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However scams and small frauds. And there's something that a scams always does: it constantly goes to no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem 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." Therefore I began taking a trip all around the world. I started going to Bitcoin events; I began to speaking with individuals that were smarter than me in this area. And what I realized is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of being able to have information that we don't require to have it separately validated, it's cryptographically confirmed. That idea can ripple out throughout the whole higher economy. And when that penny dropped, I knew I had to devote all my professional resources into becoming a specialist in this space.
And do you think, I mean you mentioned something there about not needing 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 may not even completely understand recognition procedure . We were simply speaking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that all of a sudden 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 perhaps see what you're stating as this development, they do not see it in their everyday life? Or what do you consider that? I think that's true.
It's not as easy as shooting up a web browser and going to e-trade. com and pressing 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 after that lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, and that's why the individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that are prepared to put in maybe the 20 minutes required to go through a process which just 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 tough." What I inform them is I state, "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 truly earning money a huge amount of money to go through maybe, you understand, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you envision what will happen to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and one thing I want to bring to light too that you didn't mention, however I understand a great deal 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 challenging as possible, right, like Coinbase. It 'd take me permanently before I could start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Web, when we were getting on the Internet, 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 imply, we're in the early days of that innovation, but just like during that duration 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 companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm constantly curious to talk with individuals who are, particularly someone like yourself, who's committed the last, you know, the lion's share of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a great concern.
They're two totally various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's just going to be a restricted amount. 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, people constantly try to hack it. However since of the nature of the network, today it's been unhackable. And actually, with present innovation, 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've 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 rely on fiat money, you can print an endless amount of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , 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 need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, due to the fact that they already don't think in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a difficult time 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 stable currency, right? You do not require Bitcoin - Yeah. And so there's this entire blossoming worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are generally utilized, let's state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially a global computer that you can compose computer system programs for and run computer programs on a worldwide decentralized computer program.
So we consider something like Ether an energy token, since you're basically purchasing programs power. So I wouldn't truly consider 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, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's kind of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on numerous different locations and. And you type of mentioned having this boots on the ground experience. Now, considering that 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 advise and take a look at are utility-based. We have a few cryptocurrencies, however I believe the real chance depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require to understand that not all energy coins are created equivalent.
So you have the advantage of committing your occupation to this, so you can go out there and do the recon, you can satisfy the founders, you can check the code, and so on. But for a typical person, there's now what, over 1,000 different kinds of coins readily available, almost 1,200 I believe. 'Cause typically it'll crash 80% or two - Does the group have experience of carrying out in an effective way in another area of their life? And it does not even need to be directly related to cryptocurrency, it doesn't 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 4 people in a room that are simply out of college, unless they have actually got some really great advisors behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in basic, my world of service, we continuously try to find problems and how we can solve them. Now, are the issues things that individuals are attempting to fix a part of the Blockchain generally? Or would you state 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 essentially looking for solutions that, so I'll provide you an example.
And the reason that we bought it is since they discovered a method to make files tamper-proof, and it's 99% more affordable than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a track record of creating computer system programs that entire states run their entire operations on, right? So you've got alright, the clever man has developed big computer system programs, excellent team, solving a huge problem that is going to cut substantial expenses.
I imply, it does not get any easier than that in regards to deciding 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 a truly basic guideline, Ryan. If I do not understand something, I set up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).