“Just to name one difference, the number of decimal places in a crypto asset can be up to 18-plus digits. That fact alone actually breaks a lot of accounting systems.”Essentially, traditional accounting and accounting tools were never made with cryptocurrencies in mind. Overall, cryptocurrencies bring in too many extraneous values for current systems to calculate and therefore, specialist equipment and training needs to be given to accountants who wish to account for cryptocurrencies. What Benson, and other firms are doing is creating bespoke cryptocurrency accounting services. Furthermore, according to Bloomberg, there’s a big future in this sort of work:
“That leaves the job open for digital-money companies. Omega One, an agency brokerage for cryptocurrencies that’s opening an office in Bermuda, says it will work with insurers and the island’s government to set up a custody business there. ‘Bermuda has an incredibly strong legal, technical, reputational jurisdiction for financial services in general, but particularly for custody of assets and reinsurance,’ said Alex Gordon-Brander, Omega One’s chief executive officer.”As the cryptocurrency and blockchain industry grows, brand new ideas and careers will come of it, this is one excellent example of how start-ups can build business models upon this. Okay, so perhaps this isn’t the easiest way to profit from cryptocurrencies without investing, but, the idea is that if you’re a well-tuned accountant, set up your own service for crypto enthusiasts. If you’re a great graphic designer, look for clients in the crypto-sphere. With a sprinkle of imagination, anyone can profit from cryptocurrencies.