• Research and Markets indicated that the cryptocurrency market is expected to grow with a compound annual growth rate of 32% from 2019 to 2024.

  • Some of the cryptocurrencies that have grown the most over the past five years include JOBs, Ethereum and Bitcoin.

  • Founder Jose Bay is considered to be one of Spain’s top blockchain influencers.

The industrial revolution 4.0 is in the making. The total value of all cryptocurrencies on February 18, 2021 totalled more than $1.6 trillion according to CoinMarketCap.com and the total value of all bitcoins was estimated to be $969.6 billion.  More than 6700 different cryptocurrencies trade publicly and continue to increase rapidly, raising money through ICO’s (initial coin offerings). 

Jose Bay Jose Bay Photo: Jose Bay

The growth drivers for the cryptocurrency market are transparency and immutability of the distributed ledger technology, fluctuating monetary regulations, an increase in venture capital investments and growing remittance in developing countries. Dan Schulman, president and CEO of PayPal, stated in a press release that the shift to digital forms of currencies are inevitable, bringing with it advantages in terms of financial inclusion and access, efficiency, speed and resilience of the payments system, and the ability for governments to disburse funds to citizens quickly. 

Claire Lovell, Associate Director of Product Management at Gemini, states that cryptocurrency gives consumers greater choice, independence and opportunity in finances. The decentralized, open-source nature of cryptocurrency makes it easier to buy, sell, store, trade and helps to “eliminate the weak points of the modern banking system by bringing access directly to consumers,” Lovell said. One can look to Jobchain as an example of bringing access directly to consumers by allowing users to pay anywhere VISA is accepted and pay natively with JOB Tokens in shops worldwide.

CEO of Rubix.io, Drew Hamilton, mentioned that cryptocurrency is in its infancy. A report from Citibank that has been frequently cited indicated that digital currency could surpass the  $300 000 per coin by the end of 2021. Cryptocurrency is one of most liquid investment assets since trading platforms have been established globally. This liquidity has advantages and disadvantages.

Favorite Cryptocurrencies of the Month:

Ethereum’s price kept growing in value over the course of April 2021, reaching nearly $2300, according to Statista. Ethereum’s dramatic growth over the past 12 months has been driven by decentralized finance (DeFi) and non-fungible tokens or NFT’s. Other cryptocurrencies are nipping at Ethereum’s heels for dominance in this space. JOB Token of the Jobchain was the cryptocurrency with the most increase in value during 2020 among other cryptocurrencies in the world.

The rise of Jobchain - a new mainstream solution for the global workforce: 

Jobchain was developed by Jose Bay who travelled the world as an International Atomic Agency Energy Officer. The vision and objective is to create a free platform that will provide social security services together with employment and earning possibilities for registered users. The project was completely funded and developed by the founder who donates a portion of his corporation earnings to hospitals to support care of children with cancer. Some Of the notable achievements attesting to Jobchain’s rapid growth include:

  • Jobchain JOB Token is listed in Bittrex - JOB went up 1000% in 2020.

  • Jobchain won an international blockchain contest in the International Blockchain Event in Romania.

  • Jobchain has won a votation to be listed in LAToken.

Advantages of Receiving Payments in Cryptocurrency:

With the move towards a cashless society there are some distinct advantages to being paid in cryptocurrency. These advantages include transaction fee savings, security, privacy, greater control, no chargebacks and a business accepting cryptocurrency as a form of payment can leverage this into a marketing advantage. 

The biggest lure of cryptocurrency is that it allows consumers to make transactions without the involvement of a third party. Third party involvement such as a bank or credit union is necessary when transacting in fiat currency.

The Paradox of Cryptocurrency:

The masses appear to be pro crypto and institutions are following. But there are off course those who remain bearish on it: The IRS has determined that cryptocurrency should be treated as property, therefore if the value goes up and the owner sells at a profit a capital-gains tax is likely to be payable. With the vast number of cryptocurrencies available most companies who accept cryptocurrency limited transactions to Bitcoin or Bitcoin Cash or Ethereum. The value of cryptocurrency can swing dramatically, which can lead to big losses or huge gains depending if the swing was favorable or not.

Nerdwallet.com points out that a currency needs stability. Stability allows consumers and merchants to determine a fair price for goods and services. The volatile nature of cryptocurrency leads many investors to view investment into cryptocurrency as speculations. In order to profit from an investment someone has had to pay more for the currency than you did, which brings a paradox bear. If a specified cryptocurrency might be worth more at some point in the future, people would less likely spend cryptocurrency, rendering it less viable as a currency. 

The Future of Crypto:

Professor Joseph A. Grundfest, at the Stanford Law School, concedes that there are applications where cryptocurrency is a viable solution, however the future outlook of cryptocurrency is still in question. There are some strong applications for cryptocurrency, according to Professor Grundfest people living in countries with weak currencies could be better off investing in cryptocurrency rather than buying local stocks and bonds.

Why There Could Be A Real Future for Crypto in the Job Market:

Entertainment and shopping already went crypto: It is hard to find global brands that do not accept crypto these days. Whereas the IRS may speak for America, the crypto market is truly global. Let’s look, for example at FX trading which Americans cannot participate in on certain European platforms - yet they have all gone global. The same is the case for Cryptocurrency in the JOBs market: it will be the global markets supply and demand that determines how well it will be adopted. 

Final Take:

Jose Bay might be a pioneer of a uniquely implemented concept. Jobchain has developed the first platform in the world that allows anyone to find a job and receive payment in cryptocurrency. It enables a solution for over 1.7 billion people in the world without access to bank accounts and social security to have access to employment and compensation. 

Interested parties can reach out and learn more about Jobchain through their official website.