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But scams and little scams. And there's one thing that a scams constantly does: it always 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 enormous hack. And that woke something up for me.
Therefore I can't overlook that. I've got to go dig much deeper." Therefore I began taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking with people that were smarter than me in this area. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The implications of that, of being able to have information that we do not need to have it separately validated, it's cryptographically confirmed. That principle can ripple out throughout the entire greater economy. And when that penny dropped, I understood I had to devote all my professional resources into ending up being an expert in this area.
And do you believe, I suggest you discussed 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 lot of folks may not even totally comprehend recognition procedure . We were simply speaking about 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 alerted about it, like the IRS and things like that. Do you believe that the typical folks do not perhaps understand about these processes, so they don't possibly see what you're saying as this development, they do not see it in their daily life? Or what do you think about that? I think that holds true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to submit your identity files, then you have actually got to wait to get verified, and after that finally, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too troublesome, and that's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes needed to go through a process which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your ideas, but gosh, establishing a crypto account is so tough." 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 entire cryptocurrency market will be 10x larger. So you're in fact really earning money an enormous quantity of money to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software. And can you imagine what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that individuals go through, and something I wish to expose too that you didn't mention, but I know a lot of folks who fight 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 difficult as possible, ideal, like Coinbase. It 'd take me permanently prior to I might start buying in size on Coinbase. They resemble, 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 Web, we were doing it with 56k modems, right? I indicate 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 mean, we're in the early days of that innovation, however similar to 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 a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm always curious to talk to individuals who are, particularly somebody like yourself, who's committed the last, you know, the better part of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a fantastic concern.
They're two absolutely different 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. And so what provides it value is that it is, there's only going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously try to hack it. However because of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so 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 stating, "We do not rely on paper money, you can print a limitless quantity of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that remained in Cypress, or just people who have actually suffered through either devaluation, 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, since they already do not believe in their own currency? Yeah, and I think we have actually 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 cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. And so there's this entire growing worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are basically utilized, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically a global computer system that you can write computer system programs for and run computer programs on a worldwide decentralized computer system program.
So we consider something like Ether an utility token, because you're basically purchasing shows power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people an idea, like a really basic one that I would imagine you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this very same kind of network result that you have with Bitcoin, where it's like unstoppable example, since it's on numerous different areas and. And you type of discussed having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I think the genuine chance depends on the utility coin area.
There's all of these ICOs that were happening, those slowed down a 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 understand that not all energy coins are created equivalent.
So you have the advantage of dedicating your occupation to this, so you can go out there and do the reconnaissance, you can meet the founders, you can examine the code, and so on. However for a typical person, there's now what, over 1,000 different types of coins offered, almost 1,200 I think. 'Cause generally it'll crash 80% approximately - Does the group have experience of executing in an effective manner in another location of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, but I desire to see a track record 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 really good advisors behind them, I'm probably not going to give them any money.
Yeah. I think that in marketing in general, my world of business, we constantly search for problems and how we can resolve them. Now, are the problems things that individuals are trying to fix a part of the Blockchain normally? Or would you say it's much better if they're solving kind 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 trying to find solutions that, so I'll provide you an example.
And the factor that we bought it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that started it has a track record of producing computer programs that entire states run their entire operations on, right? So you have actually got fine, the clever guy has actually constructed huge computer programs, excellent team, solving a huge issue that is going to cut substantial costs.
I imply, it doesn't get any simpler than that in regards to choosing who to put money behind. And a lot of this is typical sense, and a lot of folks will attempt to make things more complicated than it is. And I have an actually easy guideline, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).