bitcoin projections teeka tiwari
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But frauds and little frauds. And there's something that a scams 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 problem came out. The massive hack. And that woke something up for me.
And so I can't overlook that. I have actually got to go dig deeper." Therefore I started traveling all around the world. I began going to Bitcoin events; I started to talking to people that were smarter than me in this area. And what I understood is that Blockchain innovation and the application of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how massive that is! The implications of that, of having the ability to have information that we do not need to have it separately verified, it's cryptographically confirmed. That idea can ripple out throughout the whole higher economy. And when that penny dropped, I understood I needed to devote all my professional resources into becoming a specialist in this area.
And do you believe, 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 factor that this isn't getting as much mass adoption is that a great deal of folks might not even totally understand recognition procedure . We were simply talking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks do not possibly understand about these processes, so they don't maybe see what you're saying as this advancement, they do not see it in their daily life? Or what do you consider that? I believe that's real.
It's not as simple as shooting up a web 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've got to wait to get confirmed, and then finally, you can go buy some Bitcoin.
So, a lot of individuals find that too inconvenient, and that's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a procedure which just takes five minutes if you want to establish a brokerage account.
"Oh Teeka, we enjoy your concepts, but gosh, establishing a crypto account is so difficult." What I inform them is I state, "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 larger. So you're in fact truly getting paid a massive quantity of cash to go through possibly, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll have the ability to purchase cryptocurrencies straight through your trading software application. And can you envision what will happen to this entire market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that people go through, and something I wish to expose too that you didn't discuss, however I understand a great deal of folks who deal with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can only buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me permanently prior to I might start buying in size on Coinbase. They're like, well, we'll let you buy $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 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 imply, we're in the early days of that innovation, however just like during that amount of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young business, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, due to the fact that I'm always curious to talk with people who are, particularly somebody like yourself, who's devoted the last, you understand, the lion's share of the last few years to truly go both feet in on this. How do you describe cryptocurrency to like an average person? That's a terrific question.
They're two absolutely various things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what offers it value is that it is, there's only going to be a limited quantity. There'll never ever 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 because of the nature of the network, today it's been unhackable. And actually, with present technology, 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 people who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're saying, "We do not trust paper currency, you can print an endless quantity of it. It's actually not protect, 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 people who have actually suffered through either run-away inflation, or there's a high demand 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, due to the fact that they currently don't 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 financiers have a hard 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 steady currency, right? You do not require Bitcoin - undefined. But there are billions of people in the world that do not have steady currencies.
Yeah. And so there's this whole burgeoning worldwide need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially a global computer system that you can compose computer programs for and run computer programs on a worldwide decentralized computer system program.
So we think about something like Ether an energy token, since 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 give individuals an idea, like a very easy one that I would imagine 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 same kind of network effect that you have with Bitcoin, where it's like unstoppable example, since it's on many different areas and. And you kind of pointed out having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Most of the coins that I advise and look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity depends on the energy 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 people are going to come out of the woodwork and begin to develop energy coins- Correct, yeah. And people need to understand that not all energy 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 meet the founders, you can check the code, etc. However for a typical person, there's now what, over 1,000 various kinds of coins available, almost 1,200 I think. 'Cause typically it'll crash 80% or so - undefined. And that's when we really start taking a look at the idea in more detail. So here are some fast and dirty things that you should look at, right? So, one is, are they fixing a problem that needs to be resolved? Among the huge drawbacks with very clever, technical people, is that they like to fix issues that nobody appreciates resolving.
Does the group have experience of carrying out in a successful manner in another area of their life? And it does not even need to be straight related to cryptocurrency, it doesn't have to be even directly related to software application, right? So, but I wish to see a track record of success in something, right? If it's four people in a room that are just out of college, unless they have actually got some actually great consultants behind them, I'm probably not going to provide them any money.
Yeah. I think that in marketing in general, my world of service, we constantly search for issues and how we can solve them. Now, are the problems things that people are attempting to fix a part of the Blockchain usually? Or would you state it's better if they're resolving kind 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 basically looking for solutions that, so I'll offer you an example.
And the factor that we bought it is due to the fact that they discovered a way to make documents tamper-proof, and it's 99% less expensive than current innovation, 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 developing computer programs that entire states run their entire operations on, right? So you've got okay, the smart man has actually developed substantial computer system programs, terrific team, fixing a huge issue that is going to cut substantial 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 prevails sense, and a lot of folks will attempt to make things more complicated than it is. And I have a really simple guideline, Ryan. If I do not comprehend something, I installed my hand, and I state, "I didn't understand what you just said." Mm-hmm (affirmative).