Everyone has heard of crypto currencies by now. Bitcoin, Ethereum, Ripple; they all have their own functions and place in the world, but nothing else from the fintech industry has burst onto the public consciousness like these virtual currencies. And why? Because nothing else from the fintech industry has given people the ability to make money as directly and simply.
However, there is an obvious downside to this Wild West of investment. There are no protections in place, there are no checks and balances, and there is no safety net. If you bet your house on the latest new altcoin on the market, odds are that you will lose your house. It’s no wonder that governments and markets around the world have been cautious to adopt crypto currencies.
That doesn’t mean that there isn’t a way to make money off them. Mohit Mamoria, the CEO of crypto fund Authorito, is in the studio to explain. The best way to think of this opportunity is not as an amateur investor, but rather as an amateur entrepreneur. All you need is a basic tech background, of which there are more than enough people you can hire in India.
As Mamoria explains, the reason crypto currencies have not exploded into life is because there is almost no infrastructure. Everyone in the industry is obsessed with riding the wave of attention at the moment, and no one is building the back end tech that we need to popularise the usage of virtual currencies.
The best analogy for this explanation comes from another industry going through the same changes. The electric vehicle revolution has been underway for just slightly longer than its blockchain counterpart, and faces similar problems. While people have been focussed on building the batteries and the vehicles, no one has stopped to build the electric vehicle stations – well, apart form Ather Energy as we cover here.
Similarly, the crypto industry needs its electric vehicle stations. It needs someone to build a game changing app that brings the general population on board, it needs someone to build a decentralised wallet that can help secure everyone’s information online, it needs someone to work out the kinks in the system.
You can also listen to this interview as a podcast here.