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However scams and small frauds. And there's something that a scams always does: it constantly goes to 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 massive hack. And that woke something up for me.
Therefore I can't disregard that. I've got to go dig deeper." Therefore I started traveling 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 innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have data that we don't require to have it separately confirmed, it's cryptographically confirmed. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I knew I had to dedicate all my professional resources into ending up being an expert 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 reason that this isn't getting as much mass adoption is that a lot of folks might not even totally comprehend validation procedure . We were just talking about how I'm delegating go to China, to China. And heaven 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 average folks don't possibly understand about these procedures, so they do not possibly see what you're saying as this advancement, they do not see it in their everyday life? Or what do you think about that? I think that holds true.
It's not as easy as firing up a web internet 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 submit your identity files, then you've got to wait to get verified, and then finally, you can go purchase some Bitcoin.
So, a great deal of people discover that too bothersome, and that's why the people that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a procedure which just takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, establishing a crypto account is so hard." 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 truly earning money an enormous amount of money to go through perhaps, you know, 20 minutes of a nuisance.
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. And can you envision 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 process that people go through, and one thing I want to expose too that you didn't mention, however I know a lot of folks who fight with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can only purchase $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 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 mean it would take 20 minutes to fill 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 similar to throughout that amount 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 business, 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 people who are, particularly somebody like yourself, who's dedicated the last, you understand, the better part of the last few years to really go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a great question.
They're two absolutely various things, but 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. And so what gives it worth is that it is, there's just going to be a limited amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals constantly try to hack it. But because of the nature of the network, today it's been unhackable. And truly, with current technology, 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 individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't rely on paper money, you can print an endless quantity of it. It's really not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , go ahead.
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 need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since they currently do not think in their own currency? Yeah, and I think we've already 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 don't need 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 blossoming 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 know about Ethereum. Ethereum is essentially a worldwide computer that you can write computer programs for and run computer system programs on an internationally 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 think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people an idea, like a really simple one that I would picture you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's kind of this same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on many various locations and. And you kind of mentioned having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). Many of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a few 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 equivalent.
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, etc. However for a typical person, there's now what, over 1,000 various kinds of coins readily available, almost 1,200 I think. 'Cause typically it'll crash 80% or so - Does the group have experience of executing in a successful manner in another area of their life? And it doesn't even need to be directly associated to cryptocurrency, it doesn't need to be even directly related to software, right? So, however I want to see a track record of success in something, right? If it's 4 guys in a room that are just out of college, unless they have actually got some truly excellent advisors behind them, I'm most likely not going to provide them any cash.
Yeah. I believe that in marketing in basic, my world of business, we continuously look for issues and how we can fix them. Now, are the problems things that people are attempting to resolve a part of the Blockchain usually? Or would you state it's much better if they're fixing type 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 trying to find services that, so I'll provide you an example.
And the reason that we purchased it is due to the fact that they found a way 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 creating computer programs that whole states run their whole operations on, right? So you have actually got alright, the wise man has constructed huge computer programs, excellent group, fixing a huge issue that is going to cut huge expenses.
I indicate, it does not get any easier than that in regards to choosing who to put money behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have a really simple guideline, Ryan. If I don't understand something, I put up my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).