Font Size: 

The purpose of this paper is overview history of cryptocurrencies, investigate the current acceptance of cryptocurrencies, and evaluate the future role of cryptocurrencies. We start with the overview of cryptocurrencies with a special focus on Bitcoins and blockchain technology. The differences in paper and cryptocurrencies will be investigated and infrastructure that supports mining of Bitcoin will be summarized. We also look at the accounting and tax treatment of cryptocurrencies at the moment. We also look at the various mechanisms in place to accept, transfer, and store cryptocurrencies. The dedicated machines, ATM installations, and companies that accept Bitcoins are investigated. The current plug ins for the ERP systems that accept cryptocurrencies are also examined. The cryptocurrency journey has been marked with volatility, skepticism, and the usual booms and busts.  Now, cryptocurrency is firmly established and is being accepted. We also look at the future to figure out how this area will evolve.

 

cryptocurrency, bitcoin, tax implications, ERP integration