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However frauds and little frauds. And there's one thing that a fraud 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. Which woke something up for me.
And so I can't ignore 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 started to speaking with individuals that were smarter than me in this area. And what I realized is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The implications of that, of being able to have information that we don't require to have it independently validated, it's cryptographically confirmed. That idea can ripple out throughout the entire greater economy. And when that penny dropped, I understood I had to dedicate all my expert resources into ending up being a professional in this area.
And do you believe, I suggest you mentioned something there about not needing to get a third-party, or intermediary to verify something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks may not even totally understand recognition procedure . We were simply talking about how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and after that all of an abrupt there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not possibly understand about these procedures, so they do not maybe see what you're saying as this breakthrough, they do not see it in their daily life? Or what do you consider that? I believe that's 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've got to go to an exchange, you have actually got to upload your identity documents, then you have actually got to wait to get validated, and after that lastly, you can go buy some Bitcoin.
So, a lot of people discover that too inconvenient, which's why the individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: people that are willing to put in perhaps the 20 minutes required to go through a process which simply takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we like your concepts, but gosh, setting up a crypto account is so difficult." What I tell 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 actually really making money an enormous quantity of money to go through maybe, you know, 20 minutes of a headache.
So you can't buy 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. And can you envision what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you discussed the process that individuals go through, and one thing I want to bring to light too that you didn't discuss, however I understand a lot of folks who fight with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I mean, it's if you remember 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 load 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 remain in the early days of that innovation, however much like during that amount of time, for the folks that had the vision to see where the future was going, and then bought in on a few of these young companies, 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 constantly curious to speak to people who are, especially somebody like yourself, who's devoted the last, you understand, the lion's share of the last few years to really go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's an excellent concern.
They're two totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. 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, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not trust fiat money, you can print a limitless quantity of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or people that remained in Cypress, or just individuals who have actually suffered through either run-away inflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, because they currently don't think in their own currency? Yeah, and I believe we've 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 steady currency, right? You don't require Bitcoin - Yeah. Therefore there's this whole growing international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are essentially used, let's state 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 system programs on a globally decentralized computer program.
So we think about something like Ether an utility token, because you're essentially purchasing programming power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals a concept, like a really simple one that I would picture you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this same kind of network result that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on so numerous different locations and. And you sort of pointed out having this boots on the ground experience. Now, since we're taking a look at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine opportunity lies in the energy coin area.
There's all of these ICOs that were taking place, those decreased a bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals need to understand that not all energy coins are developed equal.
So you have the benefit of devoting your profession to this, so you can go out there and do the reconnaissance, you can meet the founders, you can inspect the code, etc. However for a typical person, there's now what, over 1,000 different kinds of coins readily available, practically 1,200 I think. 'Cause normally it'll crash 80% approximately - Does the team have experience of carrying out in a successful way in another location of their life? And it doesn't even have to be straight related to cryptocurrency, it does not have to be even straight associated to software application, right? So, however I wish to see a performance history of success in something, right? If it's four people in a space that are just out of college, unless they've got some truly excellent consultants behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of company, we constantly look for problems and how we can solve them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain normally? Or would you state it's better if they're fixing sort 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 services that, so I'll give you an example.
And the factor that we bought it is since they found 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 person that began it has a performance history of producing computer programs that entire states run their entire operations on, right? So you have actually got all right, the clever man has actually developed substantial computer programs, excellent team, solving a massive issue that is going to cut big expenses.
I mean, it doesn't get any easier than that in regards to deciding who to put money behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually easy guideline, Ryan. If I do not understand something, I installed my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).