is teeka tiwari an expert in identifying the best crypto currencies?
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But scams and small scams. And there's something that a fraud constantly does: it constantly goes to absolutely no. However 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. Which woke something up for me.
And so I can't disregard that. I have actually got to go dig much deeper." And so I began traveling all around the world. I started going to Bitcoin occasions; I began to speaking to individuals that were smarter than me in this space. And what I understood is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have data that we don't need to have it individually verified, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to devote all my expert resources into ending up being an expert in this space.
And do you believe, I indicate you mentioned 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 great deal of folks may not even totally comprehend validation process . We were simply speaking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that all of an unexpected there's other people getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't possibly know about these processes, so they do not maybe see what you're stating as this development, they don't see it in their daily life? Or what do you consider that? I think that's real.
It's not as easy as shooting up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you've got to submit your identity documents, then you have actually got to wait to get validated, and then finally, you can go purchase some Bitcoin.
So, a great deal of individuals find that too bothersome, which's why the people that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes needed to go through a process which simply takes five minutes if you want to set up a brokerage account.
"Oh Teeka, we enjoy your concepts, 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 whole cryptocurrency market will be 10x bigger. So you're actually really earning money a massive amount of cash to go through possibly, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software. And can you imagine what will occur to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that people go through, and one thing I wish to expose too that you didn't point out, but I know a great deal of folks who deal with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me permanently before I might start buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I imply, 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 imply 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 indicate, we remain in the early days of that technology, but much like throughout that period of time, for the folks that had the vision to see where the future was going, and then bought 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 2nd, due to the fact that I'm always curious to speak with people who are, especially somebody like yourself, who's committed the last, you know, the much better part of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's an excellent question.
They're two totally different 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 provides it value is that it is, there's just 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. And so if you take a look at that Bitcoin network, people constantly try to hack it. However because of the nature of the network, today it's been unhackable. And really, with existing innovation, the Bitcoin network is so big today, 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 since they're saying, "We do not trust paper currency, you can print a limitless quantity of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that remained in Cypress, or just individuals who have suffered through either hyperinflation, or there's a high need 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, 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 financiers have a hard time getting their head around. They resemble, "Well I don't require Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. Therefore there's this entire growing international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially utilized, let's state Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially an international computer system that you can compose 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 basically purchasing programming 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 people an idea, like a really easy one that I would envision you 'd called an utility token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's type of this very same type of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on many different locations and. And you kind of pointed out having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are probably energy 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 opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those slowed down a little 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 need to comprehend that not all energy coins are developed equivalent.
So you have the advantage of dedicating your occupation to this, so you can go out there and do the reconnaissance, you can fulfill the creators, you can examine the code, and so on. However for a typical individual, there's now what, over 1,000 various kinds of coins offered, practically 1,200 I believe. 'Cause usually it'll crash 80% or two - Does the team have experience of carrying out in an effective way in another area of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not have to be even directly related to software application, right? So, however I wish to see a performance history of success in something, right? If it's four men in a room that are simply out of college, unless they have actually got some actually great advisors behind them, I'm most likely not going to offer them any money.
Yeah. I believe that in marketing in basic, my world of company, we continuously try to find problems and how we can resolve them. Now, are the problems things that individuals are trying to fix a part of the Blockchain generally? 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 generally trying to find services that, so I'll provide you an example.
And the reason that we bought it is because they discovered a method to make documents tamper-proof, and it's 99% less expensive than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a track record of producing computer programs that entire states run their whole operations on, right? So you have actually got alright, the smart guy has actually built huge computer programs, terrific group, fixing a massive issue that is going to cut big expenses.
I mean, it doesn't get any simpler than that in regards to deciding who to put cash behind. And a great deal of this prevails sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually easy guideline, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).