teeka tiwari on bitcoin
teeka tiwari "new deal money"
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However frauds and small scams. And there's one thing that a scams constantly does: it always goes to zero. 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 enormous hack. And that woke something up for me.
Therefore I can't neglect that. I have actually got to go dig deeper." Therefore I began taking a trip all around the world. I started going to Bitcoin events; I started to speaking with individuals that were smarter than me in this space. And what I understood is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how huge that is! The implications of that, of having the ability to have data that we do not need to have it individually confirmed, it's cryptographically confirmed. That idea can ripple out throughout the entire higher economy. And when that cent dropped, I knew I needed to commit all my professional resources into becoming a specialist in this area.
And do you think, I imply you discussed something there about not needing 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 fully comprehend recognition procedure . We were just speaking about how I'm leaving to go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly 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 possibly learn about these procedures, so they don't maybe see what you're saying as this breakthrough, they do not see it in their daily life? Or what do you believe about that? I think that holds true.
It's not as simple as shooting 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've got to publish your identity documents, then you have actually got to wait to get confirmed, and after that lastly, you can go purchase some Bitcoin.
So, a great deal of individuals find that too inconvenient, which's why the people that are actually making the most amount of money right now in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes needed to go through a process which just takes 5 minutes if you wish to establish a brokerage account.
"Oh Teeka, we love your concepts, however gosh, establishing a crypto account is so tough." 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 whole cryptocurrency market will be 10x larger. So you're actually truly getting paid an enormous amount of cash to go through maybe, 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, before you'll have the ability to buy cryptocurrencies straight through your trading software. And can you envision what will happen to this entire market when purchasing Bitcoin or any cryptocurrency is as easy 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, however I understand a lot of folks who struggle with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever before I could begin buying in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 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 indicate, we remain in the early days of that innovation, however simply like throughout that time period, for the folks that had the vision to see where the future was going, and after that 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 second, due to the fact that I'm constantly curious to speak to individuals who are, specifically somebody like yourself, who's dedicated the last, you know, the lion's share of the last couple of years to really go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a terrific concern.
They're two completely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. And so what offers it value is that it is, there's only going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the deals on the Bitcoin network. And so if you take a look at that Bitcoin network, individuals continuously attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when individuals put, you have actually got people 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 currency, you can print an endless amount of it. It's actually not secure, and the government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that remained in Cypress, or just individuals who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a catalyst for more adoption, due to the fact that they currently don't 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 bumpy ride getting their head around. They resemble, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin - Yeah. Therefore there's this entire blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are essentially utilized, let's state Ethereum, which a lot of people know about Ethereum. Ethereum is essentially an international computer system that you can write computer system programs for and run computer programs on a worldwide decentralized computer program.
So we consider something like Ether an utility token, because you're basically purchasing shows power. So I would not really 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 a really easy one that I would imagine you 'd called an utility token, is like FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this very same type of network effect that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on many various locations and. And you sort of pointed out having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however I think the genuine chance lies in the utility coin space.
There's all of these ICOs that were occurring, those decreased a little bit with some changes to a few things that was going on, however individuals are going to come out of the woodwork and start to produce energy coins- Correct, yeah. And individuals need to comprehend that not all utility coins are created equal.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the recon, you can fulfill the founders, you can inspect the code, etc. However for an average individual, there's now what, over 1,000 different kinds of coins available, almost 1,200 I believe. 'Cause usually it'll crash 80% approximately - Does the team have experience of carrying out in an effective way in another area of their life? And it does not even have to be directly related to cryptocurrency, it does not have to be even straight related to software application, right? So, however I desire to see a track record of success in something, right? If it's four guys in a room that are simply out of college, unless they've got some truly great consultants behind them, I'm probably not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of organization, we constantly look for problems and how we can solve them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain generally? Or would you state it's much better if they're fixing sort 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 trying to find options that, so I'll offer you an example.
And the factor that we bought it is since they found a way to make documents tamper-proof, and it's 99% more affordable than existing 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 creating computer programs that entire states run their whole operations on, right? So you have actually got fine, the wise man has actually developed huge computer system programs, great group, solving a massive problem that is going to cut huge expenses.
I imply, it does not get any simpler than that in terms of choosing who to put money behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have an actually simple rule, Ryan. If I do not comprehend something, I set up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).