But frauds and little frauds. And there's something that a scams always does: it always goes to no - teeka tiwari palm beach. 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. Which woke something up for me.
Therefore I can't neglect that. I've got to go dig deeper. teeka tiwari palm beach." Therefore I began traveling all around the world. I started going to Bitcoin events; I started to talking to people that were smarter than me in this area. And what I recognized is that Blockchain technology and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overemphasize how enormous that is! The ramifications of that, of being able to have information that we do not require to have it independently verified, it's cryptographically validated. That idea can ripple out throughout the whole greater economy. And when that penny dropped, I knew I needed to devote all my expert resources into ending up being a specialist in this space.
And do you think, I mean you pointed out something there about not having 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 lot of folks may not even totally comprehend recognition process [inaudible 00:04:11].
We were simply discussing how I'm leaving to go to China, to China. And heaven forbid it's over $10,000, and then all of an abrupt there's other individuals getting alerted about it, like the Internal Revenue Service and things like that. Do you believe that the typical folks do not perhaps understand about these procedures, so they do not maybe see what you're stating as this advancement, they don't see it in their daily life? Or what do you think of that? I believe that holds true.
It's not as simple as shooting up a web internet browser and going to e-trade. com and pushing a buy button and purchasing 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 verified, and after that finally, you can go purchase some Bitcoin.
So, a lot of individuals discover that too troublesome, and that's why individuals that are actually making the most amount of money today in cryptocurrencies are the early adopters: individuals that are prepared to put in perhaps the 20 minutes needed to go through a process 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 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 really making money a massive amount of money to go through perhaps, you know, 20 minutes of a nuisance (undefined). teeka tiwari glenn beck.
So you can't buy Bitcoin yet through their trading platform, however it is simply a concern of time, Ryan, prior to you'll be able to purchase cryptocurrencies directly through your trading software. And can you imagine what will occur to this entire marketplace when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform - teeka tiwari wikipedia - undefined.
Right now you pointed out the process that individuals go through, and something I want to expose too that you didn't point out, but I know a lot of folks who have problem with this too, is oh, and by the method, you can just buy $1,000 a week. Or you can just buy $500 a week.
As hard as possible, best, like Coinbase. It 'd take me permanently before I could 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 remember the early days of the Web, when we were getting on the Internet, we were doing it with 56k modems, right? I imply 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 indicate, we're in the early days of that innovation, however just like during that duration of time, for the folks that had the vision to see where the future was going, and after that purchased in on some of these young companies, they made an outright fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, because I'm constantly curious to speak to people who are, especially somebody like yourself, who's dedicated the last, you understand, the bulk of the last couple of years to truly go both feet in on this - teeka tiwari. How do you explain cryptocurrency to like an average individual? That's a terrific concern.
They're two totally different things, but they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an option to cash. So Bitcoin would be a cryptocurrency. And so what provides it worth is that it is, there's only going to be a minimal quantity. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly attempt to hack it. But since of the nature of the network, today it's been unhackable. And actually, with present technology, 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 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 saying, "We do not trust fiat money, you can print an unrestricted quantity of it. It's actually not protect, and the federal government can take it far from you." [crosstalk 00:10:15] - Whereas with Bitcoin, right [crosstalk 00:10:16], go ahead.
Yeah (teeka tiwari wikipedia). Or people that remained in Cypress, or just individuals who have actually suffered through either hyperinflation, or there's a high demand for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could possibly be a driver for more adoption, due to the fact that they already don't believe in their own currency? Yeah, and I think we've currently seen that.
So yes, and this is a thing that a great deal of American or Western financiers have a bumpy ride getting their head around. glenn beck teeka tiwari. They resemble, "Well I do not need Bitcoin, I have cash." Well yeah, you're right, you've got a stable currency, right? You don't need Bitcoin. However there are billions of individuals in the world that don't have stable currencies.
Yeah. Therefore there's this whole growing international demand for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's a whole 'nother coin called utility coins - teeka tiwari glenn beck. And energy coins are essentially utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is basically a global computer system that you can write computer programs for and run computer system programs on an internationally decentralized computer program.
So we consider something like Ether an utility token, since you're essentially buying programming power. So I wouldn't really consider Ether a cryptocurrency, I would call them an energy coin. Okay. teeka tiwari net worth. And there are other ones out there, to give individuals a concept, like a very basic one that I would picture 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 type of this very same type of network effect that you have with Bitcoin, where it's like unstoppable example, due to the fact that it's on so many various locations and. I do not know the ins and outs of it, however as an example for someone who might just be really standard in their understanding of this, there are many various types of energies that are available.
And you kind of mentioned having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably energy based, remedy? Mm-hmm (affirmative). Many of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, however I believe the genuine opportunity lies in the energy coin area.
There's all of these ICOs that were occurring, those decreased a little bit with some modifications to a few 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 require to comprehend that not all utility coins are produced equal - teeka tiwari reviews.
So you have the advantage of dedicating your profession to this, so you can head out there and do the reconnaissance, you can fulfill the founders, you can examine the code, and so on. However for a typical person, there's now what, over 1,000 various types of coins readily available, practically 1,200 I think. 'Cause usually it'll crash 80% approximately. Which's when we actually begin taking a look at the idea in more information. So here are some fast and dirty things that you should look at, right? So, one is, are they resolving an issue that requires to be solved? Among the big downsides with very clever, technical individuals, is that they like to resolve issues that nobody appreciates fixing. glenn beck teeka tiwari.
Does the team have experience of executing in an effective way in another location of their life? And it doesn't even need to be straight related to cryptocurrency, it does not have to be even straight associated to software application, right? So, but I want to see a track record of success in something, right? If it's four people in a space that are just out of college, unless they have actually got some really great advisors behind them, I'm most likely not going to provide any money - glenn beck teeka tiwari.
Yeah. I think that in marketing in general, my world of company, we continuously look for problems and how we can fix them. Now, are the issues things that individuals are attempting to resolve a part of the Blockchain normally? Or would you state 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 trying to find solutions that, so I'll offer you an example - teeka tiwari next bitcoin. undefined.
And the reason that we bought it is due to the fact that they found a way to make files tamper-proof, and it's 99% cheaper than existing technology, 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 creating computer programs that entire states run their whole operations on, right? So you have actually got all right, the wise person has developed substantial computer programs, fantastic team, fixing a massive issue that is going to cut substantial expenses.
I indicate, it does not get any easier than that in terms of choosing who to put cash behind. And a great deal of this is common sense, and a great deal of folks will attempt to make things more complicated than it is. And I have an actually easy rule, Ryan. If I don't understand something, I put up my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).