Forensic Accounting is the Key to Rescuing Users from Cryptocurrency Fraud and Computer CrimesMay 15, 2019
With nothing officially announced about Facebook, despite not being sure on whether Facebook Coin will be a reality, it is already known that if there would be a Facebook coin, there will be instances where investors will be banned violations.
When it is about Bitcoin, it is not possible for anyone to freeze your account or block your transactions; however, Facebook has the control to freeze and block financial accounts under its control.
An announcement from GSR, an algorithmic trading firm announces the launch of a new Bitcoin halo option derivative which read, “This is analogous to an insurance policy on the trading account where the holder enjoys all the profits of the strategy at maturity, but should there be losses then no further cash flow takes place.”
The attitude of the German regulators has been changing greatly concerning cryptocurrency, which the exchanged director stated as, “These ETNs will allow investors in Germany to track future price developments of the two cryptocurrencies Litecoin und Ripple through exchange-traded securities for the first time.”
Greedy investors find great appeal when they come across promising big returns from cryptocurrency fraudsters. These scammers manage to have the unsuspecting investors wait for a period of time ranging from 99 through 120 days in order to get a notable return on investment without providing information on investment strategies. Unsuspecting investors are trapped by encouraging and exciting messages.
Cryptocurrencies being an electronic and money transfer system have been a competitive introduction against traditional venture capitalists and angel investors. Accounting judgments are important forms of protection to investors who in reality do not have designated legal protection. The organization behind the cryptocurrency gets funded and the investors land up in pump and dump schemes if the organization is not good. Forensic account is the key to rescuing users from cryptocurrency fraud.
Investors need some education about bad acts and fraud in the cryptocurrency world. With the evolution of money, the need for accounting never dwindled. With the cryptocurrency trending towards future money there is a need for accounting whether to calculate interest rates, assess the rising interest, change in price trends, taxes, or anything to name.
When cryptocurrency will become the everyday form of payment, the need for accounting cryptocurrency will improve exponentially. The need to organize, track, and manage the cryptocurrency transactions comes with new sets of challenges and opportunities. Cryptocurrency account is the key to sustaining legitimacy of transactions when cryptocurrency goes mainstream.