Have you hear about bitcoins? It is probably the craziest thing – folks are in the process writing their very own product development definition and inventing a whole new currency! This particular currency has no ties to any country as well as government. The whole thing “lives” in the minds of the computers who in unison make up the Internet. The math behind it is a tad complex, but it appears to be growing in popularity and, more importantly, you are able to really buy things using bicoins. Microsoft not too long ago announced that they will accept bitcoin in payment for their products. What does all of this mean for product managers?
to be able to Play In The World Of Bitcoins, You’ve Got To Become A Miner
So here’s how bitcoins work. In the beginning, there have been no bitcoins. Then people starting running a computer program (“mining”). This program solved a math problem. When they solved the problem, they would be rewarded for their “mining” activities with bitcoins from a central location. The math problem then became harder to solve and everyone returned to work.
As bitcoins started to show up a lot more, folks started to recognize them in exchange for real world goods. After others saw that this was happening, they become motivated to do a lot more mining. In order to solve the math problem faster, bigger, faster computers were needed. Investments in data center resources happen to be made and what had been something that people where doing at home on spare computers quickly turn into an industrial operation almost overnight.
There was one wrinkle in this whole “print your own money” scheme. As with “real world” currencies like the dollar, euro, yen, ruble, etc. the exchange rate for bitcoins isn’t a fixed thing. Which means on any given day, the value of the bitcoins that you own can go either up or perhaps down. If your business is involved in mining, then any big downturn in the value of bitcoins could have a really large impact on the profitability of your enterprise.
How to Stay In Business In The World Of Bitcoins
As product managers, in case we would like to have something to place on our product manager resume then it’s the duty of ours to be sure that the business enterprise is a success whatever service or product we’re selling. In the case of a bitcoin miner, we are selling a mining service which creates value simply by creating more bitcoins. One of several elements that we need to remain mindful of is the worth of bitcoins because as the value comes down, the funds that we’ve to work with will be limited.
The way that bitcoins are created is by having computers solve a math problem. When the math problem is solved, the company is going to received more bitcoins for our effort. The challenge is that often computers are becoming faster and faster and that’s allowing more competitors to enter into this particular industry. As product managers we need to take measures to be sure that the organization is ready to enhance the capacity of ours and increate the computing resources.
Today the world of bitcoins is a lot like an unsettled frontier. The rules haven’t yet been written; however, there is a great deal of income to be earned. Product managers have an important role to play in keeping the company which they work for afloat by watching what is going on with bitcoin exchange rates and making sure that bitcoin mining capacity is now being maximized.
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What All Of This Means For You
Talk about a challenge! Product managers who’re trying to find a serious problem are the people who’ll find themselves working for a company that is in the business of mining bitcoins. There’s no other firm or product manager job description that we are able to look at as a reference when we find ourselves in this situation. This is a genuine challenge!
The company operates a compilation of computers that spend their time solving a math problem that, when solved, will provide the organization from the resources that we have to keep going. As product managers we need to remain aware of what the present exchange rate for bitcoins is. Additionally, we have to always be interested in ways that we are able to grow the computing capacity that the company uses to produce bitcoins.
This is a crowded market and it could become more crowded over time as more players go into the market. With a solid guiding hand a product manager is able to help his or even her business to continue to move forward in an ever changing market. In case you are searching for a real adventure, this could be the job that you want!