There is little wonder that so many investors and traders feel disenfranchised by the stock markets as they are held hostage by government decisions and world events beyond their control. Sometimes unfathomable decisions are made that have those with money at stake pulling their hair out. Therefore, it is no surprise that they look for alternatives.
This has led to an increased popularity in cryptocurrency, which while still means that taxes must be paid, it is decentralised away from any government or financial institution. And there is the bonus that the tax is assessed as its ordinary income on the date the taxpayer receives it at its fair market value. Those going down this route are advised to ensure they keep a full handle on their finances by installing the best Bitcoin accounting software.
- Cryptocurrency is the same as world currencies, in that there are lots of them. Having the right software allows traders to deal in over 20,000 of them while working with coins, wallets, and non-fungible tokens. It makes life simple knowing exactly where everything is and how much each trader holds.
- Tax reports, that can seem otherwise daunting and complicated are made simple, as importers for both API and File can produce easy-to-understand PDF reports, again making trading easier and quicker, while saving money.
- The software is a fantastic means of guidance. Those who want to see how they are performing against other metrics over time will have all the data that they require in an instant to allow them to make better-informed decisions. The tool that allows a user to conduct scenarios to see what would happen if a different route was taken will add to the knowledge of those who want to become serious traders and maximise their profits.
- The Blockchain feature keeps the trader up to date with endless vital information such as Smartchains, single chains, fees, staking, transfers and much more. Why scratch around imputing all information and having it in different places when there is the perfect accounting software waiting to save time and money? It is all formulated automatically, giving it a clear edge over other systems that require a manual search for the required data, while all wallets and exchanges are connected.
Crypto traders looking to get ahead of the game can receive all the information to allow them to make informed decisions and increase profits when using the best accounting software.