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However frauds and small scams. And there's one thing 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 problem came out. The enormous hack. And that woke something up for me.
Therefore I can't overlook that. I've got to go dig much deeper." And so I started traveling all around the world. I started going to Bitcoin occasions; I started to speaking to people that were smarter than me in this area. 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 overstate how huge that is! The implications of that, of being able to have information that we don't require to have it individually validated, it's cryptographically validated. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I understood I needed to dedicate all my expert resources into becoming an expert in this area.
And do you think, I mean you pointed out something there about not needing 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 comprehend recognition procedure . We were simply talking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that all of an unexpected there's other individuals getting notified about it, like the IRS and things like that. Do you think that the average folks do not perhaps understand about these procedures, so they don't maybe see what you're saying as this development, they don't see it in their everyday life? Or what do you think about that? I believe that holds true.
It's not as simple as shooting up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to submit your identity documents, then you have actually got to wait to get confirmed, and after that finally, you can go buy some Bitcoin.
So, a great deal of individuals discover that too bothersome, which's why the individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are prepared to put in possibly the 20 minutes needed to go through a process which just takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we love your ideas, but gosh, establishing a crypto account is so hard." 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 entire cryptocurrency market will be 10x larger. So you're in fact really earning money a huge quantity of money to go through possibly, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you envision what will take place to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the process that people go through, and something I want to expose too that you didn't mention, however I understand a great deal of folks who fight with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently before I might start buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I imply, it's if you remember 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 fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I imply, we're in the early days of that technology, however just like during that duration 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 a step back for a second, due to the fact that I'm constantly curious to talk with people who are, particularly someone like yourself, who's dedicated the last, you understand, the bulk of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like an average person? That's an excellent concern.
They're two absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what gives 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 computer systems, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, 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've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We don't trust paper currency, you can print an endless amount of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that remained in Cypress, or just people who have suffered through either devaluation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, because they already do not think in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They're like, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. Therefore there's this whole blossoming worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are essentially utilized, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially a worldwide computer system that you can write computer programs for and run computer programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're essentially buying programming power. So I wouldn't actually 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 an extremely simple one that I would picture you 'd called an energy token, is like FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this exact same type of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on numerous different areas and. And you kind of mentioned having this boots on the ground experience. Now, because 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 advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine chance lies in the energy coin space.
There's all of these ICOs that were taking place, those slowed down a bit with some changes to a couple of things that was going on, however people are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require to understand that not all energy coins are created equal.
So you have the benefit of devoting your occupation to this, so you can go out there and do the recon, you can satisfy the founders, you can check the code, and so on. However for a typical person, there's now what, over 1,000 various kinds of coins readily available, nearly 1,200 I think. 'Cause usually it'll crash 80% or so - Does the team have experience of performing in an effective manner in another location of their life? And it does not even need to be directly related to cryptocurrency, it doesn't have to be even straight related to software, right? So, however I wish to see a performance history of success in something, right? If it's 4 guys in a space that are simply out of college, unless they have actually got some really good advisors behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of organization, we constantly search for issues and how we can fix them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain generally? Or would you say it's much better if they're solving 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 trying to find options that, so I'll provide you an example.
And the factor that we bought it is because they found a method to make documents tamper-proof, and it's 99% more affordable than present technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of creating computer programs that whole states run their whole operations on, right? So you've got okay, the wise guy has actually constructed huge computer system programs, fantastic team, solving a huge problem that is going to cut huge costs.
I imply, it does not get any simpler than that in terms of deciding who to put cash behind. And a lot of this is typical sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually basic guideline, Ryan. If I do not understand something, I put up my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
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