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Elon Musk has worn several hats successfully in the entrepreneurial zone. Elon founded several successful companies and has also been the CEO of a few of those. He is the co-founder of SpaceX, Neuralink, The Boring Company and other. Also, he is serving as the CEO and product architect of Tesla. He is also the chairman of SolarCity.

Elon’s Bitcoin Views

Bitcoin soared by 20% on Friday, which is the after-effect. The turning point was Elon’s mention of Bitcoin in this Twitter profile. This turned the tides for the cryptocurrency market. This move established that Musk is extending his support for Bitcoin. Bitcoin price acknowledged the support.

In a recent interview, Musk spoke about his views on Bitcoin and the future of cryptocurrency. The interview was live on a popular chat show. He gave the interview on the Club House app on Sunday. Elon said that Bitcoin is a good thing at the present moment. He mentioned that he supports Bitcoin. Elon also added that many of his friends suggested him and tried to convince him to invest in Bitcoin. After that, he told that his friends are asking for his involvement in Bitcoin since a long time. He thinks that Bitcoin is going to get broader acceptance soon. Moreover, he mentioned how people are now getting used to this form of currency.

His past related to cryptocurrency

He talked about his past stories where people asked him to invest in digital currency. After that, he spoke that one of his friends also offered him Bitcoins back in 2013. He showed his disappointment that he did not expect the offer at that time. Regarding this, he said that he should have at least bought a small amount eight years back. He noted that he is late for the party in this aspect.

Bitcoin status in the financial world

Bitcoin is trending across the globe currently. The peak reached in Jan when it crossed the 40,000 levels. On Monday evening, the price of Bitcoin was more than $33,000. Many investors and businessman see a potential future in Bitcoin and other cryptocurrencies. Many institutions are starting to accept the digital currency. Elon Musk gave his views on the acceptance of digital currency by large institutions. He said large institutions like MassMutual and PayPal are accepting digital currency recently.

Elon’s opinion on other cryptocurrencies

Elon got questions about other cryptocurrencies. He said that he does not hold any strong opinion about cryptocurrency. However, he had tweeted about Dogecoin previously. He also referred to Dogecoin as his favorite digital currency in one of his tweets in 2019. Elon said that he makes fun of Dogecoin some times. However, it is only for jokes and nothing else. He showed his interest in cryptocurrency. In addition, he feels that digital currency is going to take over the future. He said that Dogecoin was there to make fun of cryptocurrencies. 

India’s stand on Bitcoin and cryptocurrencies

Recently, Bitcoin prices are touching the sky. Many other cryptocurrencies are also flourishing wonderfully. This is a big boon to the crypto world. India never had a proper stand, when it comes to cryptocurrency. The country was neutral for cryptocurrency. India neither supported nor proposed a ban for Bitcoin or cryptocurrency. The state of cryptocurrency is very uncertain in India.

India’s plan to ban crypto

Recently, news came that India is planning to ban cryptocurrency. Planning is going on to introduce a law for this. So, there will a law in place that bans all the private cryptocurrencies like Bitcoin and others. In the current budget, the lower house published this report. In the report, it says to prohibit all cryptocurrencies in India. However, certain exceptions will be present. With this, they want to promote the blockchain technology of cryptocurrencies. They are planning to exploit the uses of digital currency as well.

Additional Details

It will have an adverse effect on the economy. As crypto is booming recently, people could cash on this opportunity. The panel suggests banning all private cryptocurrencies and proposes punishment for offenders. As per the panel, the punishment will be 10 years of jail imprisonment. As per RBI, this step was necessary to stabilize the financial ecosystem of the country. The central body also told that it does not consider crypto as a currency and provided its reasons. It is not in paper or metal coins, so it does not have any physical existence. Another reason is it is not certified by any government agency. So, the Indians will lose the funds they invested in cryptocurrencies.

New plans to launch its own digital currency

After banning all private cryptocurrencies, the panel proposes a new idea. In the recent budget session, the new idea of creating a digital currency got presented. RBI will own and govern and make laws for this. This will be India’s official digital currency and RBI will issue the currency. So, primarily, India is planning to launch its own currency. Hence, it is creating the path for success for its currency.

Expert opinion

CoinDCX is a cryptocurrency exchange established in India. Sumit Gupta is the CEO and co-founder of this crypto exchange. He says that the Government is taking steps to ban crypto in India. However, he believes that the government will listen to the crypto holders’ concerns. Before taking any major decision, the government will consider the stakeholders’ concerns also. He added that they will be talking to other stakeholders in this regard. They will start communicating with the government panel in this context. The target would be to build a better economy that will help in the country’s growth.

Recently, there is multiple news on the scams happening across the world. Cryptocurrency is a hot property currently. There are a lot of scams and frauds associated with it. Multiple ways developed to steal the cryptocurrency. They are hacking, phishing, SIM jacking, scams, extortion, and many more. Fake websites, calls from impostors, too good to believe offers are also threats.  You need to have an approach to ensure maximum fund security. Check out the below ways for best results:

1. Your wallets should have a renowned origin

   There are a lot of businesses claiming to provide secured crypto wallets. Many companies are providing too good to believe offers for crypto-wallets. So, it is better to choose a crypto wallet from a reputed and well-known company.

2. Perform some research

   There is a range of different wallets available currently. There is a range of benefits too. Some are hardware, some are software and other types are also present. So, you need to check the things that suit you best before going for a wallet. Of course, security is definitely a major concern.

3. Better to keep your coins in a cold wallet

   It is advisable to keep your crypto coins in a hardware wallet. It prevents the risks of getting hacked or stolen by fraudsters and hackers. So, please keep a small number of your coins in the exchange or software wallet. Experts say that online wallets are more susceptible to fraud and scams.

4. Don’t keep all the funds in one place

   It is better to keep your cryptocurrencies in different places. Keep some in a hardware wallet. Keep some amount in the exchange for trading. If any malware attack happens, then you will not lose all your money. So, please don’t keep your funds in one place.

5. Keep the private keys safely

   Private keys are important for cryptocurrency. Moreover, you should not share your private key with anyone. So, make sure to have the private keys in a very safe place.

6. Create alternative storage for private keys

   There should be alternative storage for your private keys. Keep the private keys in a wallet (preferably hardware wallet) or cloud. If anyone’s service does not work, you have a backup in an emergency.

7. Keep strong passwords

   The wallet’s protection is very essential. Your password should be hard to guess. Therefore, lesser chances of hacking. Hackers use sophisticated tools to crack the passwords. Please avoid using common passwords.

8. Use secured networks

   Please use secured and private networks. You should use a secured network while trading with cryptocurrency. Please avoid public networks or Wifi, as hacking is a threat at any point in time. Also, use your personal computer to do such transactions.

9. Keep your investments private

   Keep your investments and private accounts a secret. The information related to your investments should be private. Avoid discussing this information with others.

10. Don’t get involved in huge trades

    Always try to conduct small trades. Avoid doing huge trades at once. Bigger trades means greater risks. So, make it small and simple.

These are the ways to keep it safe and secure. But you have to first choose the right wallet so that you could prevent hackers.