The rise of blockchain is being compared to the rise of the internet. With any new technology, there are always opportunities. But blockchain is still in its early stage of development and people are trying to figure out how the technology can be used. Here are three ways you can take advantage of the blockchain revolution:
1. Cryptocurrency Speculation
The technology behind cryptocurrencies is blockchain. One of the top cryptocurrencies Bitcoin started its journey in July 2009. On April 1, 2013, a bitcoin was worth $133.76. By April 1, 2017, the same bitcoin was worth $1,089.51. By Dec 2017, Bitcoin has crossed the $10,000 mark. But bitcoin is not the only cryptocurrency. There are Ethereum, Ripple, Litecoin, and more. These are great markets for speculation.
Currency speculation is the buying, selling and holding of currencies to make a profit. It’s not particular to cryptocurrencies. All forms of money are speculated upon. Given the volatile nature of the cryptocurrency market, there is a lot of opportunities and risks. You need to understand the risk factors. The cryptocurrency markets have huge swings. It can leave you with cashflow problems. However, if you have the capital to outlast the swings, you can make money in this market through speculation.
2. Build Your Own Blockchain Application or Company
After cryptocurrencies started to get noticed, the scientific and research community saw other potentials. The Ethereum project is based on blockchain technology. It also has a coin called ether. But it’s main strength is smart contracts. Smart contracts allow two parties to execute legal contracts through digital code. It can change the way we conduct business.
And there are other opportunities. BitClave, a decentralized search engine, are connecting consumers and businesses directly. It will eliminate the need for intermediaries like Google, Yahoo or Bing who track consumer information. BitClave will allow consumers to own their own data and reveal it to businesses on a need-to-know basis. The data will reside on the BitClave blockchain.
Nasdaq is looking into building a blockchain-based voting system for electronic shareholders. Similar voting systems can be used for government elections too. Identity, real-estate and mortgage documentation is moving into blockchain. Companies with copyrighted materials like books, music, and videos are looking into blockchain to protect against piracy.
If you are interested in building a technology company, blockchain has opened the door to a plethora of opportunities. You can be the next Twitter or Facebook type success with this new technology.
3. Provide Services for Blockchain
If speculating or building new companies is not your thing, you can still work in the blockchain industry. With the rise of blockchain-based startups, the demand for people with blockchain skills is rising. It's not only programming. These companies need people with finance, marketing, and management skills. There are free and paid courses available. You can invest time and money to understand the blockchain technology to further your career. Or you can start making money by providing freelance services to these companies.
Blockchain is the new frontier. It’s the “wild wild west” of technology. For every adventurous soul, there is an opportunity out there. But the blockchain ecosystem is complex and you will have to invest time to learn. There are lots of scammers out there, especially if you are trying your hand at cryptocoin mining. So you need to understand the technology and the industry thoroughly before you take the leap.
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