palm beach confidential editor teeka tiwari
teeka tiwari uses bittix
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But scams and small scams. And there's one thing that a scams constantly does: it always goes to absolutely no. But 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.
Therefore I can't disregard that. I've got to go dig much deeper." And so I began taking a trip all around the world. I began going to Bitcoin occasions; I began to talking with people that were smarter than me in this space. And what I understood is that Blockchain innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The ramifications of that, of being able to have information that we don't need to have it individually confirmed, it's cryptographically verified. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to dedicate all my expert resources into becoming an expert in this area.
And do you believe, I suggest you mentioned 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 lot of folks may not even completely comprehend recognition process . We were just speaking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks don't perhaps learn about these procedures, so they do not possibly see what you're saying as this breakthrough, they don't see it in their everyday life? Or what do you believe about that? I believe that's 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 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 then lastly, you can go purchase some Bitcoin.
So, a lot of people find that too troublesome, and that's why the individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are prepared to put in possibly the 20 minutes required to go through a process which just takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, 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 larger. So you're in fact really making money a huge quantity of money to go through maybe, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies directly through your trading software application. And can you picture what will take place to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and something I wish to expose too that you didn't discuss, but I know a great deal of folks who battle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, ideal, like Coinbase. It 'd take me permanently prior to I could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I suggest 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 imply, we're in the early days of that technology, but similar to throughout that time period, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm constantly curious to speak to individuals who are, specifically somebody like yourself, who's dedicated the last, you know, the 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 absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. And so what provides it value is that it is, there's just going to be a minimal quantity. 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, individuals constantly attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, with present technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
And so when people put, you have actually got individuals who have actually 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 protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually suffered through either run-away inflation, or there's a high need 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, because they already don't think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a bumpy ride getting their head around. They resemble, "Well I don't need 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 whole burgeoning 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 essentially utilized, let's say Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially an international computer system that you can compose computer system programs for and run computer programs on a globally decentralized computer program.
So we think about something like Ether an utility token, because you're essentially purchasing programming power. So I wouldn't really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer individuals an idea, like a really easy one that I would envision 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 type of this same type of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on so many various locations and. undefined. I don't understand the ins and outs of it, however as an example for somebody who may simply be very fundamental in their understanding of this, there are so many various types of energies that are readily available.
And you kind of pointed out having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, however I think the real chance depends on the energy coin space.
There's all of these ICOs that were happening, those slowed down a little bit with some changes to a couple of things that was going on, but people are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals require to understand that not all energy coins are developed equal.
So you have the advantage of dedicating your occupation to this, so you can head out there and do the recon, you can meet the creators, you can inspect the code, and so on. However for a typical person, there's now what, over 1,000 various types of coins offered, nearly 1,200 I think. 'Cause generally it'll crash 80% or two - Does the group have experience of carrying out in an effective way in another location of their life? And it doesn't even have to be directly related to cryptocurrency, it does not need to be even directly associated to software, right? So, however I wish to see a performance history of success in something, right? If it's 4 men in a space that are simply out of college, unless they have actually got some really good consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of service, we constantly search for issues and how we can solve them. Now, are the issues things that individuals are trying to fix a part of the Blockchain normally? Or would you state it's better if they're resolving 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 trying to find options that, so I'll offer you an example.
And the factor that we purchased it is due to the fact that they found a method to make files tamper-proof, and it's 99% more affordable than existing innovation, 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 performance history of developing computer programs that whole states run their entire operations on, right? So you've got fine, the clever person has developed huge computer system programs, fantastic group, solving a massive issue that is going to cut big costs.
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 typical sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually basic guideline, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).