teeka tiwari the next bitcoin
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But frauds and little frauds. 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 bad news came out. The huge hack. Which woke something up for me.
And so I can't overlook that. I have actually got to go dig much deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin events; I started to talking to people that were smarter than me in this area. And what I recognized is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how massive that is! The ramifications of that, of being able to have data that we do not need to have it individually confirmed, it's cryptographically confirmed. That concept can ripple out throughout the entire higher economy. And when that cent dropped, I understood I needed to devote all my expert resources into ending up being a specialist in this space.
And do you believe, I imply you discussed 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 great deal of folks may not even completely understand validation procedure . We were just speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly understand about these procedures, so they don't perhaps see what you're saying as this advancement, they do not see it in their everyday life? Or what do you think about that? I think that holds true.
It's not as easy as firing 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 submit your identity files, then you have actually got to wait to get confirmed, and after that finally, you can go buy some Bitcoin.
So, a great deal of people find that too troublesome, which's why the people that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes needed to go through a procedure which just takes five minutes if you desire to establish a brokerage account.
"Oh Teeka, we love your ideas, but gosh, setting up a crypto account is so difficult." What I tell them is I say, "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 in fact really earning money an enormous quantity of cash to go through possibly, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you picture what will happen to this whole market when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that people go through, and one thing I wish to bring to light too that you didn't discuss, but I understand a great deal of folks who have problem with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever prior to I could begin buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 imply, we're in the early days of that technology, however similar to during that time period, for the folks that had the vision to see where the future was going, and then bought in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm constantly curious to talk to people who are, particularly someone like yourself, who's dedicated 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 individual? That's an excellent question.
They're 2 absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what gives it value is that it is, there's only 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. Therefore if you take a look at that Bitcoin network, people constantly try to hack it. But because 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've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not trust fiat money, you can print a limitless quantity of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or people that were in Cypress, or just individuals who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a driver for more adoption, because they currently do not think in their own currency? Yeah, and I think we have actually currently 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 require Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not require Bitcoin - undefined. But there are billions of individuals on the planet that don't have steady currencies.
Yeah. And so there's this entire growing international need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are generally used, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a worldwide computer that you can write computer system programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an utility token, since you're essentially buying programs power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide 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 very same kind of network effect that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on a lot of various locations and. And you type of discussed having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably energy based, fix? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity depends on the utility coin space.
There's all of these ICOs that were taking place, those decreased a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And people need to comprehend that not all utility coins are produced equivalent.
So you have the benefit of committing your occupation to this, so you can head out there and do the reconnaissance, you can meet the creators, you can examine the code, and so on. However for an average person, there's now what, over 1,000 various types of coins available, practically 1,200 I think. 'Cause generally it'll crash 80% approximately - Does the team 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 doesn't have to be even straight related to software, right? So, but I desire 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've got some really excellent consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of company, we continuously try to find problems and how we can resolve them. Now, are the problems things that people are trying to solve a part of the Blockchain normally? 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 searching for solutions that, so I'll give you an example.
And the reason that we purchased it is because they discovered a way to make files tamper-proof, and it's 99% cheaper than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that started it has a track record of creating computer system programs that entire states run their whole operations on, right? So you have actually got alright, the wise guy has built substantial computer system programs, terrific team, fixing a huge issue that is going to cut substantial expenses.
I imply, it does not get any easier than that in terms of deciding who to put money behind. And a lot 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 easy rule, Ryan. If I don't understand something, I put up my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).