Have you hear about bitcoins? It’s the craziest thing – folks are in the process writing their own personal product development definition and inventing a brand new currency! This kind of currency has no ties to any government or country. The entire 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 can really buy things using bicoins. Microsoft recently announced that they would 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 have Got To Become A Miner
So here’s how bitcoins work. In the beginning, there have been no bitcoins. Then individuals starting running a computer program (“mining”). This program solved a math problem. When they solved the problem, they will be compensated for their “mining” activities with bitcoins from a central location. The math problem then became tougher to solve and everyone got back to work.
As bitcoins started to show up increasingly more, folks started to accept them in exchange for real-world goods. Once some people noticed that this was happening, they become motivated to do much more mining. To be able to solve the math problem quicker, bigger, faster computers were needed. Investments in data center resources were made and what had been something that individuals in which doing at home on spare computers quickly turn into an industrial operation almost overnight.
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There was one wrinkle in this whole “print delicious money” scheme. As with “real world” currencies like the dollar, ruble, yen, euro, etc. the exchange rate for bitcoins isn’t a fixed thing. Which means on any given day, the value of the bitcoins that you have can go either up or down. If the business of yours is involved in mining, then any big downturn in the worth of bitcoins could have an extremely large effect on the profitability of your company.
How to Stay In Business In The World Of Bitcoins
As product managers, in case we want to have a thing to put on our product manager resume then it is our responsibility to guarantee that the organization is a success whatever service or product we are selling. In the case of a bitcoin miner, we are selling a mining service that creates value by simply creating more bitcoins. Among the details that we need to remain cognizant of is the quality of bitcoins because as the value comes down, the funds that we have to work with will be restricted.
The way that bitcoins are created is by having computers solve a math problem. When the math problem is solved, the company will received more bitcoins for the effort of ours. The difficulty is the fact that computers are starting to be faster and more quickly and that’s allowing more competitors to enter into this market. As product managers we have to take measures to make sure that the company is ready to enhance the capacity of ours and increate the computing resources.
Right now the world of bitcoins is very much like an unsettled frontier. The rules have not yet been written; however, there is a great deal of cash to be earned. Product managers have a crucial role to play in keeping the company that they work for afloat by watching what is going on with bitcoin exchange rates and ensuring that bitcoin mining capacity is now being maximized.
What All Of This Means For You
Talk about a challenge! Product managers who are searching for a real problem are the people who’ll end up working for a company that is in the business of mining bitcoins. There is simply no other firm or product manager job description that we can look at as a reference when we find ourselves in this specific situation. This’s a true challenge!
The company operates a number of personal computers that spend their time solving a math problem that, as soon as solved, will provide the organization together with the funds that we have to keep going. As product managers we need to be conscious of what the current exchange rate for bitcoins is. Moreover, we have to remain interested in ways that we can increase the computing capacity that the company uses to generate bitcoins.
This is a crowded market place and it may perhaps become more crowded over time as more players enter the industry. With a strong guiding hand a product manager can help his or perhaps her business to continue to progress in an ever changing market. In case you’re trying to find a real adventure, this could possibly be the project that you want!