teeka tiwari question and answers
cryptocurrency guru teeka tiwari
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But scams and little scams. And there's one thing that a scams always does: it always goes to absolutely no. However 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 disregard 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 with people that were smarter than me in this space. And what I realized is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how huge that is! The implications of that, of having the ability to have data that we don't need to have it separately confirmed, it's cryptographically confirmed. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I knew I had to commit all my professional resources into becoming an expert in this space.
And do you think, 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 reason that this isn't getting as much mass adoption is that a lot of folks may not even fully comprehend recognition process . We were just talking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and then all of a sudden there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not possibly learn about these processes, so they do not possibly see what you're stating as this development, they do not see it in their everyday life? Or what do you believe about that? I think that's true.
It's not as easy as firing 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 upload your identity documents, then you've got to wait to get validated, and then lastly, you can go buy some Bitcoin.
So, a lot of people discover that too bothersome, and that's why the individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are prepared to put in maybe the 20 minutes required to go through a process which simply takes 5 minutes if you want to set up a brokerage account.
"Oh Teeka, we like your ideas, however gosh, setting up a crypto account is so hard." What I inform 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 really getting paid a massive amount of cash to go through maybe, you know, 20 minutes of a headache.
So you can't buy Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software application. And can you envision what will take place to this entire market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the process 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 buy $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, right, like Coinbase. It 'd take me permanently before I might start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you keep in mind the early days of the Internet, when we were getting on the Web, 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 remain 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 purchased in on some of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm always curious to speak to individuals who are, specifically somebody like yourself, who's dedicated the last, you understand, 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 terrific concern.
They're two absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what provides it worth is that it is, there's only going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously attempt to hack it. However since 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've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on paper money, you can print an unrestricted amount of it. It's truly not secure, and the federal government can take it away from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that were in Cypress, or simply individuals who have suffered through either hyperinflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since they already don't believe in their own currency? Yeah, and I believe 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 steady currency, right? You do not need Bitcoin - undefined. However there are billions of people worldwide that do not have steady currencies.
Yeah. Therefore there's this whole blossoming international need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And utility coins are basically used, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a global computer system that you can write computer system programs for and run computer programs on a worldwide decentralized computer system program.
So we consider something like Ether an utility token, because you're basically buying programs power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give individuals a concept, like a very easy one that I would picture you 'd called an energy token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's kind of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable example, since it's on so lots of various locations and. undefined. I do not understand the ins and outs of it, however as an example for somebody who may simply be very standard in their understanding of this, there are a lot of various types of energies that are readily available.
And you kind of mentioned having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are most likely utility based, fix? Mm-hmm (affirmative). Many of the coins that I recommend and look at are utility-based. We have a couple of cryptocurrencies, but I believe the real chance depends on the utility coin area.
There's all of these ICOs that were taking place, those decreased a 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 develop utility coins- Correct, yeah. And people need to understand that not all utility coins are created equivalent.
So you have the advantage of devoting your occupation to this, so you can go out there and do the recon, you can meet the founders, you can examine the code, etc. However for an average individual, there's now what, over 1,000 various types of coins offered, nearly 1,200 I think. 'Cause normally it'll crash 80% or so - Does the group have experience of executing in a successful way in another location of their life? And it does not even have to be straight associated to cryptocurrency, it does not have to be even straight related to software application, right? So, however I desire to see a performance history of success in something, right? If it's 4 men in a room that are simply out of college, unless they have actually got some really 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 organization, we constantly try to find problems and how we can solve them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain normally? Or would you say it's better if they're fixing 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 trying to find options that, so I'll provide you an example.
And the reason that we purchased it is because they discovered a method to make documents tamper-proof, and it's 99% cheaper than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that began it has a performance history of producing computer programs that entire states run their entire operations on, right? So you've got fine, the clever guy has developed big computer programs, fantastic group, resolving an enormous issue that is going to cut big costs.
I suggest, it doesn't get any simpler than that in regards to 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 an actually basic rule, Ryan. If I don't comprehend something, I set up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).