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I have been working on a cryptocurrency project and have a business model ready to go...is it advisable to venture into it and will it be profitable now?
 Posted on 6/10/2020
3 Answers
Verwin Mouni Roy Mouni Roy Answered on 8/10/2020
Given the pandemic and the challenges in the economy I don't think it is a great time to start something now. From what I hear from my friends who started just before coivd times are that they are struggling. While it may be a good idea to build the prototype and do some market test but not a great time to invest money. 
Verwin Chandru Chakrapani Chandru Chakrapani Answered on 13/10/2020Expert
Hi Zia Umar,

I shall break your question into 2 parts - "is it advisable to venture into it" and "will it be profitable now?"

Let me answer the second question first - "will it be profitable now?".  Honestly the answer lies with you!  The reason is you are the best person who knows how heavy or light is the investment needed and what you expect as Returns and how fast and if what conditions are met.  A generic yes or no is not possible here - for the simple reason - for all that I know - you may have a disruptive model that is cost effective, high tech driven, easy to scale etc.  

Now, to the first question - "is it advisable to venture into it?"

Let me answer this in 2 parts - India and International...

India:

We have to look at four important parameters:  (1)  market conditiions, (2)  regulatory, (c)  public awareness & (d)  principles of crypto

All these are at nascent stage in our country.  

Further, in terms of the business model - if  you are looking at something like 'Bitcoin' - well you are in far some big time challenges - because there are already so many players all over.  

However, if you are looking to use crypto as an utility token like say Insurance, Healthcare - you stand a chance.  But, remember the first touchstone is the 4 parameters I listed above.  Any business model can survive and thrive only when they are strong - which aren't right now in our country.

Maybe, you want to have a first mover advantage and willing to take up the associated challenges that come along with them.  You need to decide on these.

International:

To the best of my knowledge in India we can transfer from one bank account to another bank account in a matter of seconds.  But it is not so easy - even in many advanced countries.  Hence, what you intend to offer in India may or may not be successful in an international market.  You need to therefore look at such of those aspects.

When you have all of these analysed, take help from people who are specalists, have worked real time in this specific domain - only then set your foot.

Wishing you the very best and may the best unfold to you!

Regards, 







Verwin User Default Image Manoj Deshpande Answered on 7/10/2020
Bitcoin network has crossed 500 million transactions in just 10 years and its value has increased multifold. So yes, cryptocurrency domain is very much profitable. i'd say go for it!
I have been working on a cryptocurrency project and have a business model ready to go...is it advisable to venture into it and will it be profitable now?
Given the pandemic and the challenges in the economy I don't think it is a great time to start something now. From what I hear from my friends who started just before coivd times are that they are struggling. While it may be a good idea to build the prototype and do some market test but not a great time to invest money. 
Verwin Mouni Roy
Answered on: 8/10/2020
Hi Zia Umar,

I shall break your question into 2 parts - "is it advisable to venture into it" and "will it be profitable now?"

Let me answer the second question first - "will it be profitable now?".  Honestly the answer lies with you!  The reason is you are the best person who knows how heavy or light is the investment needed and what you expect as Returns and how fast and if what conditions are met.  A generic yes or no is not possible here - for the simple reason - for all that I know - you may have a disruptive model that is cost effective, high tech driven, easy to scale etc.  

Now, to the first question - "is it advisable to venture into it?"

Let me answer this in 2 parts - India and International...

India:

We have to look at four important parameters:  (1)  market conditiions, (2)  regulatory, (c)  public awareness & (d)  principles of crypto

All these are at nascent stage in our country.  

Further, in terms of the business model - if  you are looking at something like 'Bitcoin' - well you are in far some big time challenges - because there are already so many players all over.  

However, if you are looking to use crypto as an utility token like say Insurance, Healthcare - you stand a chance.  But, remember the first touchstone is the 4 parameters I listed above.  Any business model can survive and thrive only when they are strong - which aren't right now in our country.

Maybe, you want to have a first mover advantage and willing to take up the associated challenges that come along with them.  You need to decide on these.

International:

To the best of my knowledge in India we can transfer from one bank account to another bank account in a matter of seconds.  But it is not so easy - even in many advanced countries.  Hence, what you intend to offer in India may or may not be successful in an international market.  You need to therefore look at such of those aspects.

When you have all of these analysed, take help from people who are specalists, have worked real time in this specific domain - only then set your foot.

Wishing you the very best and may the best unfold to you!

Regards, 







Verwin Chandru Chakrapani
Answered on: 13/10/2020
Bitcoin network has crossed 500 million transactions in just 10 years and its value has increased multifold. So yes, cryptocurrency domain is very much profitable. i'd say go for it!
Verwin User Default Image
Answered on: 7/10/2020