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But frauds and small frauds. And there's something that a fraud always 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 bad news 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." And so I began taking a trip all around the world. I began going to Bitcoin events; I began to speaking with people that were smarter than me in this area. And what I recognized is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of being able to have data that we don't need to have it separately validated, it's cryptographically confirmed. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I knew I had to dedicate all my professional resources into becoming an expert in this space.
And do you think, I mean you mentioned something there about not having to get a third-party, or intermediary to confirm 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 fully understand validation procedure . undefined.
We were simply talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that 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 do not possibly learn about these procedures, so they don't possibly see what you're saying as this advancement, they don't see it in their daily life? Or what do you think of that? I believe that's true.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pushing a buy button and purchasing it, right? You have actually got to go to an exchange, you've got to upload your identity files, then you've got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a great deal of people discover that too inconvenient, and that's why the individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that are prepared to put in possibly the 20 minutes required to go through a procedure which just takes 5 minutes if you desire to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so challenging." What I tell 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 earning money an enormous amount of money to go through perhaps, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you imagine what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the process that individuals go through, and one thing I want to expose too that you didn't mention, however I understand a great deal of folks who deal 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 tough as possible, right, like Coinbase. It 'd take me forever before I could start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, 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 mean it would take 20 minutes to fill 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 technology, however similar to during that duration of time, for the folks that had the vision to see where the future was going, and then purchased in on some 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 constantly curious to talk with people who are, especially somebody like yourself, who's committed the last, you understand, the lion's share of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average individual? That's an excellent question.
They're 2 totally various 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 provides it value is that it is, there's only going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly try to hack it. However since of the nature of the network, today it's been unhackable. And really, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you have actually 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 cash, you can print an unrestricted quantity of it. It's truly not secure, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that remained in Cypress, or just people who have suffered through either devaluation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since they already do not believe in their own currency? Yeah, and I think we have actually already 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 money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. And so 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 generally used, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically an international computer system that you can write computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we think about something like Ether an utility token, since you're basically buying programs power. So I wouldn't really think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals an idea, like a really basic one that I would imagine you 'd called an energy token, is like FileCoin.
Where the concept is that basically 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 numerous different areas and. undefined. I don't know the ins and outs of it, however as an example for someone who may simply be extremely fundamental in their understanding of this, there are so lots of different types of utilities that are available.
And you type of pointed out having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). Many of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the real chance depends on the energy coin space.
There's all of these ICOs that were happening, those slowed down 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 start to create energy coins- Correct, yeah. And people require to comprehend that not all utility coins are produced equivalent.
So you have the advantage of committing your occupation to this, so you can go out there and do the recon, you can satisfy the creators, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 different kinds of coins available, practically 1,200 I believe. 'Cause normally it'll crash 80% or so - Does the group have experience of carrying out in an effective manner in another location of their life? And it does not even have to be straight related to cryptocurrency, it does not have to be even directly associated to software, right? So, but I want to see a track record of success in something, right? If it's four people in a space that are just out of college, unless they've got some truly excellent advisors behind them, I'm most likely not going to give them any money.
Yeah. I believe that in marketing in basic, my world of business, we continuously try to find problems and how we can fix them. Now, are the problems things that people are trying to resolve a part of the Blockchain normally? Or would you state it's better if they're fixing sort 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 trying to find services that, so I'll provide you an example.
And the reason that we bought it is due to the fact that they found a way to make documents 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 guy that began it has a performance history of developing computer system programs that whole states run their entire operations on, right? So you have actually got alright, the wise guy has built big computer system programs, excellent group, fixing a massive issue that is going to cut substantial costs.
I mean, it does not get any simpler than that in terms of deciding who to put cash behind. And a lot of this is common sense, and a lot of folks will attempt to make things more complex than it is. And I have a really simple rule, Ryan. If I do not comprehend something, I set up my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).