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glenn beck teeka tiwari cryptocurrency review
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However frauds and small scams. And there's one thing that a scams always does: it constantly goes to zero. 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've got to go dig deeper." Therefore I began traveling all around the world. I started going to Bitcoin occasions; I began 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.
And that, Ryan, is, I can't overstate how huge that is! The implications of that, of having the ability to have information that we don't need to have it individually validated, it's cryptographically verified. That concept can ripple out throughout the whole greater economy. And when that penny dropped, I knew I had to commit all my professional resources into ending up being a specialist in this area.
And do you believe, I mean you discussed something there about not needing to get a third-party, or intermediary to confirm 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 might not even totally comprehend recognition process . We were simply discussing 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 informed about it, like the IRS and things like that. Do you think that the typical folks don't maybe understand about these processes, so they do not possibly see what you're saying as this advancement, they don't see it in their everyday life? Or what do you think of that? I think that holds true.
It's not as simple as shooting up a web 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 have actually got to upload your identity documents, then you have actually got to wait to get confirmed, and then lastly, you can go purchase some Bitcoin.
So, a great deal of individuals find that too troublesome, and that's why the people that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are ready to put in perhaps the 20 minutes required to go through a procedure which just takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, establishing a crypto account is so hard." 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 larger. So you're actually truly getting paid a huge quantity of cash to go through perhaps, you understand, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, before you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you envision what will take place to this entire market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and something I want to expose too that you didn't point out, however I know a great deal of folks who have a hard time with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I imply, it's if you remember the early days of the Internet, 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 indicate, we're in the early days of that technology, but simply like throughout that amount of time, for the folks that had the vision to see where the future was going, and then purchased in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm constantly curious to speak with individuals who are, specifically someone like yourself, who's devoted the last, you know, the much 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 an excellent question.
They're 2 absolutely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's just going to be a limited quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And really, with existing technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
And so when people put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not trust paper money, you can print an endless quantity of it. It's truly not secure, and the government can take it away from you." - Whereas with Bitcoin, right , proceed.
Yeah. Or individuals that were in Cypress, or just individuals who have actually suffered through either devaluation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, since they already do not believe in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a difficult time getting their head around. They resemble, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not need Bitcoin - Yeah. Therefore there's this entire growing worldwide 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 state Ethereum, which a lot of individuals learn about Ethereum. Ethereum is essentially an international computer that you can compose computer programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, since you're essentially purchasing programming power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people an idea, like an extremely easy one that I would imagine you 'd called an energy token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's kind of this very same kind of network effect that you have with Bitcoin, where it resembles unstoppable example, since it's on a lot of various locations 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 energy based, fix? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity lies in the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some changes to a few things that was going on, however individuals are going to come out of the woodwork and start to create utility coins- Correct, yeah. And individuals need to understand that not all energy coins are created equal.
So you have the benefit of dedicating 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, almost 1,200 I believe. 'Cause usually 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 related to cryptocurrency, it does not have to be even directly related to software application, right? So, but I want to see a performance history of success in something, right? If it's four guys in a space that are simply out of college, unless they have actually got some really excellent advisors behind them, I'm probably not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of service, we continuously look for problems and how we can solve them. Now, are the problems things that people are trying to resolve a part of the Blockchain typically? Or would you state it's much better if they're fixing sort 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 discovered a way 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 guy that began it has a performance history of producing computer programs that whole states run their entire operations on, right? So you have actually got alright, the smart person has built big computer system programs, fantastic team, solving a massive issue that is going to cut big expenses.
I imply, it doesn't get any simpler than that in terms of deciding who to put money behind. And a great deal of this is common sense, and a great deal of folks will attempt to make things more complicated than it is. And I have a truly basic guideline, Ryan. If I don't comprehend something, I set up my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).