Digital Currency, commonly referred to as “Cryptocurrency”, is a type of money that exists only in electronic format. It is a set of data that uses a technology called Block Chain, which acts as a ledger and keeps a history of what Cryptocurrency is used for. Like coins or paper money, Digital Currency is stored in a digital wallet and can be used as a traditional way for buyers and sellers to pay for the exchange of goods and/or services. The transfer of Digital Currency ownership is stored as a record on the Block Chain and can be traced from user to user. Tracking the activity of any currency has obvious benefits, the most significant being proof of ownership and preventing and reducing counterfeiting.
The recent rise in popularity of Cryptocurrency has ushered in a new era of wealth in the tech industry. While traditional means of generating income or accumulating wealth usually involve exchanging a product or service for money or compensation, Digital Currency is created in a completely different way. Just like gold or silver is mined from the ground, Digital Currency uses “miners” to process thousands and thousands of calculations every minute, efficiently digging through a mountain of digital rocks and dirt to determine what ultimately turns out to be a solution to an extremely overwhelming problem. complex math problem.
Until recently, a technologist’s ability to generate wages was based on building digital applications or pitching their technical skills to businesses. However, with the birth of Cryptocurrency, a technologist (or even a novice user with some basic computer programming skills) can bypass the primary occupation and directly engage in the production of this new currency by creating a staff of ultra-powerful computers with the sole purpose of creating it. “my” cryptocurrency.
The corporate world largely depends on the skills and abilities of Computer and IT Professionals. However, as the popularity of virtual money grows and becomes increasingly popular, combined with the natural skills possessed by even the most basic computer programmers, the corporate world may begin to see Cryptocurrency as a threat to their business operations. Digital Currency mining can be a very attractive job opportunity when compared to answering to the boss at a technology firm, thus potentially leading to a shortage of skilled computer programmers in the Technology industry.