Does digital currency still need accounting

1.

If it is legal tender, then it has no effect. For example, the non legal tender issued by the central bank is regarded as a financial asset. It has little impact on the tax system

it has a subversive potential impact on accounting practice. Those who try to cheat on tax should be careful. In theory, you can analyze those evasive behaviors that you have done at almost zero cost

if digital currency is widely accepted and can play the role of currency, it will weaken the effectiveness of monetary policy and bring difficulties to policy-making. Because digital currency issuers are usually unregulated third parties, money is created outside the banking system, and the amount of circulation depends entirely on the wishes of the issuers. As a result, the money supply is unstable. In addition, the authorities are unable to monitor the issuance and circulation of digital currency, which leads to the inability to accurately judge the economic operation and brings trouble to policy-making, At the same time, it will weaken the effectiveness of policy transmission and implementation

extended data

various bill market businesses based on commercial bills are growing rapidly, and bill financing procts have become a hot field of Internet financing. However, about 70% of the current domestic bill business is still paper transactions, and supply chain finance also relies heavily on labor costs

in the future, if we realize the digital monetization of bills and adopt the blockchain transaction, we will make the bills, funds, financial planning and other related information more transparent. With the help of intelligent contract, we can generate an unforgeable, open and unique electronic contract between the borrower and the borrower, and directly realize the point-to-point value transfer, without the need for specific physical bills or central system for control and verification, It can prevent selling more than one vote, track the flow of funds in time, protect the rights of investors and rece the cost of regulators

2.

Digital currency is a general term used to describe all forms of electronic currency, whether it is virtual currency or cryptocurrency. It is a form of data expression of value. Through data transaction, it plays the functions of transaction medium, accounting unit and value storage, but it is not the legal currency of any country or region

the concept of digital currency was first put forward in 1983. They only exist in digital or electronic form. Different from the actual paper money or coins, they are invisible. They can only be owned and used on the Internet through e-wallet or designated network. The advantage of digital currency is that there is no bank, the transaction is instant, and the transaction cost is very low. So: coin, token and virtual currency belong to digital currency

the main characteristics of digital currency

1. In terms of payment and settlement, it does not rely on institutions. It is a publicly accessible digital general ledger maintained by the whole distributed network, which is called "blockchain"

2. In terms of issuance and proction, the essence is to keep accounts on a mutually verified public accounting system. Under a certain algorithm mode, find out a string of random codes that meet the conditions, and then package this string of codes with other transaction information into a block and record them in this account book, so as to obtain a certain amount of digital currency

(3) it has no national boundaries, which makes it flow around the world. Virtual world corresponds to the real world, through the exchange relationship between digital currency and traditional currency, under certain conditions, specific digital currency can buy physical goods, and traditional currency can also buy specific virtual goods

In theory, its distributed general ledger system can prevent any participant from forging digital currency and rece transaction risk

The lower transaction cost of digital currency will promote banks and other financial institutions to improve service level and rece transaction costs

Digital currency and mobile financial business model can promote the development of Inclusive Finance

3. What is the impact of setting currency on the accounting instry? First of all, setting up the emergence of currency, let's have a clear effect on the systematicness, convenience and purpose of the whole currency

4. With digital money, we don't need to get change again. Now we pay with WeChat and Alipay. Don't you need change? In fact, it's the same!

5. In essence, there is no difference. The success of a coin does not mean that it is valuable, it only means that the hype means of its issuing team have worked, or it happens to meet the hype conditions needed by the current market, that's all.

6. The issue of bitcoin is determined by the block height, that is, the distance from the No. 0 block of Genesis. Now when the number is reached, the total amount of bitcoin should be limited. After this village, there will be no store. If the miners dig a block but don't receive the reward of the block, the bitcoin will be destroyed forever

coinbase transaction is a special transaction that generates bitcoin "out of thin air". Only miners can write this kind of transaction, and the number of generated bitcoin is limited by rules (new currency reced by half for every 210000 blocks + transaction fee for this block)

however, the rules do not stipulate that the miner must take away all the rewards that can be taken, and can choose not to take them

therefore, a mine pool connected with the RSK side chain has made a bug before, forgetting to take away the reward and occupying a pit in a block for nothing, which is equivalent to destroying the corresponding amount of bitcoin, making the total amount of bitcoin decrease a little bit permanently

in addition, to spend a bitcoin, you only need to specify the transaction ID and output serial number

as like as two peas in multiple blocks repeatedly write identical coinbase transactions, the transaction ID is also repeated.

therefore, this kind of situation also occupies the pit of a block in vain, and permanently destroys the corresponding amount of bitcoin

it seems to me that this is still a security vulnerability, so the new version of bitcoin software later banned the writing of repeated coinbase transactions. But until now, there has been no ban on miners not getting their e rewards

generally speaking, a coin is controlled by a private key. If a coin is transferred to an address where no one knows the private key, it will be destroyed

if the owner does a good job in security, and the private key is not disclosed and cannot be guessed, but he accidentally loses the private key, it is equivalent to destroying all the coins he owns

there are only some special circumstances that require intentional destruction of coins

one is irreversibly converted into another kind of currency, such as the contract currency XCP attached to bitcoin and wormhole cash WHC attached to BCH

the second is to save certificates and data on the chain, such as the time stamp: panbiao.com/2013/08 /

and the crowd funding of the original Ethereum founding team: zhuanlan.hu.com/p/29

the private key is essentially a big number. Whoever knows this number can control the currency on the corresponding address. So the private key must be generated with reliable random number, otherwise it may be guessed and stolen

compared with the token, the address is the hash of the public key. There is no way to judge whether an address has a corresponding public key and private key (even if the public key is known, the corresponding private key cannot be known). Therefore, even if it is explicitly the address of "burned" token, the system does not prohibit the transfer in

strictly speaking, what locks the currency is a small program (script). This program takes the input as the public key and digital signature. First, check whether the public key hash is consistent, and then check whether the digital signature is valid. If it is valid, it will be verified and transfer is allowed; Otherwise, it will be judged that the transaction is illegal and refuse to package into the chain

it is the whole node software that explains and executes this program. It can be said that the software code of the whole node specifically defines a coin

however, the current situation is very embarrassing. Most miners do not run the whole node, only a few mines are running. The vast majority of users do not run the whole node, even if they run the whole node, they can only perform verification, no computing power, no block.

7. Currency is a digital money asset bookkeeping financial assistant. In the currency can, you can complete a variety of transaction scenarios of currency asset bookkeeping. After bookkeeping, the app system will automatically calculate the cost and benefit, which is convenient for you to evaluate the buying and selling decisions. The app supports currency, exchange, wallet and other categories to view the details of currency assets. You can realize the comprehensive management of currency assets through the currency app.

8. Digital currency can't replace cash completely in the short term. Digital currency and cash will coexist for a long time.

9. Personal understanding:
when banks accept your savings, they need to keep the deposit reserve and then loan out. Only in this way can they realize the path from residents' savings to enterprises' investment and proction, and the banking instry can be called a financial intermediary
in this way, the bank will form part of the money to prepare for the withdrawal of residents, and part of the money will be used for loans, so the number on your account is only a number, representing how much money you should have, but it is not a digital currency.