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But scams and small scams. And there's something that a fraud constantly does: it always 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 neglect that. I've got to go dig much deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin occasions; I began to talking to people that were smarter than me in this area. And what I understood is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The implications of that, of being able to have information that we don't need to have it individually validated, it's cryptographically validated. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I understood I needed to commit all my professional resources into ending up being a specialist in this area.
And do you think, I suggest 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 reason that this isn't getting as much mass adoption is that a lot of folks might not even completely comprehend validation procedure . undefined.
We were simply talking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and after that suddenly there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly know about these procedures, so they don't possibly see what you're stating as this development, they do not see it in their daily life? Or what do you think of that? I think that holds true.
It's not as simple as firing up a web internet 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 then finally, you can go buy some Bitcoin.
So, a lot of people discover that too troublesome, which's why the people that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a process which simply takes five minutes if you desire to set up a brokerage account.
"Oh Teeka, we love your ideas, but gosh, establishing a crypto account is so challenging." 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 whole cryptocurrency market will be 10x bigger. So you're in fact truly getting paid a massive amount of cash to go through perhaps, you understand, 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, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you imagine what will take place to this entire market when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the process that individuals go through, and one thing I wish to expose too that you didn't point out, however I know a lot of folks who deal with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, 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 indicate 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 remain in the early days of that technology, but similar to throughout that amount of time, for the folks that had the vision to see where the future was going, and after that bought 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 2nd, since I'm constantly curious to talk with individuals who are, particularly someone like yourself, who's dedicated the last, you know, the lion's share of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's a great question.
They're two totally various things, however 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. And so what gives it value is that it is, there's just going to be a limited quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. However because of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when people put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't trust paper money, you can print an endless quantity of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or people that remained in Cypress, or simply individuals who have 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 nations that could possibly be a driver for more adoption, because they currently do not think in their own currency? Yeah, and I believe 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 don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - So we consider something like Ether an energy token, because you're basically buying programming power. So I would not actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely basic one that I would picture you 'd called an energy token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's sort of this exact same type of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on numerous various locations and. There's all of these ICOs that were taking place, those slowed down 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 produce utility coins- Correct, yeah. And individuals need to understand that not all utility coins are developed equal.
So you have the benefit of committing your occupation to this, so you can head out there and do the recon, you can meet the founders, you can check the code, etc. However for a typical person, there's now what, over 1,000 different types of coins available, practically 1,200 I think. 'Cause generally it'll crash 80% or so - Yeah. I believe that in marketing in general, my world of service, we continuously look for issues and how we can solve them. Now, are the problems things that people are trying to resolve a part of the Blockchain typically? Or would you say 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 essentially looking for options that, so I'll give 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% cheaper than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a track record of producing computer programs that entire states run their entire operations on, right? So you have actually got fine, the smart person has actually developed substantial computer programs, great group, solving a huge problem that is going to cut big costs.
I suggest, it doesn't get any simpler than that in regards to choosing who to put money behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a really easy guideline, 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).
