teeka tiwari 2019 crypto outlook
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However frauds and small scams. And there's one thing that a fraud constantly does: it constantly 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. Which woke something up for me.
And so I can't disregard that. I have actually got to go dig much deeper." And so I started taking a trip all around the world. I began going to Bitcoin occasions; I began to talking to individuals that were smarter than me in this space. And what I recognized is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of being able to have data that we don't need to have it individually confirmed, it's cryptographically verified. That concept can ripple out throughout the whole greater economy. And when that penny dropped, I understood I had to devote all my professional resources into ending up being a specialist in this space.
And do you believe, I imply you mentioned something there about not having to get a third-party, or intermediary to confirm something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks may not even completely comprehend recognition procedure . We were just discussing how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then suddenly there's other individuals getting notified about it, like the IRS and things like that. Do you believe that the typical folks don't maybe understand about these procedures, so they do not maybe see what you're stating as this advancement, they do not see it in their everyday life? Or what do you consider that? I believe that's real.
It's not as simple as firing up a web internet browser and going to e-trade. com and pressing a buy button and buying it, right? You've got to go to an exchange, you have actually got to upload your identity files, then you've got to wait to get validated, and after that lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, and that's why individuals that are actually making the most amount of cash today in cryptocurrencies are the early adopters: individuals that want to put in perhaps the 20 minutes required to go through a procedure which just takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we like your concepts, however gosh, establishing a crypto account is so hard." What I tell them is I state, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x bigger. So you're in fact truly getting paid a huge amount of cash to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you picture what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the process that people go through, and one thing I want to bring to light too that you didn't mention, however I know a great deal of folks who fight with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only buy $500 a week.
As challenging as possible, best, like Coinbase. It 'd take me permanently before I could start buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, 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 indicate, we're in the early days of that technology, however similar to 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, because I'm always curious to speak with individuals who are, specifically someone like yourself, who's devoted the last, you know, the better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical person? That's a great question.
They're 2 completely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it value is that it is, there's just going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the deals on the Bitcoin network. Therefore if you 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 really, with existing technology, the Bitcoin network is so huge today, 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 due to the fact that they're saying, "We do not trust fiat money, you can print an endless amount of it. It's actually not secure, and the government can take it away from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that were in Cypress, or simply individuals who have actually 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 catalyst for more adoption, because they already do not believe in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a lot of American or Western investors have a tough time getting their head around. They resemble, "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 - Yeah. And so there's this whole burgeoning global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically utilized, let's state Ethereum, which a lot of people learn about Ethereum. Ethereum is basically a worldwide computer that you can compose computer system programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially purchasing shows power. So I would not really think about 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 basic one that I would imagine you 'd called an energy 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 type of network impact that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on so lots of various areas and. And you kind of pointed out having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity depends on the utility coin space.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a few things that was going on, but people are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And individuals need to understand that not all utility coins are developed equivalent.
So you have the advantage of dedicating your occupation to this, so you can head out there and do the reconnaissance, you can meet the creators, you can check the code, and so on. However for an average person, there's now what, over 1,000 different types of coins readily available, almost 1,200 I think. 'Cause usually it'll crash 80% approximately - Does the group have experience of performing in an effective manner in another area of their life? And it does not even have to be straight associated to cryptocurrency, it doesn't have to be even directly associated to software application, right? So, however I wish 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 have actually got some actually excellent advisors behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in general, my world of organization, we continuously look for issues and how we can fix them. Now, are the problems things that people are trying to solve a part of the Blockchain usually? Or would you say it's much 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 basically searching for services that, so I'll provide you an example.
And the factor that we bought it is since they discovered a way to make files tamper-proof, and it's 99% less expensive than current technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that began it has a track record of developing computer system programs that whole states run their whole operations on, right? So you've got alright, the wise man has built big computer system programs, excellent team, fixing an enormous problem that is going to cut big costs.
I mean, it does not get any simpler than that in terms of deciding who to put money behind. And a great deal of this is common sense, and a great deal of folks will try to make things more complicated than it is. And I have a truly basic rule, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).