crypto currency teeka tiwari
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However scams and little scams. And there's one thing that a fraud constantly does: it always 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 huge hack. Which woke something up for me.
Therefore I can't overlook that. I have actually got to go dig deeper." Therefore I started traveling all around the world. I started going to Bitcoin events; I began to speaking with people that were smarter than me in this area. And what I recognized is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous 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 confirmed. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to commit all my professional resources into ending up being a professional in this area.
And do you think, I mean you pointed out something there about not needing to get a third-party, or intermediary to validate something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a lot of folks may not even completely comprehend recognition process . We were simply talking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and after that all of a sudden there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not perhaps learn about these processes, so they don't perhaps see what you're stating as this development, they do not see it in their daily life? Or what do you think of that? I believe that holds true.
It's not as easy as shooting up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to submit your identity documents, then you have actually got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a lot of people find that too bothersome, which's why the individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that are ready to put in possibly the 20 minutes needed to go through a procedure which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, establishing a crypto account is so hard." What I inform 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 actually really earning money a massive amount of money to go through maybe, you understand, 20 minutes of a nuisance.
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 purchase cryptocurrencies directly through your trading software application. And can you envision what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the procedure that people go through, and something I wish to expose too that you didn't mention, however I know a lot of folks who fight with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever prior to I might start buying in size on Coinbase. They resemble, well, we'll let you purchase $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 mean, we're in the early days of that innovation, but much like during 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 an action back for a 2nd, since I'm always curious to speak with people who are, particularly someone like yourself, who's committed the last, you understand, the bulk of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's an excellent question.
They're two absolutely different things, but 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. Therefore what offers it value is that it is, there's just going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, people continuously try to hack it. But since of the nature of the network, today it's been unhackable. And really, with present innovation, 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 have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not trust paper cash, you can print an unrestricted quantity of it. It's actually not secure, and the federal government can take it away from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or individuals that remained in Cypress, or just people who have suffered through either devaluation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I believe 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 stable currency, right? You do not require Bitcoin - Yeah. And so there's this whole growing global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And utility coins are essentially used, let's say Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially a global computer system 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 energy token, because you're essentially buying shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like an extremely simple one that I would picture you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's type of this very same type of network impact that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on so many various locations and. And you sort of pointed out having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine chance lies in the utility coin area.
There's all of these ICOs that were happening, those decreased a bit with some changes to a few things that was going on, but individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals require to comprehend that not all utility coins are produced equal.
So you have the advantage of committing your profession to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 different kinds of coins readily available, nearly 1,200 I think. 'Cause generally it'll crash 80% or two - undefined. And that's when we really start taking a look at the concept in more detail. So here are some quick and unclean things that you should look at, right? So, one is, are they fixing a problem that requires to be fixed? One of the big downsides with extremely clever, technical individuals, is that they like to resolve issues that nobody appreciates solving.
Does the team have experience of carrying out in a successful way in another area of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not have to be even directly related to software, right? So, however I wish to see a track record of success in something, right? If it's 4 people in a space that are simply out of college, unless they have actually got some actually excellent consultants behind them, I'm most likely not going to provide any money.
Yeah. I think that in marketing in general, my world of service, we continuously look for issues and how we can resolve them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain normally? Or would you state it's better if they're resolving type 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 generally looking for options that, so I'll give you an example.
And the factor that we purchased it is since they discovered a way to make documents tamper-proof, and it's 99% more affordable than present technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that began it has a track record of creating computer system programs that whole states run their whole operations on, right? So you have actually got all right, the wise person has constructed huge computer programs, excellent group, solving a massive problem that is going to cut huge costs.
I mean, it does not get any simpler than that in terms of deciding who to put cash behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complicated than it is. And I have an actually basic guideline, Ryan. If I do not comprehend something, I put up my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).