Demystifying blockchain, Bitcoin and cryptocurrency exchanges #TechTalk

We caught up with the founders of Giottus Cryptocurrency Exchange, Vikram Subburaj and Arjun Vijay, and they explained the basics of blockchain, how cryptocurrency works, regulation around it and whether it is legal in India or not.

Part 1: How to understand blockchain with use cases

“Any technology we understand with the use cases, not the technology. Unfortunately for blockchain, use cases are just emerging. When these use cases become more mainstream; blockchain will be a very easy technology to understand.”

— Vikram Subburaj.

Part 2: Gold is Open Source and so is Bitcoin

“We had an open source which is called gold. No-one had a particular control over gold. You mine gold, it is yours. It was not controlled by any country. Once Bitcoin came into picture, people thought if money can be made open source, why can’t everything be made open source?”

— Arjun Vijay.

Part 3: Cryptocurrency as a natural successor to the current order?

“Inefficient current systems should die. Something math related should come which you can easily prove. This is a nascent technology where the principles are looking very strong; the concepts are looking very strong. This technology requires a lot of support.”

— Vikram Subburaj.

Part 4: Let’s not miss the cryptocurrency bus!

“India cannot stay in a small room and say we are not going to touch it. That innovation is going to affect us at one point or another. Till 1990 we were a closed economy. We missed on a lot of opportunities. We cannot let that happen again.”

— Arjun Vijay.

Part 5: What is a cryptocurrency exchange?

“Similarly like how an NSE or a BSE is… basically you can buy and you can sell. Here instead of having stocks listed, we are having some coins listed. You can buy and sell those. A lot of the customers that we have are first time investors or buyers. It is simple.”

— Vikram Subburaj.