The rapid expansion of Bitcoin and other cryptocurrencies has led to a corresponding increase in the industries around them. Ten years ago, it was unlikely there was much employment demand for blockchain developers, among the other positions that support or rely on blockchain technology. Today, however, these professionals are in high demand and receive high salaries for jobs that only appeared within the last decade.
The Need for Blockchain Technology Spreads to More Companies
When the first cryptocurrencies were emerging, blockchain development wasn’t a job. It was simply a very complex hobby. As the value of cryptocurrencies rose, developers saw the need for more expansive teams and operations.
Businesses started to fund the development of cryptocurrencies, bringing in developers from outside. Today, companies of all kinds are implementing blockchain technology in varying capacities, and that means hiring more skilled employees.
This isn’t strictly related to the development of cryptocurrencies, as blockchains see use in many applications, and companies are looking for even more. Industries that have been hiring blockchain professionals in higher numbers include not only finance, but healthcare, energy, and travel sectors. Governments are also major employers, requiring experts to develop strategies for reacting to the relatively new development of cryptocurrencies.
The biggest names across many industries have contributed to this demand, including Walmart, Shell, Visa, Ford, Unilever, Delta, and many more. People with blockchain skills no longer have to look for work. The jobs come looking for them.
A Massive Spike in Blockchain Salaries
Over the past several years, blockchain-related salaries have far outpaced growth compared to other sectors. They’ve grown even faster than the tech industry in general, which itself has impressive gains. The average salary for blockchain developers can be up to $175,000 per year, and that is an average. There are many that make much more than that.
The overall size of the crypto job market tripled between 2018 and 2019, and there are even more jobs now. Skilled professionals with the knowledge of blockchain technology necessary for companies to thrive in the modern age come at an impressive premium, and the balance of power is almost entirely in their hands.
Many Opportunities in Blockchain Technology
There is an incredibly diverse range of jobs relating to blockchain technology and applications. The first cryptocurrency, Bitcoin, was developed under the pseudonym Satoshi Nakamoto. This person or group remains anonymous to this day, so we don’t know if it was a one-person operation or a team. There’s little doubt, however, that any group would be much smaller than the teams we see today.
The key positions are the blockchain developers and engineers. There’s some overlap in what their duties can be, but they do the actual coding that goes into decentralized applications and smart contracts. These are the most in-demand and highly skilled positions due to their absolute necessity.
Larger blockchain operations have numerous other positions. They require security and research analysts for planning. They also need other positions that can be found in many industries, including quality engineers, project managers, and more. Legal consultants specializing in blockchain are necessary to navigate the complex regulatory frameworks around cryptocurrencies.
Major organizations will also have designers, marketing specialists, recruiters, and more for their blockchain divisions. In smaller enterprises, many of these services could be outsourced, but they still prove essential to achieving success in the modern blockchain landscape.
The largest single category of employers in blockchain technology is exchanges, where cryptocurrency holders can buy, sell, and trade various currencies. These require extensive security work to ensure that that their cryptocurrency holdings are secure. The most widely known exchange failure was Mt. Gox, which shut down in 2014 following the theft of $450 million in Bitcoin, which would be worth in excess of $14 billion today.
These latest developments have not gone unnoticed by scammers who are trying to ride the latest Bitcoin craze and promote their get-rich quick schemes like Bitcoin Prime. We heard about this latest automated trading app after doing some research and finding a website name ScamCryptoRobots.com where we were able to see how the scam works. Doing proper research before risking money is always recommended.
The Future of the Cryptocurrency Job Market
Blockchain and cryptocurrency jobs are still rising in terms of both the number of positions and their salaries. It is by no means clear just how far this can go. Cryptocurrency adoption is far beyond what it once was but still falls far short of any conceivable limits. With the inclusion of other uses for blockchain technology in the future, we might just be seeing the very beginnings of the blockchain job market today.
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