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However frauds and little scams. And there's one thing that a fraud constantly 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 problem came out. The enormous hack. And that woke something up for me.
Therefore I can't ignore that. I've got to go dig much deeper." Therefore I began traveling all around the world. I started going to Bitcoin events; I began to talking to 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.
Which, Ryan, is, I can't overstate how massive that is! The implications of that, of having the ability to have data that we don't require to have it individually validated, it's cryptographically verified. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to devote all my professional resources into ending up being an expert in this space.
And do you think, I indicate you discussed something there about not having 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 lot of folks may not even completely understand validation process . We were just talking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then suddenly 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 processes, so they do not perhaps see what you're stating as this development, they don't see it in their everyday 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 have actually got to go to an exchange, you've got to upload your identity files, then you've got to wait to get confirmed, and then finally, you can go purchase some Bitcoin.
So, a lot of individuals discover that too inconvenient, which's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes required to go through a process which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your concepts, however gosh, setting up a crypto account is so hard." What I inform them is I say, "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 larger. So you're actually really earning money a huge amount of money to go through maybe, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies directly through your trading software application. And can you imagine what will happen to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and something I wish to expose too that you didn't discuss, but I know a great deal of folks who have a hard time with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, right, like Coinbase. It 'd take me permanently prior to I might begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I imply, it's if you keep in mind 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 load 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 remain in the early days of that innovation, but similar to throughout 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 outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to talk with individuals who are, particularly somebody like yourself, who's dedicated the last, you know, 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 concern.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's just going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously attempt to hack it. But since of the nature of the network, today it's been unhackable. And really, 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 individuals put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on fiat money, you can print an unrestricted amount of it. It's truly not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go ahead.
Yeah. Or individuals that remained in Cypress, or just people who have 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 countries that could potentially be a catalyst for more adoption, since they already do not think in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time getting their head around. They resemble, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. And so there's this entire burgeoning international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are generally used, let's say Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically a worldwide computer system that you can compose computer programs for and run computer system programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, due to the fact that you're essentially purchasing programs power. So I would not actually consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give 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 generally you're hosting files through a peer-based network, and there's sort of this exact same kind of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on numerous various locations and. 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 probably utility based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine chance lies in the energy coin space.
There's all of these ICOs that were taking place, those slowed down a little bit with some changes to a few things that was going on, but individuals are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And people require to understand that not all energy coins are developed equal.
So you have the advantage of dedicating your occupation to this, so you can head out there and do the reconnaissance, you can meet the founders, you can check the code, etc. However for a typical person, there's now what, over 1,000 different kinds of coins offered, nearly 1,200 I believe. 'Cause normally it'll crash 80% or two - undefined. And that's when we really start taking a look at the concept in more detail. So here are some quick and filthy things that you should look at, right? So, one is, are they solving an issue that requires to be resolved? One of the huge disadvantages with really smart, technical people, is that they like to solve problems that nobody cares about fixing.
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 straight associated to cryptocurrency, it does not need to be even directly associated to software, right? So, but I wish to see a track record of success in something, right? If it's four men in a room that are just out of college, unless they have actually got some really good consultants behind them, I'm probably not going to give them any money.
Yeah. I believe that in marketing in general, my world of company, we continuously try to find problems and how we can solve them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain typically? Or would you state 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 essentially looking for services that, so I'll offer you an example.
And the reason that we purchased it is since they found a way to make documents tamper-proof, and it's 99% cheaper than existing technology, 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 creating computer system programs that entire states run their entire operations on, right? So you have actually got all right, the wise person has built huge computer programs, excellent group, solving an enormous issue that is going to cut huge costs.
I indicate, it does not get any simpler than that in terms of deciding who to put cash behind. And a lot of this is common sense, and a great deal of folks will try to make things more complex than it is. And I have a truly easy rule, Ryan. If I don't comprehend something, I put up my hand, and I say, "I didn't understand what you just stated." Mm-hmm (affirmative).