Cryptocurrency’s ascent has spawned a slew of new tech professions, ranging from bitcoin startup positions to blockchain development jobs to entrance level cryptocurrency jobs. It’s a profession worth exploring regardless of your existing talents or level of knowledge.
Traditional job posts for employment at companies working with blockchain and crypto are also growing, which is good news for freelancers.
What is cryptocurrency?
Cryptocurrency is an intriguing innovation that does not cleanly fit into any current category. A cryptocurrency is a digital asset that may be transferred from one person to another without the use of a central authority such as a bank or government. The blockchain is a decentralised database that records all transactions.
Function of cryptocurrency
Bitcoin and cryptocurrency work as a global currency that enables people to choose and manage their money without having to go through a middleman such as a bank.
When we deposit money in a bank, we are essentially lending it to the bank, which subsequently invests it or utilises it for other purposes, keeping only a little portion on hand. There aren’t enough available funds for everyone during economic crises when people need to access their money in bulk.
By putting crypto assets directly in your possession, cryptocurrency gets around this obstacle. It also allows you to send money to anyone all around the world without having to worry about borders or currency conversions. It also cuts out the intermediary, which no other payment service does at the moment.
What is blockchain?
A blockchain is a decentralised ledger. Thousands of computers have a copy of the record. When the record book is changed, all of the copies must approve and agree to the new version.
We don’t require a central bank or government to confirm that the value of a cryptocurrency token has changed ownership when it is transferred from one individual to another. Everything is documented on the blockchain. So, at its most basic level, a blockchain is a log of transactions between the tokens that operate on it. Each digital currency has a blockchain of its own.
Some blockchains, on the other hand, take a step further and provide additional functionality.
Types of cryptocurrencies
There is going to be a brief overview of three of the most prominent cryptocurrencies, as there are over 1,300 of them in total. Each one represents a distinct sort of cryptocurrency.
- Bitcoin
Digital currency name = bitcoin
Bitcoin, the most well-known cryptocurrency, is a transactional cryptocurrency. That is, it is intended to be used as a medium of exchange for goods and services. In bitcoin, blockchain technology is used.
A few quick facts:
- BTC is the cryptocurrency’s trading symbol.
- In 2009, as a result of the financial crisis of 2008, the first cryptocurrency was created.
- By value, it is now the most valuable cryptocurrency.
- Ethereum
Digital currency name = ether
Ethereum is a type of cryptocurrency known as a platform cryptocurrency. It may be used as a way to promote apps and even new cryptocurrencies.
A few quick facts:
- ETH is the cryptocurrency’s trading symbol.
- In 2015, it was released.
- Used to operate “smart contracts” (applications that execute exactly as programmed, with no risk of fraud, censorship, or downtime). For instance, automatic rent payments.
- Many new cryptocurrencies rely on it as a foundation.
- Ripple
Digital currency name: XRP
Finally, Ripple is an example of a cryptocurrency that serves as a utility. Traditional financial organisations, such as banks, use it to send money rapidly and effectively.
A few quick facts:
- XRP is the trading symbol for Ripple.
- In 2012, it was first introduced.
- American Express, Santander, and other well-known banks and financial institutions use it.
- Allows for the rapid and low-cost transmission of “fiat” money (i.e. traditional currencies like dollars).
- Typically, money is converted into XRP, delivered, and then converted back.
Types of cryptocurrency jobs
When it comes to cryptocurrency professions, there are a lot of reasons to be enthusiastic about the new industry. It’s a rapidly growing industry, which appeals to millennials in particular. Many crypto positions are at startups, where salaries are 10-20% higher than industry averages. Furthermore, incentives and benefits are comparable, and there is much remote employment available compared to other professions if you want to pursue a career as a digital nomad.
- Blockchain developer/engineer
Expected salary: $79,985 per year on average, with a range of $112,000.
What they do: The distributed ledger that underpins bitcoin and other cryptocurrencies are known as the blockchain. Blockchain engineers use the technology to create new and secure solutions for their businesses.
To get into this field, you must first work as a standard developer, preferably with a CS degree or Bootcamp training. After that, register in courses to understand more about blockchain technology.
- Ethereum developer
Expected salary: $90,000 to $110,000 per year.
What they do: They specialise in Ethereum blockchain development, including the creation of blockchain-based apps. Solidity is the major language you should be familiar with.
As with other types of blockchain engineers, you should start as a conventional developer, preferably with a CS degree or Bootcamp training. Then, rather than studying general blockchains, focus on the Ethereum blockchain and learn how to create DApps, code in Solidity, and use efficient techniques.
- Smart contract developer
Expected salary: $90,000 to $120,000 per year.
What they do: Using the Solidity programming language, they create powerful smart contracts for Ethereum and leverage APIs to read, write, and update data on the blockchain.
To get into this field, start as a conventional developer, preferably with a CS degree or Bootcamp experience. Master the Solidity language and related tools by studying Ethereum. After working as a general Ethereum developer, you can specialise in this area.
- Ethereum Project Manager
Expected salary: $90,000 to $120,000 per year.
What they do: Using the Solidity programming language, they create powerful smart contracts for Ethereum and leverage APIs to read, write, and update data on the blockchain.
To get into this field, start as a conventional developer, preferably with a CS degree or Bootcamps experience. Master the Solidity language and related tools by studying Ethereum. After working as a general Ethereum developer, you can specialise in this area.
- Cryptocurrency Project Manager
Expected salary: $105K per year
What they do: They organise and monitor the execution of cryptocurrency/blockchain initiatives, translating technical concepts/developer language to plain English and back.
To enter this field, you’ll need a bachelor’s degree in a business-related area and project management expertise, as well as general cryptocurrency/blockchain education (online, self-taught, certificate, etc.).
- Other Roles in the Field
In crypto, there are also some non-tech positions. If you like the sound of working in operations, sales, marketing, UX/UI design, consulting, and so on, you can merge your two passions by applying for a position with a bitcoin company. If you’re in university or want entry-level exposure to the field, there are even some jobs available.
Who is hiring for cryptocurrency jobs?
If you seek a cryptocurrency profession, you may wind up working for a variety of companies. Here’s a basic rundown of what they’re all about.
Companies who are launching new coins or tokens
ICOs (Initial Coin Offerings) are venturing in which members of a team use blockchain technology to create an entirely new currency. These projects are used for several purposes.
For example:
- BitBix is a social media gaming cryptocurrency that provides a reward-based system for social media games, allowing players to compete for a prize with their peers.
- AidCoin was established to let people give more to charity.
- Basic Attention Token was launched by the Brave ICO to enhance digital advertising by delivering benefits to all parties involved (users, advertisers, and publishers).
Cryptocurrency Startups
In the last year, the crypto startup scene has exploded. More money was invested in bitcoin companies in the first half of 2017 than in the entire year of 2016. Electronic health records, games, search engines, chatbots, renewable green energy, file sharing, HR, and many other products are being developed and improved by crypto startups.
For instance:
- LaZooz, like Uber, is a decentralised ride-sharing service that leverages the chainlink blockchain technology to synchronise real-time ride-sharing seating availability.
- Coinbase is a digital currency exchange that enables you to buy and trade bitcoin, ethereum, and litecoin.
Companies with a Big Name
Finally, don’t think that pursuing a bitcoin job will limit you to tiny businesses! There are presently job openings for blockchain engineers/developers at the following companies (among others):
Visa, Microsoft, IBM, Intel, and JPMorgan Chase are just a few of the companies that have partnered with JPMorgan Chase.
Every day, more and more big-name organisations are hiring for blockchain roles, so if the startup atmosphere isn’t for you, you’ll have no trouble finding work at a well-established company.
Conclusion
This is all you need to know regarding building your career in cryptocurrency. Whether or not you intend to work in cryptocurrencies, it’s a rich and promising area that’s well worth studying! If you want to learn more about it, enrol in a course.
