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But scams and small scams. And there's something that a fraud always 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 bad news came out. The enormous hack. Which woke something up for me.
Therefore I can't overlook that. I've got to go dig deeper." And so I began taking a trip all around the world. I started going to Bitcoin occasions; I began to speaking with individuals that were smarter than me in this space. And what I understood is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The ramifications of that, of having the ability to have data that we don't require to have it independently validated, it's cryptographically verified. That idea 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 professional in this space.
And do you believe, I mean you discussed 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 lot of folks may not even completely understand validation procedure . We were simply talking about how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and after that all of an abrupt there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the typical folks don't possibly understand about these processes, so they do not possibly see what you're saying as this breakthrough, they don't see it in their everyday life? Or what do you consider that? I believe that's 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 publish 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 great deal of people discover that too bothersome, which's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a process which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so difficult." What I inform them is I say, "Look, when it's easy 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 truly earning money a huge amount of money to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software. And can you envision what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that individuals go through, and one thing I want to expose too that you didn't mention, but I understand a great deal of folks who fight with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me forever before I might begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, 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 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 imply, we remain in the early days of that technology, however similar to throughout that duration of time, for the folks that had the vision to see where the future was going, and then bought in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm constantly curious to talk with individuals who are, especially somebody like yourself, who's dedicated the last, you understand, the lion's share of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a terrific question.
They're 2 completely various things, however 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. And so what gives it value is that it is, there's just going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And actually, with existing innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't rely on paper cash, you can print an endless quantity 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 just people who have suffered through either devaluation, or there's a high need for, in Argentina for example, 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 already do not think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a difficult time getting their head around. They're like, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this whole blossoming worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are generally used, let's say Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially an international computer that you can compose computer system programs for and run computer system programs on a worldwide decentralized computer program.
So we consider something like Ether an utility token, due to the fact that you're essentially purchasing programs power. So I would not really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals an idea, like a really easy one that I would imagine you 'd called an energy token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on many various locations and. And you type of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance depends on the energy coin space.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and start to create energy coins- Correct, yeah. And people require to understand that not all utility coins are produced equal.
So you have the benefit of dedicating your profession to this, so you can go out there and do the recon, you can fulfill the creators, you can check the code, and so on. However for an average person, there's now what, over 1,000 various kinds of coins offered, practically 1,200 I think. 'Cause typically it'll crash 80% or so - Does the group have experience of performing in an effective manner in another area of their life? And it does not even need to be straight related to cryptocurrency, it doesn't need to be even directly associated to software, right? So, but I wish to see a performance history of success in something, right? If it's 4 men in a room that are just out of college, unless they have actually got some actually great advisors behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of company, we constantly look for problems and how we can resolve them. Now, are the problems things that people are attempting to fix a part of the Blockchain generally? Or would you say it's much better if they're solving 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 trying to find services that, so I'll provide you an example.
And the reason that we bought it is because they found a method to make documents tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a track record of producing computer system programs that whole states run their entire operations on, right? So you have actually got okay, the clever person has actually constructed huge computer system programs, terrific team, solving an enormous problem that is going to cut substantial expenses.
I imply, it doesn't get any easier than that in terms of choosing who to put money behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really basic guideline, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).