Cryptocurrency AccountingPosted on January 31, 2014
A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. If necessary, the protocol and related software can be modified to handle even smaller amounts. ~ bitcoin.it/wiki/FAQ
We are excited to announce that we have the capability to account for cryptocurrency transactions!
Cryptocurrency which includes the likes of Bitcoin, Litecoin, Ripple and Dogecoin are democratizing money transmission. Cryptocurrencies have been gaining popularity since 2009 as a way to implement a decentralized and secure information economy.
Because of their use of 8 decimal places traditional accounting solutions can’t handle cryptocurrency. With Subledger, we’re able to handle up to 12 decimal places, meaning we are fully equipped for any Bitcoin, Litecoin, Ripple and Dogecoin transactions, and prepared for any of the new and emerging crypto currencies on the market.
If you’re building or operating crypto-currency services (gateways, market-makers etc) and you need to track fiat-currency and crypto-currency balances your your customers while getting real-time audit ready financial reporting, ping us at firstname.lastname@example.org and we’ll get you set up!