On 15th November Suncrypto organized a Twitter live on its official Twitter handle where the CEO, Mr. Umesh Kumar, CTO, Mr. Pramod Yadav, and Chief Marketing Officer Mr. Harshit Dhiman of Suncrypto interacted with the users. This live was organized after understanding the current market situation where the negative news was creating fear among the users.
This live was a way to interact with you people to answer questions and help you solve any kind of issues you are facing related to the crypto market.
Live started with a normal discussion of the crypto market which is in the bearish mode for a long time and Mr. Umesh Kumar and Pramod Yadav tried to solve as many as possible doubts to make the users more comfortable.
If you missed the live show, don’t worry, we will get you covered in this blog section. Make sure to read it thoroughly.
Suncrypto’s response to the user’s question
The market is in the bearish mode for months now and has caused multiple crypto-related businesses to shut down. During this period we saw coins dropping their value, companies getting bankrupt, people losing their investments as they sold them at lower prices, and much more.
But the current events are creating more of an earthquake in the crypto industry like the issues of FTX, Alameda, Voyager, etc. In the case of FTX, the company utilized the user funds for personal gains and ended up losing the FTT token value and declaring bankruptcy. Events like this are causing among users and setting a negative image but crypto isn’t limited to this only.
According to Mr. Umesh Kumar last year we saw a complete bull phase where people made huge profits and we got to see so much crypto acceptance and utilization that we all appreciate. Talking about the recent bearish mode, it is normal as we all know crypto is volatile which means it is full of ups and downs.
It is on the person to plan accordingly to gain the maximum profit out of both situations. Even though people are saying crypto is dead but that’s a phase, all of this will turn back to happy cheers once the bearish mode ends.
This was the biggest concern of our users whether Suncrypto is affected by this or not. And we are happy to announce that we are not affected by this at all. As told by our CEO, Mr. Umesh Kumar that this situation has no impact on us and especially on the user’s money. Suncrypto’s liquidity isn’t dependent on any of the companies which are facing issues these days.
Even we did some analysis of our Suncrypto users and realized that the users had only invested barely 1% of their total investment in FTT tokens so it was less concerning. It was still a sad event as people lost so much of their value and the world’s third biggest exchange went bankrupt but the crypto market is like this.
We will only suggest you get over the negative situation after learning your lesson and invest wisely in the market.
We don’t have our own coin
Suncrypto does not have its own coin and that’s a relief for us and for our users as well now. The reason is that our value won’t be affected by these factors and we won’t get stuck in any situation like the one we are noticing now.
According to our founders, their mission isn’t about releasing a coin and collecting funding out of that. Suncrypto’s motive is to become the most user-friendly exchange in India which gives the best features, full safety, and support to the user and crypto community.
Suncrypto has already shared the Proof of reserve ratio with liability. Make sure to check them out as you will see maintain a 1:1 ratio with more than 100% of liability funds so your funds are safe with us.
Suncrypto team is continuously working on bringing the best features to its users and there are some updates coming really soon. According to the CTO, Mr. Pramod Kumar we are working on the updates like PNL, candlestick charts, Staking options, etc.
He further continued by announcing that the Profit and Loss (PNF) features have been successfully tested and will be available on the application with the next Suncrypto App update. Not only that the candlestick charts will be made available with the update as well. This update will be made available to you within the next 10-15 days.
Suncrypto is also considering the Staking option but there are some risk issues with that and that’s why Suncrypto CTO shared his idea of the staking option that will be made available through our platform.
As said by him
“We are not thinking of the traditional staking option, if the staking option was made available by us then Suncrypto itself will be the validator of that so that there is no possible risk of losing user funds. There will be no third party involved in this as Suncrypto will become the validator.”
This will require some more research and discussion by the team so the users will have to wait a little more for it. Till then users can access the other features.
The Crypto bear market is always projected as a phase of loss which is not entirely true. To be more precise the bear market is the phase of fear which leads to loss as people end up selling their investments in fear.
The traders who are more experienced in the crypto market know the bear market is to hold (HODL) their crypto and build their crypto portfolio even more by buying crypto at low prices.
According to Mr. Umesh Kumar, there is no shortcut to making a profit, a trader needs to understand the crypto market properly and hold the crypto for a good time. He continued “In some cases, you might make a crypto profit on a short-term basis but it is safer to buy and hold the crypto for at least 2 years.
Rest there are no tips or tricks for this just make sure to research well, check the adoption rate of coins and their use cases, and invest in SIPs (Systematic Investment Plan).”
To end the session we asked our CEO to give a suggestion or share his thoughts after seeing the current market negativity. He said, “It’s not like the situation we are seeing now happened for the first time, it has happened before and will probably happen again with some other company and for some other reason and that’s why we need regulations to control such falls to happen.”
Out of these names, I don’t think there were any Indian exchanges, and that gives me a little peace of mind at least we are on a little safe side. Even though many people prefer foreign exchanges over Indian exchanges, I will recommend that you guys also look at India’s crypto exchanges, not only Suncrypto.
More than anything helping your own country in advancement is much required, also the Indian government is keeping its eyes on the crypto industry so we can expect some regulations soon from them. If this happens I’m certain that all the foreign exchanges will also focus more on Indian users because of our activeness in the crypto industry.
We hope these questions gave you a little bit more confidence in Suncrypto. And in case you have your doubts, make sure to share them with us.