So, a great deal of individuals discover that too inconvenient, which's why individuals that are literally making the most amount of cash today in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes needed to go through a process which just takes 5 minutes if you want to establish a brokerage account.
" Oh Teeka, we love your ideas, however gosh, setting up a crypto account is so hard." 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 bigger. So you're in fact truly getting paid an enormous quantity of money to go through possibly, you know, 20 minutes of a nuisance.
So you can't purchase Bitcoin yet through their trading platform, but it is simply a concern of time, Ryan, before you'll have the ability to buy cryptocurrencies straight through your trading software application. And can you imagine what will happen to this entire market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that people go through, and something I want to bring to light too that you didn't discuss, but I know a lot of folks who have problem with this too, is oh, and by the method, you can only purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently before I could start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka. I imply, it's if you keep in mind the early days of the Web, when we were getting on the Web, we were doing it with 56k modems, right? I indicate 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 remain in the early days of that technology, but similar to during that amount of time, for the folks that had the vision to see where the future was going, and after that bought in on a few of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a second, because I'm constantly curious to talk to individuals who are, especially someone like yourself, who's dedicated the last, you understand, the lion's share of the last few years to really go both feet in on this. How do you explain cryptocurrency to like a typical individual? That's an excellent concern.
They're 2 absolutely different things, but 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 offers 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 computers, validating the transactions on the Bitcoin network. Therefore if you look at that Bitcoin network, people constantly try to hack it. However because 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 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 paper money, you can print an endless amount of it. It's actually not protect, and the federal government can take it far from you." - Whereas with Bitcoin, best , go ahead.
Yeah. Or individuals that remained in Cypress, or simply people who have actually suffered through either hyperinflation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, because they already do not believe in their own currency? Yeah, and I believe we have actually already seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a hard time getting their head around. They resemble, "Well I don't require 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 stable currencies.
Yeah. Therefore there's this entire burgeoning global need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins. And utility coins are essentially utilized, let's say Ethereum, which a great deal of individuals understand about Ethereum. Ethereum is essentially a worldwide computer that you can compose computer system programs for and run computer programs on an internationally decentralized computer system program.
So we think about something like Ether an energy token, since you're basically purchasing programming power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give individuals a concept, like a very easy one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that generally you're hosting files through a peer-based network, and there's sort of this same type of network impact that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on numerous different locations and. I don't understand the ins and outs of it, however as an example for somebody who might simply be really standard in their understanding of this, there are numerous various kinds of energies that are available.
And you kind of pointed out having this boots on the ground experience. Now, given that we're taking a look at the bulk of these are most likely utility based, remedy? Mm-hmm (affirmative). Most of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, however 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 changes to a few things that was going on, but individuals are going to come out of the woodwork and start to produce utility coins- Correct, yeah. And individuals need to understand that not all energy coins are developed equivalent.
So you have the advantage of committing your profession to this, so you can go out there and do the recon, you can meet the creators, you can check the code, and so on. However for an average individual, there's now what, over 1,000 various types of coins offered, practically 1,200 I think.
How do they do that? That's a great concern. I will say that 95% of ICOs are either fraudulent or simply bad ideas. Okay. Right? There's nothing even worse than someone that's young, earnest, with an awful concept, that someone provides $40 million to. Right? Yeah, totally. So yeah, so I do not actually take part in numerous ICOs, and I suggest you probably side step that market, unless you have actually got a special relationship, and you can get in on the pre-ICO, and then blow it out when it trades.
'Cause normally it'll crash 80% approximately. And that's when we truly begin looking at the idea in more information. So here are some quick and filthy things that you should look at, right? So, one is, are they fixing an issue that requires to be solved? Among the huge disadvantages with extremely smart, technical people, is that they like to resolve problems that nobody cares about resolving.
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 directly associated to cryptocurrency, it does not need to be even directly associated to software application, right? So, however I desire to see a track record of success in something, right? If it's 4 men in a space that are just out of college, unless they've got some truly good advisors behind them, I'm probably not going to give them any cash.
Yeah. I believe that in marketing in basic, my world of company, we continuously look for issues and how we can fix them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain generally? Or would you say it's better if they're solving kind 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 essentially looking for services that, so I'll provide you an example.
And the reason that we bought it is since they found a way to make files tamper-proof, and it's 99% cheaper than current innovation, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the person 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 guy has built huge computer system programs, great team, fixing an enormous issue that is going to cut huge costs.
I mean, it doesn't get any simpler than that in regards to choosing who to put cash behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a truly simple guideline, Ryan. If I don't understand something, I set up my hand, and I say, "I didn't comprehend what you just stated." Mm-hmm (affirmative).
And after that if the individual that you're speaking to can't dumb it down enough where you understand it, then it's most likely not a great concept. Right, right. It's going to be easy 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 big business, you have actually assessed much larger marketcap type circumstances. 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 simply common sense. You simply have to type 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 look at.
Okay. What I can use that I gained from dealing with Wall Street throughout three decades, is how to read people. I've met tens of countless people throughout my career. I have actually satisfied insiders; I've met fund managers, I've satisfied stock promoters, I've satisfied all these various kinds of characters along the method.
So I think that's most likely one of my extremely powers, if you will. And if you've got a great BS detector, you should listen to it. Okay. You should absolutely listen to it. If I'm taking a seat and I'm talking with somebody, and they have actually got all the bonifides, but you understand, there's simply; it's not agreeing with me, there's something about them that's not agreeing with me.
There are a lot of other offers out there to look at. Yeah, there's excessive opportunity. Yeah. And speaking of chance, you know, you type of discussed at the beginning, Bitcoin and Ethereum, many people have heard of these two, especially Bitcoin, because it looks like it's 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 say $3,000 not too long back, it's rather unpredictable. Do they sort of wait for 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 a fantastic concern.
Copyright© teeka tiwari reviews All Rights Reserved Worldwide