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But scams and small scams. And there's something that a scams constantly does: it always goes to absolutely no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The massive hack. And that woke something up for me.
And so I can't ignore that. I have actually got to go dig deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin occasions; I began to speaking with individuals that were smarter than me in this space. And what I realized is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The ramifications of that, of having the ability to have information that we do not require to have it separately validated, it's cryptographically verified. That idea can ripple out throughout the whole higher economy. And when that penny dropped, I knew I needed to devote all my expert resources into ending up being a specialist in this space.
And do you believe, I mean you discussed something there about not having to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks may not even fully understand validation process . We were simply discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not maybe understand about these processes, so they do not possibly see what you're saying as this advancement, they don't see it in their daily life? Or what do you think about that? I think that's real.
It's not as easy 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 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 discover that too bothersome, which's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so hard." 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 bigger. So you're actually truly getting paid an enormous quantity of cash to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software application. And can you imagine what will occur to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you pointed out the process that people go through, and one thing I wish to bring to light too that you didn't point out, but I understand a lot of folks who have problem with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever before I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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 technology, however simply like 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm always curious to speak to people who are, especially somebody like yourself, who's committed the last, you know, the bulk 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 question.
They're two totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what offers 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, verifying the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. However because of the nature of the network, today it's been unhackable. And actually, 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 individuals put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't trust paper currency, you can print an endless quantity of it. It's actually not protect, and the government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that were in Cypress, or simply individuals who have actually 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 countries that could potentially be a catalyst for more adoption, because they already do not believe 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 bumpy ride getting their head around. They resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. And so there's this entire 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 used, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially a global computer system that you can write computer programs for and run computer programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, since you're essentially buying programming power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like a very basic one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the idea is that basically 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 example, due to the fact that it's on many different areas and. undefined. I do not know the ins and outs of it, however as an example for somebody who might simply be really fundamental in their understanding of this, there are a lot of various kinds of energies that are offered.
And you kind of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity depends on the energy coin space.
There's all of these ICOs that were taking place, those decreased 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 require to understand that not all utility coins are developed equivalent.
So you have the advantage of devoting your occupation to this, so you can go out there and do the recon, you can satisfy the creators, you can check the code, etc. But for an average individual, there's now what, over 1,000 various kinds of coins readily available, almost 1,200 I think. 'Cause normally it'll crash 80% or so - undefined. And that's when we actually begin looking at the idea in more detail. So here are some quick and dirty things that you should take a look at, right? So, one is, are they fixing an issue that requires to be resolved? Among the huge disadvantages with extremely clever, technical people, is that they like to resolve issues that nobody appreciates solving.
Does the group have experience of carrying out in a successful manner in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it does not have to be even straight associated to software application, right? So, but I wish to see a performance history of success in something, right? If it's 4 guys in a space that are simply out of college, unless they have actually got some truly excellent consultants behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in basic, my world of service, we continuously try to find problems and how we can solve them. Now, are the problems things that people are attempting to resolve a part of the Blockchain usually? Or would you state it's much better if they're fixing 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 basically searching for options that, so I'll give you an example.
And the reason that we purchased it is due to the fact that they found a method to make files tamper-proof, and it's 99% more affordable than present technology, 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 track record of producing computer system programs that whole states run their entire operations on, right? So you've got okay, the clever person has actually constructed big computer programs, fantastic group, resolving an enormous issue that is going to cut huge costs.
I imply, it does not get any easier than that in terms of deciding who to put cash behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly basic rule, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).