Mohammed Roshan, co-founder and CEO, GoSats, a Bitcoin-based company, shares his views on why hardware wallets are better for cryptocurrency storage with FE Blockchain.
1. What are the three best practices that today’s youth should follow when it comes to digital assets?
Never invest more than you can afford to lose, Stick to Bitcoin trading, Don’t store crypto in exchanges.
2. How can blockchain be used to keep digital assets safe? Which are the apps consumers can use?
Blockchains don’t keep digital assets safe. It is the consensus mechanism of miners and validators that keeps the tokens safe on the chain. Consumers shouldn’t use exchanges to store crypto. It’s best for them to buy a hardware wallet and store their crypto.
3. What are three tips you would like to give to people who dabble in crypto trading?
- If you don’t hold the private keys to your crypto, you don’t have any crypto. Not your keys, not your coins.
- Bitcoin trading is different from other crypto trading. Stick to assets like bitcoin and ethereum if you are new to the space.
- Nobody is worthy of trust. Something the bitcoin white paper emphasised a lot about.
4. Which according to you is the country leading in the space and the Indian start-up ecosystem can pick up the best use cases?
All major countries are looking at different ways of regulation. We have El Salvador that has made bitcoin legal tender. I think we in India have a great advantage to lead this space. Crypto in India is extremely tricky compared to most other developed nations. We have to change that.
5. What are the disadvantages of blockchain?
A big misconception is that “blockchain is revolutionary”. It’s not. It’s a dumb linked-list data structure. What is revolutionary is the decentralised Proof-of-work mechanism that Satoshi Nakamato integrated for bitcoin.
So other than decentralised use-cases given by mining/validator consensus, all blockchains are useless.
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