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But frauds and little frauds. And there's something 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 huge hack. And that woke something up for me.
Therefore I can't disregard that. I have actually got to go dig deeper." And so I began taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking to individuals that were smarter than me in this area. And what I understood is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of having the ability to have data that we don't require to have it independently validated, it's cryptographically verified. That principle can ripple out throughout the entire higher economy. And when that penny dropped, I knew I had to dedicate all my professional resources into ending up being an expert in this area.
And do you believe, I imply you mentioned something there about not having 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 completely understand recognition procedure . We were simply discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't maybe understand about these processes, so they don't perhaps see what you're saying as this breakthrough, they don't see it in their daily life? Or what do you consider that? I think that's real.
It's not as simple as firing up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to submit your identity files, then you have actually got to wait to get verified, and then finally, 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 willing to put in possibly the 20 minutes required to go through a process which simply takes five minutes if you desire to establish a brokerage account.
"Oh Teeka, we love your ideas, but gosh, setting up a crypto account is so difficult." 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 entire cryptocurrency market will be 10x larger. So you're in fact really earning money an enormous quantity of cash to go through possibly, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software. And can you imagine what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the process that people go through, and something I wish to expose too that you didn't mention, but I know a great deal of folks who deal with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently before I might start buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I indicate it would take 20 minutes to fill 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 remain in the early days of that technology, but simply like throughout that duration of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, due to the fact that I'm always curious to speak with individuals who are, particularly someone like yourself, who's devoted the last, you understand, the better part of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a fantastic concern.
They're 2 completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's only 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, verifying the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals continuously try to hack it. But since of the nature of the network, today it's been unhackable. And really, with present innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on paper currency, you can print an unrestricted quantity of it. It's really not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or simply individuals who have actually suffered through either devaluation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, because they already don't believe in their own currency? Yeah, and I believe we've 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 don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. Therefore there's this whole growing international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are basically utilized, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially an international computer system that you can compose computer system programs for and run computer programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, because you're basically purchasing programming 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 offer people a concept, like a really simple 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 sort of this same type of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on a lot of different areas and. And you kind of pointed out having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). Many of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I believe the genuine chance depends on the utility coin space.
There's all of these ICOs that were taking place, those decreased a little bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And people need to comprehend that not all utility coins are created equivalent.
So you have the advantage of committing your occupation to this, so you can go out there and do the recon, you can fulfill the founders, you can check the code, etc. But for a typical person, there's now what, over 1,000 various types of coins available, nearly 1,200 I think. 'Cause generally it'll crash 80% approximately - undefined. Which's when we really begin taking a look at the concept in more detail. So here are some quick and unclean things that you should take a look at, right? So, one is, are they resolving a problem that requires to be resolved? One of the huge disadvantages with very clever, technical individuals, is that they like to solve problems that nobody cares about resolving.
Does the team have experience of performing in an effective way in another location of their life? And it does not even have to be straight related to cryptocurrency, it does not need to be even directly related to software, right? So, however I want to see a track record of success in something, right? If it's four people in a space that are simply out of college, unless they have actually got some truly good advisors behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in general, my world of organization, we continuously search for problems and how we can fix them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain typically? Or would you state it's much better if they're solving 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 trying to find services that, so I'll offer you an example.
And the factor that we bought it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% less expensive than existing 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 producing computer system programs that whole states run their whole operations on, right? So you have actually got fine, the clever man has developed substantial computer programs, great group, resolving a massive issue that is going to cut big expenses.
I indicate, it does not get any easier than that in regards to 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 complicated than it is. And I have a truly easy guideline, Ryan. If I don't understand something, I installed my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).