The Global Online Currency That Surprised Us All
It may be the size of a tiny gem on the world atlas, but Gibraltar should not be underestimated. A pioneer in developing some of the world’s leading sectors, Gibraltar is famous for its groundbreaking advances in online gaming, Fintech, and now cryptocurrency.
Cryptocurrency. The thriving new hobby being taken up by individuals between jobs. For others it’s a full-time paid role that builds on their passion for the digital bitcoin. People are selling their palatial homes online and stating ‘cryptocurrency only’ as the preferred method of payment. In the digital era, it was inevitable that digital currency would bravely push to prevail.
2017 took the finance sector by surprise when the bitcoin market suddenly peaked, converting many stock marketers to transfer their risks to bitcoin in order to double it.
In 2016, 82 million euros were raised through ICOs (initial coin offerings), compared to a staggering $3.7 billion in 2017. A sign that something remarkable was beginning to brew on the rocks.
Gibraltar Financial Services Commission has already began creating the world’s first ever bespoke set of rules for ICOs to prevent online financial crime and ensure complete compliance and protection for banking customers. Britain and Singapore are closely speculating Gibraltar’s publication of its rules. Meanwhile, we anticipate they will be sharing their own.
Investing in bitcoin isn’t just for middle aged finance professionals in London. Anyone with a passion for digital currencies can learn how to trade in bitcoin. Entertaining and mentally exercising, cryptocurrencies present the businessman and hobbyist’s brain with exciting intellectual challenges for today and tomorrow.
The Birth of Bitcoin
It hasn’t been that long either since Bitcoin was born in 2009. Now at the age of eight, it is already revolutionising the way banks choose to process their transactions. In it’s first two years it was not worth a dollar. In fact, two pizzas would have cost you 10,000 Bitcoins then.
For those who believed strongly in its destiny, they knew the future was Bitcoin. Willing to take risk and a chance, their choices paid off. Whilst others were more apprehensive and unwilling to invest in risky opportunities, the mention of ‘digital money’ was not yet convincing enough for them to take action.
For those who did buy even 1 Bitcoin in 2009, they would have seen this convert into an overwhelming $16,500. How do these lucky Bitcoiners get to spend their return? Online game providers and gambling companies have started to accept bitcoins toward bitcoin gambling. Once Bitcoin’s successes become even more established, it will certainly seep into the mainstream financial market.
From a career perspective, Bitcoins and online gaming must work together securely for the industry to flourish. Behind the scenes of this new way to pay and play, online game providers must invest in the highest level of talent possessing skills like no other.
As the sector grows, so will investment opportunities and need for more resources to work on implementing cryptocurrency into more online games.
The specification for candidates working behind the scenes will differ from sector to sector, but the principles and digital currency will still be the same. A finance banker will have a different person specification to a developer working for an online game company, but both will provide a service for the consumer to invest.
Bitcoin is not the only digital money out there and accounts for just one third of the cyptomarket. After Bitcoin’s birth, Ethereum was the next coin to hit marker capitalisation for $137 billion.
Dogecoin soared in price on January the 7th, after its launch in 2013. $1 was worth $2 billion Dogecoins.
New cryptocurrencies are being created everyday; almost 1,400 digital coins are currently available online, including InsaneCoin (worth a staggering $7 million), PutinCoin, Monero ($6 billion), Stellar ($9.8 billion) and other less well known coins that also have the potential to develop their digital value.