Facebook is never one to miss hopping on the latest bandwagon. So, it comes as no surprise Mr Zuckerberg and his chums have decided to launch their very own cryptocurrency.
It will allow users to buy, store and transfer a currency called Libra using a digital wallet called Calibra.
It’s anticipated Libra could eventually be used to pay bills or purchase goods and services.
When launched next year it will join a range of cryptocurrencies that are immune to government interference or manipulation.
The original – and some might say the best – Bitcoin is synonymous with cryptocurrency. Now a decade old, it appeared in the aftermath of the 2008 global financial crisis as a response to what was seen as a corrupt financial system.
It has since paved the way for a raft of other digital currencies in recent years. Companies across the globe accept Bitcoin as a method of payment – from small local enterprises to hospitals to billion-dollar businesses. One Bitcoin is currently worth £8,864.71.
If you want to become a cryptocurrency trader, you will have to be a highly skilled professional with a background in computer science or a related technical field – as well as sound knowledge and experience of ‘regular’ financial trading.
So, let’s find out more about cryptocurrencies.
Launched in 2011 by a former Google engineer, Litecoin was one of the first digital currencies to emerge after Bitcoin. While it’s similar to its predecessor in many ways, Litecoin offers faster transaction confirmation rates. Its current market value is $138.
Cryptocurrency analysts are responsible for keeping abreast of the latest trends and sourcing profitable new opportunities in the ever-changing sphere of digital currency. This means having advanced knowledge of financial markets, top-notch analytical and communication skills, and the ability to problem solve against tight deadlines.
Roles can be found both in cryptocurrency start-ups and in traditional financial institutions with digital currency divisions.
NEO, China’s largest cryptocurrency has had a stratospheric rise to digital currency fame. Since its inception in 2014, its value has risen sharply, and in 2017 it enjoyed unparalleled success, with tokens rising from just $0.16 to a whopping a $162. That’s a return of more than 111,000%.
You don’t get that kind of interest with your local building society!
Financial writing roles, meanwhile, are pretty niche and those specialising in cryptocurrency even more so. As well as being super-savvy with numbers, you should have a proven background in finance, investments and the stock market – as well as some rock-solid writing skills. It also helps to have experience of the technical aspects of digital currencies too, such as blockchain.
The emergence of cryptocurrencies is certainly diversifying the Financial Services sector – and, of course, the types of jobs available.
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