Mm-hmm (affirmative). And let's take a step back for a 2nd, due to the fact that I'm constantly curious to speak to people who are, particularly someone like yourself, who's devoted the last, you know, the bulk of the last couple of years to truly go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a fantastic concern.

They're 2 absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's just going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.

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There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so huge today, 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 because they're stating, "We do not trust paper currency, you can print an unrestricted amount of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, best , go on.

Yeah. Or people that remained in Cypress, or just individuals who have actually suffered through either run-away inflation, 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 possibly be a driver for more adoption, due to the fact that they currently do not think in their own currency? Yeah, and I believe we have actually 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 do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin. However there are billions of individuals on the planet that don't have stable currencies.

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Yeah (how to trade crypto on robinhood). And so there's this whole growing 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 essentially used, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically an international computer system that you can write computer system programs for and run computer system programs on an internationally decentralized computer program.

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So we think about something like Ether an utility token, since you're basically purchasing shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer individuals an idea, like a very basic one that I would imagine you 'd called an utility token, resembles FileCoin.

Where the idea is that basically you're hosting files through a peer-based network, and there's sort of this very same type of network result that you have with Bitcoin, where it resembles unstoppable example, since it's on a lot of various locations and (how to trade crypto on robinhood). I don't know the ins and outs of it, however as an example for someone who might simply be very standard in their understanding of this, there are many various kinds of utilities that are readily available.

And you sort of discussed having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine chance depends on the utility coin area.

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There's all of these ICOs that were taking place, those slowed down a little bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And people require to understand that not all utility coins are developed equal.

So you have the benefit of committing your profession to this, so you can head out there and do the reconnaissance, you can meet the creators, you can check the code, etc. But for a typical individual, there's now what, over 1,000 different types of coins readily available, practically 1,200 I believe.

How do they do that? That's a fantastic concern. I will state that 95% of ICOs are either deceitful or just bad concepts. Okay. Right? There's absolutely nothing worse than somebody that's young, earnest, with a terrible idea, that someone offers $40 million to. Right? Yeah, totally. So yeah, so I do not really take part in numerous ICOs, and I suggest you probably side step that market, unless you've got a special relationship, and you can get in on the pre-ICO, and then blow it out when it trades.

'Cause usually it'll crash 80% or two. And that's when we truly start looking at the idea in more detail. So here are some fast and unclean things that you should look at, right? So, one is, are they fixing an issue that requires to be fixed? One of the big downsides with really smart, technical people, is that they like to fix issues that no one appreciates resolving.

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Does the group have experience of carrying out in a successful manner in another location of their life? And it doesn't even need to be directly related to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, however I want to see a performance history 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 really great consultants behind them, I'm probably not going to give them any money.

Yeah. I believe that in marketing in basic, my world of business, we continuously search for issues and how we can fix them. Now, are the problems things that individuals are attempting to solve a part of the Blockchain usually? Or would you say it's better if they're resolving 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 trying to find options that, so I'll provide you an example.

And the reason that we bought it is since they discovered a method to make documents tamper-proof, and it's 99% cheaper than current 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 creating computer programs that entire states run their entire operations on, right? So you've got okay, the smart guy has constructed big computer programs, terrific team, fixing a massive problem that is going to cut substantial expenses.

I suggest, it doesn't get any simpler than that in terms of deciding who to put money behind. And a lot of this is typical sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a truly easy rule, Ryan. If I don't comprehend something, I installed my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).

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Okay. What I can utilize that I gained from dealing with Wall Street across 3 decades, is how to check out individuals. I have actually satisfied tens of countless individuals throughout my profession. I have actually fulfilled insiders; I've fulfilled fund supervisors, I've met stock promoters, I've fulfilled all these various types of characters along the method.

So I think that's probably one of my extremely powers, if you will. And if you have actually got a good BS detector, you ought to listen to it. how to trade crypto on robinhood. Okay. You ought to absolutely listen to it. If I'm sitting down and I'm talking with somebody, and they've got all the bonifides, but you understand, there's simply; it's not agreeing with me, there's something about them that's not agreeing with me.

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There are many other deals out there to take a look at. Yeah, there's excessive opportunity. Yeah. And speaking of chance, you know, you type of discussed at the start, Bitcoin and Ethereum, many people have heard of these 2, especially Bitcoin, since it appears like it remains in the news all the time, something or the other.

Have they missed the boat on Bitcoin? Bitcoin is trading almost upwards of $6,000 just recently; it's come up from state $3,000 not too long back, it's rather volatile. Do they sort of wait for a pullback, or do they just state, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You know? Yeah that's a terrific concern.

You can actually utilize tiny stakes, and transform them into life-changing amounts of cash. So I think the very first step is, get clear on, if I lost all this money tomorrow, if I put it in Bitcoin, I desire to make certain that it's not going to have me pleading my parents for hamburger money, and sleeping on their couch.

And after that on the very first 50% pullback that you see in Bitcoin, buy the 2nd half. And that method you're not going to get the perfect price, however you're going to get a great cost. And after that simply leave it alone. And to your concern, is it too late to buy Bitcoin? Definitely not.

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Today it has about just under a $100 billion market cap, so it's a 10x from here. So you put $1,000 in, you turn it into $10,000. I suggest, I'll take that all day. A little bit simpler in cryptocurrency than picking up Apple stock. Right! And you talked about this volatility.

Suggesting that Bitcoin is about 10 times more volatile. And they believe that as it becomes less and less volatile, it's going to be much easier to in fact count on as a currency. Correct. Now, we're in an age where news, whether you call it FUD, fear, uncertainty, doubt, actually drives the costs of these cryptocurrencies up and down it appears like. how to trade crypto currency.