Hello everyone,
Today, I finally got the right person to ask my doubts and questions. I know myself and every investor or person who trades in bitcoin will have similar views when it comes to cryptocurrency. I wanted to know what people usually think when it comes to bitcoin. Here I didn't ask on cryptocurrency because that will be a confusing term for the person who is not aware of all this, so I called it as bitcoin only. The person to whom I was asking all the upcoming questions is one of the finest Chartered Accountant in Mumbai. For the reference, I will be calling "him" as "Anon" here, I just do not want to disturb his privacy. So I asked a couple of straight forward question and I helped him to understand what bitcoin is and how it works.
The final question was whether he is interested in investing in bitcoin..?
Q1. Have you ever heard about bitcoin?
Anon:- Yes, I heard about bitcoin before. It is like an asset having its price and usually, people use it to trade things. (I eagerly asked him the price of bitcoin) I don't know what the price is right now but at a time people were crazy about it.
Q2. Why the Indian Government not on the side of regulating it?
Anon:- The reason is there is no authority control over bitcoin (Here I said that it is not the drawback but the power of cryptos) and there is nothing that can predict bitcoin precisely. It is so volatile that it raises a lot of risks while considering to invest in it. In the end, GOI wants to clarify the security of investee and his/her funds or stake.
Q3. What kind of risk you are talking about?
Anon:- There is no control over how much bitcoins are in regulation if it reduces chain holder might increase the supply and price of our stake will be reducing. (Here I stopped him and clarified on this by mentioning that bitcoin is produced by a process called mining and there are a limited number of coins that can be mined). This is pretty complex to understand, I still doubt that no one is controlling this chain.
Q4. Anyone in your circle, investing in crypto stuff or any talks over it?
Anon:- Cryptos are not legal tender in India and investing in it will be counted as against the law. No one is in cryptos and there is no talk at all.
Q5. Nothing is permanent and every system has drawbacks but we adapt as things get clear, what do you think on this?
Anon:- Everything in this world is similar to gambling having its risks and we human tend to be risk-free as possible. Even official and legal tender things are not risk-free but what we try is to neutralize the negative returns and play safe -fair as we can.
Q6. At this moment will you be considering in investing in cryptos and why?
Anon:- At this moment, No. (Here I asked him why? Is it because of the not legal tender bar that GOI keeps on cryptos). No, things are replaceable and not permanent. And why I am not considering to invest in bitcoin at this moment, certainly does not have the "Not Legal Tender" reason behind it.
Q7. What do you think, what improvements can be done to catch more eyes?
Anon:- It still a complex thing and very few people try to understand such things. Most people like to have simpler things and bitcoin is not a simple thing, this is something far off from the traditional system. Bitcoin must get things simpler so more people can understand this. Certain things need to be precise like ROI because that's what the first thing that an Investor considers. And the system is solid but not simple to understand it.
There are still a lot of questions that I not covered in this post but what I expect is the change in thoughts after understanding what cryptos are and how it can be used. I will be covering more things like this in the near future and this is not only helping me to understand what things they are expecting but It will also give me a chance to present a little glimpse of the crypto world to them.