By Shrikant Bhalerao
What are the three best practices that today’s youth should follow when it comes to digital assets?
- Do your own research.
2. Beware of the permanence of the internet. Be mindful of what and how much you share.
3. Consider a hardware wallet to store your cryptos.
How can blockchain be used to keep digital assets safe? Which are the apps consumers can use?
Choose a reliable and reputable blockchain platform and keep your private keys safe. Holders should also consider backing up their digital assets in case of loss. Blockchain technology is designed to be immutable, but it is still possible for data to be lost or corrupted. A backup can help ensure that assets are not lost forever if something goes wrong.
What three tips would you like to give to people who dabble in crypto trading?
1. Do your own research: Crypto is sadly perceived as a get-rich-quick scheme, and investors with insufficient understanding of tech often fall for the false hypes. Take your time and research where you investing.
2. Avoid impulsive decisions: Detach your emotions while trading. Let your rationale decide when to hold and when to sell.
3. Be patient: Cryptocurrencies can be volatile, so patience is important. Invest in what you believe in and obverse more-act less.
Which, according to you, is the country leading in the space, and the Indian start-up an ecosystem can pick up the best use cases?
I would say that the US is currently leading the way in terms of overall innovation and development in the tech space, with China also making significant strides in recent years. India is also home to a number of world-class tech companies and start-ups, and I believe as the blockchain space matures, the Indian start-up ecosystem has immense potential to grow and become a major player in the blockchain space.
What are the disadvantages of blockchain?
Blockchain technology is fairly new and has gaps to fill. One of them is the understanding and familiarity with blockchain technology. Understanding the technology better can eliminate security risks. Additionally, blockchain requires significant resources to maintain and operate.
This acts as a massive deterrent to the adoption of the technology by small businesses and startups.
The author is the co-founder of Seracle