Combining technical skills with a dose of critical thinking and some economic insights can lead you in many different directions, from being a data an
Combining technical skills with a dose of critical thinking and some economic insights can lead you in many different directions, from being a data analyst at a major corporation to heading the finance department at a start-up. However, in a world where your office doesn’t need to be an office, there are more interesting ways you can use your talents. Perhaps the most intriguing proposition in recent years is investing, specifically in cryptocurrencies. Although online trading has been popular for the best part of a decade, 2017 saw the rise of cryptos.
Bitcoin Moons and Opens Up a World of Opportunities
Thanks to Bitcoin’s (BTC) meteoric price rise from $1,000 to almost $20,000, the mainstream suddenly became crypto crazy and that, in turn, has opened up a wealth of opportunities. Indeed, when you look at many of the top exchanges, you can now buy Bitcoin with PayPal, Visa and other traditional payment methods. This shift has allowed those without any technical expertise to invest. Today, tech-savvy individuals and novices are playing the exchanges in search of financial freedom. Like any emerging technology, the swings are beyond anything established commodities will experience, something that makes crypto investing both risky and entertaining. Indeed, according to the statistics from ING Banking and Statista, 9% of European consumers said they own at least some digital currency.
Surprisingly, for those seeking a place to trade, Turkey is one of the leading crypto hubs. As per the survey, 18% of consumers in Turkey own crypto compared to 6% in the UK. Of course, for those looking to enter this market, local laws are important to understand. Although the landscape is constantly changing, places such as Colombia, Egypt and China have all outlawed crypto trade and payments via national banks. Therefore, if you’re planning to trade and travel, you need to ensure you don’t set up camp in a non-crypto-friendly country.
A Skills Gap in a Rapidly Growing Industry
Of course, the recent cryptocurrency boom has not only led to a glut of trading opportunities. With the industry evolving, developers and security experts are now more crucial than ever. Just as traditional banks like Tesco can have 20,000 accounts hacked, the same is true in the crypto world. Because of this, security experts are worth their weight in gold. However, because crypto companies are experimenting with new technology, it’s hard to find enough developers to fill the current skills gap. Therefore, on networks such as Ethereum (ETH) there is a constant need for more computer experts. Indeed, even with a market cap worth $13.4 billion, Ethereum is still a fledgeling project and that means it’s in constant need of development and, therefore, developers.
Since launching in 2015, the developers have expanded the blockchain’s capabilities but, in turn, encountered a number of issues. Scalability is one but so too is security. Deploying a Proof-of-Stake (PoS) consensus protocol is Ethereum founder Vitalik Buterin’s main aim at the moment, so developers savvy in this area will be a valuable commodity. However, what’s interesting about Ethereum is the number of third-party decentralised apps (dApps) that it hosts. Joining an Ethereum-based start-up is, perhaps, the most stable way to profit from the current crypto boom. Projects such as marketplace Ethlance or those in property technology investments (PropTech) are experimenting with blockchains and, therefore, need new talent.
Put simply, there’s money to be made for anyone with a passion for emerging technology, cryptography and anything in between. Yes, crypto trading has become popular, but the industry has much more to offer than that. If you’re skilled on a computer and have a grasp of economics and logic, there’s a place for you in the crypto space.