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However frauds and little frauds. And there's something that a scams always does: it constantly goes to zero. 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 huge hack. And that woke something up for me.
Therefore I can't disregard that. I've got to go dig deeper." And so I started taking a trip all around the world. I started going to Bitcoin occasions; I started to talking with individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The implications of that, of being able to have data that we do not require to have it independently confirmed, it's cryptographically confirmed. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I knew I had to devote all my professional resources into ending up being an expert in this area.
And do you believe, I suggest 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 fully understand recognition procedure . We were simply talking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then all of an abrupt there's other people getting alerted about it, like the IRS and things like that. Do you think that the typical folks don't perhaps understand about these processes, so they don't perhaps see what you're saying as this advancement, they don't see it in their daily life? Or what do you consider that? I believe that's real.
It's not as easy as firing up a web internet 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 have actually got to publish your identity documents, then you have actually got to wait to get confirmed, and after that lastly, you can go purchase some Bitcoin.
So, a great deal of people discover that too troublesome, and that's why the individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that are prepared to put in perhaps the 20 minutes required to go through a process which just takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, setting up a crypto account is so difficult." 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 whole cryptocurrency market will be 10x bigger. So you're actually truly earning money a huge amount of money to go through possibly, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software application. And can you envision what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that individuals go through, and one thing I want to bring to light too that you didn't mention, however I understand a lot of folks who have a hard time with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently prior to I might begin purchasing in size on Coinbase. They resemble, 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 Internet, we were doing it with 56k modems, right? I mean it would take 20 minutes to load 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 innovation, however much like throughout that amount of time, for the folks that had the vision to see where the future was going, and then 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, since I'm always curious to speak to people who are, specifically someone like yourself, who's committed the last, you understand, the lion's share of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific question.
They're 2 totally different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what provides it worth 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 transactions on the Bitcoin network. And so if you look at that Bitcoin network, people continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not rely on paper currency, you can print an unlimited amount of it. It's truly not secure, and the federal government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or simply individuals who have actually suffered through either devaluation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, because they currently do not believe in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a bumpy ride getting their head around. They resemble, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. And so there's this entire burgeoning worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer that you can write computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an utility token, because you're essentially buying 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 offer individuals a concept, like an extremely easy one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this same type of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, because it's on many various locations and. And you sort of pointed out having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). Most of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, but I believe the real chance depends on the energy coin area.
There's all of these ICOs that were happening, those slowed down a bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people need to understand that not all energy coins are produced equivalent.
So you have the benefit of devoting your occupation to this, so you can head out there and do the recon, you can fulfill the creators, you can inspect the code, etc. But for a typical person, there's now what, over 1,000 various kinds of coins offered, almost 1,200 I believe. 'Cause usually it'll crash 80% approximately - Does the team have experience of carrying out in an effective way in another location of their life? And it does not even have to be straight associated to cryptocurrency, it does not need to be even directly related to software, right? So, but I wish to see a track record of success in something, right? If it's four people in a room that are just out of college, unless they have actually got some actually great advisors behind them, I'm most likely not going to provide them any cash.
Yeah. I believe that in marketing in general, my world of organization, we constantly try to find problems and how we can fix them. Now, are the issues things that people are attempting to fix a part of the Blockchain typically? Or would you say it's much better if they're solving 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 basically searching for services 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 documents tamper-proof, and it's 99% more affordable 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 began it has a performance history of producing computer system programs that entire states run their whole operations on, right? So you have actually got alright, the smart man has constructed substantial computer system programs, terrific team, resolving a huge problem that is going to cut big costs.
I suggest, it does not get any simpler than that in terms of choosing who to put money behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complex 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 comprehend what you just stated." Mm-hmm (affirmative).