Have you hear about bitcoins? It's the craziest thing - people are in the act writing their very own website definition and inventing a brand new currency! This currency has no ties to the government or country. The whole thing "lives" in the minds with the computers who together make up the Internet. The maths behind it is a tad complex, but it is apparently growing in popularity and, more to the point, it is possible to buy things using bicoins. Microsoft recently announced that they would accept bitcoin in payment for his or her products. What does this mean for product managers?
To experience In The World Of Bitcoins, You've Got To Be a Miner
So here's how bitcoins work. At first, there was no bitcoins. Then people starting running a software program ("mining"). The program solved a math problem. When they solved the problem, they would be rewarded for "mining" activities with bitcoins from your convenient location. The math problem then became harder to resolve and everybody got back to be effective.
As bitcoins started to show up more and more, people started to accept them in substitution for real-world goods. Once other folks saw that this was happening, they become motivated to do more mining. In order to solve the math problem quicker, bigger, faster computers were needed. Investments in data center resources were created along with what had been something which people where doing at home on spare computers become a commercial operation almost overnight.
There was clearly one wrinkle in this whole "print your own money" scheme. Much like "real world" currencies such as the dollar, euro, yen, ruble, etc. the exchange rate for bitcoins isn't a fixed thing. Which means on any given day, value of the bitcoins which you own may go either down or up. If the clients are associated with mining, then any big downturn inside the value of bitcoins could have a huge impact on the profitability of your business.
The way to Remain in Business In the arena of Bitcoins
As product managers, if we want to have something to put on our product manager resume then it is our responsibility to make sure that the business is a success regardless of what products or services we have been selling. Regarding a bitcoin miner, we're selling a mining service that creates value simply by making more bitcoins. One thing that people have to remain mindful of will be the price of bitcoins because when the value goes down, the funds we have to do business with will be limited.
The way that bitcoins are created is as simple as having computers solve a math problem. Once the math problem is solved, the company will received more bitcoins for the effort. The task is always that computers are becoming faster and faster and that is allowing more competitors to enter into this market. As product managers we need to make a plan to make sure that the business is able to boost our capacity and increate the computing resources.
Today the concept of bitcoins is incredibly like an unsettled frontier. The guidelines have not yet been written; however, there's a lot of money being earned. Product managers provide an important role to try out in keeping the business they benefit afloat by watching what's happening with bitcoin exchange rates and making sure that bitcoin mining capacity has been maximized.
What All this Opportinity for You
Speak about challenging! Product managers who are searching for a real challenge are the type who'll find yourself doing work for a company that's in the business of mining bitcoins. There is no other firm or product manager job description that individuals can look at as a reference when we find inside us this situation. This is a real challenge!
The business operates a series of computers that spend time solving a math problem that, once solved, will provide the business with the funds that people have to keep going. As product managers we must remain conscious of what the current exchange rate for bitcoins is. Additionally, we have to often be wrestling with ways that individuals can expand the computing capacity the company uses to create bitcoins.
This is a crowded market and it will are more crowded as time passes as more players enter in the market. Using a strong guiding hand something manager will help his / her company to carry on to go forward in an ever changing market. Should you be looking for any real adventure, this can be the task that you want!