However scams and small frauds. And there's one thing that a fraud always does: it always goes to zero - glenn beck teeka tiwari. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The massive hack. Which woke something up for me.
Therefore I can't neglect that. I have actually got to go dig deeper. teeka tiwari wikipedia." Therefore I started taking a trip all around the world. I began going to Bitcoin occasions; I started to speaking to people that were smarter than me in this space. And what I recognized is that Blockchain innovation and the execution of Blockchain technology by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how massive that is! The ramifications of that, of being able to have data that we do not require to have it separately validated, it's cryptographically confirmed. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I understood I had to dedicate all my professional resources into becoming an expert in this area.
And do you think, I imply you mentioned something there about not needing to get a third-party, or intermediary to verify 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 might not even completely understand recognition process [inaudible 00:04:11].
We were simply discussing how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of an unexpected there's other people getting alerted about it, like the IRS and things like that. Do you think that the average folks don't perhaps understand about these procedures, so they don't possibly see what you're stating as this breakthrough, they do not see it in their everyday life? Or what do you think of that? I believe 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 buying it, right? You have actually got to go to an exchange, you have actually got to publish your identity files, then you have actually got to wait to get validated, and then finally, you can go buy some Bitcoin.
So, a great deal of individuals discover that too troublesome, which's why the people that are literally making the most amount of money right now in cryptocurrencies are the early adopters: people that are willing to put in possibly the 20 minutes required to go through a process which just takes five minutes if you wish to set up a brokerage account - teeka tiwari palm beach.
"Oh Teeka, we love your concepts, but gosh, setting up a crypto account is so challenging." What I inform them is I state, "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 bigger. So you're actually truly getting paid a huge quantity of money to go through possibly, you understand, 20 minutes of a headache (undefined). teeka tiwari twitter.
So you can't buy Bitcoin yet through their trading platform, but it is simply a question of time, Ryan, prior to you'll be able to buy cryptocurrencies directly through your trading software application. And can you picture what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as firing up your e-trade, or fidelity tradings platform - teeka tiwari twitter - undefined.
Right now you mentioned the process that people go through, and one thing I wish to expose too that you didn't mention, but I understand a great deal of folks who have problem with this too, is oh, and by the way, you can only purchase $1,000 a week. Or you can just purchase $500 a week.
As difficult as possible, best, like Coinbase. It 'd take me forever before I might start purchasing in size on Coinbase. They're like, well, we'll let you purchase $500 a week, Teeka (glenn beck teeka tiwari). I imply, it's if you remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I suggest 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 suggest, we're in the early days of that technology, however similar to 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 a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, due to the fact that I'm always curious to speak with individuals who are, particularly somebody like yourself, who's committed the last, you know, the better part of the last few years to actually go both feet in on this - teeka tiwari. How do you explain cryptocurrency to like an average person? That's an excellent concern.
They're 2 completely different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. Therefore what gives it worth is that it is, there's just going to be a restricted quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, verifying 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 actually, with current technology, the Bitcoin network is so huge 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 because they're saying, "We do not trust paper money, you can print an unlimited quantity of it. It's truly not protect, 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 reviews). Or individuals that remained in Cypress, or just people who have actually suffered through either run-away inflation, or there's a high demand 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, since they currently don't believe in their own currency? Yeah, and I think we've already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a hard time getting their head around. teeka tiwari wikipedia. They're like, "Well I don't require Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't require Bitcoin. However there are billions of individuals worldwide that do not have stable currencies.
Yeah. Therefore there's this entire blossoming global need for cryptocurrencies. So anyhow, that's one coin, cryptocurrencies, and there's an entire 'nother coin called utility coins - teeka tiwari glenn beck. And energy coins are basically utilized, let's state Ethereum, which a lot of individuals understand about Ethereum. Ethereum is essentially a worldwide computer system that you can compose computer system programs for and run computer programs on an internationally decentralized computer program.
So we consider something like Ether an energy token, because you're basically buying programming power. So I would not really think about Ether a cryptocurrency, I would call them an utility coin. Okay. teeka tiwari. And there are other ones out there, to provide people a concept, like a very basic one that I would envision you 'd called an utility token, is like FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's kind of this very same type of network result that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on so many different areas and. I don't understand the ins and outs of it, however as an example for someone who may just be really fundamental in their understanding of this, there are so numerous different types of utilities that are offered.
And you sort of mentioned 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, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a couple of cryptocurrencies, however I think the real opportunity depends on the utility coin space.
There's all of these ICOs that were happening, those decreased 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 develop energy coins- Correct, yeah. And people require to comprehend that not all energy coins are created equal - glenn beck teeka tiwari.
So you have the advantage of devoting your occupation to this, so you can head out there and do the recon, you can satisfy the founders, you can check the code, and so on. However for a typical person, there's now what, over 1,000 different kinds of coins offered, almost 1,200 I believe. 'Cause generally it'll crash 80% approximately. And that's when we actually start taking a look at the idea in more information. So here are some fast and unclean things that you should look at, right? So, one is, are they solving a problem that requires to be resolved? One of the big downsides with very clever, technical people, is that they like to solve problems that no one cares about resolving. glenn beck teeka tiwari.
Does the group have experience of executing in an effective manner in another location of their life? And it does not even need to be straight associated to cryptocurrency, it does not have to be even directly related to software application, right? So, however I wish to see a track record of success in something, right? If it's 4 people in a room that are simply out of college, unless they've got some really great consultants behind them, I'm probably not going to provide any money - teeka tiwari wikipedia.
Yeah. I believe that in marketing in basic, my world of business, we constantly look for problems and how we can fix them. Now, are the problems things that individuals are attempting to fix a part of the Blockchain typically? 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 picks. undefined.
And the factor that we purchased it is due to the fact that they found a method 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 guy that began it has a track record of producing computer system programs that whole states run their entire operations on, right? So you've got fine, the wise man has built big computer programs, terrific team, solving a huge issue that is going to cut substantial expenses.
I suggest, it doesn't get any easier than that in terms of choosing who to put cash behind. And a great deal of this prevails sense, and a lot of folks will attempt to make things more complex than it is. And I have a truly simple rule, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't comprehend what you simply said." Mm-hmm (affirmative).