If you want to know more about the field, talk to someone who knows it directly and loves it. They are great for explaining the nuances and details of the subject and will blow you away with their fascinating stories and witty remarks.
You may even be familiar with it, but not from the point of view of someone who has a strong passion for it. I was fortunate enough to talk to someone with a passion like him. In this article, we will share this person’s views and insights from this wonderful conversation.
Meet Raghav Shawney, co-founder of Blockchain PRBuzz, one of the leading crypto marketing companies. Founded in 2016 by four friends, a small startup provides marketing solutions for over 350 blockchain and cryptocurrency projects, including the renowned CEX giant.
Raghav’s team has worked on a wide range of projects, including real estate tokenization, supply chains, and various Solidity and Hyperledger projects. We provide technical solutions, end-to-end marketing, call center services, security audits, business consulting and more.
Raghav has witnessed the industry moving from an Initial Coin Offering (ICO) to a Security Token Offering (STO) to an Initial Coin Offering (IDO). He was there at the dawn of play-earning culture, the birth of NFTs, and the era of the Metaverse.
Only five years have passed since the ICO bust era, but it’s almost a lifetime for cryptocurrencies. With so many crypto enthusiasts entering the market thanks to mass adoption, the story of the crypto boot camp in late 2017 and the crypto winter of 2018 sounds like today’s bedtime story. increase.
Experience like the first metaverse in cryptography
Raghav, unlike many enthusiasts who fell into the field, did not grow interested in cryptography. Coincidentally, when a client asked him to write ICO content, he discovered a cryptocurrency. Further digging, we found that the freelance platform offers many marketing gigs to the ICO.
“I was surprised to find that the region is in high demand. Then I started offering content creation, graphic design, ORM services and other SEO and SMO services. That’s how I’m familiar with cryptography.
It was another ball game for me. Over time I became more aware of the benefits of cryptography. The first and most attractive advantage of cryptography is its ease of transfer of wealth, which is why I have been attracted to it so far.
At that time, if you were receiving payments from foreign customers via a banking system, you had to wait at least 3-4 days for those funds to reach your account. It was very easy to cryptographically handle this and I was able to receive the payment within a few hours (yes, it took a while at the time). It’s available with just one click, regardless of quantity, “continues Raghav.
Over time, he was exposed to transactions, held assets on the spot, saw them grow over the course of a few months, and realized that cryptography was a fascinating technology.
“I received my first Bitcoin payment from a client for $ 600, and a year later it exceeded $ 3,000. That was a great experience for me.
Today I see people crazy about the Metaverse and related things, but back in 2016 and 2017, getting into the crypto was a kind of Metaverse experience. In the past, it was common to hold wealth and money in the form of real estate, gold, stocks and money in banks, but we held it in cryptocurrencies. People now own land and assets in the Metaverse, and cryptocurrencies were a bit like the Metaverse at the time, “Raghav explains.
Go through fire and water
Passing through the factory is a good test of the project’s value. This is what happened to Raghav’s crypto business between the bloody 2017 and 2018, also known as the ICO Bubble Bust.
“The market downturn from late 2017 to late 2018 has significantly reduced our wealth after two years of unprecedented booms from 2016 to 2017. It’s worth the dollar. I know that averaging was very rare and the options for doing so were very limited. USDP made it possible, but had little experience with trading rules. So I missed that opportunity, “he admits unfortunately.
At that time, people were so speculative about ICOs that their clients and marketing budgets were declining. At that time, people started offering native tokens for work, but DEX’s capabilities were very limited and there was no DeFi culture, so they couldn’t fully accept the tokens. This was also a huge challenge at the time, as it was very expensive to complete. If the client currently provides native tokens, it’s worth accepting them because they can see the locked totals and all these elements. At that time, the ratio of risk to compensation was too high.
“Through these difficult times, I was still able to manage some clients. Also, I accepted payments in cryptocurrencies and did not convert them to dollars or Indian rupees. Was able to accumulate some cryptocurrencies at a low price, and then I took advantage of my advantage in 2018-2019 when the market began to recover, “says Raghav.
Looking at India’s new crypto rules
How the Government of India’s plan to impose a 30% tax on income generated from crypto transactions and a 1% tax withholding on all transactions (TDS) will affect crypto companies and general users. I wanted to hear Raghav’s opinion as a crypto entrepreneur.
“There are two sides to this, so I’m not sure if the effect is positive or negative. If you’ve invested in or explored cryptocurrencies as an asset class, your recent budget is somewhat clear. There are still some questions about how certain provisions are implemented, such as whether GST applies. Given that GST also applies to crypto, which crypto company is I don’t know how it works. The next dilemma they have to deal with:
- Does this 30% tax also apply to a single inward transaction if they are paid for the work they have done?
- Do they need to deduct this 30% tax along with the 1% TDS? Why do trading users deduct 1% of senders? In such cases, they are obliged to submit a TDS on behalf of the person who deducted it.
- How do I report or submit a TDS to the government if the foreign client does not come from India?
- If a company also needs to charge the client’s GST, will that be 18%, 28%, or what is the standard cryptographic slab if this is implemented?
- Finally, and most importantly, sum the tax elements. All of these factors together fall within the range of 40% to 50%. I sincerely doubt that this will be a favorable working situation.
- In addition, the founder or CEO of the company must file a tax return for personal income tax.
When talking about individuals rather than companies, these laws are still disadvantageous because they do not specify whether a 30% tax on transactions is on capital gains or all translations performed by users. .. If the user uses ETH exchange, there will also be a gas charge. I hope you can see how clumsy and obscure this is. I can continue with different scenarios, but the core remains the same-we don’t yet have a law to legislate crypto, but the government plans to start taxing people in a vague way. doing.
The only salvation benefit for Indian crypto users is that the government has finally begun to recognize crypto, and if it turns out that it is using or holding crypto in India, people are not in danger of going to jail. ” Raghav revealed.
DeFi is a game changer
Over the last two years, Raghav’s team has successfully implemented over 12 DeFi projects because they have a solid grasp of how technology works. Their product launch pipeline includes a fairly large coin-centric crypto ecosystem, including several DeFi protocols and support for several centralized exchanges and media outlets.
DeFi is a new financial digital infrastructure that essentially eliminates the need for central agencies such as government agencies and central banks to manage, approve, or execute financial transactions.
DeFi is basically open source. This means users can inspect and innovate protocols and apps.
“One of the biggest attractions of the whole idea of reinventing financial space using blockchain technology is how the market can be opened to anyone without permission. Another attraction is the concept of composability. This means that anyone can combine existing DeFi offerings to build new ones. The possibility of configuring such a network, effectively composed of blocks of interlocking components, is in the financial sector. It also means that new innovations and needs can be easily built and plugged into the network, all managed by smart contracts.
The possibilities of what you can do with DeFi continue to expand with the addition of dApps, so I think DeFi will stay here. The basic protocol is subject to change from time to time, but this whole concept basically reinvents the entire financial transaction flow, “Raghav believes.
How to find a valuable crypto trend out of fashion?
Every time a new trend emerges in the crypto industry, there are early adopters and followers who want it to be the next big thing.
“In my opinion, a trend is not a pure fad because the person who can identify the trend is the one who can profit, so whatever the trend is, having the ability to identify it early on. It’s important .. Every time a trend occurs, it’s based on a new ideology. There are always people who will benefit from every new trend.
Having worked in this area, I’ve seen many trends come and go, but so far I can’t predict if the trends will soon pass or stay here. We don’t know when emotions will change or when we can make huge profits, so it’s a good idea to participate in all the new trends that come at your risk level. Please note that this is not financial advice. I’m just sharing my thoughts on this. It is impossible to make a perfect investment, transaction, or investment decision, but you should not give up trying, “Raghav concludes.
Mike Ermolav, spokeswoman for ChangeNOW.io, has published a series of Benzinga expert interviews with various celebrities in cryptocurrencies to provide both beginners and veterans of cryptocurrencies with an internal perspective on the cryptocurrency market. We are carrying out.
