A crypto and blockchain expert dispels some of the myths around Bitcoin. During the early 1990s, India was at the same stage where it is now with cryptocurrency. When the Silicon Valley was being created, and companies like Microsoft, Google, Apple etc were being founded, India was struggling to understand what the Internet was. Due to this, many great Indian tech minds had to move to the US to find a suitable opportunity. Today, the best brains behind the tech giants around the world are Indians. Due to the sluggish political and regulatory environment, I think India is incapable of taking the right decision at the right time. I think in technology, timing is very important. If you are late, someone else will build it. As per our database at CREBACO, India has a potential market of about 12.9 Billion US Dollars for Blockchain and Cryptocurrencies which is quite notable. The draft bill for cryptocurrencies was quite surprising. It did not define Bitcoin correctly. When I researched this, I realised that the people who made the bill seemed to have not consulted anyone from the industry. Most of the drafting was done by interns and techies. No finance professionals, FEMA lawyers, Chartered Accountants or economists were consulted. It seemed that the inputs were based on misunderstood theories which were derived from online media, where the journalists themselves are finding difficulties in understanding Bitcoin. It is very important to understand that Bitcoin is a combination of Technology, Economics and Finance. If you don't understand all three at a basic level, you can't really understand the concept of it. Here, I see a new genesis of professionals emerging called 'FinTech' Professionals. Bitcoin and Cryptos have far more potential than the traditional banking and stock markets where these professionals can truly contribute to its growth. 'Satoshi' was a genius to come up with something like this! He understood the financial crisis during 2008. He understood that governments and banks are manipulating data and economy, and that the people have no control. He not only made a currency, but the first generation of an entire global economic system. A system capable of giving power to people to own a debt free instrument. The traditional system takes the responsibility of the debt. The RBI owes it to you as the notes issued says 'I promise to pay the bearer a sum of...'.