indiamikezulu
Member
Well I dont think this is necesary, most business can do accounting perfectly fine using cryptos. However most business won't take that risk initially. However you want to have a solution that can at least make it easy to document the Crypto-FIAT movements and wont represent any accounting risk. Many people have issues regarding captial gain taxes on stocks and other investment since some stocks gained while others lost money. So calculating those, it makes it nightmerish, however with the blockchain API, you can automate the whole transactions.
Also not sure how regulation has shaped the idea of storage over commerce.
'However you want to have a solution that can at least make it easy to document the Crypto-FIAT movements . . . '
Bingo, JZA! I put the quote below up on a thread just the other day:
'a software system or computer protocol needs to be developed so that any user or investor of cryptocurrency can compile a report at the end of the fiscal year, showing unrealized gains and losses from their entire virtual currency portfolio, and hand it to their accountant in a format that is easily understood, consistent, and accurate; one that would become a national standard.'
http://www.financemagnates.com/cryp...cy-not-accuse-bitcoin-users-of-tax-avoidance/