BLOCKCHAIN ACCOUNTING FOR CRYPTOCURRENCY

Abstract

The scope of blockchain technology, originally linked to the cryptocurrency Bitcoin, has expanded significantly because of its numerous applications across various fields. In the realm of accounting, its primary value lies in its ability to mitigate risks and the potential for fraud, eliminate human errors, enhance efficiency, and boost transparency and reliability. The objective is to explore current trends and emerging research areas worldwide related to blockchain technology for secure accounting management. Cryptocurrencies serve as an alternative means of exchange, prioritizing security, transparency, and cost-effectiveness. While cryptocurrencies exhibit characteristics similar to traditional money, they do not entirely align with the economic attributes of conventional currencies due to their significant price volatility. This study delves into blockchain accounting for cryptocurrencies, with the key implication being that cryptocurrencies should be regarded as a form of currency rather than a speculative instrument.