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Crypto winter is when prices contract and remain low for a long time and when chaos may sweep over the market without notice.
Many crypto and blockchain companies have suffered significant losses and layoffs this winter, with over 5,000 jobs lost.
Despite the gloomy picture of layoffs and downturns, some crypto firms have substantial revenue even during the current winter, and some jobs have also been made available.
Starting a crypto career in this dead of winter is not for the faint-hearted because a more outstanding commitment is a significant advantage for long-term and fulfilling success in the field.
Crypto winter means different things to different people. The massive up-and-down cycles of cryptocurrency can be quite worrying, especially for those looking to find their feet at the industry's door. After two years of unprecedented euphoria, the industry has reached "winter." A cyclical decline has proven to be characteristic of the blockchain sector as speculation outstrips adoption, then retreats. During the industry's market boom, academic programs focusing on cryptocurrencies and blockchains proliferated. A great crypto career does not always necessitate college, but it is the surest first step for most people. And, with a wave of headline-grabbing dismissals throughout the summer, there are signs of broader weakness in technology jobs. While an aspiring crypto career professional may want to second-guess the decision to make a foray into the industry, there are some silver linings. In actual terms, there are things to know when planning a career in these prevailing circumstances.
The term "crypto winter" is most likely derived from the "Game of Thrones." The House of Stark's motto in the series was "Winter Is Coming." It was interpreted as a warning that long-term conflict could erupt in Westeros anytime. Similarly, the crypto market may be in a long period of turmoil. During this trying time, there is a need to remain vigilant and be ready for chaos to sweep over the market without warning. Crypto winter is when prices contract and stay low for an extended period.
Cryptocurrencies have had better times. Bitcoin (BTC), the crypto market's bellwether, is currently trading around $20,000, down 65% from its November 2021 high. It's not just Bitcoin that's been under pressure. Ethereum (ETH) and other major altcoins, including Cardano (ADA) and Polygon (MATIC), are down more than 59% year to date. These headwinds have been felt throughout the crypto-verse. The world's first cryptocurrency ETF, ProShares Bitcoin Strategy ETF (BITO), is down more than 58% year to date. It is already being referred to as the next "crypto winter" by experts. From January 2018 to December 2020, the previous crypto winter lasted nearly three years. In retrospect, there are concerns about whether cryptocurrency could survive such a prolonged period of contraction again.
Cryptos and digital assets aren't the only things suffering this winter. The people and businesses behind crypto products are also facing hard times. Many crypto and blockchain companies have suffered significant losses and layoffs. On August 19, crypto lender Hodlnaut announced the dismissal of 80% of its workforce. Robinhood (HOOD), which allows crypto trading on its platform, laid off 23% of its employees in August, claiming that its earlier 8% job cuts in April were insufficient to account for the crypto crash and overall bear market. In July, the leading NFT marketplace OpenSea reduced its workforce by 20%. It came after trading on its platform fell by 99% from a high in May.
Publicly traded companies have not been immune. Coinbase (COIN), the world's only publicly traded crypto exchange, laid off roughly 18% of its workforce in June, and its share price has fallen 75% year to date.
Despite the gloomy picture of layoffs and downturns, some crypto firms have substantial revenue even during the current winter. Many also rely on investor funds as they work toward broader adoption. The resource lean currently experienced in the industry is partly because these funds have become increasingly scarce. This scarcity means the current job slump in crypto could end in two ways: investment resumes, or more revenue will flow from customers.
Cryptocurrency is still regarded as a significant future opportunity, so the investment is still coming in - albeit more slowly than at the peak of the previous bull market. And there are still jobs available.
Furthermore, there are some advantages to pursuing a career in the crypto niche during the winter slump. Many people initially drawn to cryptocurrency's surface excitement tend to abandon it. Because there are fewer Super Bowl commercials and Paris Hilton endorsements, this may provide more opportunities for those drawn to the higher principles and objectives of the crypto industry. It could include financial inclusion and the abolition of surveillance capitalism.
These more outstanding commitments are also a significant advantage for long-term and fulfilling success in the field. An essential foundation for making plans may be to look within.
Therefore, learning the skills to start a crypto career in this climate will not be futile for some reasons:
The skills that will get you into a crypto career can be easily transferred to other technology areas.
Anyone who has studied tech or non-technical courses relevant to the industry will have good job prospects in almost any other ecosystem.
In crypto, as in most fields, a do can ease the early stages of a career by creating more freelance work opportunities.
There are many ways to create a crypto career in this dead winter. First, there are technical and non-technical roles in the industry, and there are tailored guidance based on these divisions. However, let's take a look at those points that cut across different functions and fields:
Familiarize yourself with the industry: You need to learn more about the crypto industry, which is fast evolving. Learning about the industry will make you see the area you will be a good fit.
Learn the basic rules of crypto: If you want to get into the world of cryptocurrency but aren't sure where to start, you can enroll in a crypto basics course through an academy or institute. The course will provide hands-on experience with various cryptocurrencies and the exchanges that run them. When you are conversant with the basic rules of crypto, you will not be deterred by momentary market shocks.
Learn about existing and newly emerging jobs: learning about the available andnewly emerging ones will open a vista for you on how to transfer your skills across different verticals in the crypto world.
Network with people to advance your career: Social media platforms have several communities to help you get started. LinkedIn is another social networking site to find popular crypto and blockchain jobs. You will be confident to pursue projects independently once you have gained knowledge of the crypto ecosystem by being part of crypto communities. This membership may boost your chances of success in this field. The more you put yourself in the shoes of like-minded people, the better your career will start. Finding a mentor and sharing your success stories will assist you in getting started on your journey.
Teamwork: You will frequently work in small groups of people in this field. If you want your career to progress quickly, you must understand how to be a good teammate.
Communication: While remote jobs are pretty standard, you must still communicate with your teammates regularly if you want your projects to succeed. It is essential to be willing to share with others.
Creativity: Although the core skills in the blockchain industry are commonly from hard science, new ideas in cryptocurrency emerge regularly. These concepts can only appear as a result of creativity. Being willing to think outside the box can be beneficial in this field.
Starting a crypto career in winter is not for the faint-hearted. More outstanding commitments are a significant advantage for long-term and fulfilling success in the field. The essential foundation for making plans may be to look within. And this may influence your decision to start a career in the crypto industry. Those who seek jobs in crypto must see themselves as investors. No one would invest in crypto during this downturn if they were not true believers. They derive psychological benefits from creating something new that solves problems. That's a significant motivator you might not have had if you worked at Goldman.
Author: Gate.io Observer: M. Olatunji
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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