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teeka tiwari cryptocurrency
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However frauds and small frauds. And there's something that a fraud always 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.
And so I can't ignore that. I've got to go dig deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin events; I started to talking with individuals that were smarter than me in this area. And what I understood is that Blockchain technology and the execution of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how massive that is! The implications of that, of being able to have information that we do not require to have it independently validated, it's cryptographically confirmed. That principle can ripple out throughout the entire higher economy. And when that cent dropped, I knew I needed to devote all my expert resources into ending up being an expert in this space.
And do you believe, I imply you pointed out 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 lot of folks might not even totally understand validation procedure . We were just speaking about how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that all of a sudden there's other individuals getting informed about it, like the IRS and things like that. Do you believe that the average folks do not perhaps understand about these procedures, so they don't perhaps see what you're stating as this breakthrough, 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 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 have actually got to publish your identity documents, then you've got to wait to get validated, and after that finally, you can go purchase some Bitcoin.
So, a great deal of individuals find that too troublesome, and that's why the individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes needed to go through a process which simply takes 5 minutes if you wish to set up a brokerage account.
"Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so tough." What I tell them is I say, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x bigger. So you're actually really earning money an enormous amount of cash to go through perhaps, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies straight through your trading software application. And can you imagine what will happen to this entire market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that individuals go through, and one thing I desire to expose too that you didn't mention, but I understand a lot of folks who have a hard time with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can only buy $500 a week.
As challenging as possible, right, like Coinbase. It 'd take me forever before I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, it's if you remember the early days of the Web, 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 indicate, we're in the early days of that innovation, but simply like during that time period, for the folks that had the vision to see where the future was going, and then bought in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm constantly curious to speak with people who are, specifically someone like yourself, who's committed the last, you know, the better part of the last few years to actually go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific concern.
They're 2 totally different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what gives it worth is that it is, there's only going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions 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 actually, with current innovation, the Bitcoin network is so big right now, 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 since they're saying, "We don't trust fiat money, you can print a limitless quantity of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, ideal , proceed.
Yeah. Or people that remained in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, because they already don't believe in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They're like, "Well I don't need 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 entire blossoming global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are basically used, let's state Ethereum, which a lot of people 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 system program.
So we think about something like Ether an utility token, since you're essentially purchasing programming power. So I would not truly think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people a concept, like a very basic one that I would envision you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this very same kind of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on so many different locations and. And you sort of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Many of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, but I think the real chance lies in the energy coin space.
There's all of these ICOs that were happening, those slowed down a little bit with some modifications to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to create energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are developed equal.
So you have the advantage of devoting your profession to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can examine the code, and so on. But for an average individual, there's now what, over 1,000 different types of coins readily available, nearly 1,200 I believe. 'Cause generally it'll crash 80% approximately - Does the team have experience of executing in a successful manner in another location of their life? And it does not even need to be directly associated to cryptocurrency, it doesn't have to be even straight associated 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 just out of college, unless they have actually got some truly great advisors behind them, I'm probably not going to provide any money.
Yeah. I think that in marketing in basic, my world of business, we continuously try to find problems and how we can solve them. Now, are the problems things that individuals are trying to solve a part of the Blockchain usually? Or would you say it's much better if they're solving 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 generally looking for services that, so I'll offer you an example.
And the reason that we purchased it is due to the fact that they found a way to make documents tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the guy that began it has a performance history of creating computer programs that whole states run their entire operations on, right? So you've got all right, the wise man has built huge computer programs, fantastic group, solving a massive problem that is going to cut big costs.
I suggest, it does not get any easier than that in terms of deciding who to put money behind. And a lot of this is typical sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really easy rule, Ryan. If I don't understand something, I installed my hand, and I say, "I didn't comprehend what you simply stated." Mm-hmm (affirmative).