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But frauds and little frauds. And there's one thing that a fraud constantly does: it always goes to no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The huge hack. Which woke something up for me.
And so I can't overlook that. I have actually got to go dig much deeper." And so I started taking a trip all around the world. I began going to Bitcoin occasions; I started to talking with people that were smarter than me in this space. And what I understood is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how huge that is! The implications of that, of having the ability to have data that we don't require to have it individually verified, it's cryptographically confirmed. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I knew I needed to devote all my expert resources into ending up being an expert in this area.
And do you believe, I imply you mentioned something there about not needing to get a third-party, or intermediary to confirm something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a lot of folks might not even totally understand validation procedure . We were just talking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that all of an abrupt there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the typical folks do not possibly understand about these processes, so they do not perhaps see what you're saying as this development, they don't see it in their daily life? Or what do you consider that? I think that holds true.
It's not as easy as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You've got to go to an exchange, you have actually got to submit your identity files, then you've got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a great deal of people discover that too troublesome, and that's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that want to put in maybe the 20 minutes needed to go through a procedure which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so challenging." 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 whole cryptocurrency market will be 10x bigger. So you're actually really earning money a massive quantity of money to go through maybe, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software application. And can you envision what will take place to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and one thing I want to expose too that you didn't point out, however I know a lot of folks who have problem with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, best, like Coinbase. It 'd take me forever before I might begin buying 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 Internet, when we were getting on the Web, we were doing it with 56k modems, right? I indicate 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 mean, we're in the early days of that technology, but similar to during that duration of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to talk with people who are, specifically somebody like yourself, who's dedicated the last, you understand, the lion's share of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a fantastic question.
They're two completely different 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. And so what offers it value is that it is, there's just going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously try 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 today, you can't co-opt it, you can't take it over.
And so when individuals put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not rely on fiat money, you can print a limitless amount of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or individuals that were in Cypress, or simply individuals who have suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, since they currently don't believe 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 investors have a difficult time getting their head around. They're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. Therefore there's this entire growing global demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are generally utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is basically an international computer system that you can compose computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, since you're basically buying programs power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals an idea, like an extremely basic one that I would picture you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's sort of this same type of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on so lots of different locations and. And you type of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are probably utility based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance lies in the energy 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, however individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people need to understand that not all energy coins are created equivalent.
So you have the advantage of devoting your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can check the code, and so on. However for a typical individual, there's now what, over 1,000 various types of coins available, nearly 1,200 I think. 'Cause usually it'll crash 80% or two - Does the team have experience of executing in a successful manner in another area of their life? And it does not even need to be directly related to cryptocurrency, it does not need to be even directly associated to software, right? So, however I wish to see a track record of success in something, right? If it's 4 men in a space that are simply out of college, unless they have actually got some really excellent consultants behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in basic, my world of organization, we constantly search for issues and how we can resolve them. Now, are the problems things that people are attempting to fix a part of the Blockchain usually? Or would you state it's 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 looking for services that, so I'll provide you an example.
And the factor that we purchased it is due to the fact that they found a way to make files tamper-proof, and it's 99% cheaper than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that began it has a track record of developing computer system programs that whole states run their whole operations on, right? So you've got okay, the smart person has actually built big computer system programs, terrific group, fixing a huge problem that is going to cut substantial costs.
I mean, it does not get any easier than that in regards to deciding who to put money behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a really basic rule, Ryan. If I do not understand something, I set up my hand, and I say, "I didn't comprehend what you just said." Mm-hmm (affirmative).