Digital currency, commonly referred to as “cryptocurrency”, is a type of money that exists only in electronic format. It is a series of data that uses a technology called Block Chain, which acts as a ledger and maintains a 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 on the blockchain that can be traced from user to user. There are obvious benefits to tracking the activity of any currency, the most important being proof of ownership and fraud prevention and mitigation.
The recent rise in popularity of cryptocurrency has given way to a new era of wealth in the tech industry. While traditional ways of generating income or accumulating wealth usually involve exchanging a product or service for money or compensation, digital currency is generated completely differently. Much like gold or silver is dug out of the ground, Digital Currency uses “miners” to process thousands and thousands of calculations every minute, effectively digging through a mountain of digital rocks and dirt to locate what ends up being the solution to an extremely complicated mathematical problem.
Until recently, a technologist’s ability to generate a salary 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 with some basic computer programming skills) can bypass the core job and get directly involved 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 popular, combined with the natural skills that even some of the most basic computer programmers possess, the corporate world may begin to see cryptocurrency as a threat to their business operations. Compared to answering the boss at a tech firm, digital currency mining can be a very attractive job opportunity, leading to a potential shortage of qualified computer programmers in the tech industry.