The Recent collapse of FTX saw many employees of the now defunct exchange face a similar brunt of hate that of Sam Bankman Fried and other executives. It seemed only recently that the cryptocurrency industry was poaching high level traditional finance exectives to join the ranks of exchanges across the world. In the wake of FTX, Celsius and others this has begun to slow due to many employees citing series threats from users post such a serious event. While the crypto industry offers several benefits such as high salaries, job satisfaction, and career growth opportunities, there are also significant risks associated with working in this field. In this article, we will explore the risks and rewards of considering a job in the crypto industry.
Rewards of working in the crypto industry
High salaries: The cryptocurrency industry offers high salaries, particularly for professionals with technical skills such as developers, engineers, and cybersecurity experts. According to a report by Hired, blockchain developers earn an average of $150,000 per year, which is significantly higher than the average salary for software developers.
Job satisfaction: Working in the crypto industry can be highly rewarding, as professionals get to be part of an innovative and fast-paced sector that is revolutionizing the world of finance. The industry is also relatively new, which means there is a lot of room for creativity and innovation, making it an exciting place to work.
Career growth opportunities: The crypto industry is still in its early stages, which means there is a lot of room for growth and development. Professionals who join the industry now can expect to have a significant impact on the industry’s future trajectory and have opportunities for career advancement as the sector expands.
Risks of working in the crypto industry
Volatility: Cryptocurrencies are known for their volatility, which means that prices can fluctuate rapidly, sometimes within hours or even minutes. This can be particularly challenging for professionals working in the industry who may have invested a significant amount of time and resources in a particular project or company, only for the market to crash.
Regulatory uncertainty: The crypto industry is still largely unregulated, which means that there is a lot of regulatory uncertainty. This can be particularly challenging for professionals who may be unsure about the legal implications of their work.
Security risks: The cryptocurrency industry is also susceptible to security risks such as hacks and data breaches. Exchanges have been hacked in the past, resulting in the loss of millions of dollars worth of cryptocurrency. Professionals working in the industry must be vigilant and take proactive measures to ensure the security of their projects and investments.
Mental health: The cryptocurrency industry can be mentally challenging for professionals, particularly in the event of market crashes and product failures. The high-stress environment can take a toll on mental health, and professionals must take care of themselves to avoid burnout.
Post FTX Changes for Employees
As several exchanges suffered devastating collapses for their clients, staff also experienced a similar outcome. This has prompted many in and around the industry to push for change. Exchanges such as Coinspot not longer list their employees online and others have followed suit due to doxing and threats throughout events that can plague the crypto industry.
The cryptocurrency industry offers several benefits such as high salaries, job satisfaction, and career growth opportunities. However, professionals considering a job in the sector must also be aware of the significant risks associated with working in the industry. These include volatility, regulatory uncertainty, security risks, and mental health challenges. Ultimately, those considering a job in the crypto industry must weigh the risks and rewards carefully before making a decision. With proper research, planning, and risk management, working in the crypto industry can be a rewarding and fulfilling career choice.
If you are experiencing any mental health issues or are needing someone to talk to contact Beyond Blue | 24/7 Support for Anxiety, Depression and Suicide Prevention as there is always help available and resources to those in need.
References:
Hired. (2021). The 2021 State of Salaries Report. Retrieved from https://hired.com/state-of-salaries-2021
Kshetri, N. (2018). Blockchain’s roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80-89.
Lee, T. (2019). Regulation of Cryptocurrencies and Blockchain Technologies: National and International Perspectives. Journal of Financial Regulation and Compliance, 27(3), 298-312.
Vigna, P., & Casey, M. J. (2018). The truth machine: The blockchain and the future of everything. St. Martin’s Press
