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However scams and small frauds. And there's something that a scams always does: it constantly goes to absolutely no. But 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 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 recognized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have information that we do not need to have it separately validated, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that cent dropped, I knew I needed to dedicate all my professional resources into ending up being a specialist in this space.
And do you believe, I suggest you mentioned something there about not having 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 great deal of folks may not even totally understand recognition procedure . We were simply discussing how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of a sudden there's other people getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not perhaps understand about these processes, so they do not perhaps see what you're saying as this advancement, they don't see it in their everyday life? Or what do you think about that? I believe that holds true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to upload your identity documents, then you've got to wait to get validated, and after that lastly, you can go buy some Bitcoin.
So, a great deal of individuals discover that too inconvenient, and that's why the people that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a process which simply takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, establishing a crypto account is so difficult." 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 bigger. So you're in fact truly earning money a huge quantity of cash to go through maybe, you know, 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 be able to purchase cryptocurrencies directly through your trading software. And can you envision what will occur to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and something I want to expose too that you didn't discuss, but I know a lot of folks who fight with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me permanently prior to I could start buying 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 Web, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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 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 always curious to talk with individuals who are, specifically somebody like yourself, who's devoted the last, you understand, the lion's share of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like a typical person? That's an excellent question.
They're two absolutely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's just going to be a restricted amount. 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 constantly try to hack it. However since of the nature of the network, today it's been unhackable. And really, with current innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust fiat money, you can print a limitless amount of it. It's really not protect, and the government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or simply individuals who have actually suffered through either devaluation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, since they currently don't think in their own currency? Yeah, and I think we have actually already 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 don't need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. Therefore there's this entire blossoming global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are generally utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is essentially a worldwide computer system that you can write computer system programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're basically buying programming power. So I wouldn't truly 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 simple one that I would imagine you 'd called an energy 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 type of network result that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on numerous various areas and. And you type of pointed out having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the real opportunity lies in the utility coin area.
There's all of these ICOs that were happening, those decreased a little bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and start to create energy coins- Correct, yeah. And individuals require to understand that not all energy coins are developed equal.
So you have the benefit of devoting your occupation to this, so you can head out there and do the recon, you can fulfill the creators, you can examine the code, etc. However for a typical individual, there's now what, over 1,000 various kinds of coins offered, practically 1,200 I think. 'Cause typically it'll crash 80% or two - Does the group have experience of executing in a successful way in another area of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not have to be even directly associated to software application, 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 simply out of college, unless they have actually got some truly great advisors behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in general, my world of business, we constantly search for issues and how we can solve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain typically? Or would you say it's better if they're resolving kind 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 essentially searching for options that, so I'll give you an example.
And the factor that we bought it is due to the fact that they discovered a way to make documents tamper-proof, and it's 99% cheaper than current innovation, 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 track record of creating computer programs that whole states run their whole operations on, right? So you have actually got okay, the wise person has constructed big computer programs, excellent group, fixing a huge issue that is going to cut substantial expenses.
I suggest, it does not get any simpler than that in regards to choosing who to put money behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complex than it is. And I have a truly simple guideline, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).