teeka tiwari bitcoin
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But frauds and small frauds. And there's one thing that a fraud always does: it constantly goes to absolutely no. 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 massive hack. Which woke something up for me.
And so I can't neglect that. I've got to go dig much deeper." And so I started taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking to individuals that were smarter than me in this space. And what I understood is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overemphasize how massive that is! The implications of that, of having the ability to have data that we don't require to have it individually confirmed, it's cryptographically verified. That idea can ripple out throughout the whole greater economy. And when that cent dropped, I understood I had to dedicate all my professional resources into ending up being a specialist in this area.
And do you believe, I suggest you mentioned 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 might not even totally understand validation process . We were just discussing how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and after that suddenly there's other individuals getting alerted about it, like the IRS and things like that. Do you think that the typical folks do not possibly understand about these procedures, so they do not maybe see what you're stating as this development, they don't see it in their everyday life? Or what do you believe about that? I think that holds true.
It's not as easy as firing up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You've got to go to an exchange, you have actually got to publish your identity documents, then you've got to wait to get verified, and after that finally, you can go purchase some Bitcoin.
So, a great deal of individuals find that too troublesome, which's why the individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a procedure which simply 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 challenging." 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 entire cryptocurrency market will be 10x bigger. So you're in fact really earning money a huge quantity of cash to go through maybe, you know, 20 minutes of a pain in the neck.
So you can't purchase 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 picture what will happen to this entire market 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 people go through, and one thing I wish to expose too that you didn't discuss, but I understand a lot of folks who have problem 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 difficult as possible, best, like Coinbase. It 'd take me forever before I could start buying in size on Coinbase. They resemble, 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 indicate it would take 20 minutes to pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I suggest, we remain in the early days of that innovation, but much like during that amount of time, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, due to the fact that I'm always curious to talk to people who are, particularly someone like yourself, who's committed the last, you know, the better part of the last couple of years to actually go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a terrific question.
They're two absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what provides it value 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. Therefore if you look at that Bitcoin network, people constantly try to hack it. But since of the nature of the network, today it's been unhackable. And truly, with current innovation, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when people put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on fiat money, you can print an endless quantity of it. It's actually not secure, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or people that were in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, due to the fact that they already do not believe in their own currency? Yeah, and I think 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 don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin - undefined. But there are billions of individuals worldwide that do not have stable currencies.
Yeah. And so there's this whole blossoming international demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins. And energy coins are basically utilized, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a global computer system that you can write computer programs for and run computer system programs on a worldwide decentralized computer program.
So we consider something like Ether an energy token, since you're basically buying programs power. So I wouldn't truly think about Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to give people an idea, like a very easy one that I would envision you 'd called an energy token, resembles FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's type of this exact same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on a lot of different areas and. undefined. I do not understand the ins and outs of it, however as an example for somebody who may just be extremely basic in their understanding of this, there are many various kinds of utilities that are readily available.
And you sort of mentioned having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably utility based, remedy? Mm-hmm (affirmative). Most of the coins that I advise and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the genuine chance depends on the utility coin area.
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, but people are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And people require to comprehend that not all energy coins are developed equivalent.
So you have the advantage of committing your profession to this, so you can go out there and do the recon, you can meet the founders, you can check the code, etc. But for a typical person, there's now what, over 1,000 different kinds of coins available, practically 1,200 I believe. 'Cause typically it'll crash 80% or so - Does the team have experience of performing in an effective way in another area of their life? And it does not even have to be straight related to cryptocurrency, it does not have to be even directly related to software, right? So, however I wish to see a track record of success in something, right? If it's 4 people in a space that are just out of college, unless they've got some actually great consultants behind them, I'm most likely not going to provide them any cash.
Yeah. I believe that in marketing in basic, my world of company, we continuously search for problems and how we can solve them. Now, are the problems things that people are trying to solve a part of the Blockchain generally? Or would you say it's much better if they're fixing kind 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 generally trying to find services that, so I'll provide you an example.
And the factor that we bought it is due to the fact that they found a method 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 after that on top of that, the person that began it has a track record of developing computer system programs that entire states run their entire operations on, right? So you've got okay, the clever guy has actually built big computer system programs, great group, solving a huge issue that is going to cut substantial costs.
I suggest, it doesn't get any simpler than that in regards to choosing who to put money behind. And a great deal of this is typical sense, and a great deal of folks will try to make things more complex than it is. And I have a truly basic rule, Ryan. If I do not understand something, I set up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).