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But scams and small scams. And there's something that a scams constantly 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 bad news came out. The enormous hack. And that woke something up for me.
Therefore I can't overlook that. I have actually got to go dig deeper." And so I started traveling all around the world. I began going to Bitcoin occasions; I began to talking with individuals that were smarter than me in this space. And what I realized 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 independently confirmed, it's cryptographically verified. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I understood I needed to dedicate all my expert 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 verify 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 completely comprehend recognition process . We were just discussing 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 notified about it, like the IRS and things like that. Do you believe that the average folks don't maybe learn about these procedures, so they don't perhaps see what you're stating as this advancement, they don't see it in their daily life? Or what do you think of that? I think that's real.
It's not as simple as firing up a web 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 have actually got to publish your identity files, then you have actually got to wait to get confirmed, and after that lastly, 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: individuals that are willing to put in possibly the 20 minutes needed to go through a process which just takes 5 minutes if you want to establish a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so difficult." What I inform them is I say, "Look, when it's easy 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 making money an enormous 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, but it is just a concern of time, Ryan, before you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you imagine what will take place to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that individuals go through, and something I want to bring to light too that you didn't point out, however I understand a lot 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 challenging as possible, ideal, like Coinbase. It 'd take me permanently before I might begin purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I indicate 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 mean, we're in the early days of that technology, however simply like during that duration of time, for the folks that had the vision to see where the future was going, and then bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm constantly curious to talk to individuals who are, especially someone like yourself, who's devoted the last, you understand, the lion's share of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a great concern.
They're 2 totally different things, however 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. And so what provides it value is that it is, there's only going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously try to hack it. But because of the nature of the network, today it's been unhackable. And actually, with existing technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on fiat money, you can print an unlimited quantity of it. It's actually not protect, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that were in Cypress, or simply people who have suffered through either hyperinflation, or there's a high demand for, in Argentina for instance, 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 already do not believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time getting their head around. They resemble, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. Therefore there's this whole growing worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically utilized, let's state Ethereum, which a lot of people learn 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 consider something like Ether an energy token, since you're basically purchasing programs power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an utility 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, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this exact same type of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on so lots of various locations and. And you kind of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). Many of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, but I believe the genuine chance lies in the energy coin area.
There's all of these ICOs that were occurring, 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 produce energy coins- Correct, yeah. And individuals require to understand that not all energy coins are created equivalent.
So you have the benefit 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 a typical person, there's now what, over 1,000 various kinds of coins available, practically 1,200 I believe. 'Cause normally it'll crash 80% or so - 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 related to cryptocurrency, it doesn't have to be even directly associated to software, right? So, but I desire to see a track record of success in something, right? If it's four men in a room that are simply out of college, unless they've got some truly great consultants behind them, I'm most likely not going to provide any cash.
Yeah. I think that in marketing in general, my world of service, we constantly search for problems and how we can fix them. Now, are the problems things that people are attempting to fix a part of the Blockchain usually? Or would you say it's much better if they're solving type 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 generally looking for solutions 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 existing 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 producing computer system programs that entire states run their whole operations on, right? So you've got fine, the clever man has actually built huge computer programs, great group, solving a massive problem that is going to cut substantial costs.
I suggest, it doesn't get any simpler than that in terms of deciding who to put money behind. And a great deal of this is common sense, and a lot of folks will try to make things more complicated than it is. And I have a really easy guideline, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).