I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?
There are several technical issues
A - triple entries
The accounting constraint will be in the books of one party only but has three accounts
1. A creditor
2- debtor
3- Ledger
B - manipulation and checker
Sometimes the external auditor is bought to write a report in a deceptive way
This will not happen because BlockChain will record all the entries and will appear on both sides.