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However frauds and little scams. And there's one thing that a fraud constantly does: it always 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 huge hack. And that woke something up for me.
Therefore I can't ignore that. I have actually got to go dig deeper." Therefore I began traveling all around the world. I started going to Bitcoin occasions; I began to speaking with individuals 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 huge that is! The ramifications of that, of having the ability to have data that we do not require to have it separately validated, it's cryptographically validated. That principle can ripple out throughout the entire greater economy. And when that cent dropped, I knew I needed to devote all my professional resources into ending up being a professional in this area.
And do you think, I imply you mentioned something there about not needing 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 lot of folks may not even completely comprehend validation procedure . We were just speaking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that suddenly there's other individuals getting informed about it, like the IRS and things like that. Do you think that the typical folks don't maybe know about these processes, so they don't maybe see what you're stating as this advancement, they do not see it in their daily life? Or what do you think about that? I think that holds true.
It's not as easy as firing 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've got to submit your identity files, then you've got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a lot of individuals discover 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 required to go through a process which just takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your concepts, but gosh, setting up a crypto account is so tough." What I inform 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 larger. So you're in fact truly earning money a huge quantity of money to go through perhaps, you understand, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies directly through your trading software application. And can you envision what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and one thing I wish to bring to light too that you didn't point out, however I understand a great deal of folks who battle with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I suggest, it's if you keep in mind the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I indicate 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 suggest, we remain in the early days of that innovation, but simply like throughout that period of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm constantly curious to talk to individuals who are, specifically someone like yourself, who's dedicated the last, you know, 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 question.
They're two absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's only going to be a restricted quantity. There'll never 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, people continuously try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not rely on paper money, you can print an unrestricted quantity of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or people that remained in Cypress, or just people who have suffered through either hyperinflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors 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 stable currency, right? You don't require Bitcoin - Yeah. Therefore there's this whole growing worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a global computer system that you can compose computer system programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're essentially purchasing programming 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 give people an idea, like a really basic one that I would picture you 'd called an energy token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's type of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on a lot of different areas and. And you sort of pointed out having this boots on the ground experience. Now, considering that 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 recommend and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity lies in the energy coin space.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a couple of things that was going on, but individuals are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals need to comprehend that not all utility coins are produced equal.
So you have the advantage 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. But for an average person, there's now what, over 1,000 different types of coins available, practically 1,200 I think. 'Cause usually it'll crash 80% or so - Does the team have experience of carrying out in an effective way in another area of their life? And it does not even need to be straight related to cryptocurrency, it does not need to be even directly associated to software, 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 simply out of college, unless they've got some truly good consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of company, we constantly try to find problems and how we can resolve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain normally? Or would you state it's 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 basically looking for services that, so I'll offer you an example.
And the factor that we purchased it is since they found a way to make documents tamper-proof, and it's 99% less expensive than existing 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 track record of developing computer system programs that whole states run their entire operations on, right? So you've got alright, the wise guy has constructed big computer system programs, terrific team, solving a massive problem that is going to cut big costs.
I imply, it doesn't get any simpler than that in terms of deciding who to put money behind. And a lot 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 basic rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).