Mm-hmm (affirmative). And let's take a step back for a second, because I'm constantly curious to speak with people who are, especially 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 a typical person? That's an excellent question.

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 money. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's just going to be a minimal amount. There'll never be more than 21 million Bitcoin.

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There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals continuously try to hack it. However since of the nature of the network, today it's been unhackable. And really, with current innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.

Therefore when people put, you have actually got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't trust paper currency, you can print an unrestricted amount of it. It's really not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.

Yeah. Or individuals that were in Cypress, or simply individuals who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, because they currently 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 investors have a bumpy ride getting their head around. They resemble, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. However there are billions of people on the planet that don't have stable currencies.

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Yeah (how to trade crypto). And so there's this entire blossoming worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally used, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially an international computer system that you can write computer programs for and run computer system programs on a worldwide decentralized computer program.

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So we consider something like Ether an energy token, due to the fact that you're essentially purchasing programming power. So I would not really 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 really easy one that I would picture you 'd called an utility token, is like FileCoin.

Where the idea is that essentially you're hosting files through a peer-based network, and there's sort of this exact same kind of network result 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 (how to day trade crypto). I don't know the ins and outs of it, but as an example for somebody who might simply be extremely standard in their understanding of this, there are numerous various kinds of utilities that are available.

And you type of mentioned having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the genuine chance depends on the energy coin space.

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There's all of these ICOs that were happening, those slowed down a bit with some changes to a couple of things that was going on, but individuals are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equivalent.

So you have the benefit of devoting your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can inspect the code, etc. However for an average person, there's now what, over 1,000 various kinds of coins offered, practically 1,200 I think.

How do they do that? That's a great question. I will state that 95% of ICOs are either fraudulent or just bad ideas. Okay. Right? There's nothing even worse than someone that's young, earnest, with a horrible concept, that somebody offers $40 million to. Right? Yeah, completely. So yeah, so I don't actually take part in many ICOs, and I recommend you probably side action that market, unless you have actually got an unique relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.

'Cause usually it'll crash 80% approximately. And that's when we actually begin looking at the idea in more information. So here are some quick and filthy things that you should take a look at, right? So, one is, are they resolving an issue that requires to be solved? One of the huge drawbacks with really clever, technical individuals, is that they like to solve issues that nobody cares about fixing.

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Does the group have experience of carrying out in a successful way in another area of their life? And it does not even have to be straight associated to cryptocurrency, it does not have to be even directly associated to software application, right? So, but I want to see a track record 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 truly great advisors behind them, I'm most likely not going to provide any money.

Yeah. I think that in marketing in basic, my world of organization, we constantly search for issues and how we can fix them. Now, are the problems things that people are attempting to solve a part of the Blockchain normally? Or would you say it's much better if they're solving 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 searching for solutions that, so I'll provide you an example.

And the factor that we bought it is because they discovered a method to make files tamper-proof, and it's 99% cheaper than present innovation, 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 performance history of developing computer programs that entire states run their entire operations on, right? So you have actually got okay, the wise guy has built huge computer system programs, terrific team, fixing a huge issue that is going to cut substantial expenses.

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

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Okay. What I can use that I gained from working on Wall Street across three decades, is how to read people. I have actually fulfilled tens of thousands of people throughout my career. I have actually fulfilled experts; I've met fund managers, I've met stock promoters, I have actually fulfilled all these various kinds of characters along the way.

So I think that's probably among my super powers, if you will. And if you've got an excellent BS detector, you must listen to it. how to day trade crypto. Okay. You need to definitely listen to it. If I'm taking a seat 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 sitting well with me.

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There are numerous other deals out there to look at. Yeah, there's too much chance. Yeah. And speaking of chance, you understand, you type of mentioned at the start, Bitcoin and Ethereum, many people have become aware of these two, particularly Bitcoin, due to the fact that it seems like it's in the news all the time, something or the other.

Have they failed on Bitcoin? Bitcoin is trading nearly upwards of $6,000 just recently; it's shown up from say $3,000 not too long earlier, it's rather volatile. Do they sort of wait for a pullback, or do they just say, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You know? Yeah that's an excellent concern.

You can literally use small stakes, and change them into life-changing amounts of money. So I believe the primary step is, get clear on, if I lost all this cash tomorrow, if I put it in Bitcoin, I wish to make certain that it's not going to have me pleading my parents for hamburger money, and sleeping on their sofa.

And then on the very first 50% pullback that you see in Bitcoin, purchase the second half. And that way you're not going to get the perfect rate, however you're going to get a great cost. And then just leave it alone. And to your question, is it too late to purchase Bitcoin? Absolutely not.

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Today it has about simply 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 bit much easier in cryptocurrency than getting Apple stock. Correct! And you spoke about this volatility.

Meaning that Bitcoin has to do with 10 times more unpredictable. And they believe that as it ends up being less and less volatile, it's going to be simpler to actually count on as a currency. Correct. Now, we remain in an age where news, whether you call it FUD, worry, uncertainty, doubt, actually drives the rates of these cryptocurrencies up and down it looks like. how to trade crypto.