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But frauds and little frauds. And there's something that a scams always does: it always goes to absolutely 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 enormous hack. And that woke something up for me.
Therefore I can't overlook that. I've got to go dig deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin occasions; I started to talking to people that were smarter than me in this area. And what I recognized is that Blockchain innovation and the application of Blockchain technology 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 need to have it independently confirmed, it's cryptographically verified. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I knew I had to devote all my expert resources into becoming a specialist in this space.
And do you think, I imply you mentioned something there about not having to get a third-party, or intermediary to confirm 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 totally understand validation process . It's not as easy as firing up a web internet browser and going to e-trade. com and pushing 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 have actually got to wait to get validated, and after that lastly, you can go purchase some Bitcoin.
So, a great deal of people discover that too bothersome, and that's why the people that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a procedure which simply takes five minutes if you want to set up a brokerage account.
"Oh Teeka, we love your concepts, however gosh, setting up a crypto account is so tough." 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 larger. So you're in fact really making money a massive quantity of money to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you imagine what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you discussed the process that individuals go through, and something I want to bring to light too that you didn't mention, but I understand a lot of folks who fight with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently prior to I might start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 technology, however much like during that time period, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm always curious to talk to individuals who are, specifically someone like yourself, who's dedicated the last, you know, the lion's share of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like an average person? That's a great concern.
They're two absolutely 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. Therefore what provides it worth is that it is, there's just going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, with present innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore 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 do not trust paper currency, you can print an unlimited quantity of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or simply people who have actually suffered through either hyperinflation, or there's a high need 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 believe in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a hard 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 steady currency, right? You do not need Bitcoin - So we consider something like Ether an utility token, since you're essentially purchasing programs power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide people a concept, like a very basic one that I would imagine you 'd called an energy token, is like FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this same type of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on a lot of different areas and. There's all of these ICOs that were taking place, those decreased a bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equal.
So you have the advantage of devoting your profession to this, so you can head out there and do the recon, you can fulfill the creators, you can examine the code, etc. But for a typical person, there's now what, over 1,000 various types of coins available, practically 1,200 I believe. 'Cause typically it'll crash 80% approximately - Yeah. I believe that in marketing in general, my world of business, we continuously look for issues and how we can fix them. Now, are the problems things that individuals are trying to resolve a part of the Blockchain typically? Or would you state it's better if they're solving kind 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 generally searching for services that, so I'll offer you an example.
And the reason that we purchased it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% less expensive than current technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that started it has a track record of creating computer programs that entire states run their whole operations on, right? So you have actually got alright, the clever guy has actually constructed big computer system programs, excellent team, resolving a huge problem that is going to cut substantial costs.
I mean, it doesn't get any simpler than that in terms of deciding who to put cash behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have a truly simple rule, Ryan. If I don't comprehend something, I put up my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).
