crypto expert teeka tiwari
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However frauds and little frauds. And there's one thing that a scams 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 bad news came out. The massive hack. And that woke something up for me.
And so I can't neglect that. I've got to go dig deeper." And so I began taking a trip all around the world. I started going to Bitcoin occasions; I started to talking with individuals that were smarter than me in this area. And what I realized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of having the ability to have information that we do not need to have it independently validated, it's cryptographically validated. That idea can ripple out throughout the entire higher economy. And when that penny dropped, I understood I needed to dedicate all my professional resources into becoming an expert in this area.
And do you think, I mean you mentioned 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 totally understand validation process . We were simply speaking 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 individuals getting notified about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't maybe learn about these procedures, so they don't perhaps see what you're saying as this development, they don't see it in their everyday life? Or what do you think of that? I think that's 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've got to submit your identity documents, then you have actually got to wait to get confirmed, and then lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, and that's why the people that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals 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, however gosh, setting up a crypto account is so challenging." 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 entire cryptocurrency market will be 10x larger. So you're actually truly making money an enormous quantity of cash to go through perhaps, you know, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll have the ability to buy cryptocurrencies directly through your trading software. And can you picture what will take place to this entire market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that people go through, and one thing I wish to expose too that you didn't discuss, but I know a lot of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently prior to I could start 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 Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 mean, we're in the early days of that technology, however much like throughout that time period, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm constantly curious to speak with people who are, specifically somebody 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 a great question.
They're two absolutely different 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. Therefore what gives it worth is that it is, there's just 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. And so if you take a look at that Bitcoin network, people continuously attempt to hack it. However because of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't rely on paper currency, you can print a limitless quantity of it. It's actually not protect, and the federal government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that remained in Cypress, or simply individuals who have suffered through either hyperinflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, since they currently do not think in their own currency? Yeah, and I think 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're like, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. Therefore there's this whole growing international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire '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 essentially a worldwide computer that you can write computer system programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially buying programs power. So I wouldn't really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals a concept, like a really simple one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this same kind of network result that you have with Bitcoin, where it's like unstoppable kind of thing, due to the fact that it's on a lot of various areas and. And you kind of pointed out having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I think the genuine opportunity lies in the utility coin area.
There's all of these ICOs that were happening, those slowed down a little bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And people need to comprehend that not all utility coins are created equivalent.
So you have the benefit of committing your occupation to this, so you can go out there and do the reconnaissance, you can satisfy the founders, you can inspect the code, etc. However for a typical person, there's now what, over 1,000 various types of coins available, nearly 1,200 I think. 'Cause usually it'll crash 80% or so - undefined. And that's when we truly start taking a look at the idea in more information. So here are some quick and dirty things that you should look at, right? So, one is, are they solving an issue that requires to be fixed? One of the huge disadvantages with very wise, technical people, is that they like to solve problems that nobody cares about fixing.
Does the team have experience of executing in a successful manner in another area of their life? And it does not even need to be straight related to cryptocurrency, it does not need to be even straight related to software, right? So, but I want to see a track record of success in something, right? If it's four guys in a room that are simply out of college, unless they have actually got some actually great consultants behind them, I'm most likely not going to provide them any cash.
Yeah. I believe that in marketing in basic, my world of business, we continuously try to find problems and how we can fix them. Now, are the issues things that people are trying to solve a part of the Blockchain typically? Or would you state it's much better if they're resolving 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 basically searching for options that, so I'll give you an example.
And the reason that we purchased it is because they discovered a way to make documents tamper-proof, and it's 99% more affordable than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that began it has a track record of developing computer programs that whole states run their whole operations on, right? So you have actually got okay, the wise guy has built substantial computer programs, excellent group, resolving an enormous issue that is going to cut big costs.
I indicate, it does not get any easier than that in terms of deciding who to put cash behind. And a great deal of this is common sense, and a lot of folks will try to make things more complex than it is. And I have a truly simple guideline, Ryan. If I don't comprehend something, I set up my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).