Home Technology Block-the-Talk; bitsCrunch’s Vijay Pravin Maharanjan on the importance of non-custodial wallets in blockchain security

Block-the-Talk; bitsCrunch’s Vijay Pravin Maharanjan on the importance of non-custodial wallets in blockchain security

Block-the-Talk;  bitsCrunch’s Vijay Pravin Maharanjan on the importance of non-custodial wallets in blockchain security

Vijay Pravin Maharanjan, Founder and CEO of bitsCrunch, a cryptocurrency and non-fungible token (NFT) platform, shares his views on how blockchain can protect digital information from malware with FE Digital Currency.

What are the three best practices young people today should follow when it comes to digital assets?

1. Do your research: Make sure any assets you invest in, whether NFT or crypto, are performing well! Do your homework before backing up a digital asset with your hard-earned cash.

2. Follow the industry: The crypto space is constantly changing and evolving as new blockchain use cases emerge. This makes it full of opportunities as well as risks. Know what the community is saying and stay up to date with industry news.

3. Engage with the community: The best advantage of decentralized assets and online spaces is that there is a whole community around them. Investors, creators, buyers and sellers make up a formidable, dynamic yet engaging marketplace. Don’t be afraid to ask questions and stay open to new concepts and ideas!

How can blockchain be used to ensure the security of digital assets? What apps can consumers use?

The best way to protect digital assets and blockchain accounts is to stay vigilant about passcodes and private information. Choosing non-custodial wallets is a great way to ensure blockchain security. For custodial wallets, choose services and companies that have a proven track record of keeping you safe. Additionally, apps that can provide you with succinct and detailed information about an asset’s history can help you make informed decisions about your digital information. They also protect you against fraud, wash trading, counterfeiting and other such misappropriations! bitsCrunch has a few apps that are intended precisely for this purpose.

What three tips would you like to give to people getting into crypto trading?

1. Never put all your eggs in one basket! Diversify your portfolio with different assets and only add a new asset after doing a lot of research.

2. Invest time in growing your portfolio. The dynamic ebbs and flows of the blockchain industry require you to stay on top of your assets and ensure they are performing according to your expectations. Keep an open mind when a certain asset doesn’t work.

3. Stay vigilant about the security of your assets! Hacking and malfeasance are a constant threat to digital assets and an unfortunate presence in the digital world. Be sure to take all possible measures to protect your wallets and important access information for your accounts!

What do you think is the leading country in the field and the Indian start-up ecosystem can capture the best use cases?

A recent study showed high levels of engagement around the world for blockchain technology. Singapore, Iceland, Canada, Hong Kong and the United States were the most promising regions. However, this is not a performance indicator, as different unique use cases have also gained traction in various parts of the world based on region-specific factors. For India, improving regulations and compliance standards can help start-ups engage in blockchain technology and also integrate it into their products, services and internal processes! This is an opportunity that has a lot of potential, and that can really put us at the forefront of a very promising technological branch! There are many notable start-ups that are tirelessly working as torchbearers in the areas of blockchain, like DeFi platforms, exchanges, smart contracts, and layer 2 solutions. For example, CoinDcx, Polygon, InstaDapp, and KrypC are making their mark in distributed ledgers. Every problem that needs to be solved in this industry is a better use case, and all of these startups make room for more enthusiasts to believe in technology and take that leap of faith.

What are the disadvantages of blockchain?

The main drawback at the moment is that of commitment. Blockchain only works with a community of active and engaged users who fully support unique concepts and are willing to spend time and money on them. The Metaverse, NFTs, and Web3 all rely on satisfying (and even fascinating) their end users with new use cases for blockchain technology. As the community grows, developers and creators are encouraged to generate more work and ideas. However, low commitment can lead to projects being abandoned before they even reach their potential. It is a challenge that all creators must seek to overcome as soon as possible. However, with social media and the internet, they have all the tools they need to generate engagement and excitement for their projects. It’s a delicate balance that can be quite a challenge for both new and existing projects!

Read also : How important is KYC in cryptocurrency user information security

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