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However frauds and little frauds. And there's something that a scams always 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 problem came out. The massive hack. And that woke something up for me.
Therefore I can't ignore that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin occasions; I began to talking to people that were smarter than me in this area. 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 entire higher economy. And when that penny dropped, I knew I had to dedicate all my professional resources into ending up being a specialist in this space.
And do you believe, 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 reason that this isn't getting as much mass adoption is that a lot of folks may not even completely understand recognition process . We were simply discussing how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then suddenly there's other individuals getting alerted about it, like the IRS and things like that. Do you think that the typical folks don't maybe know about these processes, so they don't possibly see what you're stating as this development, they do not see it in their everyday life? Or what do you consider that? I think that's real.
It's not as simple as firing up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You've got to go to an exchange, you've got to upload your identity documents, then you have actually got to wait to get verified, and after that lastly, you can go purchase some Bitcoin.
So, a lot of individuals discover that too bothersome, 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 possibly the 20 minutes required to go through a process which just takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we like your concepts, however gosh, establishing a crypto account is so hard." What I tell 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 actually really making money an enormous quantity of cash to go through possibly, you know, 20 minutes of a headache.
So you can't buy 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 directly through your trading software application. And can you imagine what will take place to this whole market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the process that people go through, and one thing I wish to expose too that you didn't point out, but I know a great deal of folks who have problem with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I suggest, 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 indicate it would take 20 minutes to load a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I mean, we remain in the early days of that technology, but much like during that amount of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to talk with individuals who are, especially someone like yourself, who's dedicated the last, you understand, the bulk of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a terrific question.
They're 2 absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's only going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously try to hack it. But because of the nature of the network, today it's been unhackable. And actually, 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 people put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on paper money, you can print an unlimited amount of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or just people who have suffered through either devaluation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, due to the fact that they currently don't believe in their own currency? Yeah, and I believe we have actually already 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're like, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - undefined. However there are billions of individuals worldwide that don't have stable currencies.
Yeah. And so there's this whole burgeoning global need for cryptocurrencies. So anyhow, 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 understand about Ethereum. Ethereum is basically a global computer system that you can write computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an utility token, because you're essentially buying programs power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people a concept, like an extremely easy one that I would envision you 'd called an energy token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this exact same type of network impact that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on numerous different areas and. And you type of discussed having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Many of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance depends on the utility coin area.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a few things that was going on, however people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And people need to understand that not all energy coins are produced equal.
So you have the benefit of committing your occupation to this, so you can go out there and do the reconnaissance, you can fulfill the founders, you can check the code, etc. But for an average individual, there's now what, over 1,000 different kinds of coins available, nearly 1,200 I believe. 'Cause generally it'll crash 80% approximately - Does the group have experience of carrying out in an effective manner in another location of their life? And it doesn't even need to be straight related to cryptocurrency, it doesn't need to be even directly associated to software, right? So, but I want to see a track record of success in something, right? If it's four people in a room that are simply out of college, unless they have actually got some really good advisors behind them, I'm probably not going to provide any cash.
Yeah. I think that in marketing in basic, my world of service, we continuously try to find issues and how we can fix them. Now, are the problems things that individuals are trying to solve a part of the Blockchain typically? Or would you say it's much better if they're fixing type 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 looking for solutions that, so I'll give you an example.
And the reason that we bought it is due to the fact that they found a way to make files tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a track record of creating computer system programs that whole states run their whole operations on, right? So you have actually got okay, the smart person has actually developed substantial computer programs, great group, resolving a massive issue that is going to cut big costs.
I suggest, it does not get any simpler than that in regards to deciding who to put cash behind. And a great deal of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have a truly basic guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).