teeka tiwari smart crypto
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But frauds and little frauds. And there's something that a fraud always 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.
Therefore I can't overlook that. I've got to go dig much deeper." Therefore I began traveling all around the world. I started going to Bitcoin events; I started to speaking to people that were smarter than me in this area. And what I realized 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 information that we don't require to have it individually validated, it's cryptographically verified. That concept can ripple out throughout the whole greater economy. And when that cent dropped, I knew I had to commit all my professional resources into ending up being an expert in this area.
And do you believe, I indicate you mentioned something there about not having to get a third-party, or intermediary to verify something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a great deal of folks may not even fully understand validation process . We were just speaking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and after that suddenly there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not possibly know about these procedures, so they don't perhaps 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 believe that holds true.
It's not as simple as firing up a web internet 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've got to submit your identity documents, then you've got to wait to get validated, and after that lastly, you can go purchase some Bitcoin.
So, a lot of people find that too bothersome, which's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a procedure which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, establishing a crypto account is so tough." What I tell them is I say, "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 truly making money a massive amount of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't purchase 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 picture what will happen to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that individuals go through, and something I want to bring to light too that you didn't point out, but I know a great deal of folks who fight with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As tough as possible, best, like Coinbase. It 'd take me forever before I could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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 technology, however just like throughout 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 business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to speak with people who are, specifically somebody like yourself, who's devoted the last, you know, the lion's share of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's a terrific 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 option to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals continuously try to hack it. But because of the nature of the network, today it's been unhackable. And actually, with current innovation, 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 have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We don't trust paper money, you can print a limitless amount of it. It's really not protect, and the federal government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or individuals that remained in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, due to the fact that they already do not think 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 need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. Therefore there's this entire blossoming international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are generally utilized, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially a worldwide computer that you can write computer programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, since you're basically buying shows power. So I would not really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals a concept, like a really simple one that I would imagine 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 sort of this same type of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on so many various areas and. And you kind of discussed having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the real chance lies in the utility coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a couple of things that was going on, however people are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people require to comprehend that not all energy coins are produced equal.
So you have the benefit of committing your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can inspect the code, and so on. However for a typical individual, there's now what, over 1,000 different types of coins offered, almost 1,200 I think. 'Cause typically it'll crash 80% or two - Does the group have experience of executing in a successful manner in another area of their life? And it does not even need to be directly related to cryptocurrency, it does not have to be even directly associated to software, right? So, however I desire to see a performance history of success in something, right? If it's 4 men in a room that are simply out of college, unless they've got some truly great advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of organization, we continuously search for issues and how we can fix them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain normally? Or would you say it's much 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 essentially trying to find options that, so I'll give you an example.
And the factor that we purchased it is because they discovered a method to make documents 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 started it has a performance history of developing computer programs that whole states run their whole operations on, right? So you've got alright, the clever man has built big computer programs, fantastic team, solving a huge problem that is going to cut big costs.
I mean, it does not get any easier than that in regards to choosing who to put money behind. And a great deal of this prevails sense, and a lot of folks will attempt to make things more complex than it is. And I have a really basic rule, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).