A digital currency, commonly referred to as a “cryptocurrency,” is a type of money that exists only in electronic format. This is a series of data that uses a technology called Block Chain, which acts like a book and keeps a 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 method of payment by buyers and sellers for the exchange of goods and / or services. The transfer of ownership of a digital currency is stored as an entry in a chain of blocks that can be tracked from user to user. There are obvious 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 cryptocurrency popularity has given way to a new era of wealth in the technology industry. While traditional ways of generating income or accumulating wealth usually involve exchanging a product or service for money or compensation, digital currency is generated quite differently. Just as gold or silver is dug out of the ground, Digital Currency uses “miners” to process thousands and thousands of calculations every minute, effectively digging through a mountain of digital rocks and mud to find what ultimately becomes the solution to an extremely complex mathematical problem.
Until recently, a technologist’s ability to generate salary depended on creating digital applications or providing businesses with their technical skills. However, with the birth of cryptocurrency, a technologist (or even a beginner with some basic computer programming skills) can bypass basic employment and directly engage in the production of this new currency, creating a cadre of high-powered computers whose sole purpose is “my” 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 computer programmers, the corporate world may begin to view cryptocurrency as a threat to their business operations. Compared to answering a boss in a technology firm, mining digital currency can become a very attractive employment opportunity, leading to a shortage of qualified programmers in the technology industry.