Kashif Raza tweeted, “Crypto not a sprint. It’s a marathon race.”
Raza, the founder of BitInning, formerly CryptoKanoon, knows well about the difficult but rewarding journeys in cryptocurrency. He was one of the first investors in the space back in 2016, all the way back!
Raza’s journey with the rapidly changing Indian cryptocurrency market is one you must read, understand, and live.
“As a student I was fascinated with economics as a subject. Thanks to a great teacher, I was always driven to add value beyond my 9-5 corporate job. He relates that he has a vast background in marketing and sales, which he worked with PepsiCo. Later, he was able to work in media at Sony Entertainment and then Disney UTV. This gave him a lot of experience.
Raza says, “This story is very dear to my heart.” Funny thing is, Raza initially thought of cryptocurrency as a Ponzi scheme when he was first introduced to it by a friend in 2016. He recalls that he eventually caved and put Rs 5,000 into bitcoin at the suggestion of a friend.
He was hooked when he saw the Rs 5,000 rise to Rs 7,500 within days. He did extensive research on cryptocurrency and decided to make the leap in 2017. He took out a personal loan to buy bitcoin. The interest rate was 21% per year.
“The Ponzi scheme, which appeared legitimate, was being supported by many Bollywood stars at the time.” So I invested the money only to lose everything. His feed stated that Bitcoin disappeared from him and that depression and EMIs became part of my life.
One of the highlights for CryptoKanoon was their ability to stream information in the Supreme Court proceedings. This was after a 2018 RBI circular banning all cryptocurrency transactions was overturned. This rekindled hope and assured the Indian crypto community.
He said that it’s not about money, but about expertise and skills. He admitted in a Twitter thread that he had never done any deep research on Bitcoin and ETH. Despite his losses, his research was limited only to Telegram signal groups, listening to YouTube channels and listening to Telegram signals. He never did any technical analysis or trading.
His belief in the intrinsic goodness of a successful endeavor led him to create BitInnings, which is a YouTube channel and Telegram group with around 1.22k members. It aims to help people begin a new journey into the crypto space and teach them the fundamentals of the ecosystem.
Moving towards Crypto-Literacy
“Even in the media’s dissemination of information about cryptocurrency, there is a grave lack of government insight and bureaucratic or administrative contributions to this space. Even senior IPS officers don’t know much about this space.
Raza suggests that everyone file complaints about stolen or lost cryptocurrency the same way one would complain about a lost mobile phone in order to normalize cryptocurrency holdings.
“My ultimate goal is to enter the online education market subsequently, creating very basic, straightforward and fundamental courses for Hindi in cryptocurrency. He says he has complete faith in this space’s potential and success.
He believes that cryptocurrency and Bitcoin are a great equalizer and leveller. Raza discusses how the 6 percent inflation rate is apathetically overlooking the true inflation pressures. These pressures can go up to 20% given the current, costly lifestyles and habits of the masses. He also discusses how bitcoin can help bridge the gap by providing significant value to investors in addition to their regular income stream.
While we might not be able to reap the rewards of crypto, our future generations will.
Are you familiar with the names of the cypherpunks? These were visionaries who, back in the 1980s had foreseen the Internet would become an important battlefield for freedom. They advocated the widespread use strong cryptography and privacy-enhancing technology in the early days of the internet age. This was, in fact, considered anti-national by the USA during these early days. Their work inspires Raza in particular.
He concludes that he often told his daughters that although my generation might not fully enjoy the benefits of the revolution, but someone will one day come to him and maybe appreciate the work he did during the Indian cryptocurrency rising.