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However scams and little scams. And there's something that a fraud always does: it constantly goes to absolutely no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The enormous hack. Which woke something up for me.
And so I can't ignore that. I have actually got to go dig deeper." And so I began taking a trip all around the world. I started going to Bitcoin events; I started to talking with individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of being able to have data that we do not require to have it independently confirmed, it's cryptographically verified. That principle can ripple out throughout the whole higher economy. And when that cent dropped, I knew I had to devote all my expert resources into ending up being a professional in this space.
And do you believe, I mean you discussed something there about not having 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 may not even fully comprehend validation process . 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 individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not possibly learn about these processes, so they do not perhaps see what you're saying as this development, they do not see it in their everyday life? Or what do you think of that? I believe that's real.
It's not as easy as shooting 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've got to upload your identity files, then you've got to wait to get verified, and after that lastly, you can go buy some Bitcoin.
So, a lot of people find that too bothersome, and that's why the individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a process which simply takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, setting up a crypto account is so hard." What I inform them is I say, "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 really earning money an enormous quantity of cash to go through possibly, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you envision what will happen to this whole market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that people go through, and something I want to bring to light too that you didn't mention, however I understand a great deal of folks who deal with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me forever prior to I might begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you remember 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 fill 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 simply 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 absolute fortune.
Mm-hmm (affirmative). And let's take an action 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 know, the lion's share of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like an average person? That's a great question.
They're two completely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's only going to be a limited 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 take a look at that Bitcoin network, people constantly try to hack it. However since of the nature of the network, today it's been unhackable. And truly, with current 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 actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't rely on fiat money, you can print an unlimited 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 were in Cypress, or just individuals who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, due to the fact that they currently don't think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a bumpy ride getting their head around. They resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. Therefore there's this entire burgeoning worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally used, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer programs for and run computer system programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, due to the fact that you're essentially buying shows power. So I would not actually consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people a concept, like an extremely simple one that I would imagine you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's type of this same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on a lot of various locations and. And you kind of mentioned having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are probably energy 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, but I believe the genuine opportunity lies in the utility coin area.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And people require to understand that not all energy coins are developed equivalent.
So you have the benefit of devoting your profession to this, so you can head out there and do the reconnaissance, you can meet the creators, you can check the code, and so on. However for an average individual, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I believe. 'Cause usually it'll crash 80% or two - Does the team have experience of performing in an effective way in another area of their life? And it doesn't even need to be straight associated to cryptocurrency, it doesn't have to be even directly associated 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've got some actually great advisors behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in basic, my world of service, we continuously look for problems and how we can solve them. Now, are the issues things that people are attempting to resolve a part of the Blockchain generally? Or would you say it's better if they're fixing kind 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 basically trying to find services that, so I'll offer you an example.
And the factor that we bought it is since they found a method to make files tamper-proof, and it's 99% cheaper than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of producing computer system programs that entire states run their entire operations on, right? So you have actually got all right, the smart person has constructed big computer system programs, great group, resolving a huge problem that is going to cut huge costs.
I mean, it doesn't get any easier than that in regards to deciding who to put cash behind. And a lot of this is common sense, and a lot of folks will try to make things more complicated than it is. And I have a truly easy guideline, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).