But scams and little frauds. And there's something that a fraud constantly does: it constantly goes to absolutely no - teeka tiwari 5 coins. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The huge hack. And that woke something up for me.
And so I can't disregard that. I've got to go dig deeper. teeka tiwari picks." Therefore I began traveling all around the world. I began going to Bitcoin occasions; I started to speaking to individuals that were smarter than me in this space. And what I recognized is that Blockchain technology and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of having the ability to have information that we do not need to have it individually verified, it's cryptographically validated. That concept can ripple out throughout the entire greater economy. And when that penny dropped, I understood I needed to devote all my expert resources into becoming a specialist in this space.
And do you believe, I mean you mentioned something there about not having to get a third-party, or intermediary to validate something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks may not even completely understand recognition procedure [inaudible 00:04:11].
We were simply discussing how I'm delegating go to China, to China. And heaven forbid it's over $10,000, and after that all of an abrupt there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you think that the average folks do not perhaps know about these procedures, so they do not perhaps see what you're stating as this development, they do not see it in their everyday life? Or what do you think of that? I think that holds true.
It's not as easy as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to upload your identity documents, then you have actually got to wait to get confirmed, and then lastly, you can go purchase some Bitcoin.
So, a great deal of individuals discover that too inconvenient, which's why individuals that are literally making the most amount of money today in cryptocurrencies are the early adopters: people that are prepared to put in perhaps the 20 minutes needed to go through a procedure which simply takes 5 minutes if you desire to establish a brokerage account - teeka tiwari.
"Oh Teeka, we like your concepts, but gosh, setting up a crypto account is so challenging." What I tell 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 larger. So you're actually really making money a massive quantity of cash to go through possibly, you know, 20 minutes of a nuisance (undefined). glenn beck teeka tiwari.
So you can't buy Bitcoin yet through their trading platform, but it is just a question of time, Ryan, prior to you'll be able to buy cryptocurrencies straight through your trading software application. And can you envision what will happen to this entire marketplace when purchasing Bitcoin or any cryptocurrency is as simple as firing up your e-trade, or fidelity tradings platform - teeka tiwari twitter - undefined.
Today you discussed the procedure that individuals go through, and one thing I wish to bring to light too that you didn't mention, however I know a lot of folks who fight with this too, is oh, and by the way, you can only buy $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, right, like Coinbase. It 'd take me permanently before I might begin buying in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka (teeka tiwari reviews). I mean, it's if you keep in mind the early days of the Internet, when we were getting on the Internet, we were doing it with 56k modems, right? I mean 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 suggest, we remain in the early days of that technology, however much like throughout that amount of time, for the folks that had the vision to see where the future was going, and then 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 2nd, due to the fact that I'm always curious to speak to individuals who are, specifically someone like yourself, who's committed the last, you understand, the bulk of the last few years to really go both feet in on this - teeka tiwari picks. How do you describe cryptocurrency to like a typical individual? That's a terrific question.
They're 2 completely various 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 just going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the transactions on the Bitcoin network. And so if you look at that Bitcoin network, individuals constantly attempt to hack it. However due to the fact that of the nature of the network, today it's been unhackable. And really, with present innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over (undefined).
And so when individuals put, you have actually got individuals 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 don't rely on paper cash, you can print an endless quantity of it. It's really not secure, and the federal government can take it away from you." [crosstalk 00:10:15] - Whereas with Bitcoin, best [crosstalk 00:10:16], go ahead.
Yeah (teeka tiwari reviews). Or people that remained in Cypress, or simply people who have actually suffered through either devaluation, or there's a high need for, in Argentina for instance, high need for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, due to the fact that they already don't think in their own currency? Yeah, and I think we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. teeka tiwari reviews. They resemble, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin. However there are billions of people worldwide that don't have steady currencies.
Yeah. Therefore there's this entire blossoming worldwide demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins - teeka tiwari review. And energy coins are essentially used, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is basically a global computer that you can compose computer system programs for and run computer system programs on an internationally decentralized computer system program.
So we consider something like Ether an utility token, since you're essentially purchasing shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. teeka tiwari. And there are other ones out there, to offer people an idea, like a very simple one that I would envision 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 sort of this very same type of network effect that you have with Bitcoin, where it's like unstoppable kind of thing, since it's on numerous different locations and. I don't know the ins and outs of it, but as an example for somebody who might simply be extremely standard in their understanding of this, there are so many various types of utilities that are available.
And you type of mentioned having this boots on the ground experience. Now, given that we're looking at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). Most of the coins that I suggest and look at are utility-based. We have a couple of cryptocurrencies, but I think the genuine opportunity lies in the utility coin space.
There's all of these ICOs that were occurring, those decreased a bit with some modifications to a couple of things that was going on, but people are going to come out of the woodwork and begin to create utility coins- Correct, yeah. And individuals need to comprehend that not all utility coins are produced equivalent - teeka tiwari.
So you have the benefit of dedicating your profession to this, so you can go out there and do the recon, you can meet the founders, you can examine 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 believe. 'Cause usually it'll crash 80% or two. Which's when we truly 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 resolving a problem that needs to be fixed? Among the huge downsides with really clever, technical individuals, is that they like to fix issues that nobody appreciates fixing. glenn beck teeka tiwari.
Does the team have experience of performing in a successful manner in another location of their life? And it doesn't even have to be directly associated to cryptocurrency, it doesn't have to be even straight associated to software, right? So, but I desire to see a track record of success in something, right? If it's 4 guys in a space that are simply out of college, unless they've got some actually great advisors behind them, I'm most likely not going to provide any money - teeka tiwari reviews.
Yeah. I believe that in marketing in basic, my world of service, we constantly look for issues and how we can solve them. Now, are the issues things that people are trying to fix a part of the Blockchain typically? Or would you say it's better if they're resolving 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 basically searching for services that, so I'll offer you an example - teeka tiwari reviews. undefined.
And the reason that we purchased it is due to the fact that they found a way to make documents tamper-proof, and it's 99% less expensive than existing technology, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the person that started it has a track record of developing computer system programs that whole states run their entire operations on, right? So you've got alright, the clever guy has actually constructed big computer programs, terrific group, solving an enormous issue that is going to cut substantial expenses.
I imply, it does not get any simpler than that in regards to deciding who to put money behind. And a great deal of this is typical sense, and a lot of folks will attempt to make things more complex than it is. And I have a really simple guideline, Ryan. If I don't understand something, I set up my hand, and I state, "I didn't comprehend what you just said." Mm-hmm (affirmative).