what cryptocurrency was created by an internet company recomended by teeka tiwari
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However scams and small scams. And there's something that a scams constantly does: it always goes to zero. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The huge hack. And that woke something up for me.
Therefore 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 events; I began to talking to individuals that were smarter than me in this area. And what I recognized is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how enormous that is! The ramifications of that, of being able to have information that we do not need to have it individually verified, it's cryptographically confirmed. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I knew I needed to commit all my expert resources into ending up being an expert in this space.
And do you think, I indicate you pointed out something there about not having to get a third-party, or intermediary to confirm 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 might not even fully understand validation procedure . undefined.
We were just discussing how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that all of an unexpected there's other people getting notified about it, like the IRS and things like that. Do you believe that the average folks don't maybe understand about these processes, so they do not maybe see what you're saying as this breakthrough, they don't see it in their daily life? Or what do you think of that? I think that's real.
It's not as simple as firing up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you've got to submit your identity files, then you've got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a lot of individuals find that too inconvenient, which's why the individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that are willing to put in possibly the 20 minutes needed to go through a procedure which just takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we love your ideas, however gosh, establishing a crypto account is so challenging." What I inform 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 in fact truly earning money a massive amount of money to go through perhaps, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software application. And can you imagine what will take place to this whole market when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the process that people go through, and something I wish 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 way, you can only buy $1,000 a week. Or you can just purchase $500 a week.
As tough as possible, right, like Coinbase. It 'd take me permanently prior to I could begin buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you remember the early days of the Internet, when we were getting on the Internet, 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're in the early days of that technology, however much like during that period of time, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young business, 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 people who are, particularly somebody like yourself, who's devoted the last, you know, the better part of the last few years to actually go both feet in on this. How do you explain cryptocurrency to like an average person? That's a great concern.
They're 2 completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. And so what gives it value is that it is, there's just going to be a limited quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. And so if you look at that Bitcoin network, people continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We don't trust fiat money, you can print an unlimited quantity of it. It's truly not secure, and the federal government can take it far from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or simply people 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 potentially be a catalyst for more adoption, because they currently don't 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 investors have a hard time getting their head around. They're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. Therefore there's this whole blossoming international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally used, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a global computer that you can compose computer system programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially purchasing 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 a concept, like a very easy one that I would envision you 'd called an energy token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's kind of this same kind of network result that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on so numerous different areas and. And you sort of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the real chance depends on the energy coin area.
There's all of these ICOs that were taking place, those slowed down a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people require to understand that not all utility coins are produced equal.
So you have the benefit of devoting your profession to this, so you can go out there and do the reconnaissance, you can satisfy the founders, you can examine the code, and so on. But for an average individual, there's now what, over 1,000 different types of coins available, nearly 1,200 I think. 'Cause typically it'll crash 80% or two - Does the team have experience of executing in an effective manner in another area of their life? And it doesn't even have to be straight related to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, but I desire to see a track record of success in something, right? If it's 4 people in a room that are just out of college, unless they've got some actually good advisors behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in general, my world of business, we constantly try to find problems and how we can fix them. Now, are the issues things that individuals are trying to solve a part of the Blockchain normally? Or would you say it's better if they're solving kind 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 basically searching for options that, so I'll offer you an example.
And the factor that we bought it is due to the fact that they found a method to make files tamper-proof, and it's 99% less expensive than existing innovation, 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 performance history of developing computer programs that whole states run their entire operations on, right? So you have actually got alright, the wise man has built huge computer system programs, great group, resolving a massive problem that is going to cut substantial costs.
I suggest, it doesn't get any easier than that in regards to deciding who to put cash behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complex than it is. And I have an actually basic guideline, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).