Common man needs to understand and get knowledgeable about crypto before investing: Bitsz Exchange Founder Naveen
Naveen Kumar has over 7 years of experience as a python developer and worked on AI. Being a tech enthusiast and crypto investor, Naveen is launching his own “Made In India” crypto exchange platform for the world.
Naveen says “The idea of sending and receiving cryptocurrency without the involvement of an intermediary like a central bank or financial institution fascinated me a few years ago. This was when I decided to start a crypto trading and pitched the idea to my family members and friends for their suggestions. Do you know what their replies had in common? They all said that the crypto market was “volatile” and i could lose their hard-earned money in the time it takes to blink my eyes once. They were right and people who care about me have the right to warn about dangers. But, I loved taking risks and trying novel ideas. How I could say “no” to my calling? So, I decided to prove myself by becoming successful at what I love to do. That’s how my crypto journey started and eventually I founded BITSZ, a new crypto exchange for the world.
As you have seen with the Bitcoin, the prices have never been stable since the inception. In 2011, the value of each bitcoin rose from $0.30 to $32 before returning to $2 and then reaching to $266 in 2012 before crashing to around $50 in 2013. Sometimes these fluctuations are termed as “bubbles” and “busts”. Mark Thomas Williams, a risk management expert, revealed in 2014 that the Bitcoin exhibits price risk 7 times greater than gold and 18 times greater than the U.S. Dollar. As of August 16, 2021, each bitcoin was trading at around $47,143.
So, why there are deep fluctuations and how can we, as common people, can understand it? Let’s start with the concept called “volatility”, which is measured by the Volatile Index. A volatility index known as the Bitcoin Volatility Index has been recently introduced to track the Bitcoin volatility. Government statements, regarding banning and regulating the market, hurts the Bitcoin adoption mostly. Incidents such as hackers stealing coins from exchanges and using bitcoins for illegal trades too hurt the price of the Bitcoin. Complicated user-friendly interfaces have been a hindrance to the wider crypto adoption.
However, some Bitcoin investors view such events as evidence that the market was maturing. Despite all the negative news, cryptocurrency is still considered as a long-term investment tool by them. This is because seasonal traders are well aware of the concept that Bitcoin prices shoots up every times bitcoin halving takes place. And all the other coin value also follows bitcoin. These traders believe in long term holding of coin. Every trader including newbies should know this and act accordingly. New traders should not invest blindly, learn the basics, do research and then start investing. Various governments too have started taking the matter seriously and encouraging crypto with minimum regulations. This is really a good news for newcomers. At BITSZ, we offer Biometric and 2FA authentication features to prevent unauthorized logins. Insurance against wallet thefts is one more feature which helps us gain and maintain trust with our customers. This strengthens the overall cryptocurrency infrastructure. Recently many cryptocurrencies have understood the importance of user-friendly interface and offering platforms to make buying, selling and trading cryptocurrency easier for common people. BITSZ is one of them. Providing best customer service also helps in encouraging people to invest in crypto. BITSZ provides 24/7 customer service in multiple languages.
I hope the vision I have towards cryptocurrency will come to fruition in a couple of years. I am excited to witness the changes the crypto brings into the world.”