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But frauds and little scams. And there's one thing that a fraud constantly does: it always goes to zero. 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 massive hack. And that woke something up for me.
And so I can't ignore that. I've got to go dig much deeper." And so I began taking a trip 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 realized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how massive that is! The implications of that, of having the ability to have data that we do not need to have it separately confirmed, it's cryptographically verified. That concept can ripple out throughout the whole higher economy. And when that penny dropped, I knew I had to dedicate all my expert resources into becoming a specialist in this area.
And do you think, I mean you discussed something there about not having to get a third-party, or intermediary to validate something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a lot of folks might not even completely comprehend validation procedure . We were just talking about how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then suddenly there's other individuals getting notified about it, like the IRS and things like that. Do you think that the typical folks do not maybe learn about these processes, so they don't perhaps see what you're stating as this breakthrough, they don't see it in their everyday life? Or what do you consider that? I believe that's real.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually 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 lot of individuals find that too troublesome, and that's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that are ready to put in possibly the 20 minutes needed to go through a process which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your ideas, however gosh, establishing a crypto account is so hard." 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 larger. So you're actually really making money an enormous amount of cash to go through maybe, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software application. And can you picture what will occur to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and one thing I wish to bring to light too that you didn't point out, but I know a great deal of folks who have a hard time with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Internet, 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 suggest, we're in the early days of that technology, however much like throughout that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to talk with individuals who are, specifically someone like yourself, who's devoted the last, you understand, the better part 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 two completely various 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 value is that it is, there's just going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously try to hack it. However since of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when individuals put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust paper currency, you can print an unrestricted quantity of it. It's actually not secure, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that remained in Cypress, or just 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 driver for more adoption, because they currently do not think in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride getting their head around. They're like, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. And so there's this whole burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are essentially used, let's state Ethereum, which a lot of individuals know about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an energy token, due to the fact that you're essentially buying programming power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people an idea, like an extremely basic one that I would envision 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 kind of this very same type of network effect that you have with Bitcoin, where it's like unstoppable example, because it's on a lot of various areas and. undefined. I don't understand the ins and outs of it, but as an example for somebody who may just be extremely fundamental in their understanding of this, there are a lot of various kinds of energies that are offered.
And you kind of discussed having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however I think 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, however individuals are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people need to comprehend that not all energy coins are produced equal.
So you have the benefit of devoting your profession to this, so you can head out there and do the reconnaissance, you can meet the founders, you can check the code, etc. However for an average person, there's now what, over 1,000 various types of coins available, practically 1,200 I believe. 'Cause typically it'll crash 80% or two - Does the group have experience of executing in an effective manner in another location of their life? And it doesn't even need to be directly related to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, but I wish to see a track record of success in something, right? If it's 4 people in a room that are just out of college, unless they have actually got some really good advisors behind them, I'm probably not going to provide them any cash.
Yeah. I believe that in marketing in basic, my world of business, we constantly search for problems and how we can fix them. Now, are the problems things that individuals are trying to solve a part of the Blockchain usually? Or would you say it's much better if they're resolving kind 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 factor that we bought it is due to the fact that they found a way to make files tamper-proof, and it's 99% less expensive than current innovation, 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 performance history of developing computer system programs that whole states run their whole operations on, right? So you have actually got alright, the smart man has actually constructed substantial computer programs, terrific team, fixing an enormous issue that is going to cut huge expenses.
I indicate, it doesn't get any easier than that in regards to choosing who to put money behind. And a lot of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a really simple rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).