The characteristics and form of money have changed over the years, with the greatest change in the 21st century. In the 21st century, money has changed from physical currency to mobile and virtual currencies. In this article, we will evaluate the job opportunities that have come up due to these new forms of currency.
To better understand, let’s first start with the definition of terms.
What is virtual currency?
It is a digital currency that is largely unregulated, issued, usually controlled by its developers, and used and accepted electronically among specific virtual community members. The treasury, banks, or financial institutions do not control virtual currencies. Another term is Peer-to-peer trading, also known as P2P trading, which involves direct cryptocurrency transactions between users without a third party or intermediary. And lastly, Mobile money is an electronic Wallet Service that allows users to store, send and receive money using their mobile phones.
In Kenya, crypto has not yet been approved for use, but this has not deterred Kenyans from transacting and receiving payments via cryptocurrencies. Although the Central Bank of Kenya and Treasury are researching a Central Bank Digital Currency (CBDC), a digital coin that the treasury will issue alongside the physical coins. With the government researching virtual coins, Kenyans should start preparing and upgrading their skill levels to match the opportunities that virtual coins will or are being presented.
According to Finder’s Cryptocurrency Adoption Index, 16% of Kenyan adult internet users, an estimated 4.8 million people in Kenya, own cryptocurrencies. This makes Kenya the 12th country out of 27 countries surveyed regarding cryptocurrency ownership. With 4.8 million Kenyans transacting via cryptocurrencies, there is a need to have systems and Peer to Peer platforms that will allow transactions to run smoothly. With the crypto industry rapidly growing and expanding, many opportunities are opening up.
Within the crypto industry, are Kenyans ready for these opportunities and what are the basics of finding a job within the crypto industry?
First, you have to have a passion for cryptocurrency and a deep-rooted understating of crypto trading and the ins and outs of the crypto industry. This being a relatively new area, there is little educational knowledge that is available in this area.
Lastly, one must identify the area in that one wants to specialise. For instance, you can choose marketing, trading, software design, or infrastructure. What are the most common jobs within the crypto industry? For transactions to run smoothly, there is a need to have stable Peer to Peer (P2P) platforms that can carry out many transactions and can be integrated with all the available mobile money networks.
The first job opportunity is becoming a systems designer or technical designer. These are specialists who have expertise in networks and software. Their main role is to integrate the P2P platforms with mobile money networks. The second job opportunity is for crypto writers and researchers. Crypto writers are needed to write news within the crypto industry; unlike other content journalists and news presenters, crypto writers must be abreast with the happenings and have basic knowledge and interest in the different crypto and crypto trends in the industry. In the development phase, researchers within the crypto industry can be researchers on the new coins or P2P. Still, most importantly, they can update people on upcoming research within the industry.
The next and most lucrative job within the crypto industry is community management. This is a new job that has been created as a result of the internet. Most crypto users are online and are found in different countries. There is, therefore, a need for someone who can manage them via available Social Media Apps, e.g. Telegram and Whatsapp. The role of the community manager is to ensure that the content shared within these social media apps is safe for consumption and moderate discussions within these groups.
The crypto industry has also created jobs, including crypto traders, financial analysts, and translators. Crypto traders speculate on price movements via a CFD trading account or by buying and selling the underlying coins via an exchange. Financial analysts pore data to help identify opportunities and evaluate outcomes for business decisions or investment recommendations. Lastly, translators ensure that the information regarding crypto and crypto trading is easily understood in local languages and can be easily translated efficiently.
As Kenyans are ready to take up the presented opportunities, the government also needs to step up and come up with ways to support the industry. Government involvement is critical and ensures citizens that the industry is safe and people can ensure that their transactions are done safely. The government can support the industry by creating rules and regulations to regulate the industry. The regulations can be international regulations and governable by the local legislator.
Also, support the industry by developing legislation and policies that will ensure that the industry operates within a legal framework. And lastly, the government can support the industry by licensing traders and merchants who carry out crypto transactions and trade. This will protect citizens from dubious and crafty people whose only goal is to defraud people of their hard-earned money.
Which industries/sectors have to prepare for the anticipated boom within the crypto industry?
Firstly the power generating companies must think about sustainable power sources that are reliable and environmentally friendly. Power-generating companies can think about wind power or other electricity-generating areas that don’t depend on fossil. Blockchain technology is high power consumers and relies on electricity to operate.
Secondly, the education sector must also prepare by developing a relevant curriculum that will prepare students for 21st-century technological needs. Examples come up with courses that will train students on how to trade, anticipate crypto markets, and design networks. These skills will be relevant to trading.
The last industry that should be anticipating the boom is the telecommunication industry, and there is a need to have a stable internet connection. Therefore the telecommunication industry should license new internet providers will ensure that the internet is cheap and easily available. In conclusion, with the crypto industry expanding and growing, Kenyans must be ready for the opportunities that are presenting themselves in the crypto industry. Through preparation, they need to have the right skills to ensure that they are competitive in the available jobs.
