“Special Needs: Crypto”
Updated: Feb 18, 2022
The rise of Bitcoin and blockchain technology has opened up a whole new spectrum of possibilities, and among them, various types of new job opportunities. At first, it was all about the revolution of money, but, shortly after, everyone realized that blockchain is a technology that can be used in many ways, not just digital money.
Cryptocurrency has made many people rich. Many of them might have never earned so much wealth without crypto or many would have just waited their entire lives. Now we have many people who won’t have financial security earlier in their lives. Crypto has given young people the opportunity to create wealth earlier in life.
According to this article by Dave Kajpust, he mentions, "When you look at the big picture, you realize there were a bunch of people who bought bitcoin at US$10 or ether at US$0.30, and these people now have a ton of money. Just this year, the market cap of all cryptocurrencies has increased by US$180,000,000,000. Figure out what you need to learn so you can provide services and help these new millionaires or figure out a way that you can contribute to this field with the talents you already have. Siphon off some of this money for yourself.”
This tendency and this new way to make money bring with them the need for many things. I believe that knowledge and accounting are the two most important subjects within the cryptocurrency world.
Cryptocurrency itself has many complicated details that most people don’t understand, and thus the need for specialized people who can explain others. Another important point is getting these specialized people into the blockchain.
Last but not least, cryptocurrency has brought up the fact that accounting has to be done or understood in a different way. For those who have many bitcoins and altcoins, there will be a time when it’s hard to keep track of names, wallets, and exchanges.
I see this problem in my job. My boss owns bitcoins and altcoins, some saved in different wallets and some in exchanges. Recently he decided that one of our accountants was going to also handle his crypto assets; this was not an easy task. First, he came up with an easy way to organize his crypto but also had to sit down and explain how Bitcoin worked. This entire process was quite draining and demands a lot of time. The necessity of having accountants that know how crypto assets work is certainly essential.
I feel there is a growing field in that sense; due to its demand, sooner or later people with many cryptos will need help keeping track of their money and taxes. Those who are experts in blockchain I’m sure are highly in demand nowadays.
Hope you enjoyed it! Feel free to comment.