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teeka tiwari bitcoin 2019
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However scams and little frauds. And there's something that a fraud always does: it always goes to 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 enormous hack. And that woke something up for me.
Therefore I can't neglect that. I've got to go dig much deeper." And so I started traveling all around the world. I started going to Bitcoin occasions; I began to speaking with people that were smarter than me in this area. And what I recognized is that Blockchain technology and the application of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous 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 principle can ripple out throughout the entire higher economy. And when that penny dropped, I knew I had to devote all my expert resources into becoming a specialist in this space.
And do you think, I imply you mentioned 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 might not even fully understand recognition process . We were simply speaking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and after that suddenly there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not perhaps understand about these procedures, so they don't maybe see what you're stating as this development, they do not see it in their everyday life? Or what do you think of that? I think that holds true.
It's not as easy 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 publish your identity documents, then you have actually got to wait to get confirmed, and then finally, you can go purchase some Bitcoin.
So, a great deal of people find that too inconvenient, and that's why individuals that are literally making the most amount of money 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 five minutes if you desire to set up a brokerage account.
"Oh Teeka, we enjoy your ideas, but gosh, setting up a crypto account is so difficult." What I tell 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 truly making money an enormous amount of money to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies directly through your trading software application. And can you picture what will occur to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that individuals go through, and one thing I wish to bring to light too that you didn't mention, however I know a lot of folks who battle with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently prior to I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I indicate, it's if you remember the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I mean 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 mean, we're in the early days of that innovation, however simply like throughout that time period, 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 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, specifically someone like yourself, who's dedicated the last, you know, the bulk of the last few 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 two totally various things, however 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 offers it value is that it is, there's just going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And actually, with present 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've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't rely on paper 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, right , proceed.
Yeah. Or people that remained in Cypress, or just individuals who have 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 countries that could potentially be a catalyst for more adoption, since they currently don't believe in their own currency? Yeah, and I believe we have actually already 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 resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. And so there's this entire burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are essentially utilized, let's say Ethereum, which a great deal 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 think about something like Ether an utility token, because you're basically buying programs power. So I wouldn't actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely easy one that I would envision you 'd called an energy 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 exact same type of network effect that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on a lot of various locations and. And you sort of discussed having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity depends on the energy coin area.
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, however people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And individuals require to understand that not all utility coins are developed equal.
So you have the benefit of dedicating your profession to this, so you can head out there and do the reconnaissance, you can meet the creators, you can check the code, etc. But for a typical person, there's now what, over 1,000 different types of coins readily available, practically 1,200 I believe. 'Cause normally it'll crash 80% or two - Does the group have experience of carrying out in a successful manner in another area of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not need to be even straight associated to software, right? So, however I want to see a performance history of success in something, right? If it's four men in a space that are just out of college, unless they have actually got some actually excellent advisors behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in general, my world of company, we constantly look for problems and how we can fix them. Now, are the problems things that individuals are trying to solve a part of the Blockchain usually? 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 essentially looking for services that, so I'll offer you an example.
And the reason that we bought it is due to the fact that they discovered a method to make documents tamper-proof, and it's 99% more affordable than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that started it has a performance history of creating computer system programs that whole states run their entire operations on, right? So you've got all right, the clever man has developed substantial computer programs, excellent team, resolving a massive issue that is going to cut substantial costs.
I mean, it does not get any easier than that in terms of deciding who to put cash behind. And a great deal of this is typical sense, and a lot of folks will attempt to make things more complicated than it is. And I have a truly basic rule, Ryan. If I don't understand something, I put up my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).