So, a great deal of people discover that too troublesome, which's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that want to put in perhaps the 20 minutes needed to go through a process which simply takes 5 minutes if you desire to set up a brokerage account.
" Oh Teeka, we love your ideas, but gosh, establishing a crypto account is so hard." What I inform them is I say, "Look, when it's simple 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 truly earning money a huge quantity of cash to go through possibly, you understand, 20 minutes of a discomfort in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question 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 happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you mentioned the process that individuals go through, and something I wish to bring to light too that you didn't mention, but I understand a lot of folks who have a hard time with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me permanently before I could start buying in size on Coinbase. They're like, well, we'll let you buy $500 a week, Teeka. I indicate, 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 imply, we remain 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 then purchased in on a few of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a second, since I'm constantly curious to talk with individuals who are, especially somebody like yourself, who's committed the last, you know, 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 person? That's a fantastic concern.
They're two totally different 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. Therefore what provides 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 computers, validating 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 actually, with existing technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We do not rely on fiat money, you can print an endless quantity of it. It's truly not protect, and the government can take it far from you." - Whereas with Bitcoin, right , go ahead.
Yeah. Or people that remained in Cypress, or simply individuals who have actually suffered through either run-away inflation, or there's a high demand for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, because they already 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 great deal of American or Western investors have a bumpy ride getting their head around. They resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. But there are billions of individuals on the planet that don't have steady currencies.
Yeah. Therefore there's this whole blossoming 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 basically used, let's state Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially an international computer system that you can write computer programs for and run computer programs on a worldwide decentralized computer program.
So we consider something like Ether an energy token, because you're essentially buying programs power. So I wouldn't actually consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to offer people an idea, like a very basic one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's sort of this very same type of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, because it's on a lot of different locations and. I don't understand the ins and outs of it, however as an example for somebody who may just be really basic in their understanding of this, there are numerous different types of utilities that are readily available.
And you type of discussed having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I think the real chance lies in the utility coin space.
There's all of these ICOs that were happening, those slowed down a little bit with some changes to a couple of 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 equivalent.
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, and so on. But for a typical person, there's now what, over 1,000 various types of coins readily available, nearly 1,200 I think.
How do they do that? That's a terrific question. I will state that 95% of ICOs are either deceitful or simply bad ideas. Okay. Right? There's nothing even worse than somebody that's young, earnest, with a dreadful concept, that someone gives $40 million to. Right? Yeah, absolutely. So yeah, so I don't actually get involved in many ICOs, and I advise you most likely side step that market, unless you have actually got a special relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause usually it'll crash 80% approximately. And that's when we truly start looking at the idea in more information. So here are some quick and unclean things that you should look at, right? So, one is, are they fixing an issue that needs to be resolved? One of the big disadvantages with extremely smart, technical individuals, is that they like to fix issues that nobody cares about solving.
Does the team have experience of executing in a successful way in another location of their life? And it does not even need to be directly related to cryptocurrency, it does not need to be even directly associated to software, right? So, however I desire to see a track record of success in something, right? If it's 4 guys in a room that are just out of college, unless they've got some really excellent advisors behind them, I'm most likely not going to give them any money.
Yeah. I think 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 individuals are trying to resolve a part of the Blockchain normally? Or would you say it's much better if they're resolving 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 searching for services that, so I'll offer you an example.
And the reason that we purchased it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% less expensive than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person that started it has a track record of developing computer programs that entire states run their entire operations on, right? So you've got okay, the wise person has actually constructed huge computer programs, excellent team, solving an enormous problem that is going to cut big costs.
I indicate, it does not get any simpler than that in regards to choosing who to put money behind. And a great deal of this is common sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually easy rule, Ryan. If I don't understand something, I put up my hand, and I state, "I didn't understand what you just stated." Mm-hmm (affirmative).
And then if the individual that you're speaking to can't dumb it down enough where you understand it, then it's probably not an excellent concept. Right, right. It's going to be simple to understand. And do you feel that you have years of experience evaluating companies and taking a look at much, much larger business.
Ryan: So you have actually looked at companies that are huge companies, you've examined much bigger marketcap type situations. Do you feel that that experience has helped you? Or are we in such, kind of the infancy, that as you discussed, it is almost simply common sense. You simply have to sort of take a look at it and believe rationally about what's going on, and pull the emotion out? You have to pull the feeling out, and there are no conventional metrics that you can take a look at.
Okay. What I can utilize that I gained from dealing with Wall Street throughout 3 years, is how to read people. I've satisfied tens of thousands of individuals throughout my profession. I've met experts; I have actually fulfilled fund supervisors, I have actually fulfilled stock promoters, I have actually satisfied all these various kinds of characters along the method.
So I think that's most likely among my super powers, if you will. And if you've got a great BS detector, you need to listen to it. Okay. You need to definitely listen to it. If I'm taking a seat and I'm talking with someone, and they have actually got all the bonifides, however you understand, there's simply; it's not sitting well with me, there's something about them that's not agreeing with me.
There are so lots of other offers out there to look at. Yeah, there's excessive opportunity. Yeah. And speaking of opportunity, you understand, you type of discussed at the start, Bitcoin and Ethereum, the majority of people have heard of these 2, especially Bitcoin, due to the fact that it appears like it remains in the news all the time, something or the other.
Have they failed on Bitcoin? Bitcoin is trading nearly upwards of $6,000 just recently; it's shown up from state $3,000 not too long ago, it's quite unstable. Do they sort of wait on a pullback, or do they just say, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in ten years." You know? Yeah that's a fantastic question.
Copyright© teeka tiwari reviews All Rights Reserved Worldwide