Digital Currency: The Technologist’s Answer to Self Employment2 min read
Digital Currency, commonly referred to as “Cryptocurrency”, is a type of money that only exists in electronic format. It is a series of data that uses a technology referred to as Block Chain, which acts as a ledger and maintains the history of what the Cryptocurrency has been used for. Similar to coins or paper money, Digital Currency is stored in a digital wallet, and can be used as a traditional method for buyers and sellers to pay for the exchange of goods and/or services. The transfer of ownership of a Digital Currency is kept as a record in the Block Chain, which can be tracked from user to user. There are obvious benefits of tracking the activity of any currency, the most substantial benefits being proof of ownership and fraud prevention & mitigation.
The recent growth in popularity of Cryptocurrency has given way to a new era of wealth in the technology industry. While the traditional means of generating income or amassing wealth has typically involved exchanging a product or a service for money or compensation, Digital Currency is generated completely different. Much like gold or silver is dug out of the ground, Digital Currency uses “miners” to process thousands upon thousands of calculations every minute, effectively digging through a mountain of digital rocks and dirt to locate what ultimately ends up being a solution to an extremely complicated math problem.
Up until recently, a Technologist’s ability to generate a paycheck relied on building digital applications or providing their technical skills to a business. However, with the birth of Cryptocurrency a Technologist (or even a novice user with some basic computer programming skills) can circumvent basic employment and engage directly in the production of this new currency by building a cadre of ultra-powerful computers whose sole purpose is to “mine” Cryptocurrency.
The corporate world relies heavily on the skills and abilities of Computer and IT Professionals. However as the popularity of virtual money continues to grow and become more and more popular, combined with the natural skills held by even some of the most basic computer programmers, the corporate world may start to see Cryptocurrency as a threat to their business operations. When compared to answering to a boss at a Technology firm, mining Digital Currency may be a very attractive job opportunity, therefore leading to the potential of a shortage in qualified computer programmers in the Technology industry.