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But scams and little frauds. And there's something that a scams constantly does: it constantly goes to no. However 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 started traveling all around the world. I started going to Bitcoin events; I started 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 technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The ramifications of that, of having the ability to have information that we do not require to have it individually validated, it's cryptographically confirmed. That concept can ripple out throughout the entire higher economy. And when that penny dropped, I knew I needed to dedicate all my professional resources into becoming a specialist in this area.
And do you believe, I suggest you mentioned something there about not having to get a third-party, or intermediary to validate 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 might not even totally comprehend validation process . We were simply discussing how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then suddenly there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the average folks don't maybe understand about these procedures, so they don't possibly 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 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 buying it, right? You've got to go to an exchange, you have actually got to upload your identity documents, then you've got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a lot of people find that too troublesome, and that's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are ready to put in possibly the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to set up 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 easy 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 in fact truly getting paid a huge amount of money to go through possibly, you understand, 20 minutes of a nuisance.
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 purchase cryptocurrencies straight through your trading software. And can you imagine what will occur to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the process that people go through, and one thing I wish to expose too that you didn't discuss, however I know a lot of folks who battle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently before I might start purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 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 indicate, we remain in the early days of that technology, but just like throughout 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 absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, due to the fact that I'm always curious to talk with individuals who are, particularly someone like yourself, who's devoted the last, you understand, the bulk of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a great question.
They're two completely various 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. And so what gives it value is that it is, there's only going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously attempt to hack it. However because of the nature of the network, today it's been unhackable. And really, with present innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust paper money, you can print an unrestricted amount of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or people that were in Cypress, or simply people who have suffered through either devaluation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, since they currently don't think in their own currency? Yeah, and I believe we have actually currently 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 resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - Yeah. Therefore there's this entire burgeoning worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are basically utilized, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a worldwide computer system that you can write computer system programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, since you're essentially purchasing 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 provide individuals an idea, like a very basic one that I would envision you 'd called an energy token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's sort of this exact same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on numerous different locations and. undefined. I don't know the ins and outs of it, but as an example for somebody who might simply be extremely basic in their understanding of this, there are many various kinds of utilities that are offered.
And you type of discussed having this boots on the ground experience. Now, given 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 suggest and look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity lies in the utility coin space.
There's all of these ICOs that were taking place, those decreased a little bit with some modifications to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And individuals need to understand that not all utility coins are created equal.
So you have the benefit of devoting your occupation to this, so you can go out there and do the reconnaissance, you can satisfy the founders, you can inspect the code, and so on. But for an average person, there's now what, over 1,000 various kinds of coins available, nearly 1,200 I believe. 'Cause normally it'll crash 80% approximately - Does the team have experience of performing in a successful manner in another location of their life? And it doesn't even have to be straight associated to cryptocurrency, it does not have to be even directly associated to software, 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 simply out of college, unless they've got some truly excellent consultants behind them, I'm probably not going to give them any cash.
Yeah. I believe that in marketing in basic, my world of organization, we continuously search for issues and how we can resolve them. Now, are the issues things that people are attempting to solve a part of the Blockchain usually? Or would you state it's better if they're resolving sort 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 basically looking for solutions that, so I'll offer you an example.
And the factor that we purchased it is since they discovered a method to make documents tamper-proof, and it's 99% cheaper than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that started it has a track record of developing computer system programs that whole states run their whole operations on, right? So you've got alright, the clever person has developed big computer system programs, excellent group, solving an enormous problem that is going to cut substantial costs.
I mean, it doesn't get any simpler than that in terms of deciding who to put cash behind. And a lot of this is typical sense, and a great deal of folks will try to make things more complex than it is. And I have a really simple rule, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).