But frauds and little scams. And there's one thing that a scams always does: it constantly goes to absolutely no - teeka tiwari. 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 enormous hack. And that woke something up for me.
Therefore I can't overlook that. I have actually got to go dig deeper. teeka tiwari wikipedia." Therefore I began traveling all around the world. I began going to Bitcoin events; I began to speaking with individuals that were smarter than me in this area. And what I understood is that Blockchain technology and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The ramifications of that, of having the ability to have data that we do not need to have it separately confirmed, it's cryptographically confirmed. That principle can ripple out throughout the whole greater economy. And when that penny dropped, I knew I had to commit all my expert resources into ending up being a professional in this space.
And do you think, I mean you discussed 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 fully understand recognition procedure [inaudible 00:04:11].
We were simply speaking about how I'm delegating go to China, to China. And paradise prohibited it's over $10,000, and then all of a sudden there's other people getting notified about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't possibly understand about these processes, so they don't possibly see what you're saying as this development, they don't see it in their daily life? Or what do you believe about that? I believe that holds true.
It's not as simple as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You've got to go to an exchange, you have actually got to submit your identity documents, then you've got to wait to get verified, and then lastly, you can go buy some Bitcoin.
So, a lot of individuals find that too troublesome, which's why individuals that are literally making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a procedure which just takes five minutes if you want to set up a brokerage account - teeka tiwari twitter.
"Oh Teeka, we enjoy your concepts, however gosh, setting up a crypto account is so tough." 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 entire cryptocurrency market will be 10x bigger. So you're actually really making money a huge amount of cash to go through perhaps, you know, 20 minutes of a pain in the neck (undefined). teeka tiwari net worth.
So you can't purchase Bitcoin yet through their trading platform, however it is just 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 take place to this entire market when buying Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform - teeka tiwari glenn beck - undefined.
Right now you discussed the process that individuals go through, and one thing I wish to bring to light too that you didn't point out, however I know a great deal of folks who fight with this too, is oh, and by the method, you can only buy $1,000 a week. Or you can just buy $500 a week.
As difficult as possible, ideal, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka (teeka tiwari picks). I mean, it's if you keep in mind the early days of the Internet, 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 imply, we remain in the early days of that technology, but simply like during that period of time, for the folks that had the vision to see where the future was going, and after that bought in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm always curious to speak to individuals who are, particularly somebody like yourself, who's devoted the last, you know, the much better part of the last couple of years to truly go both feet in on this - teeka tiwari palm beach. How do you explain cryptocurrency to like an average person? That's a terrific question.
They're two absolutely various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to money. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's just going to be a limited amount. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, validating the deals on the Bitcoin network. And so if you look at that Bitcoin network, individuals constantly attempt to hack it. But due to the fact that of the nature of the network, today it's been unhackable. And truly, with present technology, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over (undefined).
Therefore when individuals put, you have actually got people 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 cash, you can print an unrestricted quantity 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 5 coins). Or individuals that remained in Cypress, or just people who have suffered through either devaluation, 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 potentially be a catalyst for more adoption, due to the fact that they already do not think in their own currency? Yeah, and I think we have actually currently 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. teeka tiwari 5 coins. They're like, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a steady currency, right? You don't need Bitcoin. However there are billions of individuals in the world that do not have steady currencies.
Yeah. And so there's this whole growing global demand for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins - teeka tiwari twitter. And energy coins are essentially utilized, let's state Ethereum, which a great deal of people learn about Ethereum. Ethereum is basically a worldwide computer that you can write computer programs for and run computer system programs on a globally decentralized computer program.
So we consider something like Ether an utility token, due to the fact that you're basically purchasing programs power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. teeka tiwari net worth. And there are other ones out there, to give individuals an idea, like an extremely simple one that I would imagine you 'd called an utility token, is like FileCoin.
Where the idea is that generally you're hosting files through a peer-based network, and there's kind of this exact same kind of network impact that you have with Bitcoin, where it's like unstoppable example, since it's on a lot of different areas and. I do not 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 many different types of energies that are readily available.
And you kind of discussed 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). Many of the coins that I suggest and take a look at are utility-based. We have a few cryptocurrencies, but I think the real opportunity depends on the utility coin space.
There's all of these ICOs that were taking place, those slowed down a bit with some modifications to a few things that was going on, however individuals are going to come out of the woodwork and begin to produce utility coins- Correct, yeah. And people need to comprehend that not all energy coins are produced equal - teeka tiwari glenn beck.
So you have the advantage of dedicating your profession to this, so you can go out there and do the recon, you can fulfill the creators, you can inspect the code, and so on. However for an average person, there's now what, over 1,000 different kinds of coins offered, practically 1,200 I believe. 'Cause generally it'll crash 80% or so. Which's when we truly start 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 a problem that needs to be solved? One of the big drawbacks with really smart, technical individuals, is that they like to fix issues that no one cares about resolving. teeka tiwari twitter.
Does the group have experience of carrying out in an effective way in another area of their life? And it doesn't even need to be straight related to cryptocurrency, it doesn't have to be even directly associated to software, right? So, but I want 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've got some really good advisors behind them, I'm most likely not going to provide any money - teeka tiwari.
Yeah. I believe that in marketing in basic, my world of company, we constantly try to find issues and how we can fix them. Now, are the problems things that people are trying to fix a part of the Blockchain typically? Or would you state it's better if they're resolving sort 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 services that, so I'll offer you an example - teeka tiwari wikipedia. undefined.
And the factor that we bought it is since they discovered a method to make files 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 began it has a track record of creating computer programs that entire states run their entire operations on, right? So you have actually got fine, the clever guy has constructed big computer programs, terrific group, solving a massive problem that is going to cut big costs.
I suggest, it does not get any simpler than that in terms of deciding who to put cash behind. And a lot of this is typical sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually simple rule, Ryan. If I do not comprehend something, I set up my hand, and I state, "I didn't comprehend what you just stated." Mm-hmm (affirmative).