Vivaan Kapoor and Rahul Kapoor, co-founders of CryptoRunners, an NFT-based platform, share their views on how you should be educated before trading and leveraging your digital assets with FE Digital Currency.
What are the three best practices today’s young people 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 best practices:
a) Young people should invest sensibly and should control the project, the team behind it and what it represents.
b) One should educate themselves on how to trade and leverage their digital assets in order to get the most out of trading as trading is a great boon for investors in this space.
c) The security of their digital assets is also a very important point. They should be aware of the ways they can protect their assets and be cautious and safe from phishing attacks.
How can blockchain be used to protect digital assets? What are the apps that consumers can use?
Blockchain technology is very safe for storing digital assets for a variety of reasons. The first is that it is a decentralized platform, which means that it is a systematic digital network. It can be tracked whenever it is traded and cannot be manipulated. Another reason is the creation of Smart Contracts with 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 the three tips you would like to give to people who dabble in cryptocurrency trading?
The top three tips we would give to people who dabble in cryptocurrency trading:
a) Find out about this space before investing. Realize that it does not follow conventional investments 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 means of diversifying your portfolio and increasing your net worth.
c) Find out the security measures that can be taken even if it is a fairly secure platform. Check out projects before investing.
Which in your opinion is the leading country in space and the Indian start-up ecosystem can collect the best use cases?
The leading country in this space is definitely the United States. Singapore is another country. Big brands like Nike, Adidas, etc are entering this space by collaborating with artists and others to create projects that are very successful, due to this awareness even young artists are inventing their own projects. There are billions of dollars generated through this space and the awareness is much more there than here in India. The Indian startup ecosystem should see all of these spots where big brands are entering and collaborating with artists to realize NFT and realize their potential. Startups should take advantage of this new platform and come out with their own projects which may also have real-world use cases.
What are the disadvantages of the blockchain?
While there are multiple advantages of blockchain, it has some drawbacks, one we would like to highlight is that it can be a high dependence on energy, the difficult integration process, and a high cost of implementation.
Also Read: How Web3.0 is the Next Generation of the Internet and Will Exist on Blockchain
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