The global cryptocurrency marketplace is changing the world before your eyes.
So, here are the 5 things developer need to know about the cryptocurrency market... For more helpful programming career tips, news and job listings make sure you subscribe to codeslaw, here.
1. Cryptocurrency has a massive cultural impact that benefits individual users and developers
Cryptocurrency is a revolutionary concept that shifts power from banks and governments to ordinary people and developers.
This is happening because cryptocurrencies like Bitcoin and Ethereum provide people with an irreversible, pseudonymous, and permissionless method of payment.
And as you can imagine, having a limited, controlled supply of money that can’t be changed by any centralized organization creates profound benefits for society at large.
Developers will no longer have to worry about currency inflation, deflation, merchant accounts, transaction fees, methods of payment, etc.
Anyone from anywhere in the world can use cryptocurrency to purchase items, provide small tips (or micropayments), store value, create smart contracts, raise funds for an Initial Coin Offering (ICO), and so much more.
It’s a universal system that will provide individual users and developers with a new world of technological innovation.
If you’re considering developing for a cryptocurrency project, then it helps to look at things like the quality of the cryptocurrency’s development team, maximum coin supply, coin issuance rate, openness, transparency, and fair distribution of the initial coin supply.
But most importantly, you have to ask tough questions like:
- Does this cryptocurrency solve real problems?
- Does it genuinely improve the world?
- Will it actually change how global transactions are handled?
Of course, there are very few absolutes when it comes to the future of crypto.
But, you can always talk with trustworthy people who are involved with a particular cryptocurrency market, search for authentic information, and leverage hard data whenever possible.
Because, it’s always best to do development work for a cryptocurrency market that you genuinely believe in. This enables you to do the best work possible.
And best of all, when you develop for a cryptocurrency that has an ideal set of qualities, you may be able to reap the financial rewards of a long-lasting, valuable, and life-changing currency.
If you’re going to develop for a cryptocurrency, then you’ll need to think long-term, have amazing patience, and remain persistent.
It’s far too early to determine which cryptocurrency (or cryptocurrencies) will have the greatest impact on the future of humanity.
But, at this point in time, Bitcoin and Ethereum are cryptocurrencies worth considering for long-term development work.
Additionally, there may be other coins that people aren’t paying much attention to, that can overtake mainstream cryptocurrencies in the future.
It’s in your best interest to develop a long-term mindset about cryptocurrency, weigh all of your options, and work on projects that provide users with genuine value.
One of the most promising aspects of cryptocurrency is the creation of “trustless systems” that essentially cut out the middlemen, and allocate power to the innovators (i.e. developers) and end users.
Peter Thiel talks about this in his book Zero to One, which is one of the most important books for programmers to read. In Zero to One, Thiel explains that the future of technology will involve cutting out the middlemen - as product quality becomes more and more important.
For example, you might imagine a future where:
- Online media publications accept micropayments from users as a ‘reward’ for creating high-quality content
- Royalties are distributed according to the amount of time users spend watching a video, or listening to a song
- Cryptocurrencies are used to conduct P2P business transactions in emerging continents like Asia and Africa
- Users of social media networks are rewarded with micropayments rather than ‘likes’ or ‘favorites’
We’re still in the earliest stages of distributed applications. But, business giants like J.P. Morgan and Microsoft are already adopting the blockchain.
Launching even the smallest of dApps will enable you to have “skin in the game”, and understand the cryptocurrency market better than 99% of people.
There will always be rampant speculation in regards to the fluctuating prices of different cryptocurrencies.
This is because cryptocurrency has gone relatively mainstream, and can be extremely volatile. There are many people getting involved with cryptocurrency who just hope to invest, and eventually cash out.
While there’s nothing wrong with capitalizing on cryptocurrency - the best thing that you can do is focus on the underlying technology of cryptocurrencies, and think hard about the future impacts that different cryptocurrencies will have on people.
Take your time to do your research, learn the different technologies, and build an application that improves life on Earth. That’s how you’re going to benefit financially, while also advancing humanity. It’s a win-win for everyone involved.