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However frauds and little frauds. And there's one thing that a scams always does: it always goes to no. However 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 overlook that. I have actually got to go dig much deeper." Therefore I started traveling all around the world. I began going to Bitcoin events; I started to speaking to people that were smarter than me in this space. And what I realized is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The implications of that, of having the ability to have data that we do not require to have it independently verified, it's cryptographically confirmed. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I knew I had to dedicate all my professional resources into becoming a professional in this space.
And do you believe, I imply you mentioned 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 great deal of folks may not even totally comprehend validation procedure . We were just talking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and then all of an abrupt there's other individuals getting notified about it, like the IRS and things like that. Do you think that the average folks don't possibly understand about these procedures, so they don't perhaps see what you're stating as this development, they do not see it in their daily life? Or what do you believe about that? I think that's real.
It's not as easy 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've got to publish your identity files, then you have actually got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a lot of people discover that too inconvenient, and that's why individuals that are actually making the most amount of cash 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 five minutes if you want to establish a brokerage account.
"Oh Teeka, we like your ideas, 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 whole cryptocurrency market will be 10x larger. So you're actually really making money a massive amount of cash to go through possibly, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software. And can you envision what will take place to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that people go through, and something I desire to bring to light too that you didn't point out, but I know a great deal of folks who have problem with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently prior to I could start purchasing in size on Coinbase. They're like, well, we'll let you buy $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 pack 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're in the early days of that technology, however much like during that period of time, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to talk with individuals who are, especially somebody like yourself, who's dedicated the last, you know, the better part of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? 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 attempting to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it value 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. 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 big right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust fiat money, you can print an endless quantity of it. It's really not protect, and the federal government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or individuals that remained in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high demand 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 do not believe 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 financiers have a bumpy ride getting their head around. They're like, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this whole burgeoning international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are essentially utilized, let's state Ethereum, which a great deal of individuals know about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, due to the fact that you're essentially purchasing programs power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals a concept, like a really simple one that I would envision 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 kind of this same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on a lot of various areas and. And you kind of pointed out having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, however I believe the real opportunity depends on the energy coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people require to comprehend that not all energy coins are produced equal.
So you have the benefit of committing your profession to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can check 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 usually it'll crash 80% or so - undefined. Which's when we actually begin taking a look at the concept in more information. So here are some fast and dirty things that you should look at, right? So, one is, are they solving a problem that needs to be resolved? Among the big drawbacks with really smart, technical people, is that they like to fix problems that no one appreciates fixing.
Does the group have experience of performing in a successful way in another location of their life? And it does not even need to be directly associated to cryptocurrency, it does not have to be even straight related to software application, right? So, however I desire to see a track record of success in something, right? If it's four men in a room that are just out of college, unless they have actually got some really good advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in basic, my world of service, we continuously search for problems and how we can solve them. Now, are the problems things that people are attempting to resolve a part of the Blockchain generally? Or would you say it's much better if they're resolving kind 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 looking for options that, so I'll give you an example.
And the factor that we purchased it is since they discovered a method to make files tamper-proof, and it's 99% more affordable than existing 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 producing computer programs that whole states run their entire operations on, right? So you've got all right, the wise man has actually developed substantial computer system programs, fantastic group, solving a huge problem that is going to cut substantial costs.
I indicate, it doesn't get any easier than that in regards to deciding who to put money behind. And a lot of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a truly basic guideline, Ryan. If I do not understand something, I installed my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).