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However scams and little scams. And there's one thing that a fraud constantly does: it always goes to zero. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The massive hack. And that woke something up for me.
Therefore I can't overlook that. I've got to go dig much deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin occasions; I began to talking with individuals that were smarter than me in this area. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The ramifications of that, of being able to have information that we do not require to have it separately verified, it's cryptographically validated. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to devote all my expert resources into becoming a specialist in this space.
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 reason that this isn't getting as much mass adoption is that a lot of folks might not even completely comprehend recognition procedure . We were simply speaking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and then all of an unexpected there's other people getting alerted about it, like the IRS and things like that. Do you believe that the typical folks do not perhaps learn about these processes, so they don't maybe see what you're saying as this advancement, they do not see it in their daily life? Or what do you think of that? I think that holds true.
It's not as simple as firing up a web internet 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 submit your identity files, then you have actually got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a lot of people discover that too bothersome, and that's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a procedure which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your concepts, but gosh, establishing a crypto account is so hard." 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 really making money a massive amount of money to go through possibly, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, before 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 marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and something I desire to bring to light too that you didn't mention, but I know a great deal of folks who struggle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently before I might begin buying in size on Coinbase. They resemble, 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 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 suggest, we're in the early days of that innovation, but much like during that amount of time, for the folks that had the vision to see where the future was going, and then bought in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm always curious to speak with individuals who are, particularly somebody like yourself, who's devoted the last, you understand, the bulk of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what gives it worth is that it is, there's only going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. And so if you 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 really, with existing innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't trust fiat money, you can print an endless amount of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that were in Cypress, or simply people who have suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, due to the fact that they already do not believe in their own currency? Yeah, and I believe we have actually 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're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this whole burgeoning international 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 system programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, due to the fact that you're basically buying programs power. So I would not really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people a concept, like a very simple one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this same type of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on so lots of various areas and. And you sort of mentioned having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). The majority 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 space.
There's all of these ICOs that were occurring, those decreased a little bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people need to comprehend that not all utility coins are created equal.
So you have the benefit of committing your profession to this, so you can head out there and do the reconnaissance, you can meet the founders, you can inspect the code, and so on. However for an average person, there's now what, over 1,000 different kinds of coins available, nearly 1,200 I believe. 'Cause usually it'll crash 80% or so - Does the team have experience of performing in a successful way in another area of their life? And it does not even have to be straight associated to cryptocurrency, it does not have to be even straight related to software, right? So, however I wish to see a performance history of success in something, right? If it's four guys in a room that are just out of college, unless they've got some truly excellent advisors behind them, I'm most likely not going to offer them any cash.
Yeah. I believe that in marketing in basic, my world of organization, we constantly look for issues and how we can solve them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain normally? Or would you state it's better if they're fixing type 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 searching for services that, so I'll provide you an example.
And the reason that we bought it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a performance history of creating computer programs that whole states run their entire operations on, right? So you have actually got alright, the clever man has actually constructed huge computer programs, great group, solving a huge problem that is going to cut substantial costs.
I imply, it does not get any easier than that in terms of deciding who to put money behind. And a great deal of this prevails sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually basic guideline, Ryan. If I don't comprehend something, I set up my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).