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However frauds and little frauds. And there's something 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 problem came out. The massive hack. Which woke something up for me.
And so I can't disregard that. I've got to go dig much deeper." And so I began traveling all around the world. I started going to Bitcoin occasions; I started to talking to individuals that were smarter than me in this space. And what I realized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have data that we do not need to have it separately verified, it's cryptographically confirmed. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I understood I had to devote all my professional resources into ending up being a specialist in this area.
And do you think, I suggest you pointed out something there about not needing to get a third-party, or intermediary to confirm something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks may not even fully comprehend validation process . We were just talking about 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 individuals getting alerted about it, like the IRS and things like that. Do you think that the typical folks do not possibly know about these processes, so they don't perhaps see what you're stating as this breakthrough, they don't see it in their everyday life? Or what do you think about that? I think that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you have actually got to submit your identity documents, then you have actually got to wait to get verified, and after that finally, you can go purchase some Bitcoin.
So, a great deal of people find that too bothersome, which's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a process which simply takes five minutes if you want to set up 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 bigger. So you're in fact truly making money a massive amount of cash to go through possibly, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however 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 envision what will occur to this whole market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the process that individuals go through, and one thing I wish to bring to light too that you didn't point out, but I understand a great deal of folks who have problem with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever before I might begin purchasing in size on Coinbase. They resemble, 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 fill 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, however just like throughout that period 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 an action back for a 2nd, since I'm always curious to speak with individuals who are, especially someone like yourself, who's devoted the last, you know, the much better part 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 a fantastic question.
They're 2 totally 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 provides it worth is that it is, there's only going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't trust fiat money, you can print a limitless amount of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that remained in Cypress, or just individuals who have suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, since they currently do not believe in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a tough time getting their head around. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. And so there's this whole growing worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are essentially used, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially a global computer that you can compose computer programs for and run computer system programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, because you're essentially purchasing programs power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals an idea, like a very simple one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this exact same kind of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on numerous various locations and. And you sort of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are probably energy 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, however I believe the real opportunity depends on the energy coin area.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a few things that was going on, but people are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals need to understand that not all energy coins are produced equal.
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 a typical person, there's now what, over 1,000 various kinds of coins available, nearly 1,200 I believe. 'Cause normally it'll crash 80% approximately - Does the team have experience of carrying out in an effective manner in another location of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't need to be even directly related to software, right? So, but I wish to see a track record of success in something, right? If it's 4 people in a room that are just out of college, unless they have actually got some really good consultants behind them, I'm most likely not going to provide them any money.
Yeah. I believe that in marketing in general, my world of company, we continuously look for problems and how we can solve them. Now, are the problems things that individuals are trying to solve a part of the Blockchain typically? Or would you say it's better if they're solving 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 basically looking for options that, so I'll provide you an example.
And the factor that we purchased it is because they discovered a method to make files tamper-proof, and it's 99% more affordable than current technology, 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 system programs that whole states run their whole operations on, right? So you've got fine, the smart man has actually built huge computer programs, great group, solving a massive issue that is going to cut huge expenses.
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 is common sense, and a lot of folks will try to make things more complicated than it is. And I have an actually basic rule, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).