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teeka tiwari on bitcoin survival
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However scams and little scams. And there's one thing that a fraud 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 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 much deeper." Therefore I started taking a trip all around the world. I began going to Bitcoin occasions; I started to talking with individuals that were smarter than me in this space. And what I realized is that Blockchain technology and the implementation of Blockchain innovation by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The implications of that, of having the ability to have data that we do not require to have it separately verified, it's cryptographically validated. That idea can ripple out throughout the entire greater economy. And when that penny dropped, I knew I had to commit all my expert resources into ending up being an expert in this space.
And do you think, I suggest you discussed something there about not needing to get a third-party, or intermediary to verify 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 totally comprehend recognition procedure . We were just talking about how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and then all of an abrupt there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't maybe understand about these procedures, so they don't maybe see what you're stating as this development, they do not see it in their daily life? Or what do you think about that? I think that's real.
It's not as easy as firing up a web internet browser and going to e-trade. com and pressing a buy button and purchasing it, right? You've got to go to an exchange, you've got to publish your identity files, then you have actually got to wait to get verified, and then finally, you can go buy some Bitcoin.
So, a great deal of people discover that too troublesome, which's why the people that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in possibly the 20 minutes required to go through a process which simply takes five minutes if you wish to establish a brokerage account.
"Oh Teeka, we like your concepts, however gosh, establishing a crypto account is so tough." What I inform 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 larger. So you're actually really earning money an enormous amount of money to go through possibly, you understand, 20 minutes of a nuisance.
So you can't buy Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, before you'll have the ability to buy cryptocurrencies directly through your trading software. And can you imagine what will happen to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Right now you discussed the procedure that individuals go through, and something I want to bring to light too that you didn't point out, however I understand a lot of folks who have a hard time with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can only purchase $500 a week.
As challenging as possible, ideal, like Coinbase. It 'd take me forever prior to I might start purchasing in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I mean, it's if you keep in mind the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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're in the early days of that technology, but similar to 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 a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, since I'm always curious to talk with people who are, especially someone like yourself, who's devoted the last, you understand, the better part of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? 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 cash. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's only going to be a limited 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, people constantly try to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And truly, with existing innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when individuals 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 don't rely on paper currency, you can print an unlimited 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 suffered through either run-away inflation, 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 driver for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a bumpy ride getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - undefined. However there are billions of people on the planet that don't have steady currencies.
Yeah. And so there's this whole burgeoning worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And energy coins are essentially used, let's say Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially a global computer system that you can compose computer system programs for and run computer system programs on a worldwide decentralized computer program.
So we think about something like Ether an energy token, because you're essentially purchasing shows 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 really basic one that I would picture you 'd called an utility token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's kind of this very same kind of network effect that you have with Bitcoin, where it's like unstoppable example, because it's on so many different locations and. And you type of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity lies in the utility coin space.
There's all of these ICOs that were occurring, those decreased a little bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to develop utility coins- Correct, yeah. And individuals need to understand that not all utility coins are created equal.
So you have the advantage of committing your occupation to this, so you can head out there and do the recon, you can fulfill the creators, you can check the code, etc. But for an average individual, there's now what, over 1,000 various types of coins readily available, almost 1,200 I think. 'Cause normally it'll crash 80% approximately - Does the group have experience of executing in an effective way in another area of their life? And it does not even need to be straight related to cryptocurrency, it doesn't need to be even straight associated to software application, right? So, but I want to see a performance history 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 really great consultants behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of business, we constantly search for issues and how we can solve them. Now, are the problems things that people are attempting to solve a part of the Blockchain generally? Or would you say it's much better if they're resolving type 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 looking for options that, so I'll provide you an example.
And the reason that we purchased it is due to the fact that they found a method 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 person that began it has a track record of developing computer system programs that whole states run their entire operations on, right? So you have actually got alright, the clever man has built substantial computer programs, great team, resolving an enormous issue that is going to cut huge expenses.
I suggest, it doesn't 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 an actually basic guideline, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).