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But scams and little scams. And there's something 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 enormous hack. Which woke something up for me.
Therefore I can't overlook that. I have actually got to go dig deeper." And so I began taking a trip all around the world. I started going to Bitcoin occasions; I started to speaking with individuals that were smarter than me in this area. And what I understood is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of being able to have information that we do not need to have it individually confirmed, it's cryptographically validated. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I understood I had to devote all my professional resources into becoming an expert in this space.
And do you think, I suggest you pointed out 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 great deal of folks may not even completely understand recognition process . We were just discussing how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't possibly know about these processes, so they do not possibly see what you're stating as this advancement, they do not see it in their everyday life? Or what do you consider that? I believe 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 have actually got to go to an exchange, you have actually got to upload your identity files, then you've got to wait to get confirmed, and then lastly, you can go buy some Bitcoin.
So, a lot of people find that too bothersome, which's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a process which simply takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your ideas, but gosh, establishing a crypto account is so tough." 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 in fact truly getting paid a massive amount of money to go through maybe, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly 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 simple as firing up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that people go through, and one thing I wish to bring to light too that you didn't mention, however I understand a great deal of folks who fight with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As hard as possible, right, like Coinbase. It 'd take me forever before I could start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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 innovation, however much like during that period of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm always curious to speak with people who are, especially somebody like yourself, who's committed the last, you know, the much better part of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's a terrific question.
They're 2 totally 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 limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And really, with current 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 people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not rely on fiat money, you can print an unlimited amount of it. It's truly not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that remained in Cypress, or simply people who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, since they currently don't believe in their own currency? Yeah, and I believe we have actually currently 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 do not need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - undefined. However there are billions of individuals worldwide that don't have stable currencies.
Yeah. Therefore there's this whole blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are generally used, let's state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer system programs for and run computer programs on a globally decentralized computer system program.
So we consider something like Ether an utility token, since you're basically buying programs power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people an idea, like an extremely easy 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 sort of this very same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on numerous various locations and. And you type of mentioned having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I believe the genuine opportunity depends on the energy coin space.
There's all of these ICOs that were taking place, those decreased a little bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and start to create energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are developed equivalent.
So you have the advantage of committing your occupation to this, so you can head out there and do the recon, you can meet the creators, you can inspect the code, etc. However for an average individual, there's now what, over 1,000 different types of coins available, almost 1,200 I believe. 'Cause normally it'll crash 80% or two - Does the group have experience of performing in an effective way in another location of their life? And it doesn't even need to be directly related to cryptocurrency, it does not need to be even straight related to software application, right? So, however I desire to see a performance history of success in something, right? If it's four people in a space that are simply out of college, unless they have actually got some really good consultants behind them, I'm most likely not going to offer them any cash.
Yeah. I believe that in marketing in basic, my world of business, we continuously look for problems and how we can solve 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 basically looking for options that, so I'll provide you an example.
And the reason that we bought it is because they found a way 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 guy that started it has a track record of developing computer system programs that entire states run their whole operations on, right? So you've got all right, the smart guy has actually developed big computer system programs, terrific team, fixing a massive issue that is going to cut big expenses.
I imply, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a lot of this is typical sense, and a lot of folks will attempt to make things more complex than it is. And I have a really simple rule, Ryan. If I don't comprehend something, I put up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).