So, a lot of individuals discover that too inconvenient, and that's why the individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in maybe the 20 minutes required to go through a process which simply takes five minutes if you desire to establish a brokerage account.
" Oh Teeka, we like your concepts, however 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 entire cryptocurrency market will be 10x bigger. So you're actually really earning money an enormous amount of cash to go through possibly, you understand, 20 minutes of a nuisance.
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 straight through your trading software application. And can you picture what will occur to this whole marketplace when purchasing Bitcoin or any cryptocurrency is as simple as shooting up your e-trade, or fidelity tradings platform.
Today you discussed the procedure that individuals go through, and something I want to expose too that you didn't discuss, however I know a great deal of folks who fight with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult 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 purchase $500 a week, Teeka. I suggest, it's if you remember 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 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 similar to throughout that period 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 companies, 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 with individuals who are, particularly 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 explain cryptocurrency to like a typical individual? That's a fantastic concern.
They're two totally various 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 offers it worth is that it is, there's just going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the transactions on the Bitcoin network. Therefore if you 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 present technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
Therefore when people put, you have actually got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet since 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 individuals that were in Cypress, or simply individuals who have suffered through either run-away inflation, or there's a high need for, in Argentina for instance, high demand for a black market of U.S. dollars. Correct. Are those countries that could possibly be a catalyst for more adoption, due to the fact that they currently do not think in their own currency? Yeah, and I think we've currently 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 resemble, "Well I don't need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin. But there are billions of individuals worldwide that don't have stable currencies.
Yeah. Therefore there's this entire burgeoning worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are generally utilized, let's say Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially an international computer system that you can write computer system programs for and run computer programs on a globally decentralized computer system program.
So we consider something like Ether an utility token, due to the fact that you're basically purchasing shows power. So I would not really consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals an idea, like a very easy one that I would envision you 'd called an utility token, is like FileCoin.
Where the idea is that basically you're hosting files through a peer-based network, and there's type of this exact same kind of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on a lot of various areas and. I don't know the ins and outs of it, however as an example for someone who might just be very fundamental in their understanding of this, there are numerous various 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 probably energy based, remedy? Mm-hmm (affirmative). Most of the coins that I advise and look at are utility-based. We have a few cryptocurrencies, but I believe the genuine opportunity depends on the utility coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some changes to a couple of things that was going on, but individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And individuals need to understand that not all utility coins are produced equal.
So you have the benefit of committing your occupation to this, so you can head out there and do the recon, you can satisfy the founders, you can inspect the code, and so on. But for an average person, there's now what, over 1,000 different kinds of coins offered, practically 1,200 I believe.
How do they do that? That's a terrific concern. I will state that 95% of ICOs are either fraudulent or just bad ideas. Okay. Right? There's absolutely nothing worse than someone that's young, earnest, with a dreadful concept, that someone gives $40 million to. Right? Yeah, totally. So yeah, so I do not really take part in many ICOs, and I advise you most likely side step that market, unless you have actually got a special relationship, and you can get in on the pre-ICO, and after that blow it out when it trades.
'Cause normally it'll crash 80% approximately. Which's when we really start taking a look at the concept in more information. So here are some quick and dirty things that you should look at, right? So, one is, are they fixing a problem that requires to be resolved? Among the big drawbacks with extremely smart, technical people, is that they like to fix problems that nobody appreciates solving.
Does the team have experience of performing in an effective manner in another area of their life? And it does not even need 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 men in a room that are just out of college, unless they've got some really good advisors behind them, I'm most likely not going to provide them any money.
Yeah. I think that in marketing in general, my world of business, we continuously try to find problems and how we can solve them. Now, are the problems things that people are attempting to resolve a part of the Blockchain usually? Or would you state 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 looking for options that, so I'll provide you an example.
And the factor that we bought it is due to the fact that they found a way to make documents tamper-proof, and it's 99% less expensive than present technology, 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 creating computer system programs that whole states run their entire operations on, right? So you've got alright, the wise man has actually developed substantial computer programs, fantastic team, fixing an enormous issue that is going to cut substantial costs.
I mean, it does not get any simpler than that in regards to deciding who to put money behind. And a lot of this prevails sense, and a great deal of folks will try to make things more complex than it is. And I have an actually simple guideline, Ryan. If I do not understand something, I set up my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).
And after that if the person that you're talking to can't dumb it down enough where you understand it, then it's probably not a good concept. Right, right. It's going to be basic to comprehend. And do you feel that you have years of experience examining business and looking at much, much larger companies.
Ryan: So you've taken a look at business that are big business, you've examined much larger marketcap type situations. Do you feel that that experience has assisted you? Or are we in such, kind of the infancy, that as you mentioned, it is nearly just typical sense. You just have to sort of take a look at it and think logically about what's going on, and pull the feeling out? You need to pull the emotion out, and there are no traditional metrics that you can take a look at.
Okay. What I can use that I found out from working on Wall Street throughout three decades, is how to read people. I've fulfilled tens of countless people throughout my career. I have actually fulfilled insiders; I have actually met fund managers, I have actually met stock promoters, I've satisfied all these various kinds of characters along the method.
So I believe that's most likely one of my incredibly powers, if you will. And if you've got a good BS detector, you ought to listen to it. Okay. You ought to definitely listen to it. If I'm sitting down and I'm talking with someone, and they have actually got all the bonifides, but you know, there's simply; it's not sitting well with me, there's something about them that's not sitting well with me.
There are numerous other deals out there to take a look at. Yeah, there's excessive opportunity. Yeah. And speaking of chance, you understand, you sort of pointed out at the beginning, Bitcoin and Ethereum, many people have become aware of these 2, especially Bitcoin, because it seems 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 turned up from say $3,000 not too long earlier, it's quite unstable. Do they kind of await a pullback, or do they just state, "Okay, I'm going to purchase some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You know? Yeah that's a terrific question.
Copyright© teeka tiwari reviews All Rights Reserved Worldwide