Have you hear about bitcoins? It’s the craziest thing – people are in the process writing their own product development definition and inventing a brand new currency! This currency has no ties to any government or country. The whole lot “lives” in the minds of the computers who together make up the internet. The numbers behind it is a tiny bit complex, but it seems to be growing in popularity and, more importantly, you can actually buy things using bicoins. Microsof company recently announced that they would accept bitcoin in payment for their products. What does all of this mean for product leaders?
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 building a computer program (“mining”). The offer fixed a numbers problem. When they Whatsminer M30s++ fixed the problem, they would be recognized for their “mining” activities with bitcoins from a central location. The numbers problem then became harder to fix and everyone got back to work.
As bitcoins begun to show up more and more, people begun to accept them in trade for real-world goods. Once other people saw that this was happening, they become motivated to do more mining. In order to solve the numbers problem quicker, bigger, faster computers were needed. Investments in data center resources were made and what had been something that people where doing at home on spare computers quickly become an industrial operation almost overnight.
There was one wrinkle in this whole “print your own money” scheme. As with “real world” stock markets like the dollar, euro, yen, ruble, etc. the exchange rate for bitcoins is not a fixed thing. That means on any given day, the value of the bitcoins that you own can go either up or down. If your business is involved in mining, then any big economic downturn in the value of bitcoins could employ a large relation to the profitability of your business.
How To stay in Business In the world Of Bitcoins
As product leaders, if we want to have something to put on our product manager resume then it’s our responsibility to make sure that the company is a success no matter what services or products we are selling. In the case of a bitcoin miner, we’re selling a mining service that creates value simply by creating more bitcoins. One of the things that we need to remain aware of is the value of bitcoins because as the value fails, the funds that we will need to work with will be limited.
The way that bitcoins are created is insurance firms computers solve a numbers problem. When the numbers problem is fixed, the company will received more bitcoins for our effort. The task is that computers are becoming faster and faster and that is allowing more competitors to enter into forex trading. As product leaders we need to take the appropriate measures to make sure that the company is able to boost our capacity and increate the precessing resources.
Right now the world of bitcoins is very much like an unsettled frontier. The rules haven’t yet been written; however, there is a great deal of money to be earned. Product leaders have an important role to play in keeping the company that they work for afloat by watching what’s going on with bitcoin exchange rates and making sure that bitcoin mining capacity is being maximized.
What All of this Means for You
Talk about a challenge! Product leaders who are looking for a real challenge are the ones who can become working 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 series of computers that spend their time dealing with a numbers problem that, once fixed, will provide the company with the funds that we need to keep going. As product leaders we need to remain aware of what the current exchange rate for bitcoins is. Additionally, we need to always be looking for ways that we can expand the precessing capacity that the company uses to create bitcoins.
This is a jampacked market and it could become more jampacked over time as more players enter the market. With a strong guiding hand a product manager can help his or her company to continue to move forward in an ever changing market. If you are looking for a real adventure, this might are the job that you want!