Have you ever hear about bitcoins? It’s the craziest point – people are in the process writing their very own product development definition and inventing a whole new currency! This currency has no ties to any government or country. The whole thing “lives” in the minds of the computer systems who together make up the Internet. The math behind it is a tad impossible, but it seems to be growing in popularity and, more importantly, you can actually buy things using bicoins. Microsoft recently announced that they would accept bitcoin in payment for their products. What does all of this mean for item managers?
To Play In The World Of Bitcoins, You’ve Got To Become A Miner
So here’s how bitcoins work. In the beginning, there were no bitcoins. Then people starting managing a computer program (“mining”). This program resolved a math problem. When they solved the problem, they would be rewarded for “mining” activities with bitcoins from a central location. The math problem then became harder to solve plus everyone got back to work.
As bitcoins started to show up more and more, people started to accept them in exchange for real-world goods. Once other people saw that this was happening, they become motivated to do more mining. In order to resolve the math problem quicker, larger, faster computers were needed. Purchases in data center resources had been made and what had been something that individuals where doing at home on extra computers quickly become 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 is not a fixed thing. This means on any given day, the value of the particular bitcoins that you own can go either up or down. If your business is involved with mining, then any big economic downturn in the value of bitcoins could have a very large impact on the profitability of the business.
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How To Stay In Business In the wonderful world of Bitcoins
As product managers, if we like to have something to put on our item manager resume then it’s our responsibility to make sure that the company is a success no matter what product or service we are selling. When it comes to a bitcoin miner, we’re marketing a mining service that generates value simply by creating more bitcoins. One of the things that we need to remain aware of is the value of bitcoins because since the value goes down, the funds that we have 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 may received more bitcoins for our energy. The challenge is that computers are becoming faster and faster and that is allowing even more competitors to enter into this market. Because product managers we need to take steps to make sure that the company is able to boost our capacity 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 exists a great deal of money to be earned. Item managers have an important role to play to keep the company that they work for afloat by watching what’s going on with bitcoin trade rates and making sure that bitcoin exploration capacity is being maximized.
What All this Means For You
Talk about a challenge! Item managers who are looking for a real problem are the ones who will end up doing work for a company that is in the business of mining bitcoins. There is no other firm or product manager job description that we can look at as a reference when we find ourselves in this situation. This is a real challenge!
The company operates a number of computers that spend their time solving a math problem that, once solved, will provide the company with the funds that we need to keep going. Since product managers we need to remain conscious of what the current exchange rate regarding bitcoins is. Additionally , we need to always be looking for ways that we can expand the computing capacity that the company uses to create bitcoins.
This is a crowded marketplace and it may become more crowded with time as more players enter the market. Using a strong guiding hand a product supervisor can help his or her company to continue to maneuver forward in an ever changing marketplace. If you are looking for a real adventure, this may be the job that you want!