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. Like 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 stored as a record on the block chain that can be traced from user to user. There are clear benefits to tracking the activity of any currency, the most significant benefits 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 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, effectively digging through mountains of digital rocks and dirt to find what ends up being the solution to an extremely complex mathematical problem. task.
Until recently, a technologist’s ability to generate a salary was based on building digital applications or providing their technical skills to businesses. However, with the birth of cryptocurrency, a technologist (or even a novice with some basic computer programming skills) can bypass the groundwork and go directly to the production of this new currency, creating a staff of super-powered 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 possessed by even some of the most basic programmers, the corporate world may begin to see cryptocurrency as a threat to their business operations. Compared to answering to a boss at a tech firm, cryptocurrency mining can be a very attractive job opportunity, which could lead to a shortage of skilled programmers in the tech industry.