Introduction to Cryptos
The first part of this piece covers the procedure and nuances involved when one invests in Cryptocurrencies (“cryptos”) from India. It has to be noted that the Indian regulation is still murky at this juncture and we are all awaiting a clear sign.
With the extremely volatile pricing, cryptos have become a hot favourite amongst the growing middle class and the rich. It is much easier to trade in cryptos now than it was two years back. It is completely managed electronically through distributed ledger (blockchain) technology. The pride of this tech is its security, in transferring value, documents, anything anywhere.
Bitcoin is the world’s first decentralised digital currency. It is not owned or controlled by any government or financial institution. Other substitutes to Bitcoin are Ethereum, Litecoin, Ripple, Peercoin, Namecoin, Quarkcoin, and Zetacoin. The cost of one bitcoin is around 8.56 lacs. Another major advantage of cryptos, is that you can invest fractionally.
There are some trusted apps/ websites through which you can begin investing. Some of them are UnoCoin, CoinSecure, Zebpay, etc. But, caveat emptor.
So how do I proceed?
First step is to get your KYC verified. For that, you need to submit your PAN card and a valid address proof. Next, is a bank account. Make sure that the PAN and bank account are of the same person. The verification process takes about 2-3 working days. And that’s it.
Should I set up a wallet?
The Bitcoin apps ensures automatic set up of a bitcoin wallet on account creation, which helps in storing and selling bitcoins.
Are my returns taxable?
You are taxed up to 30% for short-term investments and around 20% for long-term capital gains (3 years), plus additional surcharges and cess depending on your total income’s bracket.
Other considerations
Like every other investment, cryptos are riddled with risks, and you need to analyse, do your research and then make a decision to invest or not. Start with a small amount of money; a certain amount of allocation in your portfolio, to test it before you make a leap of faith and go all in.The process of opening accounts and undertaking transactions can be simply done via most crypto exchange/ trading websites one visits. Hence, that should be least of your concerns. It’s the fundamentals that you need to be careful with. Analyse what drives that particular crypto, what are its beta factors, and does it really have an underlying value, or it does not!Fortunately, trading/ investing in cryptos is not the only way to profit from it. Cryptos are based on Blockchain tech, which is growing leaps and bounds every year, and for people at university levels, viz. you, this is a good time to know about more avenues where you can develop your skills.
The tech is far from perfect, but this would be simply too rare of opportunity for you to scrub away without giving it a thought.
Introduction to Blockchain
Blockchain technology is shaping industries as it is more efficient and trustworthy. Since it is relatively new, there aren’t that many skilled personnel around to develop solutions. Yet, obviously, the industries and enterprises are leaving no stone unturned in their pursuit of finding experts. So, when there’s a dire need of such talent, blockchain tech should be at least in the top 10 of your list for viable careers, because the tech has already proved its worth, enough to say that it’s here to stay. It doesn’t matter if you aren’t skilled in coding or programming; a lot of experts can specialise in other blockchain matters.
Why Should I Go for A Career In Blockchain?
Global Revolution: US millennials and Gen Z kids, are constantly throwing around the word “impact” when talking about jobs – well, here’s your chance. Working with something new is always interesting and impactful. For generations, people have been drawn to new possibilities in this space, and blockchain fits right in there. The tech is far from perfect, but this would be simply too rare of opportunity for you to scrub away without giving it a thought.
Show me the Money!
A career in blockchain technology means a sizeable amount of money. The salaries may vary anywhere in the range of US$ 50k – US$ 130k. That is a lot of money – especially if you are not a developer or an engineer. Moreover, if you can prove that you are super skilled in blockchain, companies are willing to pay a great deal just to make you happy.
Lesser Competition
There are fewer people skilled in this tech considering the required level of sophistication. This discourages people from taking a risk and pursuing this sector. If you can power through all the hard work and fully develop or even understand how the technology works, you’ll be a frontrunner in this (r)evolution.
Enterprise Environment
While working in an enterprise environment with top professionals, you get to speed up your networking. IBM, J.P. Morgan, Citi bank are just some of the major names that are recruiting experts in blockchain. You will get to be on a team and also work in a strategic environment where you will have lots of scope for growth. More so, these enterprises are packed with access to high-end technologies, which will help you build your solution
And now comes the “How?
It’s not easy. But here’s how you can start.Learn About the Basics: If you are a newbie, then this is a very crucial step. You can’t dive into the tech without learning its fundamentals. The key is to learn how the tech works, its history, about different pinpoints like consensus and smart contracts, possible-use cases, etc.
Start Developing Your Cross-Discipline Broad Skills
Enterprises are looking for talent that can solve critical issues in a short amount of time. Skills like analyzing, being agile, DevOps, design thinking, are essential. If you can combine these with your technical abilities, you’ll surely be on your way. This is where you develop your niche.
Understand How Different Blockchain Platforms Work
This step is for both technical and non-technical job profiles. From a technical point of view, you need to understand precisely how multiple platforms work. As not all blockchains work the same way, figuring out the necessary pattern is crucial. If you cannot, then making a solution would become reasonably tricky. Platforms such as Corda, Quorum, Hyperledger, and Ethereum are something you should focus on.
Have a Technology and Business Acumen
When you want to get career opportunities in blockchain within an enterprise environment, you need to have a higher business perspective. So, business outcomes from every solution that you design, needs to stay relevant. That is why learning how the business functions should be your priority as well. This is where you’ll use your Business/Management.
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