20. Prepare 3 pages double-spaced paper covering the below questions.
Explain how the above question will be investigated and why the above question is important. What is Crypto Currency?
Approach: How crypto has been treated in the past, the new announcement, and Examples of companies with lots of cryptos.
Importance: A cryptocurrency is a form of investing that has grown exponentially in recent years with 1 in 5 adults estimated to have taken part in it. Therefore, the FASB must ensure that its standards are the best they can be. Be sure you establish criteria for evaluation of the above question so that it is clear.
Conclusion: Impact of change in policy should it be treated as an intangible or financial asset? What is the best way?
It is an electronic form of currency that is secured and decentralized. There is no central authority who oversees the supply of money of cryptocurrency, like those of the Federal Reserve does for the U.S. dollar or perhaps the European Central Bank with the Euro. Instead, the users of cryptocurrency split their tasks into smaller chunks and then perform them collectively on the internet (AshFord 2022). It is possible to use cryptocurrency to purchase traditional products and services, however most users invest in it in like they do in gold or stocks. The cryptocurrency market is a brand new and intriguing asset class however, investing in it is a long-term commitment to understand and understand how different methods function. It was first suggested by Nakamoto in 2008 in Bitcoin A Cash Programme for Participating electronic Cash Programme Bitcoin is widely considered to be the founder of all cryptocurrency (Wu et and. 2021). According to Nakamoto his goal for the initiative was to create an electronic currency that could be exchanged with out the requirement to have a central government confirm transactions. This cryptographic proof can be found in validated transactions that are recorded on the blockchain. Galaxy Digital Assets, LTD, Tesla, and Marat are some examples of businesses that hold many Crypto and Cryptographic evidence, as well as MicroStrategy, one of the major platforms for corporate analytics that has really accepted Bitcoin as its primary reserve asset. Cont…
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