teeka tiwari forbes
teeka tiwari coinbase
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However scams and small frauds. And there's one thing 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 enormous hack. Which woke something up for me.
And so I can't disregard that. I have actually got to go dig much deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking to people that were smarter than me in this area. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how huge that is! The ramifications of that, of having the ability to have data that we don't require to have it individually validated, it's cryptographically validated. That idea can ripple out throughout the whole higher economy. And when that cent dropped, I understood I needed to devote all my professional resources into ending up being a professional in this space.
And do you think, I mean you pointed out something there about not needing 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 lot of folks may not even fully understand validation process . We were simply discussing how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of a sudden there's other people getting notified about it, like the IRS and things like that. Do you believe that the average folks do not perhaps learn about these procedures, so they do not perhaps see what you're saying as this breakthrough, they do not see it in their daily life? Or what do you believe about that? I think that holds true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pushing a buy button and purchasing 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 validated, and then finally, you can go purchase some Bitcoin.
So, a lot of individuals discover that too bothersome, which's why the individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that are willing to put in possibly the 20 minutes required to go through a procedure which just takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we like your ideas, but gosh, setting up a crypto account is so hard." What I inform them is I state, "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 really getting paid an enormous quantity of money to go through maybe, you know, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software. And can you imagine what will happen to this whole market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the process that individuals go through, and one thing I wish to bring to light too that you didn't point out, but I understand a great deal of folks who struggle with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As hard as possible, best, like Coinbase. It 'd take me forever prior to I could begin buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I suggest, 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 load 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 innovation, however just like during that amount 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 outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to speak to people who are, particularly someone like yourself, who's dedicated the last, you know, the better part of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a fantastic question.
They're two totally 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 worth is that it is, there's just going to be a restricted amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously try to hack it. But because of the nature of the network, today it's been unhackable. And really, with current technology, 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 literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not rely on fiat money, you can print a limitless quantity of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or simply people who have suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, since they already do not believe in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They're like, "Well I do not require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. Therefore there's this entire burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are generally utilized, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically a worldwide computer that you can compose computer system programs for and run computer programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that 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 an idea, like a very easy one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this very same type of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on many various areas and. And you type of discussed having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). Many of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine chance depends on the utility coin space.
There's all of these ICOs that were happening, those slowed down a little bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equal.
So you have the benefit of devoting your profession to this, so you can head out there and do the recon, you can meet the founders, you can inspect the code, and so on. However for an average individual, there's now what, over 1,000 various types of coins readily available, almost 1,200 I think. 'Cause normally it'll crash 80% approximately - Does the group have experience of executing in a successful way in another area of their life? And it doesn't even have to be straight associated to cryptocurrency, it doesn't have to be even straight related to software, right? So, however I want to see a track record of success in something, right? If it's 4 guys in a space that are just out of college, unless they have actually got some truly excellent advisors behind them, I'm most likely not going to provide them any money.
Yeah. I think that in marketing in general, my world of service, we constantly try to find problems and how we can resolve them. Now, are the issues things that individuals are trying to fix a part of the Blockchain usually? Or would you state it's better if they're resolving kind 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 options 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% more affordable than existing technology, 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 track record of developing computer system programs that whole states run their entire operations on, right? So you have actually got all right, the smart guy has actually built substantial computer system programs, terrific group, solving a huge problem that is going to cut big 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 is common sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly basic guideline, Ryan. If I don't comprehend something, I put up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).