Cryptocurrency is popular because it’s secure, deregulated, requires low transaction fees, and holds a huge potential for profit. And as it happens, Bitcoin is the world’s first and most valuable cryptocurrency by far. Currently, it’s worth over $62,000. This value is even expected to reach $168,000 by the end of 2021 due to the release of a crypto-linked ETF called BITO. It’s designed to increase access to Bitcoin without investors having to directly own the cryptocurrency. Indeed, all the exciting prospects Bitcoin offers are enough to entice anyone to enter the market.
But if you’re a software developer, you may have a better chance of finding success. So, here’s more on why you should get started in Bitcoin and how you can do so.
Why you should get started in Bitcoin
As a software developer, it’ll be more intuitive for you to comprehend the inner workings of the blockchain, such as the complex mathematical problems involved in mining Bitcoin and how the blockchain is distributed over a network of nodes or physical devices. Consequently, you can enter the world of Bitcoin both as an investor and as a software developer.
For example, Bitcoin prices are affected by its availability. And this is determined by how efficiently people mine for the currency. As someone who works in tech, you will be able to understand the codes, errors, and general status updates that miners post on online platforms like CryptoInTalk. It’ll be a huge help in letting you know when the best time is to buy Bitcoin.
Moreover, Bitcoin can offer you plenty of career opportunities in actual software development. For one, you can try writing code for Bitcoin mining programs. For every 2,016 blocks that miners add to the chain, Bitcoin automatically increases the complexity of the algorithms that need to be solved. You can make code that can handle that increased difficulty. You can even create customized Bitcoin software solutions. Such as the infrastructure needed for businesses looking to accept Bitcoin as a payment option.
How to get started
Direct investments are a great way to begin. Learning how to buy Bitcoin is easy because it uses the oldest and thus the most established infrastructure available. All you need to do is choose from the countless trading platforms available. Online exchanges and crypto trading apps like Binance and Wealthsimple trade. This brings together multiple exchanges to get you the best prices.
But if you’re adept in programming languages, you can try mining Bitcoin with your own code. However, because procuring the hardware and electricity needed can be expensive, you can also opt to indirectly invest in Bitcoin by buying shares in mining companies like Riot Blockchain and the Marathon Patent Group.
Meanwhile, if you’re looking to become a consultant or freelance Bitcoin software developer, you can look for jobs on platforms like Toptal and prepare for your interview. As long as you can back up your expertise with a good portfolio and technical know-how, you’ll have no problems finding profitable work in Bitcoin.
Bitcoin is a digital asset. So you’ll certainly get a head start when it comes to learning more about how it, and how it works. You’ll also have more opportunities to enter the market beyond investing. So, if you do choose to enter the Bitcoin and blockchain market, you could be setting yourself up for a very lucrative future, if you’re willing to put in the work.