What did you have in your mind when you first heard that you can now pay a shopkeeper with your phone? Were you skeptic? Your account could get hacked right? When GooglePay first came to India, people who used it first earned a lot in rewards. You now hardly get any rewards. The early adopters very rewarded. Same goes for PayTm. One thing which you will agree with me is that people thought these ideas won’t fly. If you have heard of Boston Dynamics, Tesla, SpaceX, you know what I mean. People who bought shares in Tesla and SpaceX have now tripled their investment.
Which currency will we use in Mars? I am sure it won’t be Rupee. It could be Dollar. But what I am sure of is that it would be a digital currency. It could be cryptocurrency. In November 2020, HSBC Bangladesh paid Singapore’s United Mymensingh Power Ltd. in Bitcoin for its purchase of 20,000 tonnes of fuel oil. This was HSBC Bangladesh’s first cross-border blockchain trade finance transaction. It reduced the processing time from average of 5 – 10 days to 24 hours. Like it or not, this is the future.
Apple also added Bitcoin to its portfolio. Bitcoin wallet BitPay’s Prepaid Mastercard users in the US can now add their card to Apple Wallet and Apple Pay will now allow Bitcoin to be spent online, in stores and in apps.
Why Governments don’t like Cryptocurrencies? The answer is simple. They cannot track who paid who. You can buy guns, drugs or any bad idea that you might now have in your mind. Another reason is, people are investing more in Bitcoins and Ethereum leading to less investments in government bonds. Governments need you to invest in their schemes. Elon Musk supports Cryptocurrencies. Tesla invested $1.5 Billion on Bitcoins. You don’t wanna be late in the game. People should be given the chance to invest. Just like you can sell your crops anywhere, remember? By the time, India bans cryptos and then again re-opens it, the prices will be go very high. One more thing you should know is that RBI is planning to launch its own cryptocurrency. Its like that kid on the cricket ground, who takes his bat and walks home when he doesn’t get what he wants. If its your money, you should be given the option to invest it anywhere. The whole world is moving towards cryptocurrencies, why not India.
When car was invented, people were like, who would buy this expensive machine? I have my horse. It’s cheaper and reliable. Look what happened. Everyone wants to have a car now. In another 100 years, everyone will have crypto. Why not Indians? This is the second time, crypto is going to get banned in India and in the process, government has only hurt the public.
Even though its very easy to buy and sell cryptocurrencies, there are many aspects that needs to be taken care of. Its takes time to understand a new business. Let’s not get delayed in the game where we are already late.