teeka tiwari crypto recommendation list
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But frauds and small scams. And there's one thing that a scams constantly does: it always goes to no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The huge hack. Which woke something up for me.
And so I can't overlook that. I have actually got to go dig deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking with people that were smarter than me in this area. And what I understood is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The ramifications of that, of having the ability to have data that we do not require to have it independently confirmed, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to dedicate all my professional resources into becoming an expert in this area.
And do you think, I suggest you discussed something there about not needing 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 fully comprehend recognition procedure . We were simply speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other individuals getting notified about it, like the IRS and things like that. Do you think that the average folks do not perhaps understand about these procedures, so they don't possibly see what you're saying as this breakthrough, they do not see it in their everyday life? Or what do you think of that? I believe that's true.
It's not as simple as shooting up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You've got to go to an exchange, you have actually got to upload your identity files, then you've got to wait to get confirmed, and after that lastly, you can go buy some Bitcoin.
So, a lot of people find that too bothersome, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that are ready to put in perhaps the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so tough." 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 entire cryptocurrency market will be 10x larger. So you're in fact really getting paid an enormous amount of money to go through maybe, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software. And can you imagine what will occur to this whole market when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that people go through, and something I desire to bring to light too that you didn't mention, however I understand a great deal of folks who fight 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 tough as possible, best, like Coinbase. It 'd take me permanently prior to I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Web, when we were getting on the Web, 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 suggest, we're in the early days of that technology, however just 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 absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm constantly curious to talk with people who are, particularly somebody like yourself, who's dedicated the last, you understand, the much better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's a great question.
They're two absolutely different things, however 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. Therefore what gives it value is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly try to hack it. However since of the nature of the network, today it's been unhackable. And truly, with existing technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust fiat money, you can print a limitless quantity of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, ideal , go on.
Yeah. Or individuals that were in Cypress, or simply individuals who have actually suffered through either run-away inflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations 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 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 don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. Therefore there's this whole burgeoning international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are essentially used, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically an international computer system that you can compose computer programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an utility token, due to the fact that you're essentially buying programs power. So I would not actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like an extremely basic one that I would envision 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 type of this same kind of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on a lot of different locations and. And you sort of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Many of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine chance depends on the utility coin area.
There's all of these ICOs that were occurring, those decreased a bit with some changes to a few things that was going on, however individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And people require to comprehend that not all utility coins are developed equivalent.
So you have the benefit of committing your profession to this, so you can go out there and do the recon, you can fulfill the founders, you can examine the code, etc. However for a typical individual, there's now what, over 1,000 various types of coins available, almost 1,200 I think. 'Cause generally it'll crash 80% or so - Does the team have experience of carrying out in a successful way in another area of their life? And it does not even need to be straight associated to cryptocurrency, it does not need to be even directly related to software, right? So, but I want to see a track record of success in something, right? If it's four people in a space that are just out of college, unless they have actually got some actually great consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of company, we constantly look for problems and how we can solve them. Now, are the issues things that individuals are attempting to fix a part of the Blockchain typically? Or would you say it's much better if they're solving type 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 trying to find solutions that, so I'll provide you an example.
And the reason that we purchased it is since they discovered a way to make files 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 man that began 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 clever person has built big computer programs, excellent group, fixing a huge problem that is going to cut huge expenses.
I imply, it does not get any simpler than that in regards to deciding 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 an actually easy guideline, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).