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But scams and small frauds. And there's one thing that a scams constantly does: it constantly goes to absolutely 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. Which woke something up for me.
Therefore I can't overlook that. I have actually got to go dig much deeper." And so I started traveling all around the world. I began going to Bitcoin events; I started to speaking to people that were smarter than me in this space. And what I understood is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The implications of that, of being able to have information that we don't need to have it individually verified, it's cryptographically verified. That concept can ripple out throughout the entire greater economy. And when that penny dropped, I knew I needed to dedicate all my expert resources into becoming a professional in this area.
And do you think, I suggest you pointed out something there about not having to get a third-party, or intermediary to validate 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 comprehend validation procedure . We were simply talking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not perhaps understand about these processes, so they don't possibly see what you're stating as this breakthrough, they don't see it in their daily life? Or what do you think of that? I believe that holds true.
It's not as simple as shooting up a web browser and going to e-trade. com and pushing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to publish your identity documents, then you've got to wait to get confirmed, and then finally, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too troublesome, and that's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a process which simply takes five minutes if you desire to establish a brokerage account.
"Oh Teeka, we like your concepts, 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 a huge quantity of money to go through perhaps, you understand, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you imagine what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and something I wish to expose too that you didn't discuss, but I understand a lot of folks who battle with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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 duration of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm constantly curious to speak with people who are, specifically somebody like yourself, who's committed the last, you know, the bulk of the last couple of years to actually go both feet in on this. How do you explain cryptocurrency to like a typical person? That's an excellent concern.
They're two absolutely different things, but 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. Therefore what provides it value is that it is, there's only going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. Therefore if you take a 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 truly, with current innovation, 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 individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't trust paper money, you can print an unlimited quantity of it. It's actually not protect, and the government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that were in Cypress, or simply people who have suffered through either run-away inflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, because they already don't 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 financiers have a tough 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 don't need Bitcoin - Yeah. Therefore there's this whole burgeoning international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally utilized, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a worldwide computer that you can compose computer programs for and run computer programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially purchasing shows power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people an idea, like an extremely easy one that I would picture 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 sort of this exact same kind of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on numerous different locations and. And you sort of mentioned having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, remedy? 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 believe the genuine chance depends on the energy coin area.
There's all of these ICOs that were happening, those decreased a little bit with some changes to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And individuals require to understand that not all utility coins are developed equal.
So you have the benefit of committing your profession to this, so you can head out there and do the reconnaissance, you can fulfill the creators, you can check the code, and so on. But for a typical individual, there's now what, over 1,000 various kinds of coins readily available, nearly 1,200 I think. 'Cause typically it'll crash 80% or so - Does the team have experience of performing in a successful manner in another location of their life? And it does not even have to be straight related to cryptocurrency, it does not need to be even straight related to software application, right? So, but I desire to see a track record 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 excellent consultants behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in general, my world of service, we constantly look for problems and how we can solve them. Now, are the issues things that people are trying to fix a part of the Blockchain typically? Or would you say it's better if they're fixing type 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 solutions that, so I'll give you an example.
And the factor that we purchased it is since they discovered a method to make documents tamper-proof, and it's 99% cheaper than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a performance history of developing computer programs that entire states run their entire operations on, right? So you have actually got all right, the clever person has actually developed huge computer system programs, great group, resolving an enormous issue that is going to cut huge costs.
I imply, it does not get any simpler than that in terms of choosing who to put money behind. And a great deal of this is typical sense, and a lot of folks will try to make things more complex than it is. And I have a truly basic 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).