So, a great deal of people discover that too inconvenient, which's why individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that are willing to put in perhaps the 20 minutes required to go through a procedure which simply takes five minutes if you wish to establish a brokerage account.
" Oh Teeka, we love your ideas, however gosh, establishing a crypto account is so hard." 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 making money a huge quantity of cash to go through perhaps, you understand, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, however it is just a concern of time, Ryan, before you'll have the ability to buy cryptocurrencies straight through your trading software. And can you imagine what will occur to this entire marketplace when buying Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that people go through, and something I desire to bring to light too that you didn't point out, but I know a lot of folks who fight with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can only buy $500 a week.
As tough as possible, right, like Coinbase. It 'd take me forever before I could begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I suggest, 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 fill 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 technology, however much like throughout that time period, for the folks that had the vision to see where the future was going, and then 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 2nd, since I'm constantly curious to speak to people who are, especially someone like yourself, who's committed the last, you understand, the better part of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like an average individual? That's a fantastic concern.
They're 2 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 offers it value is that it is, there's just going to be a minimal amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, individuals constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And really, with existing technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when individuals put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not rely on fiat money, you can print an endless quantity of it. It's really not secure, and the government can take it away from you." - Whereas with Bitcoin, right , go on.
Yeah. Or people that remained in Cypress, or simply people who have suffered through either hyperinflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, since they currently do not believe in their own currency? Yeah, and I think we have actually 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 resemble, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. But there are billions of individuals in the world that do not have steady currencies.
Yeah. And so there's this whole blossoming global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are generally used, let's say Ethereum, which a great deal of people learn about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer system programs for and run computer system programs on a globally decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're essentially purchasing programs power. So I would not really consider Ether a cryptocurrency, I would call them an energy coin. Okay. And there are other ones out there, to provide people a concept, like an extremely easy one that I would imagine you 'd called an energy token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's type of this exact same type of network result that you have with Bitcoin, where it resembles unstoppable example, because it's on numerous various areas and. I do not know the ins and outs of it, but as an example for somebody who may simply be very fundamental in their understanding of this, there are many various types 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 most likely utility based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, but I believe the real opportunity lies in the utility coin area.
There's all of these ICOs that were happening, those decreased a little bit with some modifications to a few things that was going on, but individuals are going to come out of the woodwork and start to develop energy coins- Correct, yeah. And people need to understand that not all energy coins are produced equivalent.
So you have the benefit of committing your profession to this, so you can go out there and do the recon, you can satisfy the creators, you can check the code, etc. However for a typical person, there's now what, over 1,000 various kinds of coins available, practically 1,200 I think.
How do they do that? That's a fantastic concern. I will say that 95% of ICOs are either deceitful or just bad ideas. Okay. Right? There's absolutely nothing even worse than somebody that's young, earnest, with a dreadful idea, that someone provides $40 million to. Right? Yeah, absolutely. So yeah, so I do not truly take part in numerous ICOs, and I advise you most likely side step that market, unless you have actually got an unique relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.
'Cause typically it'll crash 80% or so. And that's when we truly begin looking at the idea in more information. So here are some quick and dirty things that you should look at, right? So, one is, are they resolving a problem that needs to be resolved? Among the big disadvantages with really clever, technical individuals, is that they like to solve issues that no one appreciates resolving.
Does the group have experience of executing in an effective manner in another location of their life? And it does not even need to be straight associated to cryptocurrency, it does not have to be even directly associated to software, right? So, however I wish to see a performance history of success in something, right? If it's four people in a space that are just out of college, unless they've got some actually great advisors behind them, I'm most likely not going to provide them any money.
Yeah. I think that in marketing in basic, my world of service, we constantly look for issues and how we can solve them. Now, are the problems things that people are trying to resolve a part of the Blockchain typically? 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 trying to find services that, so I'll provide you an example.
And the factor that we purchased it is because they discovered a method to make documents tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the guy that began it has a performance history of developing computer system programs that entire states run their whole operations on, right? So you have actually got alright, the wise guy has developed big computer programs, excellent team, resolving a huge problem that is going to cut huge expenses.
I imply, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a lot of this is typical sense, and a lot of folks will try to make things more complex than it is. And I have a truly easy guideline, Ryan. If I do not understand something, I put up my hand, and I say, "I didn't comprehend what you simply said." Mm-hmm (affirmative).
And after that if the individual that you're speaking to can't dumb it down enough where you comprehend it, then it's most likely not a good concept. Right, right. It's going to be easy to understand. And do you feel that you have years of experience examining companies and taking a look at much, much bigger business.
Ryan: So you have actually taken a look at business that are huge companies, you have actually evaluated much bigger marketcap type circumstances. Do you feel that that experience has assisted you? Or are we in such, sort of the infancy, that as you pointed out, it is nearly just common sense. You simply have to kind of look at it and think logically about what's going on, and pull the emotion out? You need to pull the emotion out, and there are no conventional metrics that you can take a look at.
Okay. What I can utilize that I gained from working on Wall Street across three decades, is how to read individuals. I've met tens of countless individuals throughout my career. I've satisfied insiders; I've met fund managers, I have actually met stock promoters, I've fulfilled all these different types of characters along the method.
So I think that's most likely one of my very powers, if you will. And if you've got a good BS detector, you must listen to it. Okay. You should definitely listen to it. If I'm sitting down and I'm talking with somebody, and they've got all the bonifides, but you know, there's just; it's not agreeing with me, there's something about them that's not sitting well with me.
There are many other offers out there to look at. Yeah, there's too much chance. Yeah. And speaking of opportunity, you understand, you type of discussed at the start, Bitcoin and Ethereum, many individuals have heard of these two, particularly Bitcoin, because it appears like it remains in the news all the time, something or the other.
Have they missed out on the boat on Bitcoin? Bitcoin is trading almost upwards of $6,000 recently; it's come up from state $3,000 not too long earlier, it's quite volatile. Do they type of await a pullback, or do they simply say, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You understand? Yeah that's an excellent concern.
Copyright© teeka tiwari reviews All Rights Reserved Worldwide