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However frauds and little frauds. And there's something that a scams 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 bad news came out. The massive hack. And that woke something up for me.
Therefore I can't neglect that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin events; I started to speaking with people that were smarter than me in this space. And what I recognized is that Blockchain innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of being able to have data that we do not need to have it independently validated, it's cryptographically verified. That principle can ripple out throughout the entire greater economy. And when that cent dropped, I knew I needed to commit all my professional resources into becoming an expert in this space.
And do you think, I suggest you pointed out something there about not needing to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a great deal of folks might not even totally understand recognition procedure . We were simply speaking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then suddenly there's other people getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks don't possibly understand about these procedures, so they do not possibly see what you're stating as this advancement, they don't see it in their everyday life? Or what do you think about that? I believe that's real.
It's not as easy as firing up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you've got to upload your identity documents, then you have actually got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a lot of people discover that too inconvenient, which's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are ready to put in perhaps the 20 minutes needed to go through a procedure which simply takes five minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your ideas, 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 whole cryptocurrency market will be 10x larger. So you're actually really making money an enormous amount of money to go through maybe, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software. And can you imagine what will occur to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and something I wish to expose too that you didn't discuss, but I know a lot of folks who battle with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever before I could start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I imply, 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 fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I indicate, we're in the early days of that technology, but simply like throughout that time period, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm always curious to talk to individuals who are, especially someone like yourself, who's committed the last, you know, the much better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a great concern.
They're two absolutely various things, but 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 offers it worth 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 computers, verifying the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously attempt to hack it. However because of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when individuals put, you've 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 rely on paper money, you can print an endless quantity of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that were in Cypress, or just individuals who have actually 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 driver for more adoption, because they already do not 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 investors have a difficult time getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this entire burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially utilized, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically an international computer system that you can compose computer system programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're basically buying programming power. So I would not 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 an extremely simple one that I would picture you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this same kind of network result that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many different areas 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, fix? Mm-hmm (affirmative). Most of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the real chance depends on the utility coin area.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And individuals need to understand that not all energy coins are developed equivalent.
So you have the benefit of committing your occupation to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can check the code, etc. However for an average person, there's now what, over 1,000 different kinds of coins offered, nearly 1,200 I believe. 'Cause typically it'll crash 80% approximately - undefined. And that's when we really start taking a look at the idea in more information. So here are some quick and dirty things that you should take a look at, right? So, one is, are they fixing a problem that requires to be solved? Among the big disadvantages with very wise, technical people, is that they like to resolve issues that nobody cares about fixing.
Does the team have experience of executing in a successful way in another area of their life? And it does not even have to be straight associated 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 4 men in a space that are simply out of college, unless they've got some truly good consultants behind them, I'm most likely not going to provide any cash.
Yeah. I think that in marketing in basic, my world of service, 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 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 trying to find solutions that, so I'll offer you an example.
And the reason that we purchased it is due to the fact that they found a method to make files tamper-proof, and it's 99% less expensive than current technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a performance history of developing computer system programs that entire states run their entire operations on, right? So you have actually got okay, the wise person has actually constructed big computer programs, fantastic group, solving a huge problem that is going to cut big costs.
I suggest, it doesn't get any easier than that in terms of choosing who to put cash behind. And a great deal of this is typical sense, and a lot of folks will attempt to make things more complicated than it is. And I have an actually easy rule, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).