Exploring a Career Path in Cryptocurrency (With Jobs)
Updated June 7, 2023
Cryptocurrency is a digital currency you can exchange for a product or service without involving a third-party, such as a bank. As more individuals and businesses use it to purchase items on the internet and in physical stores, there are exciting career paths to explore in this field. Learning the career options in cryptocurrency and the digital currency's sustainability can help you decide whether to enter this field. In this article, we explain why you can consider a career path in cryptocurrency, explain how to get a job in this field, list cryptocurrency jobs, and present the required skills.
Why follow a career path in cryptocurrency?
Consider pursuing a career path in cryptocurrency if you have professional interests in finance and digital currencies. This field is growing, and there are job opportunities for individuals with varying skill sets. For example, you can get a cryptocurrency job if you have writing talents or are passionate about developing computer codes. Cryptocurrency is also an exciting field for individuals with a banking, accounting, and quantitative analysis background. Evaluate your interest in cryptocurrency and learn what working in this field entails to determine if you'd like to pursue a role in this field.
How to start a career in cryptocurrency
If you're considering a career in cryptocurrency, here are the steps to help you get started:
1. Learn how cryptocurrencies work
Researching cryptocurrencies and how they work is typically the first step to getting a job in this field. Cryptocurrencies enable users to navigate payments through a transparent process, showing only the financial amount and not the identities of transacting individuals. You typically need a digital wallet on your computer or external hard drive to store cryptocurrencies and exchange them through an online platform. A decentralized database, called a blockchain, records all cryptocurrency transactions, and payments are typically irreversible.
While these digital currencies are important for exchanging and storing monetary value, they aren't legal tenders. Review the government's guidelines for cryptocurrency users and tax professionals to determine your next career steps. You can also use credible online resources and attend training programs to learn how cryptocurrencies work and ways to use them.
2. Develop the required skills
Next, identify what skills are important for the cryptocurrency role that interests you. For example, if you're considering becoming a blockchain developer, you typically need computer programming skills. Similarly, if you want to work as a cryptocurrency miner, you may develop your math skills and computer literacy qualities. Cryptocurrency mining is a complex process, which requires advanced computer equipment to solve math problems. As many roles in cryptocurrency are technical, you can typically improve the skills you identify through training, practice, or education.
3. Network with cryptocurrency experts
Developing and maintaining contacts with cryptocurrency experts can help you learn more about these digital currencies. You can join a professional networking platform, and becoming more active on social media can also be effective in connecting with these professionals. It may also help to build professional relationships with other individuals looking to follow a career path in cryptocurrency.
4. Prepare your application documents
Regardless of your preferred career path in cryptocurrency, employers typically request application documents when looking to fill open positions. Create a resume and cover letter describing your training, experience, and skills for the cryptocurrency role you applied for in a company. While a resume summarizes your work history and value to a company, a cover letter enables you to explain why the job opportunity interests you and expand on your resume. Employers may also request a portfolio, which is a collection of projects you completed.
5 jobs in cryptocurrency you can get
Here are five cryptocurrency jobs you can consider getting:
National average salary: $60,830 per year
Primary duties: A financial analyst guides individuals and businesses on financial decisions. They assess the performance of investments, such as cryptocurrencies, stocks, and bonds, and recommend financial strategies to clients. Financial analysts typically work in banks, pension funds, and insurance companies. Other duties and responsibilities include creating financial reports of their analyses and making financial forecasts.
National average salary: $58,927 per year
Primary duties: A trader exchanges cryptocurrencies to make a profit. In large organizations, these professionals typically work as part of a trading team. Cryptocurrency traders apply their knowledge of and experience in cryptocurrency to make informed trading decisions on behalf of a client.
National average salary: $59,734 per year
Primary duties: A technical writer explains technical concepts in detailed reports. As cryptocurrency is a new field, technical writers often simplify concepts, such as blockchain technologies, digital coins, private keys, and cryptocurrency wallets. They may create user guides, application programming interface (API) references, manuals, and whitepapers for readers to make informed decisions about investing in cryptocurrencies.
National average salary: $26.63 per hour
Primary duties: A security engineer protects data and networks, typically alongside other cybersecurity personnel. They build and maintain networks for cryptocurrency platforms and anticipate security threats to financial data. Security engineers also create data safety protocols and update them regularly.
National average salary: $77,608 per year
Primary duties: A software developer builds software for individual clients and businesses. When working in cryptocurrency, they develop applications based on blockchain architecture and protocols. They are responsible for the client-facing and server-based aspects of decentralized applications. Through their work, they ensure secure digital transactions by creating systems to record and store blockchain data.
Salary figures reflect data listed on Indeed Salaries at the time of writing. Salaries may vary depending on a candidate's experience, academic background, and location.
What skills can help you thrive in cryptocurrency?
Here are the skills to succeed in cryptocurrency:
Financial literacy is the ability to understand and use various financial skills, including budgeting techniques and investment methods. Developing this skill can help be useful for controlling cryptocurrency investments or trading strategies. It involves understanding how the financial market for digital currencies works to make informed decisions on when to purchase or sell cryptocurrencies in a blockchain wallet.
Decision-making skills are qualities for choosing a suitable option among alternatives. In cryptocurrency, improving this skill can help you make reliable financial decisions. For example, a trader may apply their decision-making skills to decide whether to use technical or sentimental analyses to exchange cryptocurrencies. Similarly, a blockchain developer may use decision-making skills to determine how to create applications based on a blockchain architecture.
Time management is the ability to use time resourcefully. Like other currencies, working with cryptocurrency typically requires you to manage your time well. For example, a trader can apply their time management skills to make timely cryptocurrency exchanges leading to increased profits. Similarly, a technical writer can also use this skill to plan their workday when creating multiple content pieces on cryptocurrency.
Communication is the ability to exchange information with others. Regardless of your preferred career in cryptocurrency, you can expect to explain projects or write reports for stakeholders. For example, a technical writer typically creates reports, blockchain developers often craft software documentation, and traders simplify their exchanges to clients.
Research skills are qualities for finding a solution to an issue or answering questions related to a topic. Working in cryptocurrency often requires you to research and stay current with developments in the field. For example, successful security engineers monitor cybersecurity advancements to implement them at work. Similarly, financial analysts use research skills to identify the current market conditions and evaluate financial portfolios.
Read more: 23 In-Demand Skills to Help You Find a Job
FAQs about cryptocurrency
To help you gain more insights into cryptocurrency and the job prospects, here are questions about entering this field:
Do you need a degree to get a job in cryptocurrency?
Depending on the position, you may earn a bachelor's or associate degree. For example, some software engineers start their careers by completing a university or college program. While earning a degree can offer comprehensive knowledge about your preferred specialization, employers typically prioritize work experience and your expected contributions to the organization.
Where can you work in cryptocurrency?
You can typically gain employment in technology companies, financial firms, and securities agencies. Getting a job in these organizations typically requires you to present yourself as a promising candidate. You can improve your chances of getting the job you want by creating compelling application documents and preparing for the hiring process.
Do tax laws apply to cryptocurrencies?
Tax laws apply to digital currency transactions, including those you may complete with cryptocurrencies. This means reporting your gains or losses from selling and purchasing digital currencies is a legal requirement. Review the Income Tax Act and the reporting requirements for digital currencies in the country.
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