Vijay Pravin Maharanjan, founder and CEO, bitsCrunch, a cryptocurrency and non-fungible token (NFT) platform, shares his views on how blockchain can protect digital information from malwares with FE Digital Currency.
What are the three best practices today’s youth should follow when it comes to digital assets?
1. Do your research: Make sure any assets you invest in, be it NFTs or crypto, are performing well! Do your homework before paying back a digital asset with your hard earned money.
2. Keep up with the industry: The crypto space is constantly changing and evolving as new use cases for blockchain emerge. This makes it full of opportunities as well as risks. Know what the community is saying and stay up to date with current events in the industry.
3. Engage with the community: The best advantage of decentralized assets and online spaces is that there is a whole community around it. Investors, creators, buyers and sellers are a wonderful marketplace that is dynamic yet engaging. Don’t be afraid to ask questions and stay open to new concepts and ideas!
How can blockchain be used to keep digital assets safe? What applications can consumers use?
The best way to protect digital assets and blockchain accounts is to remain vigilant about access codes and private information. Choosing non-custodial wallets is a good way to go for blockchain security. For custodial wallets, choose services and companies that have a well-established track record of ensuring your security. Furthermore, apps that can give you concise, detailed information about an asset’s history can help you make informed decisions about your digital information. They also protect you against fraud, money laundering, forgery and other such malpractices! bitsCrunch has a few apps that are exactly for this purpose.
What are three tips you would like to give to people who are into crypto trading?
1. Never put all your eggs in one basket! Diversify your portfolio with different assets and only add a new asset after doing a lot of research.
2. Invest time to grow your portfolio. The dynamic ebb and flow of the blockchain industry requires you to stay on top of your assets and ensure they perform to your expectations. Keep an open mind when a certain asset doesn’t work.
3. Stay vigilant about asset security! Hacking and malpractice are a constant threat to digital assets and an unfortunate presence in the digital world. Make sure you take all possible measures to protect your wallets and important access information for your accounts!
Which country do you think is leading in the space and the Indian startup ecosystem can pick up the best use cases?
A recent study showed high levels of engagement around the world for blockchain technology. Singapore, Iceland, Canada, Hong Kong and the United States were the most promising regions. However, this is no indication of performance, as different unique use cases have also gained traction in various parts of the world based on region-specific factors. For India, improving regulations and compliance standards can help startups engage with blockchain technology and integrate it into their products, services and internal processes as well! This is an opportunity that has a lot of potential, and could really put us at the forefront of a very promising branch of technology! There are quite a few notable startups working relentlessly as torchbearers across the blockchain domains, such as DeFi platforms, exchanges, smart contracts and layer 2 solutions. For example, CoinDcx, Polygon, InstaDapp and KrypC are making their mark in the distributed ledgers. Every problem that needs to be solved in this industry is a best use case, and all these startups are making room for more enthusiasts to believe in the technology and take that leap of faith.
What are the disadvantages of blockchain?
The biggest drawback at the moment is that of involvement. Blockchain only works with an active, engaged community of users who are fully behind unique concepts and willing to spend time and money on them. The Metaverse, NFTs and Web3 all rely on their end users’ satisfaction (and even fascination) with new use cases of blockchain technology. As the community grows, developers and creators are encouraged to generate more work and ideas. However, low engagement can lead to projects being scrapped even before they reach their potential. This is a challenge that all creators should try to overcome at the earliest. However, with social media and the Internet, they have all the tools they need to generate engagement and enthusiasm for their projects. It’s a fine balance that can be quite a challenge for new and existing projects!
Also Read: What is the importance of KYC in cryptocurrency user information security
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