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However scams and small scams. And there's something that a scams always 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 problem came out. The huge hack. And that woke something up for me.
Therefore I can't overlook that. I've got to go dig deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin events; I began to talking to individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of being able to have data that we don't require to have it independently validated, it's cryptographically confirmed. That principle can ripple out throughout the entire greater economy. And when that penny dropped, I understood I needed to dedicate all my expert resources into becoming a professional in this space.
And do you think, I suggest you pointed out 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 lot of folks may not even completely comprehend recognition process . undefined.
We were just talking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other people getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not maybe know about these processes, so they do not possibly see what you're saying as this advancement, they do not see it in their everyday life? Or what do you think of that? I think that holds true.
It's not as easy as firing up a web 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 submit 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 find that too bothersome, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes needed to go through a procedure which just takes five minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, establishing a crypto account is so tough." 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 larger. So you're actually truly earning money a huge quantity of money to go through possibly, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software. And can you picture what will occur to this entire market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and something I want to expose too that you didn't mention, however I know a lot of folks who struggle with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As hard as possible, right, like Coinbase. It 'd take me permanently prior to I could begin purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you remember the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I imply 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 suggest, we remain in the early days of that technology, however much like during that time period, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm always curious to speak with people who are, particularly someone like yourself, who's dedicated the last, you know, the better part of the last few 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, 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 gives it worth 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 computer systems, confirming the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people constantly try to hack it. But since of the nature of the network, today it's been unhackable. And actually, with present technology, 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 trust paper currency, you can print an unlimited quantity 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 were in Cypress, or simply people who have actually 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 countries that could potentially be a catalyst for more adoption, since they currently don't 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 hard time getting their head around. They're like, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. Therefore there's this whole blossoming international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially utilized, let's say Ethereum, which a great deal of individuals know about Ethereum. Ethereum is basically a worldwide computer that you can write computer programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an energy token, because you're essentially buying programming power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like a really basic one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this very same type of network impact that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on a lot of different areas and. And you type of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). Many of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I think the real chance depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some changes to a few things that was going on, however people are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And people need to understand that not all utility coins are developed equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can examine the code, and so on. However for an average individual, there's now what, over 1,000 various types of coins readily available, almost 1,200 I think. 'Cause normally it'll crash 80% or two - Does the team have experience of carrying out in an effective manner in another area of their life? And it doesn't even need to be directly related to cryptocurrency, it doesn't need to be even straight related to software application, right? So, but I desire to see a track record of success in something, right? If it's four guys in a space that are just out of college, unless they have actually got some really great consultants behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of company, we continuously try to find issues and how we can fix them. Now, are the issues things that people are attempting to resolve a part of the Blockchain usually? Or would you state it's better if they're resolving sort 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 searching for solutions that, so I'll offer you an example.
And the factor that we bought it is since they found a way to make documents tamper-proof, and it's 99% cheaper than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of creating computer system programs that entire states run their entire operations on, right? So you have actually got fine, the wise guy has constructed huge computer system programs, great team, fixing a massive issue that is going to cut big expenses.
I suggest, it doesn't get any easier than that in terms of deciding who to put cash behind. And a lot of this is typical sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually basic guideline, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).