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However scams and small frauds. And there's something that a scams constantly does: it always goes to zero. 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 huge hack. And that woke something up for me.
And so I can't overlook that. I've got to go dig deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin occasions; I began to talking with people that were smarter than me in this space. And what I recognized is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of having the ability to have data that we do not need to have it individually confirmed, it's cryptographically validated. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I knew I needed to dedicate all my professional resources into becoming a professional in this space.
And do you think, I mean you mentioned something there about not needing to get a third-party, or intermediary to confirm 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 process . We were simply discussing how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then all of an unexpected there's other individuals getting informed about it, like the IRS and things like that. Do you believe that the typical folks do not perhaps understand about these processes, so they do not possibly see what you're saying as this advancement, they do not see it in their everyday life? Or what do you think of that? I believe that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to upload your identity files, then you've got to wait to get verified, and after that lastly, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too inconvenient, which's why individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: people that are prepared 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 love your concepts, however gosh, establishing a crypto account is so hard." What I inform them is I state, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x bigger. So you're actually really earning money a massive quantity of money to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will occur to this entire market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that individuals go through, and one thing I wish to bring to light too that you didn't discuss, however I know a great deal of folks who battle with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As hard as possible, right, like Coinbase. It 'd take me permanently prior to I might start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, 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, however similar to throughout that time period, 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 absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm constantly curious to speak with people who are, specifically somebody like yourself, who's dedicated the last, you know, the lion's share 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 an excellent concern.
They're two totally different 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. And so what gives it value is that it is, there's only going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And really, with present 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 individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't trust paper currency, you can print an unlimited quantity of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people that remained in Cypress, or simply people who have actually 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 already do not think 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 financiers 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 stable currency, right? You do not require Bitcoin - Yeah. And so there's this entire growing global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are essentially utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer system that you can write computer programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, because you're essentially buying programming 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 provide individuals an idea, like a very easy one that I would picture 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 sort of this very same kind of network result that you have with Bitcoin, where it's like unstoppable example, because it's on a lot of different areas and. And you kind of mentioned having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those slowed down a bit with some modifications to a few things that was going on, but people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals need to understand that not all energy coins are developed equal.
So you have the benefit of committing your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can inspect the code, etc. However for an average person, there's now what, over 1,000 different kinds of coins offered, practically 1,200 I think. 'Cause normally it'll crash 80% or so - Does the team have experience of carrying out in an effective manner in another location of their life? And it does not even have to be directly related to cryptocurrency, it does not have to be even directly related to software application, right? So, however I desire to see a track record of success in something, right? If it's 4 men in a room that are simply out of college, unless they have actually got some actually good consultants behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in basic, my world of business, we constantly look for problems and how we can solve them. Now, are the problems things that people are attempting to solve a part of the Blockchain generally? Or would you say it's much better if they're resolving sort 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 essentially trying to find options that, so I'll provide you an example.
And the reason that we purchased it is since they discovered a method to make documents tamper-proof, and it's 99% less expensive than current technology, 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 performance history of producing computer programs that whole states run their whole operations on, right? So you have actually got all right, the wise person has actually developed huge computer system programs, fantastic team, resolving an enormous issue that is going to cut big costs.
I mean, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a lot of this is typical sense, and a great deal of folks will try to make things more complex than it is. And I have an actually basic rule, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).