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But scams and small frauds. 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 massive hack. And that woke something up for me.
Therefore I can't ignore that. I have actually got to go dig deeper." And so I began 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 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 ramifications of that, of having the ability to have information that we don't need to have it independently verified, it's cryptographically validated. That concept can ripple out throughout the whole higher economy. And when that cent dropped, I understood I had to dedicate all my expert resources into ending up being a professional in this space.
And do you believe, I indicate you pointed out something there about not having to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks might not even fully comprehend validation process . It's not as easy as firing up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You've got to go to an exchange, you have actually got to upload your identity documents, then you've got to wait to get verified, and after that lastly, you can go purchase some Bitcoin.
So, a lot of individuals discover that too troublesome, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes needed to go through a procedure which simply takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we like your ideas, but gosh, setting up a crypto account is so tough." 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 bigger. So you're in fact truly getting paid a massive amount of cash to go through maybe, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software. And can you picture what will happen to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that individuals go through, and something I desire to bring to light too that you didn't point out, but I understand a lot of folks who battle with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently before I might begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I suggest, 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 period of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, since I'm always curious to talk with individuals who are, particularly somebody like yourself, who's committed the last, you understand, 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 person? That's an excellent concern.
They're two totally different 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. Therefore what gives it worth is that it is, there's only 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 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 huge today, you can't co-opt it, you can't take it over.
And so when people put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't rely on paper money, you can print an unrestricted quantity of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or individuals that were in Cypress, or just people who have actually suffered through either hyperinflation, 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 catalyst for more adoption, because they currently 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 lot of American or Western investors have a difficult time getting their head around. They resemble, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - undefined. But there are billions of individuals on the planet that don't have stable currencies.
Yeah. And so there's this whole burgeoning 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 basically used, let's state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially an international computer that you can compose computer programs for and run computer system programs on an internationally decentralized computer program.
So we think about something like Ether an utility token, due to the fact that you're basically buying programming power. So I wouldn't really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people a concept, like a very simple one that I would imagine you 'd called an energy token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on a lot of various areas and. There's all of these ICOs that were occurring, those slowed down a bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people require to understand that not all utility coins are produced equivalent.
So you have the benefit of committing your profession to this, so you can head out there and do the recon, you can meet the creators, you can check the code, and so on. But for a typical person, there's now what, over 1,000 various types of coins readily available, almost 1,200 I think. 'Cause typically it'll crash 80% or so - Yeah. I think that in marketing in basic, my world of company, we constantly look for problems and how we can solve them. Now, are the issues things that people are attempting to fix a part of the Blockchain typically? 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 essentially trying to find solutions that, so I'll offer you an example.
And the factor that we purchased it is since they discovered a method to make files tamper-proof, and it's 99% less expensive than present technology, 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 developing computer programs that whole states run their whole operations on, right? So you have actually got fine, the wise man has actually built huge computer programs, excellent team, fixing a massive problem that is going to cut substantial expenses.
I imply, it doesn't get any simpler than that in regards to deciding who to put money behind. And a great deal of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually simple rule, Ryan. If I don't comprehend something, I installed my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).
