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However frauds and small scams. And there's one thing that a scams always does: it always goes to absolutely 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 enormous hack. And that woke something up for me.
Therefore I can't disregard 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 talking with individuals that were smarter than me in this space. And what I realized is that Blockchain innovation and the application of Blockchain technology 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 independently validated, it's cryptographically validated. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I knew I needed to devote all my professional resources into becoming an expert in this area.
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 might not even completely comprehend recognition process . We were just speaking about how I'm delegating 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 Internal Revenue Service and things like that. Do you believe that the typical folks don't maybe know about these processes, so they do not possibly see what you're stating as this advancement, they don't see it in their everyday life? Or what do you believe about that? I think that's real.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to publish your identity documents, then you've got to wait to get confirmed, and after that finally, you can go buy some Bitcoin.
So, a lot of people find that too bothersome, which's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in maybe the 20 minutes required to go through a procedure which just takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, establishing a crypto account is so hard." What I tell them is I say, "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 larger. So you're in fact really getting paid a massive quantity of money to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software. And can you picture what will occur to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and something I wish to expose too that you didn't mention, however I understand a great deal of folks who have problem with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me forever prior to I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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 similar to during that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm always curious to talk with individuals who are, specifically somebody like yourself, who's dedicated the last, you understand, the lion's share 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 great concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. And so what offers 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 computers, verifying the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And actually, with current innovation, 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'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 saying, "We don't rely on fiat money, you can print a limitless quantity of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that were in Cypress, or simply individuals who have suffered through either run-away inflation, 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 possibly be a catalyst for more adoption, due to the fact that they currently do not think in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a bumpy ride getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - undefined. But there are billions of people worldwide that don't have stable currencies.
Yeah. And so there's this whole blossoming worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are generally used, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is basically a global computer that you can write computer system 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 basically buying shows 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 give individuals an idea, like a very simple one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this exact same type of network result that you have with Bitcoin, where it's like unstoppable example, because it's on a lot of different areas and. And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Most of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine chance lies in the utility coin area.
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, but people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And people require to comprehend that not all energy coins are produced equal.
So you have the benefit of devoting your occupation to this, so you can head out there and do the reconnaissance, you can meet the founders, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 various types of coins readily available, practically 1,200 I think. 'Cause usually it'll crash 80% or two - Does the team have experience of performing in an effective manner in another location of their life? And it doesn't even have to be directly associated to cryptocurrency, it doesn't need to be even directly related to software application, right? So, however I want 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 actually good advisors behind them, I'm probably not going to offer them any money.
Yeah. I believe that in marketing in basic, my world of organization, we continuously search for problems and how we can resolve them. Now, are the problems things that people are attempting to solve a part of the Blockchain usually? Or would you say it's better if they're solving 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 essentially looking for solutions that, so I'll offer you an example.
And the reason that we purchased it is since they found a method 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 then on top of that, the man that started it has a track record of creating computer programs that entire states run their whole operations on, right? So you have actually got okay, the clever person has constructed big computer programs, great group, fixing a massive issue that is going to cut big expenses.
I suggest, it doesn't get any simpler than that in regards to deciding who to put money behind. And a great deal of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really basic guideline, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).