How Cryptocurrencies Will Affect Accounting

How cryptocurrencies will affect accounting

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Cryptocurrencies have been an increasingly hot topic in the past several years. After a bumpy start, they have seen unparalleled market growth in 2017. Based on the innovative blockchain technology, bitcoin and others (known as altcoins – ie.

How cryptocurrencies will affect accounting

Ethereum, Litecoin) offer decisive advantages over traditional payment methods, such as transaction security, speed, or applicability on a global level.

This year, cryptocurrencies are slowly entering the mainstream; as a report by AngelList outlines, “The cryptocurrency industry is at an point, expanding the early-adopter crowd to a more mainstream audience.” Indeed, this year both the value of older cryptocurrencies and the number of new ones sprouting into existence through Initial Coin Offerings (ICOs), has massively increased.

Consequently, such growth has created a surge in demand for employment in cryptocurrencies: AngelList’s report saw a 100% increase in advertised jobs in the past six months.

This surge in recruitment was not just in Tech roles, but in all functions across the board; with such an influx of capital, cryptocurrency businesses are boldly investing into expanding their headcount.

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Factors that attract candidates include higher median salaries, more flexible contracts, and better benefits. Growth in the crypto market also ties into the expanding FinTech sector, explored by Vacancysoft in a report from earlier this year.

How the job market in cryptocurrencies will look in the future depends on the industry itself.

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Will it keep growing? What will its consensus with the corporate and political world be?

How cryptocurrencies will affect accounting

Aside from spectacular growth, 2017 also unravelled a number of challenges. September saw China banning ICOs, followed by JP Morgan’s CEO publicly denouncing bitcoin.

How cryptocurrencies will affect accounting

JP Morgan itself is one of the largest corporate names in the Enterprise Ethereum Alliance, which is an attempt to create a blockchain platform rival to bitcoin. Another challenge is regulators’ concern over effectively controlling the crypto market to protect consumers from fraudulent ICOs.

How cryptocurrencies will affect accounting

These factors temporarily sent bitcoin value plummeting.

The volatile activity of bitcoin’s market value that we saw over the past year may indicate what to expect in the near future. However, vacancies in this area of FinTech are expected to remain strong; as Next Web comments, “While bitcoin value fluctuations may be testing investor confidence, the hiring market for blockchain-based technology remains overtly bullish.”

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How cryptocurrencies will affect accounting

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Author: Jan Pawlowski
Data Analyst