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But scams and little frauds. And there's something that a scams always does: it constantly 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.
And so I can't ignore that. I've got to go dig deeper." Therefore I began traveling all around the world. I started going to Bitcoin events; I started to talking with individuals that were smarter than me in this area. And what I recognized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how massive that is! The implications of that, of being able to have data that we don't need to have it separately confirmed, it's cryptographically validated. That concept can ripple out throughout the entire higher economy. And when that penny dropped, I understood I needed to devote all my expert resources into ending up being an expert in this area.
And do you think, I mean you pointed out something there about not having 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 lot of folks may not even fully understand validation process . We were simply discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you think that the typical folks do not maybe learn about these processes, so they do not maybe see what you're saying as this advancement, they do not see it in their daily life? Or what do you believe about that? I believe that's real.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to publish your identity files, then you have actually got to wait to get confirmed, and then finally, you can go purchase some Bitcoin.
So, a lot of individuals discover that too inconvenient, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are willing to put in maybe the 20 minutes needed to go through a procedure which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, setting up a crypto account is so difficult." What I inform them is I say, "Look, when it's simple 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 actually truly getting paid a huge amount of cash to go through maybe, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you picture what will occur to this entire market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that people 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 battle with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever before I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, when we were getting on the Internet, 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 suggest, we remain in the early days of that technology, but just like throughout that time period, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm always curious to speak with people who are, specifically somebody like yourself, who's dedicated the last, you understand, the lion's share of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a great concern.
They're 2 completely 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 offers it worth is that it is, there's only going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you look at that Bitcoin network, people continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And really, with current technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when people put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't rely on fiat money, you can print an unrestricted amount of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that were in Cypress, or just people who have suffered through either hyperinflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, because they currently don't think in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a difficult time getting their head around. They resemble, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. And so there's this entire growing worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically utilized, let's say Ethereum, which a great deal of individuals know about Ethereum. Ethereum is basically a worldwide computer system that you can write computer programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an utility token, because you're basically buying programming power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people an idea, like an extremely basic one that I would envision you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this same kind of network impact that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on a lot of different areas and. undefined. I do not understand the ins and outs of it, but as an example for someone who might just be extremely fundamental in their understanding of this, there are a lot of different kinds of utilities that are readily available.
And you type of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity lies in the energy coin area.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a few things that was going on, however individuals are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals require to understand that not all utility coins are created equal.
So you have the benefit of devoting your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can examine the code, etc. However for an average person, there's now what, over 1,000 various types of coins readily available, nearly 1,200 I believe. 'Cause usually it'll crash 80% approximately - Does the group have experience of performing in an effective manner in another location of their life? And it does not even have to be directly related to cryptocurrency, it does not have to be even directly related to software application, right? So, however I wish 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've got some really great consultants behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in basic, my world of business, we constantly search for issues and how we can resolve them. Now, are the issues things that people are trying to resolve a part of the Blockchain usually? Or would you state 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 trying to find 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% more affordable than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a track record of producing computer system programs that whole states run their whole operations on, right? So you've got all right, the smart guy has actually built substantial computer system programs, terrific team, solving a massive problem that is going to cut huge expenses.
I indicate, it does not get any easier than that in terms of deciding who to put money behind. And a lot of this is common sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually easy rule, Ryan. If I don't understand something, I put up my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).