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But scams and little scams. And there's something that a scams constantly does: it always goes to 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 massive hack. Which woke something up for me.
Therefore I can't disregard that. I've got to go dig deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin events; I began to talking with individuals that were smarter than me in this space. And what I realized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The implications of that, of having the ability to have information that we don't require to have it individually confirmed, it's cryptographically confirmed. That concept can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to commit all my expert resources into ending up being a specialist in this space.
And do you believe, I mean you discussed something there about not having to get a third-party, or intermediary to validate something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a lot of folks might not even fully comprehend recognition process . 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 an unexpected there's other people getting alerted about it, like the IRS and things like that. Do you believe that the typical folks do not possibly understand about these procedures, so they don't maybe see what you're saying as this advancement, they do not see it in their daily life? Or what do you think of that? I believe 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 purchasing it, right? You've 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 purchase some Bitcoin.
So, a lot of people find that too bothersome, and that's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are ready to put in maybe the 20 minutes needed to go through a procedure which just takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up 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 entire cryptocurrency market will be 10x bigger. So you're actually truly making money a huge 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 just a concern of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you picture what will occur to this entire market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that people go through, and something I want to bring to light too that you didn't point out, however I know a lot of folks who have a hard time with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me forever before I might begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I suggest 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 innovation, however much like during that duration of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm always curious to talk to individuals who are, particularly somebody like yourself, who's committed the last, you understand, the much better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a terrific question.
They're 2 absolutely different things, but 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. And so what provides 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, validating the transactions on the Bitcoin network. And so 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 really, with existing technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't trust fiat money, you can print an endless amount of it. It's really not secure, and the federal government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either hyperinflation, 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 potentially be a driver for more adoption, because they already don't think in their own currency? Yeah, and I believe we have actually currently 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'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 burgeoning international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are basically utilized, let's say Ethereum, which a lot of people know about Ethereum. Ethereum is essentially a global computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, due to the fact that you're basically purchasing programming power. So I would not actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people an idea, like a really easy one that I would imagine 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 type of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable example, since it's on so many different locations and. And you type of mentioned having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the real chance lies in the utility coin space.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a few things that was going on, but people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people require 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 reconnaissance, you can meet the founders, you can inspect the code, and so on. But for a typical individual, there's now what, over 1,000 various kinds of coins offered, almost 1,200 I believe. 'Cause typically it'll crash 80% or two - Does the group have experience of performing in a successful way in another area of their life? And it doesn't even need to be directly related to cryptocurrency, it doesn't have to be even directly associated to software, right? So, but I wish to see a track record of success in something, right? If it's 4 guys in a space that are simply out of college, unless they have actually got some really good consultants behind them, I'm probably not going to give them any money.
Yeah. I think that in marketing in general, my world of company, we constantly try to find issues and how we can solve them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain generally? Or would you say it's much 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 basically searching for solutions that, so I'll provide you an example.
And the factor that we purchased it is because they found a method to make files tamper-proof, and it's 99% more affordable than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a performance history of producing computer system programs that entire states run their entire operations on, right? So you have actually got okay, the wise person has developed substantial computer system programs, excellent team, resolving a huge issue that is going to cut huge expenses.
I indicate, it does not get any simpler than that in terms of deciding who to put money behind. And a lot of this prevails sense, and a great deal of folks will attempt to make things more complex 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 understand what you just stated." Mm-hmm (affirmative).