Why Cryptocurrency Developers Are So Valuable in 2022?
Cryptocurrency is a form of digital monetary assets that has no intrinsic value and no physical shape, but used as an exchange for online peer to peer monetary transactions. It is an encrypted digital data generated and stored in the blockchain, and commonly used as a medium of exchange without any centralized control of financial body or authority.
Cryptocurrency is digital data based on peer to peer network consisting of numerous nodes spread across the globe, which are used as the source of transaction authentication, Cryptocurrency through mining software and creation of new currency.
The most important points of the Cryptocurrency include highly secure, unbreakable, centrally uncontrolled, highly encrypted, fully monitored by the strong network of data miners, blockchain developers, Cryptocurrency developers and many software coders dealing with the high power computers and exchange software tools.
Who Are Cryptocurrency Developers
Cryptocurrency developers are the computer programmers who are expert in coding languages such as, Java, PHP, Python, Ruby on Rail, C#, Node.js and others, which are commonly used in the APIs to connect different mobile apps and web services with the blockchain of Cryptocurrency. Bitcoin developers and ethereum developers are in high demand in the present day marketplace owing to the popularity of those two Cryptocurrency platforms – Bitcoin and Ethereum. The Cryptocurrency developers normally manage the bitcoin blockchain and Ethereum platform APIs for smooth integration of different kinds of Cryptocurrency related applications and services dealing with cryptocoins or altcoins transactions. Bitcoin and Ethereum are two most popular digital encrypted currencies in the global marketplace.
Responsibilities of Cryptocurrency Developers
Normally, the Cryptocurrency developers are software application programmers who are very well aware of the technology, terminologies, and operational procedures of different cryptocurrencies and platforms. The major responsibilities of a cryptocurrency developer are given below:
- Assessing existing transaction and exchange infrastructure
- Developing applications and systems based on blockchain technology
- Testing the Cryptocurrency development projects and applications
- Implementation of software apps in the digital currency field
- Using the latest crypto explorer and others tools for better Cryptocurrency development projects
- Understanding the cryptocoin mining concept and implementing the related features into the applications and systems
- Should integrate the software applications with the APIs of major cryptocurrency systems such as, bitcoin, ethereum coin, and other altcoins
- Tracking and updating about the new cryptocurrency related business launches (ICO), bitcoin exchanges and other digital asset progresses
- Troubleshooting and maintaining the applications for smooth operations
As far as the skills of a cryptocurrency coder are concerned, he/she should have strong knowledge of powerful computer languages and working principles and procedures of crypto currency technology as well as trading.
Blockchain and Blockchain Developers
Blockchain is a technical way of recording the crypto currency transactions, which are fully decentralized and robust in the digital world. It is also known as the public ledger that records all cryptocurrency transactions. The blockchain developers can verify the authentication of the transaction that takes place on the blockchain through different software tools operating on network nodes.
In other words, the blockchain is a logical chain of data blocks, which are maintained in chronicle order so that the transactions can be tracked and verified on the digital network. Numerous technologies are used by the blockchain developers in developing the blockchain ledgers such as, distributed ledger technology DLT and others.
The blockchain consists of the blocks of information, which is generated by the cryptocurrency miners by using the computing power. A reward is awarded to the miners who generate a block of information in the blockchain. The mining of cryptocurrency requires heavy computing power and energy; so many miners share their computing power to mine the data. The bitcoin mining pool is one of such examples that share the computing power for mining the bitcoin blockchain transactions.
Bitcoin Currency & Its Popularity
Bitcoin is the first digital currency of its kind in the marketplace. It was introduced by an unknown entity commonly referred as Satoshi Nagamoto in 2009. The bitcoin software development platform code was released as an open source code. Bitcoin became the pioneer of this new domain of digital assets and the decentralized transaction regime, and presently tens of new cryptocurrencies have been introduced in the marketplace. The smallest unit of bitcoin currency is Satoshi, which is 1/100000000th of a bitcoin. The other small units used in the trading include millibitcoin (mBTC) and Bit.
According to live trading chart developed on the Trading View portal, the bitcoin is leading all digital currencies by big margins. The market capitalization of a Bitcoin currency in terms of US dollars has already crossed the Ethereum platform, which is the second most popular digital currency platform in the world. It was the leading digital currency in terms of market capitalization till August 2017, when it was surpassed by the bitcoin market capitalization, when the bitcoin trading value crossed $2,500 globally.
The ethereum wallet and bitcoin wallet are two most downloaded digital currency wallets in the world. As many as 23.4 million ethereum wallets with distinct addresses are available in the market at the time of writing this article. The number is growing at about 175 thousands on a daily basis. Similarly, the number of bitcoin wallet users has crossed 21 million wallets in December 2017. The increase in bitcoin user was over 4 million just in the last quarter of Year 2017.
According to the Forbes information, a substantial increase of as much as 621% in the demand of Cryptocurrency developers and blockchain developers was noticed since November 2015 till December 2017 across the globe. The search of jobs related to Cryptocurrency and blockchain terms has increased as much as 1056%. Many new companies are offering the share of Cryptocurrency to the developers as a fringe benefit.
According to Glassdoor Website, the average of Cryptocurrency developer salary stands at $79,985 per annum. To hire blockchain developers at entry level, you will need to pay at least $55,000 per annum. According to the Indeed website information, the average of ethereum developer salary in the United States is $88,711 per annum. Many experts in the industry believe that the trend of increase in salary to hire ethereum developers will persist for many years to come.
Who Is an Ethereum Developer?
Ethereum developer is a software developer who is very well aware of the software development languages, tools and methodologies and knows API integration with the ethereum development platform. Normally, the ethereum functionalities are added into the web application or mobile apps through API integration by an ethereum developer in the marketplace.
The ethereum developer necessarily should know different development tools available in the marketplace for easy development of ethereum wallets, apps, or any web service. The integration, testing, troubleshooting and maintenance of the software tools are also parts of the responsibilities of an ethereum developer.
Main Reasons for High Demand of Cryptocurrency Developers
According to a recent survey conducted by DTCC among its clients suggest that more than 70% of their clients are concerned about finding a developer with strong background in Cryptocurrency and blockchain technology. Similarly, UPWORK Inc reports the Blockchain as the second hottest skill in demand in the marketplace. Meanwhile, an exponential growth in the popularity of Cryptocurrency system persists out there in the market, which is the fundamental driver of the market demand to hire blockchain developers across the globe. Other main reasons of the high demand of Cryptocurrency developers include:
- Blockchain technology has become the most disruptive technology nowadays
- A huge increase in the value of cryptocurrency values like Bitcoin, Ether and others
- Adoption of cryptocurrencies by large financial and banking sectors like Bank of America, Capital One and many others
- Emergence of many blockchain based financial services like IBM, JP Morgan platforms and others
- Increasing profit margins in the investment of bitcoin, ether and other altcoins
- Exponential growth in bitcoin exchange and other crypto exchange users
- The mushrooming of the initial coin offers ICO globally
- A lot of developers are not fully skilled and trained for blockchain as yet
Cost of Hiring Blockchain Developers
The cost of hiring the blockchain developers is still in a highly transient phase due to the shortage of the qualified resources in the marketplace. Thus, the availability is the most powerful factor that establishes the cost of hiring a blockchain developer. According to the Bitcoin.com website information, blockchain experts are demanding salaries in the range of £200,000 to £300,000 in the United Kingdom.
This is a very high range of salary not only in the UK, but also across all other countries. This demand of high salary is also confirmed by the Financial News London reports. According to this report, the financial startups are forced to pay high salaries for the blockchain developers to benefit from the power and popularity of crypto currencies in the marketplace. This all happens due to the unavailability of crypto currencies developers – bitcoin developers, ethereum developers and the altcoin developers.
Meanwhile, Indeed.com estimates the average salary of a blockchain developer at $91,863 per annum and that of application developers as $114,526 per annum. The availability of the qualified and skillful resources plays vital role in deciding the cost of hiring a blockchain developer. Some industry experts working with Financial News believe that there are about 200 thousand developers only in the world a few months back.
If we look at the comparative analysis of the two most popular digital currencies – bitcoin and ether – we will be able understand lot of things.
The natural demand of bitcoin developers must be much higher than the ethereum developers due to high market value, old system, and mining based distribution of Bitcoin currency. As far as the salaries of the developers are concerned, both of them use almost same kind of backend computer technologies – proof of work (POW). Therefore, there is no big difference in the salaries of an ethereum developer and bitcoin developer, but the bitcoin developers are in higher demand in the marketplace. A small exception may remain due to the availability of the technical resources in the area.
According to a case study report information carried out by Creighton University, the future of bitcoin is much brighter than other cryptocurrencies. The prospects of ethereum will also remain very strong in the coming years.
If we search for average salaries of bitcoin developer, ethereum developer and blockchain developers on Indeed.com website, we will find the same average salary for all above job titles.
Types of Projects Mobilunity Can Help You with
If we look at the landscape of blockchain technology, we will find so many platforms, terminologies, procedures, and projects that are extensively used in the present day marketplace. Mobilunity is able to help for the following types of projects with the help of high quality and skillful Ukrainian blockchain developers.
- Development of bitcoin wallets for different eCommerce or other financial platforms
- Any software application or web based bitcoin software development platforms
- Crypto coin creation for any upcoming Cryptocurrency or ICO project
- Crypto coin mining projects to earn substantial rewards through proof of work
- Helps you build a bitcoin exchange platform for online trading in cryptocurrencies
- Can help in any kind of crypto wallet development projects
- Can help in creating any exchange software development projects
- Creating robust computer resource sharing mechanism through bitcoin pool mining projects
- Can help check for real cryptocurrency through crypto explorer software projects for you
- Able to help in coin admin development to manage your crypto currencies and its trading
Our blockchain developers are also able to help you maintain your existing platforms and revamp them with new applications, tools and platforms to make your cryptocurrency business more reliable, stable and thriving.
Why to Choose Highly Qualified Crypto Programmers?
The blockchain technology is less than one decade old, but got a huge popularity in domain of digital finance during the past few years. The prices of bitcoin, ether and other coins have surged to new heights and the market capitalization of these currencies has crossed the value of hundreds of billions of dollars during the past couple of years. The cryptocurrency and blockchain have become a big industry with substantial growth along with high level risk factors.
In such circumstances, it is not a DIY kind of thing to deal with the cryptocurrency. You need highly skilled and qualified blockchain developers and professionals to handle such a critical trade. The Mobilunity services can help you in providing the highest level of support through qualified and skillful Ukrainian blockchain developers at very reasonable prices.