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This Teacher's Day, let Bollywood Gurus guide your way into world of cryptocurrency

Remember when Munnabhai endearingly tells Circuit about the number of bones the human body has? “206 type ka sirf haddi hai, todne ke time apun log sochte they kya?” There are currently 11,602 cryptocurrencies in circulation! How do you decide which one to invest in?

September 04, 2021 / 10:16 PM IST
Representative image

Representative image


It’s that time of the year again where we remember and reminisce our teachers who unlocked a completely new world for us every time we saw them-the words of Shakespeare, the law of demand and supply, preparing cash flow statements, deriving square, cube roots, or simply, and most importantly, supporting and teaching us how to overcome rejections, failures and uncertainties, learnings that probably stay with us for a lifetime! 

And another great teacher that most of us encountered and lived with as we grew up was perhaps the many gems of the Indian film industry. Bollywood has, over the years, given us many, many iconic stories and teachers who have made us crush hard, cry harder, but most surely, learn and imbibe the hardest. Let's face it, every time we venture into uncharted, unknown waters, or even in the face of extreme adversity, we always wish for someone to guide, counsel, and direct us.

But who do you turn to when it comes to seeking advice about jumping aboard on your journey into something as nascent, evolving, and new as the crypto-verse? There’s so much to detangle, learn and decipher here that a good teacher can certainly come in handy! And what better than to revisit the advice of some of the legendary Bollywood teachers and students to give you the perfect, right push you need? Read on:

Crypto-literacy
Remember when Munnabhai endearingly tells Circuit about the number of bones the human body has? “206 type ka sirf haddi hai, todne ke time apun log sochte they kya?” There are currently 11,602 cryptocurrencies in circulation! How do you decide which one to invest in?

According to Sharan Nair, CBO, Coin Switch Kuber, “The nascent cryptocurrency space is constantly evolving with different, newer coins, concepts and players regularly coming to the fore. The adoption of cryptocurrency in India is on the rise, making literacy about the same crucial since it is a new asset class that has many misconceptions floating around. Thus, in order to get the best returns and investment security, investors should proactively educate themselves on the different types of coins available.”

The answer, therefore, is simple! For a Mazza ni crypto-investing/trading life, research is paramount. The whitepaper of the concerned currency is a good place to start off your research, because it provides a deep dive into its practical use cases, scalability potential, roadmap, community engagement, growth prospects, and underlying applications, among others.

Turns out, when Ram Shankar Nikumbh from Taare Zameen Par said that, Har bachche ki apni khoobi hoti hai, apni kabiliyat hoti hai, apni chahat hoti hai”, he didn't just refer to Ishaan. Every cryptocurrency comes with a different value offering. 

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For instance, Bitcoin is widely considered to be a great store of value and an upcoming inflationary hedge, while Ethereum aims to usher in Web 3.0, while Cardano aims to negate the real-world massive environmental and energy issues that plague crypto-mining. Hence, it is important that you take a closer look into the underlying technology, fundamentals, and future potential of the coin you wish to invest in, along with assessing their vision, purpose, and the management quality backing it. 

Ramalingam Subramanian, the head of  Brand & Communication at CoinDCX, which launched DCX Learn in 2020 and aims to onboard 50 million investors in the times to come, sees huge, untapped potential in the crypto-education market. “We had identified the need to create awareness about cryptocurrency and blockchain among the public. We strongly believe that having a better understanding of crypto can help make informed decisions and also reap the benefits of investing in digital assets. Having this thought process in mind, we developed the platform to guide people through numerous informative digital content such as articles, online courses, interactive lectures, and much more,” he elaborates. 

Finding the right ‘Gunda’ 

We swooned with SRK in Chak De India! as he broodingly, yet clearly announced how “Har team mein bas ek hi gunda ho sakta hai, Aur is team ka gunda mein hun!

Turns out, your cryptocurrency portfolio also needs a few reliable, stable gundas-namely market leaders like Bitcoin and Ethereum, which command over 60 percent of the whole cryptoverse between them.

Sure, exponential yet short-term rises on a 7-day basis in relatively lesser-known currencies like XRP (10 percent), Solana (52 percent), Litecoin (25 percent), and Polkadot (28 percent) can be extremely tempting, but it's also a dangerous move in this highly frenzied, speculative and volatile market. So, make sure you do not risk it all in unregulated, vague currencies the lure of making quick gains. Stick predominantly to the mains and the big-shots!

Prateek Singh, Founder, LearnApp, which recently launched an extensive, comprehensive course for crypto-trading and backtesting strategies for beginners, concurs. “Basically, as a first-time investor, there are only two investments you can make right now, which are Bitcoin and Etherium. Everything else is very difficult for a first-time investor to decide whether the fundamentals are strong or not. While there are many transformative, positive developments in this space as well, understanding them might not be as easy for everyone.  If you are a long-term investor and believe in cryptocurrency as a digital asset, investing in Bitcoin and Ethereum are the simplest ways to start,” he explains.

Expect the unexpected

“9th mein Pokemon, 10th mein PUBG, 11th mein Kota. Kyun? Sharma ji puchenge toh batayenge, Kota mein IIT NEET ki taiyari kar rahe hain. Cool lagta hai, fashion hai! Yeh jo akhbaron mein ishtihaar, hoardings 100% selection guaranteed dekh ke tum chale aate ho na... koi guarantee nahi hai!”

If Jeetu Bhaiya from Kota Factory was your mentor in navigating the world of cryptocurrency, he would say the same thing-the idea of earning 1000 percent profits traps you in, but there’s no guarantee of this, at all. The market is very erratic, uncertain, you can win big one day, or you can lose it all.

As Edul Patel, CEO & Co-founder of Mudrex puts it, “The use cases of blockchain make it a compelling catalyst for the upliftment of mainstream finance. Different estimates suggest that more than 15 million Indians invest in these speculative markets. However, the bulk of these investors have little to no knowledge of the basics of cryptocurrencies and invest simply hoping to multiply returns overnight. This approach is quite short-sighted.”

Crypto markets are not always kind to those looking to make immediate profits. Therefore, invest wisely, and invest only your surplus amount, or the amount you can afford to lose, without significantly denting or eroding your other financial investments.
In conclusion, don't be a crypto-Raju from 3 Idiots, who learned the hard way, or as he puts it, “Dono taange tudawa ke apne pairon pe khada hona seekha hai”. Start your learning journey today with the best of insights, best of advice and the best of returns.
Ira Puranik

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