we do not require to have it independently verified, it's cryptographically validated. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I understood I needed to devote all my professional resources into becoming a professional in this area.
And do you believe, I suggest you pointed out something there about not having to get a third-party, or intermediary to validate something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks might not even totally comprehend recognition procedure . We were just talking about how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then all of an abrupt there's other individuals getting informed about it, like the IRS and things like that. Do you think that the average folks don't perhaps know about these processes, so they don't maybe 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 real.
It's not as easy as firing up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to publish your identity files, then you've got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a lot of individuals discover that too troublesome, and that's why the people that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that are willing to put in perhaps the 20 minutes needed to go through a procedure which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so hard." What I tell them is I state, "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 actually really making money an enormous amount of cash to go through perhaps, you know, 20 minutes of a pain in the neck.
So you can't purchase 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 directly through your trading software. And can you envision what will happen to this whole 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 individuals go through, and one thing I wish to expose too that you didn't point out, but I understand a lot of folks who have problem with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently prior to I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you keep in mind 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 load 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 remain in the early days of that technology, however simply like during that amount of time, 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 absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, due to the fact that I'm always curious to speak with people who are, specifically somebody like yourself, who's dedicated the last, you know, the lion's share of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a terrific question.
They're two completely different 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. Therefore what gives it value 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, verifying the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously try to hack it. However since of the nature of the network, today it's been unhackable. And really, with existing innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've 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 saying, "We don't trust paper money, you can print an unrestricted quantity of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people that remained in Cypress, or just 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 possibly be a catalyst for more adoption, because they already don't believe in their own currency? Yeah, and I believe we've 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're like, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. And so there's this whole growing worldwide need 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 state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is basically an international computer system that you can write computer programs for and run computer programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, since you're basically buying programs power. So I would not truly 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 very simple one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this same type of network effect that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on so lots of different locations and. And you kind of discussed having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Many of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine chance lies in the energy coin area.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a few things that was going on, but people are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And individuals need to understand that not all utility coins are created equivalent.
So you have the benefit of committing your occupation to this, so you can go out there and do the recon, you can satisfy the creators, you can inspect the code, etc. However for an average person, there's now what, over 1,000 different kinds of coins readily available, almost 1,200 I think. 'Cause typically it'll crash 80% approximately - Does the team have experience of carrying out in an effective manner in another area of their life? And it doesn't even have to be directly related to cryptocurrency, it doesn't need to be even straight related to software, right? So, but I wish to see a track record of success in something, right? If it's four people in a space that are simply out of college, unless they've got some really excellent consultants behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of organization, we constantly search for issues and how we can fix them. Now, are the issues things that people are trying to fix a part of the Blockchain generally? Or would you state it's much better if they're resolving sort 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 give you an example.
And the reason that we purchased it is because they discovered a method to make files 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 man that began it has a performance history of producing computer system programs that whole states run their entire operations on, right? So you have actually got all right, the wise man has actually built big computer system programs, great team, fixing a huge problem that is going to cut huge costs.
I imply, it doesn't get any simpler than that in terms of choosing who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complex than it is. And I have a really easy guideline, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).