Excerpts from AMA on Blockchain with Mohit Mamoria. Join the #ProdGeeks Community here.
Bitcoin has had a great run and analyst are predicting it will reach 1 million in 5-10 years, but does this look like a currency to you. Why will you spend money for transactions when you know its value will keep going up. Is this sustainable ?
Chain transactions will scale the bitcoin in a way that you won’t need to pay a high txn fee.
You mentioned the fee for God Token as lesser of 1.5% or 15% or monthly profit. But if this is monthly then its like 18 % annually !
Of the profits. The rest gets to the investors. We want to make revenue too. Standard model as other funds.
From point of view of mining , companies like Bitmain are dominating 25 % of the world share, Such being that case what the scope of making money mining for crypto.
If you have $10-15mn to start with, mining is worth it. Not otherwise.
Why no just buy and hold crypto instead of Hedge Fund. Any advantage ! If i am not wrong the transfer fees on bitcoin coin are big so multiple trade wont eat in to the profit ?
Don’t put all your eggs in same basket. Diversify your risks.
-Bitcoin have been forked to get Bitcoin Cash and now new of a second hard fork called Bitcoin Gold is going on ! Bitcoin is suppose to decentralized and free from playing around. Who are these people making new version of Bitcoin , can we make Bitcoin India if we wanted ?
You can. Anyone can. Requirement — have enough people supporting your version of bitcoin. These are minors who stop adding blocks to the main chain and create new blocks parallely to the main chain creating the fork
What do you think about Indian bitcoin exchanges like ZebPay or Unocoin? Are they reliable and safe?
They keep the txns in a database rather than on the blockchain. They are reliable but the spread is too large.
Where do you store your bitcoins? Hardware wallet, paper wallet or third party services?
~80% Ledger Wallet. Rest on Blockchain.info.
What are your views on November Segwit2x hard fork?
We need Segwit2x for scalability point of view. The scale won’t come by just increasing the block size. it also fixes the malleability in a block and that allows for Lightning Network to be built on top of it.
Crypto currency is one of the usecases of Blockchain. How do you see the adoption of Blockchain in the traditional industry? Also what are the performance metrics that Blockchain must achieve before becoming mainstream.
The 4-5 places where blockchain will be used in companies in less than 10 years (summarized):
- Smart Contracts
- Cross border remittance
- Reference checks when hiring
From where do you recommend someone in India should purchase bitcoins?
I use Zebpay for their stability. But don’t like their spreads.
You have said that the spread on zebapay and unocoin is very high. Any particular reason for it being so. Are there marketforces behind this or is this a unocoin/zebapay decision? Also why is the price of Bitcoin so different compared to other markets like USA, Japan?
Various reasons: Not much competition, They are buying and selling bitcoins in India. Buying in India is expensive (High cost price means high selling price).
Can we transact coins using exchanges based outside India?
For fiat-to-crypto exchange, you can if you have a bank account outside India. For crypto-to-crypto, you can use Poloniex, Bittrex. From India.
How do you see Bitcoin, as a currency or as a store of value like gold?
Currently, as store of value. But with new developments, it might be used by general masses in daily life. Not sure if bitcoin will be that currency or some other new currency will come along to accomplish that us case. I strongly believe Bitcoin will have a very good run for 3-4 years but then a new currency or a new fork will bring in all the good features we are waiting for.
If 2X split happens in November, it will create an altcoin. If someone keeps his/her bitcoins at blockchain.info, how can they claim those altcoins? Can they in first place?
If you owned bitcoins before the fork, you can claim the new altcoin. After the fork, all you have to do is transfer the bitcoins to a wallet that support that new altcoin and use it over there. Make sure you have the bitcoins in a wallet where you can get the private key.
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