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However scams and small frauds. And there's something that a fraud constantly does: it constantly 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.
Therefore I can't ignore that. I have actually got to go dig deeper." Therefore I started traveling all around the world. I began going to Bitcoin occasions; I started to speaking to individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of being able to have data that we do not require to have it independently verified, it's cryptographically verified. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I understood I had to dedicate all my expert resources into becoming a professional in this space.
And do you believe, I indicate you mentioned 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 lot of folks might not even totally understand validation process . We were simply speaking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then all of a sudden there's other people getting alerted about it, like the IRS and things like that. Do you think that the typical folks do not maybe understand about these processes, so they do not perhaps see what you're saying as this advancement, they don't see it in their daily life? Or what do you think about that? I think that's true.
It's not as easy 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 documents, then you have actually got to wait to get validated, and after that finally, you can go buy some Bitcoin.
So, a lot of individuals find that too bothersome, 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 possibly the 20 minutes required to go through a process which simply takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your concepts, but gosh, setting up 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 entire cryptocurrency market will be 10x bigger. So you're actually really getting paid a huge amount of money to go through possibly, you know, 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, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you imagine what will occur 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 wish to expose too that you didn't point out, but I know a lot of folks who struggle with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They're like, well, we'll let you buy $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 imply 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 suggest, we're in the early days of that innovation, but simply like during that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to talk with individuals who are, especially someone like yourself, who's devoted the last, you know, the bulk of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's a great question.
They're two completely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's only going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the transactions on the Bitcoin network. Therefore if you take a 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 existing 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 have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust paper currency, you can print an unlimited quantity of it. It's really not protect, and the government can take it away from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that remained in Cypress, or simply individuals 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 currently do not believe 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 financiers have a hard time 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 do not require Bitcoin - undefined. But there are billions of individuals worldwide that do not have stable currencies.
Yeah. Therefore there's this whole burgeoning international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are basically utilized, let's say Ethereum, which a lot of people know about Ethereum. Ethereum is basically a worldwide computer that you can compose computer programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an energy 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 utility coin. Okay. And there are other ones out there, to offer individuals a concept, like a very simple one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this exact same type of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on a lot of different locations and. undefined. I do not know the ins and outs of it, however as an example for someone who might simply be really standard in their understanding of this, there are numerous different kinds of energies that are offered.
And you sort of pointed out having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Most of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine opportunity depends on the energy coin space.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are produced equivalent.
So you have the benefit of dedicating your profession to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can examine the code, etc. But for an average person, there's now what, over 1,000 various types of coins offered, nearly 1,200 I believe. 'Cause typically it'll crash 80% or so - Does the group have experience of performing in an effective manner in another location of their life? And it does not even need to be straight related to cryptocurrency, it does not have to be even directly related to software, right? So, but I wish to see a performance history of success in something, right? If it's four guys in a room that are simply out of college, unless they've got some truly good advisors behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in general, my world of business, we constantly search for issues and how we can resolve them. Now, are the problems things that people are trying to fix a part of the Blockchain normally? 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 essentially searching for solutions that, so I'll give you an example.
And the reason that we bought it is because they discovered a method to make documents tamper-proof, and it's 99% less expensive than present innovation, 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 producing computer programs that whole states run their entire operations on, right? So you have actually got okay, the smart guy has constructed substantial computer system programs, great team, fixing an enormous problem that is going to cut big costs.
I mean, it doesn't get any easier than that in regards to choosing who to put cash behind. And a great deal of this is typical sense, and a great deal of folks will try to make things more complex than it is. And I have an actually easy rule, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).