The Crypto Accounting- A New Industry

The accounting world was always influenced by the evolution of money throughout history. The speed with which cryptocurrencies infiltrate into public consciousness makes the future of crypto accounting a bright one.

There are already some years since the cryptocurrency has become a big subject for international meetings, businesses, events, books, and so one.

What is "cryptocurrency"?

Cryptocurrency is a digital currency based on encryption for the security of transactions, with a descentralized control that works through blockchain. In the digital world "live" haundreds of cryptocurrecy's forms, stacked into digital wallets- cryptocurrency wallet.

Once criptocurrencies'll accepted and legalized overall, each business must adapt by looking for better ways to track, manage and account for crypto assets, whether it's due to their maximizing interest and implementation or to big investments done into crypto, financial and tech industries.  

The potential of this digital currencies is simply unimaginable. In very short time the world will be changed. "Virtual money" will be integrated part of our daily life, and old cash transactions between people, businesses or even governments will be remplaced by easy blockchain-based ones.
The economy of each city or county will be powered by cryptocurrencies in no matter what form used in the process of paying for food, taxi,  monthly bills, legal tax, taking loans, buying a car or a house. Only one picture of this better digital world is amazing, but this will require innovations in the finance and accounting industries.

The migration from traditional to crypto accounting:

Accountants are already professionals in business process automation, they are familiarized and are learning what means to be an AI accountant. The next challenge for this always changing profession is reflected by the expression "crypto accountant"

It's already clear that the accounting experts will be very demanded and the job of real bookkeepers  will be remplaced by AI simple tools. Thus, the crypto accountants who already know how to use and apply the smartest tools will be highly attracted by corporate clients and heavy investors for help them to make better decisions. On the other side, there won't be need for bookkeepers in handling simple crypto investments, their tasks will be turned to AI smart and easy tools that almost do not imply human intervention.

"Challenging concepts like crypto cost basis, which can confuse even the sharpest accountants, pose little threat to intelligent software. Accountants will still have a place in the world, but their duties will evolve drastically as crypto demands bring widespread change in the financial industry" mentionned Alon Muroch, CEO and Co-Founder of Blox in his article for Accounting Today magazine. 

But it's clear that not everyone will like to do taxes using AI. Accountants will need to keep pace because the corporative clients and investors will continue to prefer the human touch.Taking into consideration that the biggest part of money is going toward smarter tools and the remained money are going toward human intermediaries, accountants must keep performing and adapt to stay relevant. 

It is already a matter of time the inclussion of cryptocurrency topic and even discipline for studying in schools and universities with economic profile in order to educate future specialists on the intricacies of crypto, whilst some businesses provide already in this way solutions such certifying as crypto tax experts.

New crypto businesses and organizations will need new specialists in accounting who are near to their evolving needs and more than that the crypto accounting will become an industry unto itself.

In other words, this new direction for accountancy profession is a big challenge and need vigilance to keep up, otherwise the traditionalists will give up the chair in favor of a new crypto-savvy generation.

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