we're following this "boy genius" into the bank of the future by teeka tiwari
teeka tiwari crypto currencies
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However scams and little scams. And there's something that a scams constantly 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 bad news came out. The huge hack. Which woke something up for me.
Therefore I can't overlook that. I have actually got to go dig much deeper." And so I started traveling all around the world. I began going to Bitcoin occasions; I started to talking with people that were smarter than me in this area. And what I understood is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The implications of that, of being able to have data that we do not need to have it individually verified, it's cryptographically validated. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to dedicate all my professional resources into becoming a specialist in this space.
And do you believe, I suggest you discussed something there about not needing to get a third-party, or intermediary to validate something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks might not even completely understand recognition process . We were simply discussing how I'm leaving to go to China, to China. And paradise forbid it's over $10,000, and after that suddenly there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not perhaps understand about these procedures, so they don't maybe see what you're saying as this development, they don't see it in their everyday life? Or what do you think of 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've got to go to an exchange, you've got to publish your identity documents, then you have actually got to wait to get verified, and then lastly, you can go purchase some Bitcoin.
So, a great deal of people find that too bothersome, which's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are ready to put in possibly 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 ideas, but gosh, setting up a crypto account is so tough." What I tell them is I state, "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 in fact truly getting paid a massive quantity of cash to go through perhaps, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, but 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 imagine what will occur to this whole market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you mentioned the process that people go through, and something 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 only buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever prior to I might start buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, 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 mean 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 mean, we're in the early days of that technology, 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 a few 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 constantly curious to talk to people who are, specifically somebody like yourself, who's dedicated the last, you understand, the much better part of the last few years to really go both feet in on this. How do you explain cryptocurrency to like an average person? That's a fantastic question.
They're 2 totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's just going to be a restricted amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so huge today, you can't co-opt it, you can't take it over.
Therefore when people put, you've got people who have literally own billions of dollars worth of Bitcoin. And they're making that bet because they're saying, "We do not rely on paper currency, you can print an unlimited quantity of it. It's really not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or people that remained 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 demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, since 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 lot of American or Western investors have a difficult time getting their head around. They're like, "Well I do not require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't require Bitcoin - Yeah. Therefore there's this whole burgeoning worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are generally used, 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 system programs for and run computer programs on a worldwide decentralized computer program.
So we think about something like Ether an utility token, since you're essentially buying programming power. So I would not actually think about Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals a concept, like a very easy one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's sort of this exact same type of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on many different locations and. undefined. I don't understand the ins and outs of it, but as an example for somebody who may simply be really standard in their understanding of this, there are so many different types of energies that are readily available.
And you sort of pointed out having this boots on the ground experience. Now, considering that we're looking at the bulk of these are most likely energy based, fix? Mm-hmm (affirmative). Many of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, however I think the real chance lies in the energy coin area.
There's all of these ICOs that were taking place, those slowed down 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 begin to develop utility coins- Correct, yeah. And people require to comprehend that not all utility coins are developed equivalent.
So you have the benefit of committing your profession to this, so you can head out there and do the reconnaissance, you can meet the founders, you can inspect the code, etc. But for an average individual, there's now what, over 1,000 various types of coins available, practically 1,200 I think. 'Cause generally it'll crash 80% or so - undefined. Which's when we truly begin taking a look at the concept in more information. So here are some quick and unclean things that you should take a look at, right? So, one is, are they resolving a problem that needs to be solved? One of the huge downsides with extremely smart, technical people, is that they like to fix problems that nobody cares about solving.
Does the team have experience of performing in an effective manner in another area of their life? And it doesn't even have to be straight associated to cryptocurrency, it doesn't need to be even directly related to software application, right? So, however I wish to see a performance history of success in something, right? If it's 4 people in a room that are simply out of college, unless they have actually got some really excellent consultants behind them, I'm most likely not going to provide any cash.
Yeah. I believe that in marketing in basic, my world of organization, we constantly look for issues and how we can fix them. Now, are the issues things that people are attempting to resolve a part of the Blockchain generally? Or would you say it's better if they're resolving 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 basically searching for options that, so I'll provide you an example.
And the reason that we purchased it is since they found a way to make documents tamper-proof, and it's 99% cheaper than current technology, 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 whole operations on, right? So you've got fine, the smart man has built huge computer programs, terrific team, solving an enormous problem that is going to cut huge costs.
I imply, it does not get any easier than that in regards to deciding who to put cash behind. And a great deal of this is common sense, and a lot 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 installed my hand, and I say, "I didn't understand what you just said." Mm-hmm (affirmative).