Fintech jobs in cryptocurrency has become all the rage over the last few months, especially after bitcoin reached the all-time high of $69k recorded as of November 10 8AM. It’s a global phenomenon that’s rapidly changing the world. However, despite it being known by many, it’s still only understood by so few.
With the crazy amount of new and different cryptocurrencies, it can be overwhelming when you want to dive into the crypto world. Hence, you need to know the basics of crypto to avoid missing out on the opportunities that come with it. So let’s walk through the whole process.
What Is The Future Of Cryptocurrency?
In December 2017, cryptocurrency was only for the experts and savvy investors. But because of Bitcoin’s massive success and popularity following that month, things have changed. As you may know, Bitcoin was the first famous Cryptocurrency launched by Satoshi Nakamoto in 2009. In 2021, bitcoin currently holds the market value of $967 Bn with over $18 Mn in circulation.
This massive bitcoin rise attracted the development of more blockchains and cryptocurrencies like Ethereum, XRP, Solana, doge, Shiba Inu, Fantom, and many more. Now, the total cryptocurrency market cap is at 2.5 trillion. The future of fintech jobs in cryptocurrency only looks brighter from here. Many firms and organizations are diving into it, thereby enlarging its cost.
Elon Musk for example, recently announced that his company, Tesla, invested $1.5 billion in bitcoin and has plans to accept the currency as payment. Also, users of Apple Pay, Google Pay, and Samsung Pay can now make transactions with cryptocurrency using BitPay.
You might have also heard of the metaverse vision. The social media giant Facebook is rebranding its name to Meta to emphasize the VR and gaming vision using crypto. Mastercard has also indicated that it’ll start supporting some cryptocurrencies on its payment network. And PayPal already allows its users to buy, sell and hold cryptocurrency. The list goes on, but with these examples, you can see that the future of cryptocurrency is evolving, and it’s promising.
Frequently Asked Questions
What are Cryptocurrencies?
Cryptocurrency is a digital or tech currency, coin, or token, that uses blockchains for security and trust. These blockchains are organic and impossible to counterfeit, unlike our fiat currencies. In other words, it’s decentralized electronic money created with technology that helps to control and protect transactions.
Concerning the transfer of supervision, crypto is often not restrained to a centralized association or individual. Hence, they can’t go through corruption or manipulation. In simple terms, cryptocurrencies are digital files with monetary value that everyone can access. Today, people use it to buy goods and services, and most of the time people invest in it like they do for other assets, like stocks or precious metals.
What skills do I need for fintech jobs in cryptocurrency?
IT skills are crucial to landing a job in the cryptocurrency industry. Hard skills like machine learning, artificial intelligence, Java, Python, React, C/C++, Node.js, and Amazon web services are necessary. Nonetheless, if you’re a non-techie who wants to venture into the crypto world, skills like communication, creativity, and problem-solving are also essential.
What are the common cryptocurrencies making waves in the industry?
Many cryptocurrencies surface every day, but most don’t survive due to their low utility value. Nonetheless, some digital currencies have a well-planned strategy and viable use cases. These high utility coins that are topping the market include
BTC was the first and is currently the leading cryptocurrency in the world. The rise and fall of this alpha coin predict the rise or fall of other altcoins. Created by Satoshi Nakamoto in 2008, bitcoin remains the alpha cryptocurrency having a market cap of $956 Bn.
ETH is a decentralized open-source blockchain with its cryptocurrency – Ether, and it’s innovative decentralized applications (dApps) platform. Developed by Vitalik Buterin in 2015, Ethereum has grown, having a market cap of $511 Bn.
Binance Coin (BNB)
As you may know, Binance is one of the biggest cryptocurrency exchange platforms. Founded by Changpeng Zhao and launched in July 2017, BNB went through a significant price increase in the early months of 2021, holding a market cap of $96 Bn. Today, the use of Binance Coin can be used for trading, payment processing, or even booking travel arrangements.
Is an open-source project that banks on blockchain tech, Solana provides decentralized finance (Defi) solutions. Founded by Anatoly Yakivenko and launched in March 2020, Solana brings the uniqueness of proof-of-history that allows greater scalability to boost usability. With a market cap of $58.5 Bn, Solana enjoys interest from small-time traders.
Fantom is a decentralized finance (Defi) protocol designed to run apps and host digital assets. Created in 2018 and launched in 2019, FTM uses a scratch-built consensus mechanism and direct acyclic graph (DAG) technologies to provide an intelligent contract platform that allows effective transaction speed, scalability, security, and decentralization. With a market cap of $1.56 Bn, FTM can be used for staking, governance, payment for network fees, and as a medium of exchange.
Six Reasons Why Cryptocurrency Works
Like gold and silver, cryptocurrencies have proven valuable and beneficial even in the future. Here are six reasons why cryptocurrency works:
Low Risk of Disruption and Theft.
Look, the only way any entity can stop blockchains is by shutting off the internet, which we know is impossible. Also, cryptocurrencies are impossible to rob if you use the proper storage and exchange platform. The cryptographic system that crypto runs on ensures that every transaction is unique, and you can only manipulate the currency with an extensive depth of technical knowledge and effort.
Unlike fiat currencies, cryptocurrencies are portable, universal, and can be globally accessed and transferred from one account to another. The bitcoin in India is similar to that in the U.S.A because it’s all stored in digital form. That said, you can bring your cryptocurrencies with you regardless of the amount, so long as you have a stable Internet connection.
Decentralized and Better Value Storage
Cryptocurrency as an asset has good value storage because it keeps unchanged levels of utility or satisfaction over time. This makes it possible to maintain and increase its purchasing power gradually. It also has a decentralized trait making it independent of alteration unlike other financial assets like stocks or fiat currencies.
These other financial assets fluctuate depending on the pronouncements or moves made by central bankers or financial regulators. But, crypto can withstand price shocks, and retrace and reach all-time highs over time, which make them excellent storage sites in the long term.
Impossible to Control
For cryptocurrencies with a market cap already in $Bn like Bitcoin, you’ll need a large amount of money to buy multiple units so you can influence or manipulate their prices. Bitcoin for example, who has a market cap of about US$949 billion would need at least US$500 billion to manipulate the demand and supply to sway prices in your favor.
The Little Guy Gets In More
Unlike stocks and other financial assets that require high investment capital, cryptocurrencies have low barriers to entry. That means people who have little money can also invest. As such, cryptocurrencies have various investor participation to the point it becomes impossible to manipulate the market.
With all that said, cryptocurrency is changing the financial world using IT. As we grow deeper into the future of cryptocurrency, you’ll start to notice more fintech jobs spring forth. So hold tight, get prepared with the right IT skills, and enjoy a new world of ease with tech and crypto.
6 Fintech Jobs in Cryptocurrency
As you might imagine, the cryptocurrency job market is on the rise. So, there’s a need for people to fill specific positions. Here are six trending fintech jobs in the crypto market.
Business Development Representative
Since cryptocurrency is making way for new business opportunities across different fields, there’s a need for fintech jobs focused on business development to push products, meet prospects, and close deals. You need to have a vast understanding of cryptocurrencies, sales, finance, and communications.
As the crypto industry grows, more private investors will want to invest in cryptocurrency. So, they’ll need to fill fintech jobs for analyzing, developing, and recommending investment strategies. You’ll need to know technical analysis to determine the best time to buy and sell. You’ll also need to check for risks and maintain crypto portfolios. Research skills must be top-notch to analyze regulations, policies, and economic trends.
Technical and Creative Crypto Writers
These writers dish out all the latest juice on crypto, from coin listing to blockchain tech. Also, firms that launch new crypto will need white-paper writers to attract investors. These must communicate the development, growth, and marketing plan for the cryptocurrency.
To be a technical crypto writer, you need basic but technical knowledge of how blockchain tech works. You should also show good rhetoric and research with proper spelling and grammar. Experience in digital marketing is also paramount.
Machine Learning Engineer
Since cryptocurrency is digital, there’s a need for experts who can create secure, user-friendly experiences for users through apps. For example, the largest crypto exchange – Coinbase, uses machine learning to predict and advise what currencies to buy for the user. You’ll need to have working experience with programming languages, machine languages like python and SQL, natural language processing (NLP) algorithms, and data analysis.
Crypto is built on the blockchain which makes it difficult to hack. However, security architects are still in high demand – to ensure the safety of each cryptocurrency. One such incident is the Mt. Gox $460 million disaster which was an unfortunate combination of poor management, inexperience, and neglect. The fiasco was a long-term hack that could have been prevented by an experienced security architect.
You should know how to create and deploy systems that will protect the technology behind specific cryptocurrencies from threats. That said, analysis, attention to detail, and knowledge in data security systems are essential.