Digital currency, commonly known as “cryptocurrency”, is a type of money that exists only in electronic format. It is a series of data that uses a technology called blockchain, which acts as a ledger and maintains the history of what the cryptocurrency was used for. Like coins or paper money, digital currency is stored in a digital wallet and can be used as a traditional way to pay buyers and sellers for the exchange of goods and / or services. The transfer of ownership of a digital currency is kept as a record in the blockchain, which can be tracked from user to user. There are obvious advantages to tracking the activity of any currency, the most notable ones being proof of ownership and prevention and mitigation of fraud.
The recent rise in the popularity of cryptocurrencies has ushered in a new era of wealth in the technology industry. Although the traditional way of acquiring income or wealth usually involves exchanging goods or services for money or compensation, digital currency is created completely differently. Much like gold or silver is mined from clay, digital currency uses “miners” to process thousands of calculations per minute, effectively digging through digital rock and mounds of dirt to find what ultimately turns out to be an extreme solution. Complex math problems.
Until recently, a technologist’s ability to generate paychecks depended on creating digital applications or providing their technical expertise to businesses. However, with the birth of cryptocurrency, a technologist (or even a novice user with some basic computer programming skills) can evade basic employment and become directly involved in the production of this new currency by creating a cadre of ultra-powerful computers whose sole purpose is. “My” cryptocurrency.
The corporate world relies heavily on the skills and abilities of computer and IT professionals. Although the popularity of virtual money continues to grow and become more popular, even with the natural skills of some basic computer programmers, the corporate world may begin to see cryptocurrency as a threat to their business activities. Compared to answering with a boss at a technology firm, mining digital currency can be a very lucrative job opportunity, leading to a shortage of qualified computer programmers in the technology industry.