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However frauds and small frauds. And there's one thing that a scams constantly 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 bad news came out. The massive hack. And that woke something up for me.
And so I can't neglect that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin events; I began to speaking to people that were smarter than me in this area. And what I realized is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of being able to have information that we don't require to have it individually verified, it's cryptographically validated. That idea can ripple out throughout the whole higher economy. And when that cent dropped, I knew I needed to dedicate all my professional resources into becoming a professional in this area.
And do you believe, I mean you mentioned something there about not having to get a third-party, or intermediary to validate 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 recognition process . We were simply speaking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that suddenly 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 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 think of that? I believe that holds true.
It's not as simple as shooting up a web 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 files, then you've got to wait to get verified, and then lastly, you can go purchase some Bitcoin.
So, a lot of people discover 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 are willing to put in possibly the 20 minutes needed to go through a process which just takes 5 minutes if you desire to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, setting up a crypto account is so challenging." What I inform them is I say, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x bigger. So you're in fact really getting paid a huge amount of cash to go through perhaps, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies directly through your trading software. And can you imagine what will occur to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and something I wish to expose too that you didn't mention, but I know a lot of folks who deal with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently before I might begin purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I suggest, 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 suggest 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 mean, we remain in the early days of that innovation, however much like during that period of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm always curious to speak with individuals who are, particularly someone like yourself, who's committed the last, you understand, the better part of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a fantastic question.
They're 2 absolutely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what gives 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, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously try to hack it. However since of the nature of the network, today it's been unhackable. And really, with present innovation, 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 literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We do not trust paper cash, you can print an endless quantity of it. It's truly not protect, and the federal government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or simply individuals who have suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, since 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 lot of American or Western financiers 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 don't require Bitcoin - Yeah. Therefore there's this whole blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically utilized, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically an international computer that you can write computer programs for and run computer programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, because you're basically purchasing 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 provide people a concept, like a really simple one that I would picture you 'd called an energy token, resembles 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 result that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on numerous different areas and. And you sort of pointed out having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably energy based, fix? Mm-hmm (affirmative). Most of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, however I believe the real chance lies in the energy coin area.
There's all of these ICOs that were happening, those slowed down 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 develop energy coins- Correct, yeah. And people need to understand that not all energy coins are developed equivalent.
So you have the benefit of devoting your occupation to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can check the code, etc. However for an average person, there's now what, over 1,000 different types of coins available, nearly 1,200 I think. 'Cause usually it'll crash 80% approximately - Does the group have experience of executing in an effective manner in another location of their life? And it doesn't even need to be straight related to cryptocurrency, it does not need to be even straight related to software, right? So, but I want to see a track record of success in something, right? If it's 4 people in a space that are simply out of college, unless they've got some really excellent advisors behind them, I'm probably not going to offer them any money.
Yeah. I think that in marketing in basic, my world of organization, we continuously search for problems and how we can fix them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain typically? Or would you say it's better if they're resolving 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 generally searching for options that, so I'll give you an example.
And the factor that we purchased it is due to the fact that they discovered a method to make documents tamper-proof, and it's 99% less expensive than current innovation, 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 track record of creating computer programs that entire states run their whole operations on, right? So you have actually got fine, the wise guy has built huge computer system programs, terrific group, solving a massive problem that is going to cut big costs.
I mean, it does not get any easier than that in regards to 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 complex than it is. And I have an actually simple guideline, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).