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But frauds and small scams. And there's something that a scams always 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 enormous hack. And that woke something up for me.
And so I can't overlook that. I have actually got to go dig deeper." And so I started taking a trip all around the world. I started going to Bitcoin occasions; I began to speaking with individuals that were smarter than me in this space. And what I recognized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The implications of that, of being able to have data that we don't need to have it independently validated, it's cryptographically confirmed. That idea can ripple out throughout the entire greater economy. And when that cent dropped, I knew I had to devote all my expert resources into becoming an expert in this area.
And do you believe, I indicate you mentioned something there about not needing 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 great deal of folks might not even fully comprehend validation procedure . We were simply discussing how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that all of a sudden there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you think that the typical folks do not perhaps understand about these procedures, so they don't possibly see what you're stating as this development, they don't see it in their everyday life? Or what do you believe about that? I believe that's true.
It's not as simple as shooting up a web 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've got to submit your identity files, then you've got to wait to get validated, and then finally, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too bothersome, which's why the people that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes needed to go through a process which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, establishing a crypto account is so hard." What I tell them is I say, "Look, when it's easy 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 in fact really making money a huge amount of money to go through perhaps, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you envision what will occur to this whole market when purchasing 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 expose too that you didn't discuss, but I know a lot of folks who deal with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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're in the early days of that innovation, but simply like during that period 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 2nd, due to the fact that I'm constantly curious to speak to people who are, specifically someone like yourself, who's dedicated the last, you understand, the bulk of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's an excellent question.
They're two completely various things, but 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. Therefore what provides it worth is that it is, there's just going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously attempt to hack it. But since of the nature of the network, today it's been unhackable. And truly, with existing innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not rely on fiat money, you can print an unlimited amount of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that were in Cypress, or just individuals who have actually suffered through either run-away inflation, 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 potentially be a catalyst for more adoption, because they currently don't think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a bumpy ride getting their head around. They're like, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. And so there's this entire blossoming international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically utilized, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially an international computer system that you can write computer programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, due to the fact that you're basically buying programs power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals a concept, like a very easy one that I would envision you 'd called an utility token, is like FileCoin.
Where the concept is that generally 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 example, since it's on so numerous different areas and. undefined. I do not understand the ins and outs of it, however as an example for someone who might just be really fundamental in their understanding of this, there are many various types of energies that are readily available.
And you type of pointed out 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, correct? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine chance depends on the energy coin space.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a few things that was going on, however people are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And people require to understand that not all energy coins are produced equal.
So you have the benefit of dedicating your profession to this, so you can head out there and do the recon, you can fulfill the founders, you can inspect the code, etc. But for an average individual, there's now what, over 1,000 various types of coins available, practically 1,200 I believe. 'Cause usually it'll crash 80% or two - Does the team have experience of carrying out in an effective way in another area of their life? And it does not even need to be directly associated to cryptocurrency, it does not need to be even directly related to software application, right? So, however I want to see a track record of success in something, right? If it's four people in a room that are just out of college, unless they have actually got some actually excellent consultants behind them, I'm probably not going to provide any money.
Yeah. I believe that in marketing in basic, my world of service, we constantly look for issues and how we can solve them. Now, are the problems things that individuals are trying to solve a part of the Blockchain normally? Or would you say it's better if they're solving type 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 trying to find options that, so I'll offer you an example.
And the factor that we purchased it is due to the fact that they discovered a method to make documents tamper-proof, and it's 99% more affordable than current 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 performance history of developing computer programs that whole states run their whole operations on, right? So you have actually got okay, the wise person has actually built big computer system programs, excellent group, resolving a massive issue that is going to cut substantial costs.
I mean, it doesn't get any simpler than that in terms of choosing who to put money behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually easy guideline, Ryan. If I do not understand something, I put up my hand, and I say, "I didn't understand what you simply stated." Mm-hmm (affirmative).