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However frauds and little scams. And there's something that a fraud constantly does: it always goes to no. However 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. And that woke something up for me.
And so I can't disregard that. I have actually got to go dig deeper." Therefore I began traveling all around the world. I started going to Bitcoin occasions; I started to speaking with people that were smarter than me in this area. And what I realized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have information that we do not require to have it separately verified, it's cryptographically confirmed. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I understood I needed to dedicate all my professional resources into becoming a specialist in this space.
And do you think, I suggest you discussed 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 great deal of folks might not even totally understand validation procedure . We were simply discussing how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that all of an unexpected there's other individuals getting alerted about it, like the IRS and things like that. Do you believe that the typical folks do not possibly understand about these procedures, so they don't possibly see what you're stating as this development, they do not see it in their daily life? Or what do you think of that? I think that's true.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pushing a buy button and purchasing it, right? You have actually got to go to an exchange, you've got to submit your identity files, then you've got to wait to get confirmed, and then lastly, you can go purchase some Bitcoin.
So, a lot of individuals find that too troublesome, and that's why the individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps 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 love your ideas, but gosh, establishing a crypto account is so hard." What I tell them is I say, "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 truly making money a massive amount of cash to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software. And can you envision what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the process that individuals go through, and one thing I wish to bring to light too that you didn't point out, but I know a great deal of folks who deal with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, right, like Coinbase. It 'd take me permanently before I might start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I suggest it would take 20 minutes to pack 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 much like throughout that time period, 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 outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm always curious to speak to individuals who are, specifically somebody like yourself, who's devoted the last, you know, the bulk of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like an average person? That's a great question.
They're 2 absolutely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it value 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, confirming the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And really, with present technology, 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 literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not rely on paper currency, you can print a limitless amount of it. It's actually not protect, and the government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that remained in Cypress, or just people who have actually suffered through either devaluation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, because they currently do not believe in their own currency? Yeah, and I believe we've currently 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 do not require 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 whole blossoming international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally used, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically an international computer that you can compose computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an energy token, since you're essentially purchasing programs power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide people a concept, like a really easy one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's type of this exact same type of network effect that you have with Bitcoin, where it resembles unstoppable example, because it's on many different areas and. And you sort of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were taking place, those decreased a little bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And individuals require to understand that not all energy coins are produced equivalent.
So you have the benefit of devoting your profession to this, so you can go out there and do the recon, you can satisfy the creators, you can check the code, etc. However for an average individual, there's now what, over 1,000 different types of coins readily available, almost 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 associated to cryptocurrency, it does not 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 guys in a space that are simply out of college, unless they have actually got some actually excellent consultants behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of company, we constantly search for issues and how we can solve them. Now, are the issues things that individuals are trying to resolve a part of the Blockchain typically? Or would you say it's better if they're resolving type 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 generally searching for solutions that, so I'll provide you an example.
And the reason that we bought it is since they discovered a way to make documents tamper-proof, and it's 99% less expensive than current 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 system programs that whole states run their whole operations on, right? So you have actually got fine, the wise person has developed huge computer programs, great team, solving a massive problem that is going to cut substantial expenses.
I indicate, it does not get any simpler than that in regards to choosing who to put cash behind. And a great deal of this is common sense, and a great deal of folks will try to make things more complex than it is. And I have an actually basic guideline, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).