Nischal Shetty, the founder of a cryptocurrency exchange in India, speaks to CNBC about the trends in the market. He noticed a gap in trading in the digital currency after his first week of buying bitcoins. Then, he predicted crypto to be the best business idea.
After one year, he developed WazirX to be a local cryptocurrency method for traders only. The trading platform went viral in India and the whole world. Within a few months, Finance bought it. She was very open and felt it was the right time to sell the site.
Bright minds will always invent or innovate something new. The guy has promised the world to launch another phase of cryptocurrencies. However, he said the crypto industry is still young. Any entrepreneur must take time to do research and get to understand how the market runs.
Blockchain is used in the storage of digital currencies like bitcoin. It’s like a ledger to store recorded transactions. It automatically updates itself while keeping virtual cash. Neshty admits he is yet to decide on when to launch. But the best idea knocks the market at the right time.
Michael has been a software developer for almost ten years. He has an excellent technical team where they share ideas about new technologies. Developers tend to build crypto for consumers. He said there is another gap where consumer products do not access digital currency. His company is ambitious about developing something around that idea.
According to Deutsche Bank statistics, there are almost 50 million users of blockchain wallets. The number keeps rising daily> Experts have predicted the figure to be above 200 million before 2030. It can be achieved because most people prefer digital payment over carrying cash.
Shetty is more passionate about helping the consumer. He wants to solve the long-term challenge of building crypto-products for the final consumers in the market. Crypto is not being employed by consumers right now. As new technology emerges, there will be the need to teach people how to use it. This is another opportunity for professionals in the field. People are always eager to learn anything new in the tech industry.
Challenges in the business
Getting the right time to launch an idea is an enormously ambiguous task. Remember, we have Blockchain and cryptocurrency running simultaneously. Bringing in another technology that uses the two might take time before people realize its importance. Also, there are many evolving innovations around crypto technology. People from the rest of the world are coming up with branches, making the field too competitive. Therefore, you may decide to launch an idea at the wrong time. Such issues always occur when the parent idea kills any minor subcategory that evolved around it. Therefore, you need to have a plan and wait for the parent to seem like dying.
Government authorities from many nations complained about crypto. They say that the users are escaping tax. Also, crypto sites have a lot of criminals that fetch millions of dollars from innocent people.
Despite selling Crypto, Shett remained the CEO of WazirX. Their primary focus is to offer affordable and user-friendly software to finance teams across industries in India. The company has managed to join with financial officials from the government to make the best decisions in the industry.
Technology has made it possible for people to commercialize their ideas. You don’t need approval to market your staff, and the best platform will sell out. However, a founder needs to be very keen to avoid minor mistakes.
The Wazir CEO admits that the journey to launching a great idea is rough. Any mistake at a single point will disrupt the whole process. You have to make sure what you have built doesn’t violate any national law. It was challenging to send an email with poor internet. But the technology field is at its middle stage. Currently, you can send long videos within 30 seconds.
Many organizations are setting in to control how technology works. We have seen Facebook, Google, and Amazon face antitrust issues. That is the fear when it comes to launching an idea—the fear of regulators. However, Blockchain is a free source for software engineers to develop their excellent staff. Entrepreneurs have a chance to invest in it too.