In the last three years, the crypto industry has been through a lot. There has been a period of international excitement and exuberance over Bitcoin and other currencies, then 2018 hit hard with a huge crash in January and February.
2019 is the year of balance and stability for crypto. Last year, the market got rid of most bump-and-dump startups and is finally populated by committed vendors. Jumping on the crypto bandwagon for fundraising is now is harder than a few years ago, as regulators are stricter and a buyer is not as trustworthy of crypto anymore.
In the post, you’ll find out what lies ahead for crypto and whether or not your business would benefit from a cryptocurrency developer.
Despite the prediction that cryptocurrency will become common by 2030, as for now, people’s trust level to most ICOs is rather low. Last year, 50% of cryptocurrencies have died and revealed their true colors - pure scam.
Having said that, there is a brighter day for crypto. Cryptocurrencies will still be going strong in 2020 - but the development current might not be what you expected.
Game developers and players had no issues with buying virtual currencies - thus, they will be more prone to trust crypto. From a technical standpoint, gaming is a perfect field for a cryptocurrency blockchain developer. You can apply the opportunities provided by blockchain to revolutionize multiplayer, innovate payment systems, and improve game asset management.
The industry frontrunners are already looking for ways to implement blockchain and crypto into titles. Recently, Epic Games, a studio that gave the world ‘Fortnite’ made a statement about looking for ways to improve gaming with blockchain.
2018 was proof that the crypto market is the Wild West. There were only a few reliable cryptocurrencies and thousands of pump-and-dump schemes. According to ‘The Guardian’, scam victims have lost 27 million pounds in the UK alone. In the US, the damage is yet more jaw-dropping - the losses in the first half of 2018 are estimated at $4.26 billion.
With such a turbulent state of the market, regulatory organs had to step in. In July, the Financial Action Task Force published a guideline, with 37 rules on virtual asset management. Also, 15 governments from the countries with regulated jurisdiction plan to collect personal data on cryptocurrency launchers to ensure terrorist organizations don’t take advantage of the environment.
Stable coins are a securer way to invest in crypto since their value is tied to physical assets. This form of cryptocurrency is a golden mean between the insecure and unregulated crypto market and a strict and overly formal traditional investment environment.
It is safe to assume governments will eventually consider implementing stablecoins and replacing fiat currency with them.
Despite the highs and the lows, Bitcoin is still the indicator of where the industry is at. In 2018, the oversaturation of the market led to the currency’s infamous crash.
Now that the crypto market is nearing balance, Bitcoin is at its stability as well. Since the beginning of the year, it has been at the range of $8000-$10 000, with fluctuations. The currency is still going strong and is likely to dominate the market for the next five years.
Mining crypto takes tremendous hardware power as well as a secure, encrypted network to connect distribution platforms (websites and apps) with blockchain. To connect crypto sellers and buyers smoothly and securely, companies hire a cryptocurrency developer.
Depending on the platform you use (Ethereum, Sawtooth, and so on), you’ll need a different set of APIs and tools. An experienced developer helps businesses integrate with all commonplace cryptocurrency systems.
Crypto development requires a high level of programming knowledge. If you are wondering how to become a cryptocurrency developer, keep in mind that a skilled professional should be well-versed in Python, Node.js, C#, Ruby on Rails, Java, and other languages.
Finding a developer, experienced in cryptocurrency is become relevant for most SMEs and big companies. The growing popularity of crypto results in businesses looking for ways to implement it.
If your company is considering to take on any of the following tasks, it’s time to onboard a remote development team that specializes in cryptocurrency:
Using blockchain for payments, contracts, or other activities; Accepting crypto payments; Launching an ICO; Using blockchain-based tools like JP Morga or IBM; Mining cryptocurrency.
A cryptocurrency app developer will be able to heavily contribute to any project that includes blockchain and crypto integration, trading, and mining.
Cryptocurrency is a new trend in tech - naturally, there are little-to-no programs that train cryptocurrency software coders. That’s why skilled professionals have no shortage of offers, and companies are at odds of hiring a pretender, with no practical knowledge or experience in launching crypto.
To steer clear of incompetent developers, follow these proven hiring tips.
Right off the bat, it’s hard to understand what being a cryptocurrency developer means. To make sure you and the candidate are on the same page regarding job responsibilities, name precise skills, languages, and tools your future employee needs to have a command of.
The list of skills for developer jobs on cryptocurrency comprises:
Building infrastructures for online payment systems; Crypto projects testing; Integrating cryptocurrency APIs into an app or a website; Assisting in ICO launches; Troubleshooting and maintenance.
A strong theoretical framework is crucial for building functional systems - yet, nothing can replace real-life experiences. When interviewing a candidate, you want to make sure there’s substance behind every CV line. To get a better idea of a developer’s expertise, ask the following questions:
Tell us about your most rewarding project. Which metrics did you use to measure its success? Which tools and strategies did you implement? Tell us about the project that was not your best performance. What went wrong? How did you know the project didn’t achieve its peak efficiency? What would you have done differently? What is your favorite technology stack and why?
If you are happy with the candidate’s skill set and would like him to join the team, don’t forget to check where a coder stands in terms of the corporate culture as well as a cryptocurrency developer salary. A candidate should be passionate about the company and want your business to succeed wholeheartedly. It helps to introduce the candidate to the team at the group conference call to ensure there’s a connection.
The crypto market is highly turbulent. Despite its journey to stability, there are still challenges and uncertainties sellers and buyers have to put up with. Navigating the rough waters of crypto is easier if you have an experienced professional on board. Hiring a remote cryptocurrency developer is a way to make informed choices when building or investing in virtual currencies.
When hiring a developer, focus on finding out as much as possible about his working experience. If a software engineer has been a part of crypto projects before and contributed to their success, such a professional will become a valuable asset to your business as well.