Accounting For Crypto Assets

Now that we have a better grasp of how wallets function for crypto assets, we need to understand the inextricable link between decentralization, self-custody, and security.

Show Notes

Now that we have a better grasp of how wallets function for crypto assets, we need to understand the inextricable link between decentralization, self-custody, and security. In the world of blockchain and cryptocurrency, no bank holds and secures your funds. You are the bank. As a result, you rely on varied levels of security based on the context of the usage of funds.

A real-world example of this concept is the difference between a wallet you carry in your pocket and a bank vault. Obviously, the money kept in a wallet is less secure than money stored in a bank vault, but the sacrificed security of funds is offset by increased convenience. To reduce the risk, a nominal amount of a person’s total wealth is carried in their pocket. The same principle applies to crypto assets.

Creators & Guests

Host
Taylor Zork CPA, MBA
Co-Founder CryptoCFOs
Editor
Brandon "Bova" Santiago
Co-Founder CryptoCFOs

What is Accounting For Crypto Assets?

The AccountANTs, Tax Professionals, and Astute Investors Guide To Blockchain, DeFi, NFTs & more. Visit: www.CryptoCFOs.com to join our community and learn more!

*This podcast is NOT financial, tax, accounting, or legal advice. The opinions and commentary herein are intended to facilitate discussions only, and may not be relied upon for accuracy; you must conduct your own research or engage with and seek the advice of your accounting/ tax professional and attorney as necessary.