The current global market scenario and impact of the Russia-Ukraine war have led to unprecedented inflation that hurt every aspect of the international economy. Many people are looking for new investment opportunities and other ways to store the value of their assets as the cash held in weaker currencies is depreciating every second. Bitcoin and cryptocurrencies are among the options. But what is crypto? What are the types of cryptocurrencies available? How to select a DeFi (Decentralized Finance) project to get started with?
We have brought up a talk session with Namish Sanghvi, who is the founder of Coin Crunch India and an experienced crypto trader. Prior to joining the crypto industry, he worked in Deloitte, Infosys, and Network18. His inclination towards technology and motivation to increase the adoption of cryptocurrency in India drove him to start building a community — Coin Crunch India, where he writes and shares about cryptocurrency, market observation, investments, and crypto mining.
In the video below, Namish shares his knowledge about the basics of crypto for those who are looking for an idea about what crypto is.
Watch the video below and feel free to share your thoughts with us!
Namish highlighted three basic things to keep in mind when gaining knowledge about crypto:
➤ Difference between Token and Coins
- A token is a digital asset issued on a particular project, whereas a coin is a digital currency similar to a physical currency.
- Tokens don’t necessarily work on their own blockchain but coins can.
- Tokens can be directly used for payments and signing digital agreements, coins can only be used as a source of payments.
➤ How to select a project to Invest
- Check the history and credibility of the team
- Research on the community support of the project
- Look for their technology roadmap (GitHubs of the project should be updated)
- What is the project’s vision in the next 10 years?
- Transparency is very important to make sure you are aware of the updates
➤ New Listings on XREX
- Compared to other crypto exchanges, XREX is very selective while listing tokens or coins.
- Before listing and investing, it’s important to analyze the issuer, the application, the utility, the reserves, the potential, the stability, the risk, etc, to ensure that you are not trading or using coins that have no utility or inherent value.
- XREX listed SOL, DOT, MKR, and LINK in April 2022, and more tokens and coins are under evaluation.
If you are interested to watch more XREX webinar sessions and to know more about XREX products, please visit XREX’s official Youtube channel here. We look forward to providing you with high-quality content and welcome to redefine banking together with XREX.
XREX is a neo-fintech leveling the playing field by partnering with banks, regulators, and verified individuals to redefine banking together. Our blockchain-driven solutions create a collective financial system that empowers all to participate and contribute to the global economy.
Founded in 2018 and headquartered in Taipei, XREX comprises a team of world-leading experts in cybersecurity, fintech, compliance, and cryptocurrency to offer a full suite of innovative products such as BitCheck, XREX Clubs, and Risk Level Detector to solve the dollar-liquidity shortage issues faced by cross-border merchants in emerging economies.