So, a great deal of individuals discover that too inconvenient, and that's why the people that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes needed to go through a process which simply takes 5 minutes if you wish to establish a brokerage account.
" Oh Teeka, we love your concepts, however gosh, setting up a crypto account is so challenging." What I inform them is I say, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x bigger. So you're in fact truly making money a huge quantity of cash to go through maybe, you know, 20 minutes of a discomfort in the neck.
So you can't buy Bitcoin yet through their trading platform, but it is just a concern of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you envision what will happen to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform.
Today you pointed out the procedure that individuals go through, and one thing I wish to bring to light too that you didn't discuss, however I know a lot of folks who deal with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me forever prior to I might begin purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I mean, 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 imply 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're in the early days of that innovation, however similar to during that amount 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 a step back for a second, since I'm constantly curious to talk with individuals who are, particularly someone like yourself, who's devoted the last, you understand, the bulk 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 terrific question.
They're 2 completely different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what offers it worth is that it is, there's just going to be a restricted quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. And so if you look at that Bitcoin network, individuals continuously try to hack it. But because of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so big today, you can't co-opt it, you can't take it over.
And so when people put, you have actually got individuals who have literally own billions of dollars worth of Bitcoin. And they're making that bet since they're stating, "We do not trust paper money, you can print an unrestricted quantity of it. It's really not secure, and the government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that were in Cypress, or simply people who have actually suffered through either run-away inflation, or there's a high need for, in Argentina for example, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a driver for more adoption, because they already don't believe in their own currency? Yeah, and I believe we've currently seen that.
So yes, and this is a thing that a lot of American or Western financiers have a difficult time getting their head around. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin. However there are billions of individuals in the world that don't have stable currencies.
Yeah. Therefore there's this entire blossoming international 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 say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially an international computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, due to the fact that you're essentially buying programs power. So I would not truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people an idea, like a really easy one that I would picture you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's sort of this same type of network result that you have with Bitcoin, where it resembles unstoppable example, due to the fact that it's on numerous various areas and. I don't know the ins and outs of it, but as an example for somebody who might simply be extremely fundamental in their understanding of this, there are many various types of energies that are offered.
And you type of discussed having this boots on the ground experience. Now, since we're looking at the bulk of these are most likely energy based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity lies in the utility coin area.
There's all of these ICOs that were occurring, those decreased a 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 individuals require to understand that not all energy coins are created equal.
So you have the benefit of committing your occupation to this, so you can head out there and do the reconnaissance, you can satisfy the founders, you can check the code, etc. However for a typical person, there's now what, over 1,000 various kinds of coins readily available, practically 1,200 I believe.
How do they do that? That's a terrific question. I will say that 95% of ICOs are either fraudulent or just bad concepts. Okay. Right? There's absolutely nothing even worse than somebody that's young, earnest, with a terrible concept, that someone provides $40 million to. Right? Yeah, completely. So yeah, so I do not really take part in lots of ICOs, and I recommend you most likely side action that market, unless you've got a special relationship, and you can participate the pre-ICO, and after that blow it out when it trades.
'Cause generally it'll crash 80% approximately. And that's when we really start looking at the concept in more detail. So here are some quick and unclean things that you should look at, right? So, one is, are they resolving an issue that requires to be solved? One of the huge drawbacks with really clever, technical people, is that they like to resolve problems that no one cares about fixing.
Does the group have experience of carrying out in an effective manner in another location of their life? And it doesn't even need to be directly associated to cryptocurrency, it does not have to be even directly related to software, right? So, however I wish 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 actually excellent advisors behind them, I'm most likely not going to give them any cash.
Yeah. I think that in marketing in general, my world of service, we constantly try to find issues and how we can fix them. Now, are the issues things that individuals are attempting to solve a part of the Blockchain normally? Or would you state it's much 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 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 way to make files tamper-proof, and it's 99% more affordable than present innovation, 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 track record of developing computer programs that whole states run their whole operations on, right? So you have actually got okay, the smart man has constructed substantial computer system programs, terrific group, solving a massive problem that is going to cut substantial expenses.
I imply, it does not get any easier than that in regards to deciding who to put money behind. And a lot of this prevails sense, and a lot of folks will attempt to make things more complex than it is. And I have an actually basic rule, Ryan. If I don't 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 talking with can't dumb it down enough where you comprehend it, then it's most likely not an excellent idea. Right, right. It's going to be basic to comprehend. And do you feel that you have years of experience evaluating business and taking a look at much, much larger companies.
Ryan: So you have actually looked at business that are big companies, you have actually evaluated much bigger marketcap type scenarios. 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 just sound judgment. You simply need to sort of take a look at it and think logically about what's going on, and pull the feeling out? You have to pull the feeling out, and there are no standard metrics that you can take a look at.
Okay. What I can use that I learned from working on Wall Street across three decades, is how to read individuals. I've fulfilled 10s of countless individuals throughout my career. I've fulfilled insiders; I have actually fulfilled fund supervisors, I've satisfied stock promoters, I've fulfilled all these various kinds of characters along the way.
So I believe that's most likely one of my super powers, if you will. And if you have actually 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 know, there's just; 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 look at. Yeah, there's too much opportunity. Yeah. And speaking of opportunity, you understand, you type of mentioned at the beginning, Bitcoin and Ethereum, many people have actually heard 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 just recently; it's come up from say $3,000 not too long back, it's rather volatile. Do they sort of wait for a pullback, or do they just say, "Okay, I'm going to buy some Ethereum, I'm going to buy some Bitcoin, see you in 10 years." You understand? Yeah that's a terrific concern.
Copyright© teeka tiwari reviews All Rights Reserved Worldwide