If the hiring price of bitcoin developers were to rise in the same way that the bitcoin currency has already risen, many enterprises would be hard-put to recruit them. Rarely has any tradeable asset seen such a dramatic increase as Bitcoin, rocketing upwards by thousands of percentage points.
Since bitcoin engineers are also blockchain developers, their value is in their ability to help their employers ride the wave of bitcoin popularity and leverage the underlying blockchain technology for next-generation applications across sales, finance, supply chain, and more.
What is Driving Bitcoin and Blockchain Popularity?
The exchange rate for a currency goes up because the market is convinced the underlying economy is strong, productive, profitable, sustainable or has some other desirable quality. As currency rates rise, a virtuous spiral develops. More organizations want to deal in that currency for their sales, purchases, rentals, and other transactions.
More and more applications are being developed to handle the currency and to integrate it with existing systems. In the case of Bitcoin, this includes writing programs to use blockchain to support contract management, inventory tracking, and so on. Costs, time to transact, and risk go down. The value of the currency goes up again, and the cycle repeats.
If you think this is wishful thinking, then consider the following example. One of the biggest insurance companies in the world, AXA, has already investigated using Bitcoin to provide micro-insurance services. The trouble is that companies like AXA have also already been snapping up bitcoin engineers to help them further their business aspirations.
What is at Stake for Your Enterprise?
To be fair, no enterprise is obligated to join the bitcoin movement. It is possible to forego on the additional customers that bitcoin transactions might bring your way. You can stick to automated clearing house (ACH) transactions that take days, rather than benefit from bitcoin transactions that take only minutes. And, of course, it’s your choice if you prefer to pay all the intermediaries in a conventional transaction chain for the fees they levy for passing your money along to the next in line.
As Dr. W. Edwards Deming, the renowned expert on quality, reputedly said, “Survival is optional. No one has to change.” These reasons and more are why companies are building up their teams of Bitcoin core developers today, to control their futures rather than have their futures control them.
What Will You Need in Terms of Bitcoin Developer Skills?
Bitcoin coders are software programmers, and basic software skills are a starting point. But you’ll need to add an understanding of cryptography and an appreciation of economics and business transactions, if you want useful, practical results. This combination of skills is already rare enough in most enterprises, but it still isn’t enough.
Bitcoin core developers are also renowned for their passion to discover new technologies, work on transparent, decentralized solutions, and find solutions to problems that leave many others scratching their heads. They often started working on Bitcoin and blockchain as an outside interest, fueled by a desire to change a system that they saw as outdated, inefficient, and even undemocratic.
A bitcoin dev list is their preferred meeting place, rather than a company coffee machine. In short, it’s unlikely that you will find longer-standing employees ready to go with this combination of capabilities and characteristics.
How You Can Move Forward
You might try any of the following possibilities, each of which has its advantages and disadvantages. First, is training an option? Be aware that learning curves mean increased lead time, and that competent bitcoin coder instructors may be almost as rare as bitcoin developers themselves.
Second, how about outsourcing? You’ll have to agree to give up part of or all the control of your bitcoin app development, leaving the outsourcer in a potentially dangerous position of strength. If the outsourcer stops working for you, it keeps its skills and know-how, leaving you to scramble to find a replacement.
Third, can you hire bitcoin developers directly? This solution meets the needs for speedy deployment and building skills in-house, although it depends on knowing how to recruit via non-standard channels like a bitcoin dev list.
The Time to Hire Bitcoin Developers is Now
Insurance companies, banks, large corporations – the race for bitcoin talent is on. Once bitcoin engineers are ensconced in these kinds of organizations, it may be hard to tempt them back onto the employment market. Bitcoin coders and blockchain developers in general are also in demand across a range of industry sectors, and bitcoin engineers gravitate towards the top of recruiters’ lists, given their knowledge and experience of bitcoin as a currency and blockchain as an enabling technology. Yet when you know where to look for them and how to attract them – and if you act now – good bitcoin engineers are still available for hire.