Sayali Rai and Niyati Thaker of FinCocktail answer the most frequently asked questions about crypto. It's educational and entertaining
Few asset classes and technologies attract inquisitiveness and curiosity like crypto. The only common thread among prospective investors or those who would simply like to learn more about the subject is their diverse demographics: Whether you are a geek or a sceptic of any age and profession, or a person convinced with the technology, or someone who is still on the fence, you will indeed have your set of questions.
Sayali Rai and Niyati Thaker of FinCocktail, in association with CoinDCX, decided to take this subject on with all generations, from Gen X to Gen Z to “Get Clear with Crypto”. What followed was both entertaining and educational.
Start with Reema, a 20-year-old student pursuing a bachelor’s degree in psychology from Kolkata. “Should I be interested in crypto just because everyone’s talking about it?” she asked. That’s a rather basic question illustrating the FOMO or the fear-of-missing-out trend in the industry. Just as folks did not understand the smartphone, which has now become ubiquitous and an integral part of our lives, crypto, too, is similar in that sense, said Niyati. Pointing to the merits of the blockchain, the underlying technology that governs all crypto assets, she urged to look for the future potential and applications.
It all began with Bitcoin, the oldest crypto asset, created by the enigmatic figure of Satoshi Nakamoto. “The idea was to introduce a peer-to-peer electronic system that could run safely without the need for any intermediary.” But for those scratching their heads like Reema, one question still remains: What’s the difference between crypto and blockchain?
Sayali simplifies this. “In college, the canteen bhaiyaa would keep a tab of what we ate. We settled the bill at the end of the month. That record or the khaata is like a blockchain”. However, “With blockchain, the record is not only available with the canteen guy but with everyone in the class”, added Niyati. It’s permanent and cannot be tampered with. [So, on a lighter note, if your friends wolfed down that wada pav and billed it to you, everyone would know it.]
But how much should one buy and is there an age limit, asked Reema. “You can buy as much as you can afford and need to be 18 years of age with a bank account and KYC details,” was the simple answer. Her latest fascination was also with the world of NFTs or Non Fungible Tokens, which has lately taken the world by storm with everyone from rappers to cricketers getting into it. Artists from around the world are listing their creations such as paintings, memes, GIF as NFTs, which are lines of code on the blockchain, that link to the original versions of digital artefacts.