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However frauds and little scams. And there's one thing that a scams always does: it always goes to absolutely 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 massive hack. And that woke something up for me.
Therefore I can't ignore that. I have actually got to go dig much deeper." Therefore I began traveling all around the world. I started going to Bitcoin events; I began to talking with people that were smarter than me in this area. And what I recognized is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of being able to have information that we don't require to have it separately verified, it's cryptographically validated. That concept can ripple out throughout the entire higher economy. And when that penny dropped, I knew I had to devote all my expert resources into ending up being a specialist in this area.
And do you think, I indicate you discussed 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 might not even totally comprehend recognition process . undefined.
We were just speaking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that all of an abrupt there's other individuals getting informed about it, like the IRS and things like that. Do you think that the typical folks don't maybe understand about these procedures, so they don't maybe see what you're saying as this development, they do not see it in their daily life? Or what do you consider that? I think that's real.
It's not as easy as shooting up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you have actually got to upload your identity documents, then you have actually got to wait to get validated, and after that finally, you can go buy some Bitcoin.
So, a lot of people find that too bothersome, and that's why individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that are willing to put in perhaps the 20 minutes needed to go through a procedure which simply takes 5 minutes if you desire to set up a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so challenging." What I tell 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 in fact truly making money a huge amount of cash to go through possibly, you understand, 20 minutes of a nuisance.
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 purchase cryptocurrencies straight through your trading software application. And can you picture what will occur 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 discussed the process that people go through, and one thing I desire to expose too that you didn't point out, however I know a great deal of folks who battle with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, right, like Coinbase. It 'd take me permanently prior to I might begin purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, 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 mean 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're 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 some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm constantly curious to talk to individuals who are, specifically somebody like yourself, who's dedicated the last, you understand, the lion's share 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 great question.
They're two totally different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option 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 computer systems, verifying the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals continuously attempt to hack it. However because of the nature of the network, today it's been unhackable. And actually, with existing technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore 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 saying, "We do not rely on fiat money, you can print an unrestricted amount of it. It's really not protect, and the government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or just individuals 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 nations that could potentially be a catalyst for more adoption, due to the fact that they currently don't believe in their own currency? Yeah, and I think we have actually already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They're like, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. And so there's this whole burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer system that you can compose 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 basically purchasing programming power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely basic one that I would picture you 'd called an energy token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's kind of this same type of network result that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on numerous different areas and. And you kind of discussed having this boots on the ground experience. Now, considering that we're looking 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 few cryptocurrencies, but I believe the genuine opportunity lies in the energy coin area.
There's all of these ICOs that were taking place, those decreased a bit with some modifications 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 comprehend that not all utility coins are developed equivalent.
So you have the advantage of devoting your profession to this, so you can go out there and do the reconnaissance, you can satisfy the creators, you can check the code, etc. But for a typical person, there's now what, over 1,000 various kinds of coins available, nearly 1,200 I think. 'Cause usually it'll crash 80% approximately - Does the group have experience of carrying out in a successful manner in another location of their life? And it doesn't even have to be straight associated to cryptocurrency, it does not need to be even directly related to software, right? So, however I wish to see a performance history of success in something, right? If it's four people in a room that are simply out of college, unless they have actually got some truly good consultants 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 search for issues and how we can solve them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain usually? Or would you state it's better if they're fixing 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 generally searching for services that, so I'll offer you an example.
And the factor that we purchased it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% cheaper than current technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a performance history of creating computer system programs that entire states run their whole operations on, right? So you have actually got alright, the smart guy has built huge computer system programs, fantastic team, solving a massive problem that is going to cut big expenses.
I suggest, it doesn't get any easier than that in terms of choosing who to put money behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complex than it is. And I have a really simple rule, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).