Digital currency, commonly referred to as “Cryptocurrency”, is a type of money that only exists in electronic form. It is a set of data that uses a technology called Block Chain, which acts as a ledger and keeps the 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 tracked as a record in the Block Chain, which can be tracked from user to user. There are clear benefits to tracking the activity of each currency, the main benefits being proof of ownership and fraud prevention and mitigation.
The recent growth in popularity of Cryptocurrency has given way to a new era of wealth in the technology industry. While the traditional way of generating income or accumulating wealth usually involved exchanging a product or service for money or compensation, digital currency is generated in a very different way. Much like gold or silver is dug out of the ground, Digital Currency uses “miners” to process thousands upon thousands of calculations every minute, effectively digging through a mountain of digital rocks and dirt to pinpoint what ultimately solves an extremely complicated math problem.
Until recently, a technologist’s ability to generate a salary depended on building digital applications or delivering their technical skills to a company. However, with the birth of Cryptocurrency, a technologist (or even a novice user with some basic computer programming skills) can bypass basic labor and directly participate in the production of this new currency by building a framework of ultra-powerful computers whose sole purpose is to “mine “cryptocurrency.
Business 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 of even some of the most basic of computer programmers, the business community may come to see Cryptocurrency as a threat to their business operations. Compared to answering a boss at a technology company, mining digital currency can be a very attractive job, which can lead to a potential shortage of qualified computer programmers in the technology industry.