teeka tiwari steem
teeka tiwari november 2nd
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However frauds and small scams. And there's one thing that a scams constantly does: it always goes to absolutely no. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The enormous hack. And that woke something up for me.
And so I can't overlook that. I've got to go dig much deeper." And so I began taking a trip all around the world. I began going to Bitcoin events; I began to speaking with individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The implications of that, of having the ability to have data that we don't require to have it individually validated, it's cryptographically confirmed. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I knew I had to commit all my expert resources into becoming a specialist in this space.
And do you think, I indicate you mentioned something there about not needing to get a third-party, or intermediary to validate something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks may not even completely understand validation process . undefined.
We were just talking about how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then all of a sudden there's other individuals getting informed about it, like the IRS and things like that. Do you think that the average folks do not maybe understand about these procedures, so they do not maybe see what you're stating as this advancement, they do not see it in their daily life? Or what do you believe about that? I believe that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to submit your identity files, then you have actually got to wait to get confirmed, and after that finally, you can go buy some Bitcoin.
So, a great deal of individuals discover that too bothersome, which's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are ready to put in perhaps the 20 minutes needed to go through a process which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your concepts, however gosh, establishing 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 entire cryptocurrency market will be 10x larger. So you're actually really getting paid a huge quantity of cash to go through perhaps, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software. And can you imagine what will occur to this entire market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the process that individuals go through, and one thing I desire to bring to light too that you didn't discuss, but I understand a great deal of folks who battle with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, 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 indicate it would take 20 minutes to pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I indicate, we remain in the early days of that technology, but similar to throughout that duration 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 companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to talk with individuals who are, especially somebody like yourself, who's devoted the last, you understand, the bulk of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like a typical person? That's an excellent question.
They're 2 completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what provides 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 computer systems, validating the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly try to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And actually, with present technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't rely on paper currency, you can print a limitless amount of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that were in Cypress, or just individuals who have suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, due to the fact that they already do not believe in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a tough time getting their head around. They resemble, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. And so there's this entire burgeoning worldwide demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are generally utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a worldwide computer system that you can write computer programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, since you're essentially buying programs power. So I would not truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide individuals a concept, like an extremely easy one that I would picture you 'd called an energy token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this very same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, because it's on many various areas and. And you type of pointed out having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity lies in the utility coin area.
There's all of these ICOs that were occurring, 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 develop utility coins- Correct, yeah. And people require to comprehend that not all energy coins are developed equivalent.
So you have the benefit of devoting your occupation to this, so you can go out there and do the recon, you can meet the founders, you can examine the code, etc. But for an average individual, there's now what, over 1,000 different types of coins readily available, almost 1,200 I think. 'Cause generally it'll crash 80% or two - undefined. Which's when we really start looking at the concept in more detail. So here are some fast and unclean things that you should look at, right? So, one is, are they solving a problem that requires to be resolved? One of the big downsides with really smart, technical individuals, is that they like to resolve issues that nobody appreciates solving.
Does the group have experience of executing in an effective manner in another location of their life? And it does not even have to be directly associated to cryptocurrency, it does not have to be even straight related to software, right? So, however I desire to see a track record of success in something, right? If it's 4 men in a room that are just out of college, unless they have actually got some actually good advisors behind them, I'm probably not going to offer them any cash.
Yeah. I believe that in marketing in basic, my world of service, we constantly try to find problems and how we can fix them. Now, are the issues things that people are attempting to resolve a part of the Blockchain normally? Or would you state it's much better if they're solving sort of a mass issue? 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 offer you an example.
And the reason that we purchased it is since they found a method to make files tamper-proof, and it's 99% more affordable than current technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of producing computer system programs that entire states run their entire operations on, right? So you have actually got alright, the wise person has constructed big computer programs, great group, solving an enormous issue that is going to cut substantial expenses.
I suggest, it doesn't get any easier than that in terms of deciding who to put cash behind. And a lot of this is common sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really basic rule, Ryan. If I don't understand something, I put up my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).