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However scams and small scams. And there's something that a scams constantly 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. And that woke something up for me.
Therefore I can't disregard that. I have actually got to go dig deeper." And so I started traveling all around the world. I began going to Bitcoin events; I started to speaking to individuals that were smarter than me in this space. And what I recognized is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The ramifications of that, of having the ability to have information that we do not need to have it individually confirmed, it's cryptographically confirmed. That concept can ripple out throughout the whole higher economy. And when that penny dropped, I knew I had to dedicate all my professional resources into becoming a specialist in this area.
And do you believe, I mean you mentioned something there about not having to get a third-party, or intermediary to validate 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 totally understand validation process . undefined.
We were just speaking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of an unexpected there's other individuals getting alerted about it, like the IRS and things like that. Do you think that the average folks do not perhaps understand about these processes, so they don't perhaps see what you're stating as this advancement, they do not see it in their everyday life? Or what do you think of that? I believe that holds true.
It's not as easy as firing up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You have actually 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 then lastly, you can go purchase some Bitcoin.
So, a lot of individuals discover that too bothersome, which's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are willing to put in perhaps the 20 minutes required to go through a process which just takes five minutes if you want to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, establishing a crypto account is so tough." 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 entire cryptocurrency market will be 10x larger. So you're in fact really getting paid a huge amount of cash to go through perhaps, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you picture what will happen to this entire market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and something I wish to bring to light too that you didn't point out, but I know a great deal of folks who battle with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, right, like Coinbase. It 'd take me forever before I could begin purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, it's if you remember the early days of the Web, 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 indicate, we remain in the early days of that technology, however just like during that amount 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 companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm constantly curious to speak with individuals who are, specifically somebody like yourself, who's devoted the last, you understand, the better part of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic concern.
They're two completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what provides it value is that it is, there's just going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the deals on the Bitcoin network. And so if you look at that Bitcoin network, people continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And really, with existing innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We do not rely on fiat money, you can print a limitless amount of it. It's actually not protect, and the federal government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that remained in Cypress, or just people who have actually suffered through either devaluation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, because they already do not think 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 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 do not require Bitcoin - Yeah. Therefore there's this entire growing international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially used, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a global computer that you can write computer system programs for and run computer system programs on a worldwide decentralized computer program.
So we consider something like Ether an utility token, because you're basically purchasing programming 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 give people an idea, like an extremely basic one that I would picture you 'd called an energy token, is like FileCoin.
Where the concept is that basically 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 kind of thing, since it's on so numerous various areas and. undefined. I don't understand the ins and outs of it, but as an example for someone who might simply be very fundamental in their understanding of this, there are numerous various types of energies that are offered.
And you sort of pointed out having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, however I believe the real chance depends on the energy coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some changes to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And people need to comprehend that not all utility coins are created equal.
So you have the advantage of devoting your profession to this, so you can head out there and do the reconnaissance, you can meet the founders, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 different kinds of coins available, practically 1,200 I think. 'Cause typically it'll crash 80% or two - Does the group have experience of performing in a successful way in another area of their life? And it does not even have to be straight related to cryptocurrency, it does not have to be even straight associated to software application, right? So, but I want to see a performance history of success in something, right? If it's 4 men in a space that are just out of college, unless they've got some really good advisors behind them, I'm probably not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of service, we constantly try to find problems and how we can solve them. Now, are the problems things that individuals are trying to fix a part of the Blockchain normally? Or would you say it's better if they're resolving kind 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 looking for services that, so I'll give you an example.
And the reason that we purchased it is due to the fact that they discovered a method to make documents tamper-proof, and it's 99% cheaper than present 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 track record of producing computer system programs that entire states run their whole operations on, right? So you have actually got okay, the clever man has actually developed huge computer programs, great group, solving a massive problem that is going to cut substantial costs.
I suggest, it does not get any easier than that in regards to choosing who to put money 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 don't comprehend something, I installed my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).