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However scams and small scams. And there's something that a fraud always does: it constantly 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. And that woke something up for me.
Therefore I can't ignore that. I have actually got to go dig much deeper." And so I began taking a trip all around the world. I began going to Bitcoin occasions; I began to speaking to individuals that were smarter than me in this space. And what I realized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have data that we don't need to have it independently verified, it's cryptographically confirmed. That idea can ripple out throughout the whole higher economy. And when that penny dropped, I knew I needed to devote all my professional resources into ending up being a specialist in this space.
And do you think, I mean 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 great deal of folks might not even totally comprehend validation procedure . undefined.
We were simply talking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then all of an abrupt there's other people getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly learn about these processes, so they do not perhaps see what you're saying as this development, they do not see it in their everyday life? Or what do you believe about that? I believe that holds true.
It's not as simple as firing up a web browser and going to e-trade. com and pressing 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 validated, and after that lastly, you can go purchase some Bitcoin.
So, a lot of individuals find that too troublesome, which's why the individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a procedure which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, establishing a crypto account is so difficult." What I tell 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 in fact truly making money a huge quantity of cash to go through perhaps, you know, 20 minutes of a pain 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 be able to buy cryptocurrencies straight through your trading software. And can you picture what will happen to this entire market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and something I want 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 method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me permanently prior to I might begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $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 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 similar to during that time period, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to speak to individuals who are, specifically somebody like yourself, who's devoted the last, you understand, the bulk of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like a typical 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 attempting 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 minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And really, with current innovation, the Bitcoin network is so huge 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 literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not rely on paper cash, you can print an endless amount of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people 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 demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, because they currently don't 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 resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this entire burgeoning worldwide 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 great deal of people learn about Ethereum. Ethereum is basically an international computer system that you can compose 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 basically buying programs power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely simple one that I would imagine 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 sort of this exact same type of network effect that you have with Bitcoin, where it resembles unstoppable example, since it's on so lots of different locations and. undefined. I don't know the ins and outs of it, however as an example for somebody who may just be very basic in their understanding of this, there are a lot of different types of energies that are readily available.
And you kind of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably energy based, fix? 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, however I believe the genuine chance lies in the utility coin area.
There's all of these ICOs that were occurring, those decreased a little bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And individuals require to comprehend that not all energy coins are created equivalent.
So you have the advantage of devoting your profession to this, so you can head out there and do the recon, you can satisfy the creators, you can examine the code, and so on. However for a typical person, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I believe. 'Cause generally it'll crash 80% approximately - undefined. Which's when we actually begin looking at the idea in more information. So here are some fast and filthy things that you should take a look at, right? So, one is, are they fixing a problem that requires to be solved? One of the huge disadvantages with really clever, technical individuals, is that they like to resolve problems that no one appreciates solving.
Does the group have experience of executing in a successful way in another area of their life? And it does not even need to be directly related to cryptocurrency, it doesn't need to be even directly related to software, right? So, however I want to see a performance history of success in something, right? If it's four people in a space that are just out of college, unless they have actually got some actually great consultants behind them, I'm probably not going to offer them any money.
Yeah. I believe that in marketing in general, my world of company, we constantly search for issues and how we can solve them. Now, are the issues things that people are attempting to solve a part of the Blockchain typically? Or would you state 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 essentially searching for services that, so I'll provide you an example.
And the factor that we purchased it is due to the fact that they discovered a method to make files 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 guy that began it has a performance history of creating computer programs that whole states run their entire operations on, right? So you've got fine, the clever guy has actually constructed substantial computer system programs, excellent group, resolving a huge issue that is going to cut big costs.
I suggest, it does not get any simpler than that in regards to choosing who to put money behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have a truly easy guideline, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).