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However scams and small scams. And there's something that a fraud constantly does: it always 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 huge hack. And that woke something up for me.
Therefore I can't disregard that. I've got to go dig deeper." Therefore I started taking a trip all around the world. I started going to Bitcoin occasions; I began to speaking to people that were smarter than me in this space. And what I recognized is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, 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 separately validated, it's cryptographically validated. That principle can ripple out throughout the whole higher economy. And when that penny dropped, I knew I needed to dedicate all my professional resources into ending up being a specialist in this area.
And do you think, I imply you pointed out 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 may not even totally understand validation procedure . We were simply speaking 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 Internal Revenue Service and things like that. Do you believe that the average folks don't possibly learn about these processes, so they do not maybe see what you're saying as this breakthrough, they don't see it in their daily life? Or what do you consider that? I believe that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You've 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 buy some Bitcoin.
So, a lot of individuals discover that too inconvenient, 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 required to go through a process which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, however gosh, establishing a crypto account is so tough." 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 entire cryptocurrency market will be 10x bigger. So you're in fact truly getting paid a massive quantity of cash to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies directly through your trading software. And can you picture what will happen to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and something I desire to bring to light too that you didn't discuss, but I understand a great deal of folks who have problem with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever before I could start buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, 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 indicate, we remain in the early days of that innovation, however simply like throughout that time period, for the folks that had the vision to see where the future was going, and then bought in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm always curious to talk with people who are, especially somebody like yourself, who's devoted the last, you understand, the much better part of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like an average person? That's an excellent question.
They're 2 absolutely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what provides it worth is that it is, there's just going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly try to hack it. However since of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when people put, you have actually got people 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 do not trust paper currency, you can print an endless amount of it. It's really not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or people that remained in Cypress, or simply individuals who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since they currently don't believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time 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 do not need Bitcoin - undefined. But there are billions of individuals on the planet that do not have stable currencies.
Yeah. Therefore there's this entire growing international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally used, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer that you can write computer system programs for and run computer programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're basically buying programs power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals an idea, like a really basic one that I would envision you 'd called an energy token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's sort of this exact same type of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on so many various locations and. And you sort 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, correct? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the real opportunity lies in the utility coin space.
There's all of these ICOs that were happening, 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 create energy coins- Correct, yeah. And people need to understand that not all energy coins are created equal.
So you have the advantage of committing your profession to this, so you can head out there and do the recon, you can meet the creators, you can check the code, etc. But for an average person, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I think. 'Cause usually it'll crash 80% approximately - Does the group have experience of performing in a successful manner in another location of their life? And it does not even have to be directly associated to cryptocurrency, it does not need to be even directly associated to software application, right? So, however I wish to see a performance history of success in something, right? If it's four guys in a room that are simply out of college, unless they've got some really good advisors behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in general, my world of business, we constantly search for issues and how we can fix them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain usually? Or would you say it's much better if they're fixing 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 generally trying to find solutions that, so I'll provide you an example.
And the factor that we bought it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% less expensive than current 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 track record of developing computer system programs that whole states run their whole operations on, right? So you have actually got all right, the smart man has actually built substantial computer system programs, excellent team, fixing an enormous problem that is going to cut substantial costs.
I imply, it doesn't get any simpler than that in regards to deciding who to put money behind. And a lot of this is typical sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually easy rule, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).