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However scams and small frauds. And there's one thing that a fraud constantly does: it constantly goes to zero. 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 enormous hack. Which woke something up for me.
Therefore I can't neglect that. I have actually got to go dig much deeper." Therefore I began traveling all around the world. I began going to Bitcoin occasions; I began to talking to individuals that were smarter than me in this space. And what I recognized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have information that we do not need to have it individually verified, it's cryptographically confirmed. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to devote all my professional resources into ending up being a specialist in this area.
And do you think, I indicate you mentioned something there about not needing 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 lot of folks may not even fully comprehend recognition process . undefined.
We were simply talking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and after that all of a sudden there's other individuals getting notified about it, like the IRS and things like that. Do you think that the typical folks don't maybe learn about these procedures, so they don't perhaps see what you're stating as this development, they don't see it in their everyday life? Or what do you consider that? I think that's true.
It's not as simple as firing up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to publish your identity files, then you've got to wait to get confirmed, and then finally, you can go purchase some Bitcoin.
So, a lot of individuals discover that too bothersome, and that's why the individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes needed to go through a process which just takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, establishing a crypto account is so hard." 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 earning money a massive quantity of cash to go through perhaps, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software application. And can you imagine what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that people go through, and something I wish to expose too that you didn't mention, but I know a lot of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently prior to I could start buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, 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 throughout that time period, 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 an action back for a second, because I'm constantly curious to speak to people who are, particularly somebody like yourself, who's dedicated the last, you know, the lion's share of the last few years to truly 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, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. And so what offers it value is that it is, there's just going to be a limited quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. And so if you look at that Bitcoin network, people constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And really, with present 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 have actually got individuals who have actually 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 quantity of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that remained in Cypress, or just people who have suffered through either hyperinflation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since they currently do not think in their own currency? Yeah, and I believe we have actually already seen that.
So yes, and this is a thing that a great deal 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 - undefined. But there are billions of individuals on the planet that do not have steady currencies.
Yeah. And so there's this entire growing worldwide need 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 state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially an international computer that you can write computer programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, since you're essentially buying shows power. So I would not really 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 a really basic 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 sort of this same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, because it's on numerous various areas and. And you sort of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a little bit with some changes to a few things that was going on, however individuals are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And individuals need to understand that not all energy coins are produced equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the recon, you can satisfy the founders, you can examine the code, and so on. But for a typical person, there's now what, over 1,000 different types of coins available, nearly 1,200 I think. 'Cause generally it'll crash 80% or two - Does the team have experience of performing in an effective way in another location of their life? And it doesn't even need to be straight associated to cryptocurrency, it doesn't need to be even straight associated to software, right? So, but I wish to see a track record of success in something, right? If it's 4 men in a room that are simply out of college, unless they've got some actually excellent advisors behind them, I'm most likely not going to provide them any money.
Yeah. I believe that in marketing in basic, my world of organization, we continuously try to find issues and how we can fix them. Now, are the problems things that people are attempting to solve a part of the Blockchain usually? Or would you state it's much 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 essentially trying to find services that, so I'll offer you an example.
And the reason that we bought it is since they discovered a way to make files tamper-proof, and it's 99% more affordable than present technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a performance history of producing computer system programs that entire states run their whole operations on, right? So you have actually got fine, the clever person has actually constructed big computer system programs, excellent group, resolving an enormous problem that is going to cut big costs.
I mean, it doesn't get any easier than that in regards to choosing who to put cash behind. And a great deal of this is common sense, and a lot of folks will try to make things more complex than it is. And I have an actually basic guideline, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).