At present, we’ve successfully shifted to a digital ecosystem with a majority of our routine tasks taking place online (digitally). Among all the exciting innovations of the digital realm, cryptocurrencies are the newest rave among investors and organisations.
Considering that cryptocurrencies were initially introduced only a decade ago, the rate at which they are growing is astounding. Especially the past year has been very significant for blockchain and cryptocurrencies. Thanks to rapid digitisation and increasing accessibility to high-speed internet, cryptocurrencies have shown exceptional resilience even in the face of economic meltdowns during Covid-19. Globally, today cryptocurrencies have a net worth of $1.5 trillion, a market that’s expanding as we speak.
The fast-growing interest in cryptocurrencies is largely because they can often be immensely profitable. However, since they are unregulated (not administered by a central authority), there’s still a lot of speculation surrounding cryptocurrencies. While many are hesitant to use them, Japan and European Union are researching ways to adopt them as legal tender.
Let’s explore more about cryptocurrencies down below!
What is Cryptocurrency?
A cryptocurrency is a form of digital payment that can be exchanged online for services and goods. Many companies have started issuing their own cryptocurrencies which are mostly called tokens and can be traded specifically for the products and services of that company.
Cryptocurrencies work on blockchain technology which is a decentralized technology free from government or central authority intervention and is spread across various computer systems that manage and record these transactions. In this structure, the transactions work and operate without an intermediary and self-executing smart contracts do the role by directly writing the terms of the contract between the buyer and the seller into the lines of code. Cryptocurrencies use cryptographic techniques like elliptical curve encryption, public-private key pairs, hashing functions, etc.
Blockchain technology also ensures that the transactions of cryptocurrencies are verified and recorded. This technology ensures its security which makes cryptocurrencies free of fraud risk. Other benefits of using cryptocurrency include transfer using the specialist modes or electronic modes of transfer, profitability, divisibility, transparency, and inflation resistance. However, cryptocurrencies also face criticism for various factors such as vulnerability of underlying infrastructure, use in illegal activities, and exchange rate volatility or immense price fluctuations. The most popular versions of cryptocurrencies are Bitcoin and Ethereum, but there are thousands of cryptocurrencies in the market in circulation. Although cryptocurrencies can be used to purchase services and products, people mostly invest in them like assets, precious metals, or stocks. It may be an exciting and novel asset but investing in cryptocurrencies is a whole different ball game altogether.
Blockchain expertise is one of the in-demand skills today. Companies and organisations are exploring ways to pump it into the mainstream economic infrastructure. In fact, blockchain technology has created a range of exciting career opportunities like:
1. Blockchain Developer
2. Blockchain Solution Architect
3. Blockchain Project Manager
Blockchain project managers are responsible for managing the whole team. They work with the database system. Project’s economy, and the processing systems. They basically oversee the whole blockchain infrastructure process. The job involves resource monitoring and reporting, transaction management systems, developing a specialised feature, and overlooking the security protocols. They even handle all the issues that come up from the processes from the blockchain. They need to be equipped with the skills of traditional project managers. They also need to be good at understanding technology because their work is related to it. They also need to have good communication skills so that they can handle workers and get resources from seniors.
4. Blockchain Legal Consultant
Always when new technologies are introduced legal issues arrive. Companies need someone to manage the legal issues and identity. In this field communication skills are required and knowledge and legal expertise are a must. A legal consultant is responsible for guiding organisations in structuring and governing their coin offerings. They also have to oversee contracts and partnerships related to blockchain. Blockchain legal consultants draft legal agreements, perform due diligence, support activities like mergers and acquisitions, and conduct negotiations.
5. Front End Engineer
The front-end is the first thing that appeals to any client or customer when he looks at an application or a website. A front-end developer works with the operational, content, and marketing teams simultaneously. They must be proficient in UI/UX design. For blockchain web developers a wide range of options is available in all sectors including, credit, finance, and healthcare. As a front-end blockchain engineer or designer, professionals need to build innovative and unique UI for both websites and applications. Sketch, InVision, and Figma are some of the software tools used by front-end engineers.
6. Analyst Relations Manager
An analyst relations manager raises brand awareness about the company’s projects and establishes the company’s brand image in the market. This includes external representations like public relations, media interactions, newscasting, and much more. The role requires in-depth knowledge of blockchain technology as it enables analyst relations managers to address complex questions from the non-technical stakeholders.
Demand in Blockchain
There is a lot of demand for cryptocurrencies because people are searching for new and innovative ways of settling transactions and cryptocurrencies provide an amazing solution. Cryptocurrencies are also more preferable over other methods of payment because it provides user autonomy, eliminates the banking fees, provides accessibility, and incurs very low transaction fees. Cryptocurrencies are easy to use as they provide a public-private key pair where the private key is available only with the user and they can easily transact globally using cryptocurrency. Also, they are generating jobs at various levels and offering individuals to get connected with the updated technology. The world is advancing and people want to use newer technology to their benefit. They are also in great demand because people believe they are the currencies of the future and it is best to invest in them before their prices get extremely high. The global cryptocurrency market was the size of almost $754 million in 2019 and this number is expected to reach an astounding $1,758 million just by 2027. This projects or exhibits a CAGR of 11.2% during this period.
The salary for people with expertise in blockchain technology is around Rs. 807,760 annually and this only increases with experience. The salary of a blockchain professional or developer depends on several factors. These factors include the number of years of experience, skills, and the company. On a broad scale, the salary of a blockchain developer is between Rs. 5,00,000-30,00,000 per annum. The average salary of a blockchain developer in India is Rs. 6,00,000 per annum and this number can increase up to seven times with an experience of three years or more. The average annual salary of a blockchain architect can be as high as Rs. 18,00,000, which can go even higher at Rs. 24,00,000 with experience. The salary of a blockchain analyst can be around Rs. 12,00,000 per annum on average.
Job roles in blockchain technology are increasing at an astounding rate of 2000-6000%. Given the promising future scope in blockchain tech, upskilling is the need of the hour. By upskilling, you will not only enrich and expand your knowledge base but also become eligible for upgraded roles in the industry. In India, the pay of a blockchain professional is 50-100% higher than that of traditional software developers. Do we need to give you any more reason why you should consider upskilling in this emerging technology that’s rife with opportunities?
Online blockchain courses like the Executive PG Programme in Software Development-Specialisation in Blockchain are your best bet to gain knowledge on cryptocurrency and related technologies. You can upskill safely from within the comfort of your home. What’s more is that you can learn and progress at your convenience.
Cryptocurrency made a huge leap from being just an academic concept to reality in 2009, with the introduction of the first cryptocurrency, i.e. bitcoin. Since then, cryptocurrencies have advanced by leaps and bounds, with several of them in circulation now. This year itself, we’ve witnessed the mighty Dogecoin taking over the market by storm. While cryptocurrencies are here to stay, their future is quite volatile – we’ve yet to explore a larger part of what they can do!