Hyderabad: To make quick money, Telugu techies in the US are actively engaged in trading crypto currencies. Most of them are investing in them because they do not want to miss the bus. It has become an addiction wherein people log on to the coin app as much as they do on Instagram and Facebook.
Some techies are testing the water by pumping in $1,000 as an initial bid. Mr Ratnakar Reddy from Florida, said, “I purchased a Bitcoin when it was around $15. I invested around $1,000. The value went up to $19,980 at its peak, but currently it is between $13,000 and $15,000. I am planning to withdraw it soon.”
People earned huge money initially with different kinds of coins. “There are about 1,200 different crypto currencies. People buy a Bitcoin first in dollars and then using it they purchase other coins. Since boundaries do not matter, it can be sent to any person any where across the world. Nobody can know if the transaction is cross-country, as only the wallet ID is required. Furthermore, since the remittance time is less, more people are exchanging bit coins. However, bit coin rate differs from country to country,” said Mr Hesham Rehman of Bitxoxo, a Telangana-based start-up.
While everyone is appreciating the underlying technology of block chain, with so many coins coming, it is more of a hit or miss. Telugu people in the US are just forming groups to understand the intricacies. Meanwhile, experts from the US are closely looking at the new addiction and have are cautioned people about the risk of volatility of the market. Mr Ravi Kuchipudi of Telugu Association of North America (TANA) said, “There is a chance of losing, just like people do when they are going to casino. People who want to make money one way or other are trying their luck but most of the time they tend to lose. More than trading it is the fear of missing out. Because of which everyone is trying their luck”.
Many Telugu students and many people with average salary are taking the crypto currency trading seriously. Experts advised that students should not dream of clearing their loans by investing in Bitcoins as there is a huge risk. Mr.Kuchipudi said, “It is not at all advisable for college students to invest money. For couple of days they might gain but there is greater probability of losing it.”
Some NRIs have already lost money. Mr. P Chandrashekar who works in Tampa said, “People are making good money. But I am in losses, because I invested when it was high. I lost about 5 per cent of what I invested but it keeps changing.” On the other hand, some techies are investing less money in cheaper coins, so that once they grow, they can get more profits.