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However scams and small frauds. And there's something that a scams constantly does: it always goes to 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 massive hack. And that woke something up for me.
Therefore I can't overlook that. I've got to go dig deeper." And so I began taking a trip all around the world. I started going to Bitcoin occasions; I began to speaking with people that were smarter than me in this area. And what I understood is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The ramifications of that, of having the ability to have information that we do not need to have it independently confirmed, it's cryptographically verified. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I knew I needed to dedicate all my expert resources into ending up being an expert in this area.
And do you believe, I suggest you pointed out something there about not having to get a third-party, or intermediary to confirm 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 understand recognition procedure . We were simply discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of an abrupt there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't perhaps learn about these processes, so they don't perhaps see what you're stating as this advancement, they do not see it in their daily life? Or what do you consider 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 have actually got to go to an exchange, you've got to upload your identity documents, then you've got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a great deal of individuals discover that too troublesome, which's why the individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in maybe the 20 minutes needed to go through a procedure which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your concepts, however gosh, establishing a crypto account is so challenging." What I tell them is I state, "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 getting paid a massive amount of money 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 be able to purchase cryptocurrencies straight through your trading software. And can you imagine what will occur to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that individuals go through, and something I wish to bring to light too that you didn't mention, but I understand a great deal of folks who have problem with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently prior to I could start buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I indicate, 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 suggest 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 imply, we remain in the early days of that innovation, however similar to throughout that period 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 an action back for a second, because I'm always curious to talk to people who are, especially someone like yourself, who's committed the last, you know, the better part of the last few years to really go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic concern.
They're two absolutely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what offers 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 computers, verifying the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We don't trust paper currency, you can print an unlimited quantity of it. It's really not protect, and the federal government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually suffered through either devaluation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, because they currently don't believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a tough time getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - undefined. But there are billions of people in the world that don't have stable currencies.
Yeah. Therefore there's this entire blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are essentially utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is essentially an international computer that you can compose computer programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, due to the fact that you're basically buying programs power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals an idea, like a very easy one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this same kind of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on a lot of different areas and. undefined. I do not know the ins and outs of it, but as an example for somebody who may simply be extremely basic in their understanding of this, there are many different kinds of energies that are available.
And you kind of mentioned having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely energy 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 believe the real opportunity lies in the energy coin area.
There's all of these ICOs that were happening, those slowed down a little bit with some changes to a few 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 need to comprehend that not all utility coins are produced equal.
So you have the benefit of committing your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the creators, you can inspect the code, etc. But for an average person, there's now what, over 1,000 different kinds of coins available, practically 1,200 I think. 'Cause generally it'll crash 80% approximately - Does the team have experience of carrying out in a successful way in another area of their life? And it does not even need to be straight associated to cryptocurrency, it doesn't need to be even straight related to software application, right? So, however I want to see a track record of success in something, right? If it's 4 men in a space that are simply out of college, unless they have actually got some really good advisors behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in general, my world of company, we continuously try to find problems and how we can fix them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain usually? Or would you state it's much better if they're resolving 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 basically looking for options that, so I'll provide you an example.
And the reason that we purchased it is because they found a way to make documents tamper-proof, and it's 99% less expensive than existing 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 creating computer programs that entire states run their entire operations on, right? So you have actually got alright, the wise guy has developed substantial computer programs, great team, fixing a huge issue that is going to cut huge costs.
I imply, it doesn't get any easier 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 an actually basic guideline, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).