Vivaan Kapoor and Rahul Kapoor, co-founders, CryptoRunners, a NFT-based platform, share their views on how one should be educated before trading and leveraging their digital assets with FE Digital Currency.
What are the three best practices that today’s youth should follow when it comes to digital assets?
While there are various practices that today’s youth should follow when it comes to digital assets below are the top 3 that we believe are the best practices –
a) The youth should invest sensibly & should vet the project, the team behind it, and what it represents.
b) One should educate themselves on how to trade and leverage their digital assets so that one makes maximum profits trading as trading is a big advantage for investors in this space.
c) Security of their digital assets is also a very important point. They should be aware of the ways they can keep their assets secure and be cautious and safe from phishing attacks.
How can blockchain be used to keep digital assets safe? Which are the apps consumers can use?
Blockchain technology is very safe for storing digital assets for a number of reasons. The first is that it’s a decentralized platform which means it is a systematic digital network. It can be tracked every time it is traded and cannot be meddled with. Another reason is the creation of Smart Contracts by which the digital assets of a user are automatically managed which adds to the security. The apps that consumers can use are Binance, Coinbase, and Wazir x which are centralized, and apps like Metamask which are Decentralized.
What are three tips you would like to give to people who dabble in crypto trading?
The top three tips that we would give to people who dabble in crypto trading –
a) Educate yourself about this space before investing. Realize it does not follow conventional investing and is not subject to its shortcomings. There are many benefits and freedoms to be gained and many opportunities to make profits.
b) Invest sensibly, it is a medium to diversify your portfolio and add to your net worth.
c) Learn about the security measures that can be taken even though it is a pretty safe platform. Vet the projects before investing.
Which according to you is the country leading in the space and the Indian start-up ecosystem can pick up the best use cases?
The country leading in this space is most definitely The USA. Singapore is another country. Major brands like Nike, Adidas, etc are entering this space collaborating with artists and others to create projects which are very successful, because of this awareness young artists are coming up with their own projects as well. There are billions of dollars being generated through this space and awareness is a lot more there than it is here in India. The Indian startup ecosystem should see all these points where major brands are entering and collaborating with artists to make NFTs and realize their potential. The startups should take advantage of this new platform and come out with their own projects which can have real-world use cases as well.
What are the disadvantages of blockchain?
While there are multiple advantages of blockchain it has some disadvantages, one that we would like to highlight is that it can be high energy dependence, the difficult process of integration, and implementation high cost.