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However scams and little frauds. And there's one thing that a fraud constantly does: it constantly goes to absolutely 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. Which woke something up for me.
And so I can't ignore that. I've got to go dig deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin events; I started to speaking to individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The ramifications of that, of being able to have data that we do not require to have it individually validated, it's cryptographically verified. That idea can ripple out throughout the whole higher economy. And when that cent dropped, I knew I needed to dedicate all my professional resources into becoming a specialist in this space.
And do you think, I mean you discussed something there about not having to get a third-party, or intermediary to confirm 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 may not even totally understand validation procedure . We were simply talking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and after that all of an abrupt there's other individuals getting informed about it, like the IRS and things like that. Do you think that the typical folks don't perhaps understand about these processes, so they do not possibly see what you're saying as this breakthrough, they don't see it in their everyday life? Or what do you think of that? I think that's true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pushing a buy button and purchasing it, right? You have actually 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 find that too troublesome, which's why the individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that are willing to put in possibly 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 ideas, however gosh, establishing a crypto account is so difficult." What I tell 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 actually really getting paid a huge quantity of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software application. And can you picture what will occur to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and one thing I want to bring to light too that you didn't discuss, but I know a lot of folks who battle with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me forever before I could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you keep in mind the early days of the Web, when we were getting on the Web, 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 suggest, we're in the early days of that technology, but much like during that period 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 business, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm constantly curious to talk with individuals who are, especially someone like yourself, who's committed the last, you know, the lion's share of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a great question.
They're 2 absolutely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what offers it worth 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 computers, verifying the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously attempt to hack it. However since of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not rely on paper currency, you can print an endless amount of it. It's actually not protect, and the federal government can take it far from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that were in Cypress, or simply people who have actually suffered through either devaluation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, because they already do not believe in their own currency? Yeah, and I believe we've currently 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 don't need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - undefined. But there are billions of individuals on the planet that do not have stable currencies.
Yeah. Therefore there's this whole growing international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are generally utilized, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a global computer system that you can compose computer programs for and run computer programs on a worldwide decentralized computer program.
So we consider something like Ether an utility token, since you're basically buying programs power. So I would not truly think about 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 basic one that I would picture 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 type of this exact same type of network result that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on many various areas and. And you type of pointed out having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Many of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine chance depends on the utility coin space.
There's all of these ICOs that were taking place, 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 start to develop utility coins- Correct, yeah. And people need to comprehend that not all utility coins are created equal.
So you have the benefit of committing your occupation to this, so you can head out there and do the recon, you can satisfy the creators, you can inspect the code, and so on. However for a typical person, there's now what, over 1,000 different types of coins offered, nearly 1,200 I think. 'Cause generally 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 doesn't even have to be directly related to cryptocurrency, it doesn't have to be even straight associated to software, right? So, however I wish to see a performance history of success in something, right? If it's 4 men in a space that are just out of college, unless they've got some actually good consultants behind them, I'm most likely not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of business, we constantly look for problems and how we can resolve them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain generally? Or would you say it's much 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 generally searching for options that, so I'll offer you an example.
And the reason that we purchased it is due to the fact that they found a way to make files tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a performance history of producing computer programs that entire states run their whole operations on, right? So you have actually got fine, the clever person has developed huge computer system programs, terrific team, solving a huge problem that is going to cut huge costs.
I suggest, it doesn't get any easier than that in terms of deciding who to put cash behind. And a great deal of this is typical sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a truly basic rule, Ryan. If I don't comprehend something, I set up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).