But scams and little frauds. And there's one thing that a scams constantly does: it constantly goes to absolutely no - teeka tiwari twitter. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The enormous hack. Which woke something up for me.
Therefore I can't disregard that. I have actually got to go dig deeper. teeka tiwari glenn beck." Therefore I started traveling all around the world. I started going to Bitcoin occasions; I began to speaking to individuals that were smarter than me in this space. And what I recognized is that Blockchain innovation and the implementation of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how enormous that is! The ramifications of that, of being able to have information that we do not require to have it independently confirmed, it's cryptographically validated. That concept can ripple out throughout the whole higher economy. And when that penny dropped, I knew I needed to dedicate all my professional resources into ending up being an expert in this area.
And do you believe, I suggest you pointed out something there about not needing to get a third-party, or intermediary to validate something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a great deal of folks might not even totally understand recognition process [inaudible 00:04:11].
We were just talking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then suddenly there's other individuals getting informed about it, like the Internal Revenue Service and things like that. Do you believe that the average folks don't perhaps understand about these processes, so they do not perhaps see what you're stating as this development, they don't see it in their daily life? Or what do you think about that? I think that's real.
It's not as simple as shooting up a web browser and going to e-trade. com and pressing a buy button and purchasing it, right? You have actually got to go to an exchange, you have actually got to submit your identity files, then you've got to wait to get confirmed, and after that finally, you can go buy some Bitcoin.
So, a lot of people discover that too troublesome, and that's why individuals that are actually making the most amount of cash right now in cryptocurrencies are the early adopters: people that are ready to put in perhaps the 20 minutes needed to go through a procedure which just takes five minutes if you wish to set up a brokerage account - teeka tiwari glenn beck.
"Oh Teeka, we like your concepts, but gosh, establishing a crypto account is so difficult." 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 entire cryptocurrency market will be 10x larger. So you're actually really making money an enormous amount of money to go through maybe, you understand, 20 minutes of a discomfort in the neck (undefined). teeka tiwari wikipedia.
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. And can you imagine what will take place to this whole marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform - glenn beck teeka tiwari - undefined.
Right now you pointed out the process that individuals go through, and one thing I desire to bring to light too that you didn't discuss, however I understand a great deal of folks who fight with this too, is oh, and by the method, you can just purchase $1,000 a week. Or you can only purchase $500 a week.
As tough 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 purchase $500 a week, Teeka (teeka tiwari). 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 load 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 much like throughout 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 absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a 2nd, because I'm always curious to speak to individuals who are, specifically somebody like yourself, who's devoted the last, you understand, the lion's share of the last few years to truly go both feet in on this - teeka tiwari twitter. How do you explain cryptocurrency to like a typical person? That's an excellent question.
They're 2 absolutely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to cash. So Bitcoin would be a cryptocurrency. And so what provides it worth is that it is, there's just going to be a limited quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, verifying the transactions on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals continuously attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with existing innovation, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over (undefined).
Therefore when people put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet because they're stating, "We do not trust fiat money, you can print an endless amount of it. It's truly not secure, and the federal government can take it far from you." [crosstalk 00:10:15] - Whereas with Bitcoin, best [crosstalk 00:10:16], proceed.
Yeah (teeka tiwari picks). Or people that were 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 driver 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 lot of American or Western financiers have a bumpy ride getting their head around. glenn beck teeka tiwari. They're like, "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. But there are billions of people worldwide that do not have steady currencies.
Yeah. And so 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 - teeka tiwari glenn beck. And utility coins are generally utilized, let's say Ethereum, which a lot of people understand about Ethereum. Ethereum is essentially an international computer that you can write computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we consider something like Ether an energy token, because you're basically purchasing programming power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an energy coin. Okay. teeka tiwari next bitcoin. And there are other ones out there, to provide people an idea, like an extremely easy one that I would picture you 'd called an utility token, resembles FileCoin.
Where the concept is that essentially you're hosting files through a peer-based network, and there's kind of this very same kind of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, since it's on a lot of different areas and. I do not understand the ins and outs of it, however as an example for someone who may just be very standard in their understanding of this, there are numerous various types of energies that are offered.
And you type of discussed having this boots on the ground experience. Now, considering that we're taking a look at the bulk of these are most likely energy based, remedy? Mm-hmm (affirmative). The majority of the coins that I suggest and take a look at are utility-based. We have a couple of cryptocurrencies, however I believe the genuine opportunity lies in the utility coin space.
There's all of these ICOs that were happening, those decreased a little 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 produce utility coins- Correct, yeah. And people require to understand that not all utility coins are created equivalent - teeka tiwari net worth.
So you have the benefit of devoting your occupation to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can check the code, etc. However for a typical person, there's now what, over 1,000 various types of coins offered, practically 1,200 I think. 'Cause typically it'll crash 80% or so. Which's when we really begin looking at the idea 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 needs to be resolved? One of the huge drawbacks with really wise, technical people, is that they like to solve issues that no one cares about fixing. teeka tiwari next bitcoin.
Does the team have experience of performing in an effective manner in another area of their life? And it does not even have to be straight related to cryptocurrency, it doesn't need to be even directly associated to software application, right? So, but I wish to see a performance history of success in something, right? If it's 4 men in a space that are simply out of college, unless they've got some really good consultants behind them, I'm most likely not going to provide any cash - teeka tiwari twitter.
Yeah. I think that in marketing in basic, my world of service, we continuously search for issues and how we can resolve them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain generally? Or would you say it's much better if they're fixing kind 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 essentially trying to find services that, so I'll provide you an example - teeka tiwari. undefined.
And the reason that we bought it is due to the fact that they discovered a way to make documents 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 guy that started it has a performance history of producing computer programs that whole states run their entire operations on, right? So you've got okay, the wise man has constructed huge computer programs, excellent team, solving an enormous problem that is going to cut huge expenses.
I mean, it doesn't get any simpler than that in terms of deciding who to put money behind. And a lot of this is common sense, and a great deal of folks will attempt to make things more complex than it is. And I have an actually basic rule, Ryan. If I do not understand something, I set up my hand, and I say, "I didn't understand what you simply said." Mm-hmm (affirmative).