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Published June 29,2018 by Jamie Campbell
What is Bitcoin and benefits of Bitcoin software development?

What Is Bitcoin?

Bitcoin is a digital currency that is sent from one user to another anywhere in the world. It is a new type of currency which was introduced in the year 2009 by an unknown individual named “Satoshi Nakamoto”. Bitcoin is it can be used to buy or sell items and  businesses have gradually started adopting benefits of Bitcoin especially the small businesses as there are no credit card fees and furthermore, it can be a handsome investment offering high valued returns to the investors. The best part about this currency is there’s no bank, no middleman – literally no physical backing

Bitcoin can be used to buy any merchandise; furthermore, it made the international payments cheap and easy as the currency is not tied particularly with any country or subject to any rules and regulations.

Bitcoins are put away in the “digital wallet,” which subsists in the cloud or on a user’s computer. This digital wallet acts like a virtual bank account which allows the users to send or receive bitcoins and can use them to pay for any merchandise or goods or even keep them as a savings. The Bitcoin wallets are not insured by the FDIC.

Though; your every Bitcoin transaction gets registered under a public log which are not the names but they are identified under the “digital wallet ids”. This means your transactions are kept private and hence there are no records mentioned for the purchase or selling made using them. Perhaps, this is the major reason behind its soaring popularity especially, for those who are buying drugs or using it for other illegal activities.

Rising Demand Of Bitcoin in Software Development

Bitcoin being first decentralized digitalized currency; has risen to its fame with presently 300,000 Bitcoin transactions happening daily. And now single Bitcoin costs over 7000 USD which continues to grow thereby pushing up the demand for Bitcoin developers.

With Bitcoin strongly attracting the attention of business owners for its probable and possible benefits, are finding ways to integrate into their business processes to enhance efficiency. This is spurting demand for Bitcoin software development professionals so that they can utilize the Bitcoin functionalities to the fullest

Today, with the evolving technology more and more apps are being developed to hand Bitcoin currency and furthermore to integrate the same into the present system.

What include under Bitcoin software development:

  • It includes writing/coding programs to support inventory tracking, contract management.
  • Processing payments which include basic steps of processing and requesting the payments as well as scheduling the billing and apply for refunds.
  • Enabling transactions process involving transferring “Satoshis” (when single bitcoin broken down into 100,000,000 units) from one user to another. The transactions comprise of several minute processes.
  • Maintaining Bitcoin wallets are like any bank savings account which allows you to track and store Bitcoin for further investments.
  • Accessing the Blockchain, is an important part and acts as backbone that powers the entire Bitcoin platform, is a public ledger which stores all information about all the transactions since the creation of Bitcoin.

What Kind of Skills To Become A Bitcoin Developer?

Bitcoin software programmers, developers or coders need to possess knowledge of basic software programming skills. However, it is important to have in-depth knowledge and expertise of cryptography and an understanding of types of business transactions and economics. The combination will be enough to start working as a Bitcoin developer in a software company. Bitcoin core developers are known for their passion to invent and work on the new technologies, as well as decentralized solutions. They often are seen working on Bitcoin, developing something intriguing which is completely outside interest, fueled by a desire to change a system which is inefficient.

The Time To Hire Bitcoin Coders & Developers Is Now

Banks, insurance companies, established corporates have already started adopting the currency hence, hiring the expertise talent for better functioning of Bitcoin transactions.

  • Once software development companies start hiring these expert skillsets, it may be hard to find Blockchain developers and Bitcoin are in rising demand in every segment of industry today and so are their pay packages. Depending on the country you choose to hire Bitcoin developers their salary may vary. For e.g:
    Australia: USD 75340 (Australian dollars)
    Germany: € 50,763
    Netherlands: €43,885
    USA: $80,526
    UK: £35,145
    Ukraine: $25398
  • The above-mentioned pay packages are generalized ones as they can vary depending on the developers’ skillset and knowledge.
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