Have you heard anything about Bitcoins? It is somewhat absurd but people are actually in the process of writing their very own definition of product development and also invent a currency that’s brand new. This kind of currency isn’t tied to any country or government.
This whole thing lies in the brains of the computers which if put together makes up the internet. What’s behind it is a math with a tad complex, though it may be growing into popularity and most especially you can readily purchase anything by using Bitcoins. Just recently, Microsoft announced that they’d be allowing payments in the form of Bitcoins for their products. So what does this imply to product managers?
What is Mining in the Bitcoin World?
So this is how Bitcoin work. From the start, no Bitcoins exist. Then people have begun running a program which is commonly called as “mining”. The program solves math problems. Upon solving the problem, a reward such as Bitcoin will be given to them from a certain location for their “mining” pursuit. This makes the problem then to be more difficult to solve which made everyone went back to work.
When bitcoins begun to emerge progressively, several people have started to allow Bitcoin for exchange of goods and services. When other individuals saw what was happening, they were more inspired to do some more mining. For the purpose of solving the difficult math problems more quickly, they needed faster and bigger computers. Data center resources investments were done. Something that was only done by some people at home on extra computers, instantly became an industrial operation nearly overnight.
There’s just one problem in this entire “produce your own money” system. The same with our “real world” currencies such as euro, dollar, ruble, yen, etc. Bitcoin’s exchange rate isn’t fixed. This obviously means that any day, your Bitcoin’s value can freely go up or down. People with mining businesses are really affected in this kind of scenario since Bitcoin’s value can have a huge impact on one’s business profitability.
How to Maintain Buoyancy in the Bitcoin World
For product managers, given that we want to achieve something that can be added to our resume as product managers, then it is our duty to ensure that is it really successful regardless of what services or products we are selling. For the Bitcoin miner’s case, we are selling a service in mining that makes value easily by just generating more Bitcoins. Among the things we need to be constantly knowledgeable of is the Bitcoin’s value because if the value decreases, our funds available to work with would be limited as well.
The process of creating Bitcoins is through solving a math problem by computers. By the time the math problem has been solved already, the company can received Bitcoins for the made effort. What’s more challenging now is that computers have become faster and quicker which gives way to a lot of competitors to get in the market. By being a product manager, we need to ensure that the company can able to increase the capacity and boost the computing resources.
As of now, the Bitcoin world is so similar with an unsettled frontier. Rules have not been written yet but a tremendous deal of money is going to be earned. The product managers should be responsible in maintaining the buoyancy of the company they are working for through observing what’s currently happening with the Bitcoin exchange rates as well as seeing to it that its mining capacity is maximized.
What Can All of These Means
Looking for something challenging? Product managers who seeks for an all-out challenge are usually the ones who does end up having a job in a business company of Bitcoin mining. There are no other institutions or firms or any other product manager job requirements that we can check at as a guide when we see ourselves in this same scenario. Now that is a real challenge!
A bunch of computers are being utilized in the company in for the purpose of solving math problems in which if solved, will give the company money or funds in order to keep operating. Product managers should be well aware of the day to day Bitcoin exchange rate. To add, it is necessary for us to be always finding for ways in which we can broaden the computing capacity of the thing that the company utilizes in order to generate Bitcoins.
This market is very jam-packed and maybe it will become more cramped as the time goes by as more people enter this market. If given a powerful guiding hand, the product managers has a great role of helping his company to constantly move forward in this ever changing market. For some out there who is looking a true adventure, this may be the perfect job for you!
