what is teeka tiwari april 2nd cryptocurrency shocking bitcoin prediction?
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However frauds and small frauds. And there's something that a fraud always does: it constantly 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 enormous hack. And that woke something up for me.
Therefore I can't disregard that. I have actually got to go dig much deeper." And so I began traveling all around the world. I started going to Bitcoin occasions; I started to speaking to individuals that were smarter than me in this area. And what I realized is that Blockchain innovation and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The implications of that, of having the ability to have information that we don't need to have it independently validated, it's cryptographically confirmed. That principle can ripple out throughout the whole higher economy. And when that penny dropped, I knew I needed to commit all my expert resources into ending up being a specialist in this space.
And do you believe, I mean you mentioned something there about not needing to get a third-party, or intermediary to validate something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks might not even completely understand 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 then all of an abrupt there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't maybe learn about these processes, so they don't perhaps see what you're stating as this breakthrough, they don't see it in their everyday life? Or what do you believe about that? I think that's real.
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 have actually got to go to an exchange, you have actually got to publish your identity documents, then you've got to wait to get verified, and then finally, you can go buy some Bitcoin.
So, a great deal of individuals discover that too inconvenient, and that's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes needed to go through a process which simply takes 5 minutes if you want to establish a brokerage account.
"Oh Teeka, we like your concepts, but gosh, setting up a crypto account is so hard." 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 whole cryptocurrency market will be 10x larger. So you're actually really making money a huge quantity of money to go through possibly, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, before you'll be able to purchase cryptocurrencies straight through your trading software application. And can you picture what will occur to this entire market when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that individuals go through, and one thing I wish to bring to light too that you didn't point out, but I know a lot of folks who fight with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever prior to I might begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, 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 indicate 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 imply, we're in the early days of that innovation, however just like during that duration of time, 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 outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm always curious to speak with people who are, particularly somebody like yourself, who's committed the last, you understand, the lion's share of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's a terrific 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 option to money. So Bitcoin would be a cryptocurrency. And so what gives it value 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, validating the deals on the Bitcoin network. And so 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 really, with current innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
Therefore 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 don't trust paper money, you can print an unrestricted amount of it. It's actually not protect, and the government can take it away from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or individuals that were in Cypress, or simply individuals who have suffered through either devaluation, 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 possibly be a catalyst for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I believe we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time getting their head around. They resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - Yeah. And so there's this entire burgeoning worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are generally utilized, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is basically a worldwide computer that you can compose computer programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an utility token, because you're basically purchasing programming power. So I would not truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like an extremely basic one that I would envision you 'd called an utility token, is like FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this exact same kind of network result that you have with Bitcoin, where it resembles unstoppable example, since it's on a lot of various areas and. And you kind of discussed having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Most of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine opportunity depends on the utility coin area.
There's all of these ICOs that were happening, those decreased a little bit with some changes to a few things that was going on, but people are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And individuals need to understand that not all energy coins are produced equal.
So you have the benefit of dedicating your profession 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 person, there's now what, over 1,000 various types of coins available, almost 1,200 I think. 'Cause generally it'll crash 80% or two - Does the group have experience of executing in a successful way in another area of their life? And it does not even need to be straight related to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, but I want to see a track record of success in something, right? If it's four people in a space that are simply out of college, unless they've got some really excellent consultants behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of service, we constantly try to find problems and how we can fix them. Now, are the issues things that people are attempting to resolve a part of the Blockchain typically? Or would you state it's much better if they're resolving kind 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 generally trying to find options that, so I'll offer you an example.
And the reason that we purchased it is since they discovered a method to make documents tamper-proof, and it's 99% cheaper than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that began it has a performance history of producing computer system programs that entire states run their entire operations on, right? So you have actually got all right, the clever guy has developed substantial computer programs, great team, fixing a massive issue that is going to cut big costs.
I imply, it doesn't get any simpler than that in regards to deciding who to put cash behind. And a lot of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have a really simple guideline, Ryan. If I don't understand something, I installed my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).