So, a lot of individuals find that too troublesome, and that'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 just takes five minutes if you desire to set up a brokerage account.
" Oh Teeka, we love your concepts, but gosh, establishing a crypto account is so tough." What I inform 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 really making money a huge amount of money to go through perhaps, you understand, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll be able to purchase cryptocurrencies directly through your trading software application. And can you imagine what will happen to this whole marketplace when buying Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that people go through, and something I want to expose too that you didn't discuss, but I know a lot of folks who deal with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only buy $500 a week.
As hard as possible, ideal, like Coinbase. It 'd take me permanently prior to I could begin purchasing in size on Coinbase. They resemble, well, we'll let you purchase $500 a week, Teeka. I mean, 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 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 indicate, 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 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, because I'm constantly curious to speak with individuals who are, especially someone like yourself, who's dedicated the last, you understand, the lion's share of the last couple of years to truly go both feet in on this. How do you describe cryptocurrency to like a typical person? That's a great concern.
They're two completely various things, however 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 provides it worth is that it is, there's only going to be a limited amount. There'll never 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, people constantly attempt to hack it. But because of the nature of the network, today it's been unhackable. And truly, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when people put, you have actually got individuals who have actually 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 unlimited amount of it. It's really not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that were in Cypress, or simply individuals who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a driver for more adoption, due to the fact that they currently do not believe 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 financiers 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 steady currency, right? You do not need Bitcoin. However there are billions of people in the world that do not have steady currencies.
Yeah. And so there's this entire growing global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called energy coins. And energy coins are essentially used, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a global computer system that you can compose computer system programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially purchasing shows power. So I wouldn't really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to provide individuals an idea, like a very basic one that I would imagine you 'd called an energy token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's kind of this same kind of network impact that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on a lot of different locations and. I don't know the ins and outs of it, but as an example for somebody who might simply be really basic in their understanding of this, there are numerous various types of utilities that are available.
And you type of pointed out having this boots on the ground experience. Now, because we're taking a look at the bulk of these are most likely utility based, correct? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I believe the real opportunity lies in the energy coin space.
There's all of these ICOs that were taking place, those slowed down a little bit with some modifications to a few things that was going on, but people are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals require to comprehend that not all energy coins are produced equal.
So you have the benefit of devoting your occupation to this, so you can head out there and do the recon, you can fulfill the founders, you can inspect the code, etc. However for an average individual, there's now what, over 1,000 different kinds of coins available, nearly 1,200 I think.
How do they do that? That's a terrific concern. I will say that 95% of ICOs are either deceitful or just bad concepts. Okay. Right? There's nothing worse than somebody that's young, earnest, with a horrible idea, that somebody offers $40 million to. Right? Yeah, totally. So yeah, so I do not really get involved in many ICOs, and I suggest you most likely side action 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 generally it'll crash 80% or so. Which's when we really begin looking at the concept in more information. So here are some fast and unclean things that you should look at, right? So, one is, are they solving an issue that requires to be resolved? Among the big disadvantages with very smart, technical individuals, is that they like to resolve issues that nobody appreciates resolving.
Does the team have experience of performing in a successful manner in another location of their life? And it doesn't even need to be straight associated to cryptocurrency, it does not need to be even directly associated to software, right? So, however I desire 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 truly good consultants behind them, I'm most likely not going to offer them any cash.
Yeah. I think that in marketing in basic, my world of business, we constantly try to find issues and how we can fix them. Now, are the problems things that people are attempting to solve a part of the Blockchain typically? Or would you say it's much better if they're fixing 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 basically trying to find options that, so I'll provide you an example.
And the factor that we bought it is due to the fact that they discovered a method to make files tamper-proof, and it's 99% more affordable than existing innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a performance history of developing computer programs that whole states run their whole operations on, right? So you've got okay, the clever guy has actually built substantial computer system programs, terrific team, fixing a huge issue that is going to cut big expenses.
I suggest, it doesn't get any simpler than that in regards to choosing who to put money 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 truly basic rule, Ryan. If I do not understand something, I installed my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).
And then if the individual that you're talking to can't dumb it down enough where you understand it, then it's most likely not an excellent idea. Right, right. It's going to be simple to comprehend. And do you feel that you have years of experience examining business and taking a look at much, much larger companies.
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, type of the infancy, that as you mentioned, it is nearly just good sense. You simply need to sort of appearance at it and believe reasonably about what's going on, and pull the feeling out? You have to pull the emotion out, and there are no standard metrics that you can look at.
Okay. What I can utilize that I learned from dealing with Wall Street across 3 years, is how to read individuals. I've satisfied 10s of countless individuals throughout my profession. I've met experts; I've fulfilled fund supervisors, I have actually satisfied stock promoters, I've satisfied all these various types of characters along the way.
So I think that's most likely among my incredibly powers, if you will. And if you've got an excellent BS detector, you need to listen to it. Okay. You need to definitely listen to it. If I'm sitting down and I'm talking with somebody, and they've got all the bonifides, but you understand, there's just; it's not sitting well with me, there's something about them that's not agreeing with me.
There are numerous other offers out there to take a look at. Yeah, there's too much opportunity. Yeah. And speaking of chance, you understand, you sort of mentioned at the beginning, Bitcoin and Ethereum, many people have become aware of these two, particularly Bitcoin, due to the fact that 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 nearly upwards of $6,000 recently; it's come up from say $3,000 not too long back, it's rather unstable. Do they type of wait on a pullback, or do they simply state, "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 a terrific question.
Copyright© teeka tiwari reviews All Rights Reserved Worldwide