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But scams and little scams. And there's one thing that a scams constantly does: it always goes to 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 enormous hack. Which woke something up for me.
And so I can't overlook 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 people that were smarter than me in this space. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of being able to have data that we do not require to have it independently validated, it's cryptographically confirmed. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I knew I had to commit all my professional resources into becoming a professional in this area.
And do you think, I suggest you mentioned something there about not needing 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 comprehend recognition procedure . We were just discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that all of an unexpected there's other people getting notified about it, like the IRS and things like that. Do you believe that the average folks do not possibly learn about these processes, so they don't possibly see what you're stating as this advancement, they don't see it in their everyday life? Or what do you consider that? I believe that holds true.
It's not as easy as firing up a web internet browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to publish your identity documents, then you've got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a great deal of individuals discover that too troublesome, which's why the 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 procedure which just takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so challenging." 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 larger. So you're actually really making money a huge quantity 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 just a concern of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software application. And can you envision what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that individuals go through, and something I wish to bring to light too that you didn't point out, however I understand a lot of folks who have problem with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently before I could begin purchasing in size on Coinbase. They resemble, 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 Web, we were doing it with 56k modems, right? I imply 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 imply, we remain in the early days of that technology, but similar to throughout 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 companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm constantly curious to talk with people who are, particularly somebody like yourself, who's devoted the last, you know, the much better part of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's a terrific question.
They're two totally various things, but 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 offers it worth is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't trust paper currency, you can print an unlimited quantity of it. It's actually not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that were in Cypress, or just individuals who have actually suffered through either hyperinflation, 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 possibly be a catalyst for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this entire burgeoning worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally utilized, let's say Ethereum, which a lot of people learn about Ethereum. Ethereum is basically an international computer system that you can write computer system programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, because you're basically buying programs power. So I would not actually consider 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 easy one that I would picture you 'd called an utility token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this same type of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on many various areas and. And you sort of discussed having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, correct? 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, however I think the genuine chance depends on the utility coin area.
There's all of these ICOs that were happening, those decreased a little bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people need to understand that not all energy coins are produced equivalent.
So you have the advantage of dedicating your occupation to this, so you can go out there and do the reconnaissance, you can meet the founders, you can check the code, etc. However for a typical person, there's now what, over 1,000 various kinds of coins readily available, nearly 1,200 I think. 'Cause normally it'll crash 80% or two - Does the team have experience of performing in a successful way in another location of their life? And it does not even need to be straight related to cryptocurrency, it doesn't have to be even straight associated to software application, right? So, but I wish to see a performance history of success in something, right? If it's four men in a room that are just out of college, unless they've got some really great consultants behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in general, my world of business, we constantly try to find issues and how we can fix them. Now, are the problems things that people are trying to resolve a part of the Blockchain normally? Or would you state it's much better if they're fixing 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 basically looking for solutions that, so I'll give you an example.
And the factor that we bought 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 man that began it has a track record of developing computer programs that whole states run their entire operations on, right? So you have actually got all right, the smart person has actually constructed substantial computer programs, fantastic team, solving a massive problem that is going to cut big expenses.
I mean, it doesn't get any simpler than that in terms of choosing who to put money behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually easy guideline, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).