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teeka tiwari bitcoin glenn beck
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However scams and small frauds. And there's something that a fraud constantly 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 bad news came out. The massive hack. And that woke something up for me.
Therefore I can't overlook that. I've got to go dig much deeper." And so I began taking a trip all around the world. I started going to Bitcoin occasions; I began to speaking to individuals that were smarter than me in this area. And what I recognized is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The implications of that, of being able to have information that we do not need to have it independently verified, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to devote all my expert resources into becoming a specialist in this area.
And do you think, I indicate you discussed something there about not needing 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 comprehend validation procedure . We were just talking 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 people getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not possibly understand about these processes, so they don't possibly see what you're saying as this development, they do not see it in their daily life? Or what do you think about that? I think that's true.
It's not as easy as shooting up a web browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you've got to publish your identity documents, then you have actually got to wait to get verified, and after that lastly, you can go purchase some Bitcoin.
So, a lot of people find that too troublesome, and that's why individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that are prepared to put in maybe the 20 minutes needed 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, however gosh, establishing a crypto account is so difficult." 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 actually truly making money a huge quantity of money to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't purchase 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. And can you imagine what will occur to this entire market 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 process that people go through, and something I desire to bring to light too that you didn't mention, but I know a lot of folks who have problem with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just buy $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me permanently prior to I could begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I suggest, 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 pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I suggest, we remain in the early days of that technology, but much like during that amount of time, for the folks that had the vision to see where the future was going, and then bought 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, due to the fact that I'm always curious to speak to people who are, particularly somebody like yourself, who's dedicated the last, you understand, the much better part of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like a typical individual? That's a fantastic concern.
They're 2 totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what offers it value is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. But because of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so huge 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 due to the fact that they're stating, "We don't rely on fiat money, you can print an unrestricted amount of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or people that were in Cypress, or simply people who have suffered through either devaluation, or there's a high need for, in Argentina for instance, 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 currently do not believe in their own currency? Yeah, and I think we have actually already seen that.
So yes, and this is a thing that a lot of American or Western investors have a difficult time getting their head around. They're like, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin - Yeah. And so there's this entire burgeoning global demand 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 say Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a worldwide computer system that you can compose computer system programs for and run computer programs on an internationally decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially purchasing programs power. So I would not truly consider 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 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 type of this very same kind of network result that you have with Bitcoin, where it resembles unstoppable example, because it's on many different areas and. And you kind of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are probably energy based, fix? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity depends on the utility coin area.
There's all of these ICOs that were occurring, those decreased 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 start to develop energy coins- Correct, yeah. And individuals need to comprehend that not all energy coins are created equal.
So you have the advantage of dedicating your profession to this, so you can go out there and do the recon, you can meet the creators, you can check the code, etc. But for an average person, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I think. 'Cause usually it'll crash 80% or so - Does the group have experience of executing in a successful way in another area of their life? And it does not even have to be directly associated to cryptocurrency, it does not need to be even straight associated to software, right? So, however I wish to see a performance history of success in something, right? If it's 4 people in a room that are simply out of college, unless they've got some actually excellent consultants behind them, I'm probably not going to give them any money.
Yeah. I think that in marketing in general, my world of service, we constantly search for issues and how we can fix them. Now, are the problems things that individuals are trying to solve a part of the Blockchain normally? Or would you state it's better if they're fixing type 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 essentially trying to find options that, so I'll give you an example.
And the reason that we bought it is due to the fact that they found a method to make documents tamper-proof, and it's 99% more affordable than present innovation, 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 entire states run their entire operations on, right? So you have actually got alright, the wise person has actually developed huge computer programs, great group, resolving a huge problem that is going to cut huge costs.
I imply, it does not get any simpler than that in terms of deciding who to put cash behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a truly basic guideline, Ryan. If I do not comprehend something, I set up my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).