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However frauds and small frauds. And there's one thing that a scams constantly 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 huge hack. And that woke something up for me.
And so I can't overlook that. I have actually 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 space. And what I recognized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The implications of that, of being able to have information that we don't require to have it individually validated, it's cryptographically verified. That idea can ripple out throughout the whole higher economy. And when that penny dropped, I understood I needed to dedicate all my professional resources into ending up being a specialist in this area.
And do you think, I indicate you pointed out something there about not needing 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 lot of folks may not even totally understand validation procedure . We were just speaking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that suddenly there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly understand about these processes, so they do not perhaps see what you're stating as this breakthrough, they don't see it in their daily life? Or what do you think of that? I think that's true.
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 have actually got to publish your identity documents, then you have actually got to wait to get confirmed, and then finally, you can go purchase some Bitcoin.
So, a great deal of people find that too troublesome, which's why the individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes needed to go through a procedure which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your concepts, but gosh, establishing a crypto account is so tough." 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 bigger. So you're actually truly making money an enormous 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 concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you imagine what will happen 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 discussed the procedure that individuals go through, and one thing I want to expose too that you didn't mention, however I understand a great deal of folks who have problem with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently before I might start buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I imply, 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 imply 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 suggest, we remain in the early days of that innovation, but similar to during 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 companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm constantly curious to talk with people who are, specifically someone like yourself, who's dedicated the last, you understand, the much better part of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic question.
They're two completely various things, however 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. Therefore what offers it value is that it is, there's only going to be a limited quantity. 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 try to hack it. However because of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when people put, you've got individuals 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 don't rely on paper currency, you can print an unlimited quantity of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that were in Cypress, or just individuals who have suffered through either hyperinflation, or there's a high demand for, in Argentina for instance, 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 do not believe in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a hard 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 steady currency, right? You don't require Bitcoin - Yeah. And so there's this entire burgeoning worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically used, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is essentially a global computer that you can write computer system programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, because you're essentially buying shows power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like a very simple one that I would envision 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 type of this very same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on many different locations and. And you type of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the real opportunity depends on the utility coin space.
There's all of these ICOs that were happening, 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 utility coins are developed equal.
So you have the benefit of committing your profession to this, so you can go out there and do the recon, you can fulfill the creators, you can examine the code, etc. However for an average person, there's now what, over 1,000 various kinds of coins readily available, practically 1,200 I believe. 'Cause typically it'll crash 80% approximately - Does the team have experience of performing in a successful way in another location of their life? And it does not even have to be straight associated to cryptocurrency, it does not need to be even directly associated to software, right? So, but I wish to see a track record of success in something, right? If it's four men in a room that are simply out of college, unless they've got some really excellent advisors behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in general, my world of organization, we continuously search for issues and how we can resolve them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain generally? Or would you state it's better if they're solving 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 essentially looking for options that, so I'll offer you an example.
And the factor that we purchased it is because they discovered a way to make documents tamper-proof, and it's 99% less expensive than existing 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 developing computer system programs that entire states run their entire operations on, right? So you've got alright, the smart man has developed substantial computer system programs, great group, resolving a huge problem that is going to cut substantial expenses.
I suggest, it doesn't get any simpler than that in regards to deciding who to put cash behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually easy guideline, Ryan. If I don't comprehend something, I put up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).