If you’ve heard of cryptocurrencies, there’s a good chance you’ve also heard of Bitcoin. The term “cryptocurrency” is synonymous with Bitcoin. While a lot is going on in the crypto realm, newcomers want to learn much more about the asset class. Let’s go ahead and see what Bitcoin is about and how to recruit job candidates for Bitcoin startups.
Bitcoin
Bitcoin is a form of virtual currency. In simplistic terms, it is a computer application that allows users to trade the value of money immediately. Bitcoin is the first cryptographic commodity, a blockchain, that can be traded in the same way other cryptocurrencies can safeguard that currency. Bitcoin trading is pseudonymous, as there are no brokers or intermediaries involved.
History
It was founded in 2009 by an unknown individual using the pseudonym Satoshi Nakamoto. Cypherpunk was a group that focused on cryptographic security concepts in the 1990s. To secure trade, money, and communications, the team applied complex mathematics. Bitcoin was created due to the evolution of these cryptographic protocols, which fostered individual empowerment and mistrust of the state. This was the first electronic cash network that emphasized peer-to-peer transactions.
How does bitcoin work?
Bitcoin is built on blockchain technology, which is a form of digital ledger. You don’t physically possess it like a currency because it’s digital. It is yours since you have a private key. Because the private key is required to use Bitcoin, it should be kept in a secure location. In a nutshell, you own Bitcoin by holding a set of unique private keys.
Furthermore, Bitcoin does not require bill printing or coin mining. It is self-contained. It is not controlled by any financial institution, bank, or government. Also, due to its anonymity, no payment or user information is recorded.
Bitcoin transactions are created through a procedure known as mining. Bitcoin mining is an extraction procedure, to put it simply. Computational algorithms just became a part of a difficult mathematical puzzle in this extraction approach. As a result, each problem is solved, one mining block is mined, and the user or programmer is rewarded with bitcoin. Users must first register a Bitcoin account, similar to a computer email with 27-34 letters and words, to collect the Bitcoins they have mined.
What are the risks?
The cryptocurrency market is quite volatile. As a result, bitcoin is prone to market volatility. Aside from that, a lack of transparency and regulation has prompted governments to consider cryptocurrency legislation seriously. Furthermore, Bitcoin mining has negative environmental consequences. As a result, Tesla has stopped taking Bitcoin as a form of payment. However, it is still debated whether Bitcoin can address sustainability challenges.
Why should one work for a cryptocurrency startup?
Cryptocurrency businesses require the same set of talents as any other startup. While having past Bitcoin experience is advantageous – and knowing the language is essential – cryptocurrency businesses also require design, marketing, user interface and user experience (UI/UX), and other vital job duties. People with soft skills in non-technical professions have a lot of room to offer in these startups.
- Higher salaries
Cryptocurrency startup salaries outperform the industry average by roughly 10%-20% in both specialized and non-technical professions. It’s also important to note that most cryptocurrency businesses offer excellent benefits, such as profit-sharing agreements.
- Greater flexibility
Working in the Bitcoin industry increases your chances of landing a remote job by 22%. Employees at protocol startups will almost certainly receive bitcoin as a kind of equity remuneration. While the coins may still be restricted, they are fundamentally liquid. Employees can benefit from the liquidity of working for a public firm while also having the tremendous upside potential of working for a startup.
What qualities must the candidates have?
Cryptocurrency employment can be difficult to come by. Traditional measurements and methods no longer apply because the industry has grown so swiftly. With the growth in digital asset prices and the expansion of decentralized financing (DeFi) and non-fungible tokens (NFTs), there has been a surge in enterprises and organizations and a demand for competent personnel to run them.
Crypto companies have been vying for top talent as job postings skyrocket in a sector where someone with only a few years of expertise is typically considered a veteran. The shifting situation is also impacting standard hiring methods. From the features of the eligible talent pool to remuneration measures, there is frequently a disconnect between how organizations do things and how the industry is now.
Experienced engineers working on cryptocurrency projects are in great demand, but talented individuals with a passion for blockchain technology are also in high demand for blockchain jobs. There are also available roles in marketing, business development, operations, customer service, and other non-technical job responsibilities that need to be filled. Like any other high-growth business, Cryptocurrency companies must hire at all levels of the organization and quickly.
Where does the cryptocurrency job boom come from?
Bitcoin & Ethereum Boom
The cryptocurrency business is approaching a tipping point, with the early-adopter community giving way to a wider public. The price surge of Bitcoin and Ethereum in 2017 is luring more people into the area for the first time, and investor confidence is at an all-time high.
Initial Coin Offerings (ICOs)
Companies that use cryptocurrency have grown beyond conventional fundraising channels. The stories of pitching VCs for six months up and down Sand Hill Road have been supplanted by tales of cryptocurrency projects raising huge amounts of money in seconds via Initial Coin Offerings. For example, the team driving Filecoin recently set a new record for the largest initial coin offering (ICO) in history, raising $257 million to develop a decentralized file storage solution on the blockchain.
The influx of capital into the cryptocurrency industry, from ICOs to VC financing and the price increase of Bitcoin and Ethereum, has resulted in a hiring surge at cryptocurrency firms. Small teams are becoming funded in ways we’ve never seen before at such an early point in the company’s lifespan, and the cash must be spent. They’re accomplishing this in a variety of ways, one of which is through hiring.
Top qualities that the candidate must possess:
Must be passionate
It isn’t easy to take a break in the crypto world because trading and activity occur at all hours of the day and night, and burnout can occur. As a result, enthusiasm is essential.
Has a proactive approach
The most important skill a candidate for any bitcoin job can show is a desire to get right to work. Engineers, for example, should be able to create code and build applications right away. People who have already begun investigating the client base, how to enhance the company’s products, attending meet-ups, and engaging in this expanding community stand out in the recruiting process for non-engineering roles.
Candidates might also demonstrate initiatives by writing or blogging about the latest bitcoin news and trends on social media. Taking these tiny actions shows firms and startups that candidates are invested in cryptocurrency’s success and can assist them in capitalizing on its benefits. Those are the folks who end up achieving.
Has a unique perspective
Recruiters for bitcoin startups don’t only look at your resume’s technical skills; they’re also interested in how your life events have influenced you and your thinking. Industry insiders hail the digital asset as a game-changer for the traditional stock market, partly because it has made investment more accessible to disadvantaged groups such as women and low-wage employees. By developing a diversified talent pipeline, recruiters hope to mirror that spirit of variety and availability in their hiring process.
Knows the basic
Free resources are available on Coursera and Coinbase to Learn for those interested in learning more about the bitcoin market. Blockchain is a great meritocratic equalizer. The candidate must have a clear understanding of the basics. The candidates must go through the best-selling blockchain books.
Location flexible
Employers in the cryptocurrency industry prioritize proximity to their employees’ homes, considering remote work options. The candidates will certainly have to shift or pursue the work.
Fast learner
Candidates for these positions must be able to investigate, parse, and comprehend complex technical concepts quickly. Even if they cannot create a Blockchain, they must be able to understand how it operates.
The blockchain sector is attracting the attention of bright professionals from a range of backgrounds as it keeps growing. Therefore, these are the few things to keep in mind while recruiting candidates for bitcoin startups. If it’s done accordingly, then it would be easier to get started.
