teeka tiwari crypto
teeka tiwari +forbes
|
However scams and little frauds. And there's one thing that a fraud 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 problem came out. The huge hack. And that woke something up for me.
Therefore I can't neglect that. I have actually got to go dig much deeper." Therefore I started 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 technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The ramifications of that, of having the ability to have data that we do not need to have it individually verified, it's cryptographically verified. That idea can ripple out throughout the entire greater economy. And when that cent dropped, I understood I had to dedicate all my professional resources into ending up being an expert in this area.
And do you think, I suggest you mentioned something there about not needing to get a third-party, or intermediary to confirm 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 procedure . We were simply discussing how I'm leaving to go to China, to China. And paradise prohibited it's over $10,000, and then suddenly there's other people getting notified about it, like the IRS and things like that. Do you believe that the average folks do not possibly know about these procedures, so they don't perhaps see what you're stating as this breakthrough, they do not see it in their daily life? Or what do you think of that? I think that's real.
It's not as simple as firing up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to publish your identity files, then you have actually got to wait to get confirmed, and after that finally, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too inconvenient, which's why the people that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are prepared to put in possibly the 20 minutes needed to go through a procedure which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we enjoy your ideas, however gosh, establishing 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 entire cryptocurrency market will be 10x bigger. So you're in fact really earning money an enormous amount of cash to go through perhaps, you understand, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you envision what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that individuals go through, and one thing I wish to expose too that you didn't discuss, but I know a great deal of folks who fight with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I mean, it's if you keep in mind 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 indicate, we're in the early days of that innovation, however much like throughout that period of time, for the folks that had the vision to see where the future was going, and after that purchased in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm always curious to speak to people who are, especially someone like yourself, who's dedicated the last, you know, the lion's share of the last few years to really go both feet in on this. How do you describe cryptocurrency to like an average person? That's an excellent concern.
They're 2 completely different things, but 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. And so what offers it value is that it is, there's just going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, 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've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We don't rely on paper cash, you can print an unrestricted amount of it. It's truly not protect, and the government can take it away from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually suffered through either run-away inflation, or there's a high need for, in Argentina for instance, 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 don't think in their own currency? Yeah, and I think we have actually already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a difficult time getting their head around. They're like, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. And so there's this whole growing international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are essentially utilized, let's state Ethereum, which a lot of people understand about Ethereum. Ethereum is basically a global computer that you can write computer programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an energy token, since you're essentially buying shows power. So I would not actually think about 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 simple one that I would imagine you 'd called an utility token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's sort of this exact same type of network impact 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 locations and. And you type of discussed having this boots on the ground experience. Now, because we're looking at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). The majority of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity depends on the energy coin area.
There's all of these ICOs that were taking place, those decreased a little bit with some changes to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people require to comprehend that not all energy coins are created equal.
So you have the benefit of devoting your profession to this, so you can go out there and do the reconnaissance, you can meet the founders, you can inspect the code, and so on. But for a typical person, there's now what, over 1,000 different types of coins offered, nearly 1,200 I believe. 'Cause usually it'll crash 80% or two - Does the group have experience of carrying out in a successful manner in another location of their life? And it doesn't even need to be directly associated to cryptocurrency, it does not need to be even straight related to software, right? So, but I wish to see a track record of success in something, right? If it's 4 guys in a room that are simply out of college, unless they've got some really great advisors behind them, I'm probably not going to provide them any cash.
Yeah. I believe that in marketing in basic, my world of company, we constantly look for problems and how we can resolve them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain generally? Or would you say it's much better if they're resolving sort 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 essentially searching for solutions that, so I'll give you an example.
And the factor that we bought it is because they found a way to make documents tamper-proof, and it's 99% cheaper than present 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 performance history of producing computer programs that whole states run their entire operations on, right? So you've got all right, the wise guy has actually constructed big computer programs, terrific team, resolving an enormous issue that is going to cut huge costs.
I mean, it doesn't get any easier than that in terms of deciding who to put cash 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 an actually easy guideline, Ryan. If I don't comprehend something, I set up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).