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However frauds and small frauds. And there's something that a scams always does: it constantly 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 huge hack. And that woke something up for me.
Therefore I can't ignore that. I have actually got to go dig much deeper." And so I began traveling all around the world. I started going to Bitcoin events; I started to speaking to individuals that were smarter than me in this area. And what I recognized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have data that we don't need to have it independently validated, it's cryptographically confirmed. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to dedicate all my expert resources into ending up being a specialist in this space.
And do you think, I mean you mentioned something there about not needing to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks might not even fully comprehend recognition procedure . undefined.
We were just speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of a sudden there's other individuals getting alerted about it, like the IRS and things like that. Do you believe that the average folks do not possibly know about these procedures, so they don't perhaps see what you're stating as this advancement, they don't see it in their everyday life? Or what do you think of that? I think 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've got to submit your identity documents, then you've got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a lot of individuals discover that too bothersome, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes needed to go through a process which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, but gosh, establishing a crypto account is so difficult." 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly making money a huge quantity of money to go through perhaps, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you picture what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that individuals go through, and something I wish to bring to light too that you didn't mention, but I know 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 just buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently before I could begin 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 Web, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 indicate, we're in the early days of that technology, however much like during that time period, for the folks that had the vision to see where the future was going, and after that 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 second, since I'm constantly curious to speak to people who are, especially somebody like yourself, who's committed the last, you understand, the lion's share of the last couple of 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 2 completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's only going to be a limited amount. There'll never ever 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 continuously attempt to hack it. But since of the nature of the network, today it's been unhackable. And really, with current innovation, 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 people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't rely on fiat money, you can print a limitless amount of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or people that remained in Cypress, or just individuals who have suffered through either run-away inflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, because they already do not believe in their own currency? Yeah, and I think we have actually 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 don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. Therefore there's this whole burgeoning international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically used, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially an international computer system that you can write computer system programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, since you're essentially buying shows power. So I would not truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide people an idea, like a really simple one that I would envision you 'd called an utility token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this very same kind of network effect that you have with Bitcoin, where it's like unstoppable example, because it's on so lots of different locations and. undefined. I don't understand the ins and outs of it, however as an example for someone who might just be very standard in their understanding of this, there are a lot of different types of utilities that are offered.
And you sort of discussed having this boots on the ground experience. Now, given that 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 recommend and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity depends on the energy coin area.
There's all of these ICOs that were taking place, those slowed down a bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require to understand that not all energy coins are developed equal.
So you have the advantage of committing 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 an average individual, there's now what, over 1,000 different kinds of coins offered, nearly 1,200 I think. 'Cause normally it'll crash 80% or so - Does the group have experience of performing in a successful way in another location of their life? And it doesn't even need to be directly related to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, however I desire to see a performance history of success in something, right? If it's 4 guys in a space that are just out of college, unless they have actually got some really great advisors behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of service, we continuously search for problems and how we can fix them. Now, are the issues things that people are attempting to resolve a part of the Blockchain generally? Or would you state it's better if they're solving type 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 basically trying to find options that, so I'll provide you an example.
And the factor that we purchased it is because they discovered a method to make documents tamper-proof, and it's 99% less expensive than present technology, 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 producing computer programs that whole states run their entire operations on, right? So you have actually got all right, the smart person has constructed huge computer programs, excellent team, fixing a massive problem that is going to cut substantial costs.
I imply, it does not get any easier than that in terms of choosing who to put cash behind. And a great deal of this is typical sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly simple rule, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).