No More Headaches: Here’s How to Make Your Crypto Function Within your Business
Cryptocurrencies and tokens have exploded as a new asset class like never seen before. They are not mere numbers on a screen that are managed on some company’s database or a representation of a physical asset, but the actual asset itself that is native to the internet hence rightfully termed the “Internet of Value”.
With great power comes great responsibility!
On one hand, it may be great to have full control over your assets and have a multitude of options to bet on but they do not come without risks and consequences.
If you have raised funds in an ICO, or manage Crypto funds for your company you need to have better tools at your disposal than mere excel sheets and you deserve a better experience than dealing with a platoon of individual exchanges and wallets.
Why is Crypto asset management difficult?
There are many reasons why managing a Crypto portfolio is still only easy for nerds (even nerds find it hard sometimes). The main one being the sheer complexity of using the existing tools and platforms. The technology itself is in its nascent stages making it hard to keep up.
The ideal scenario would be to keep it simple, use fewer tools and maximize security.
Price Discovery and Portfolio
Your decision is only as good as your data, the Crypto market falls short on good quality data. The leading website Coinmarketcap is said to provide unreliable data as it lists many shady exchanges that have fake volumes. This corrupts the entire market cap metric and the price discovery of many tokens.
Professionals would do well to use a portfolio tracker app, integrating data from multiple wallets and leading exchanges (such as Binance, Coinbase, and Kraken). Instead of depending on unreliable websites and constantly updating the profiles manually, these portfolio tracking solutions can easily track your investments and get reliable data from exchange APIs without manual intervention.
The four features that are necessary for a better user experience according to Kevin Steele:
- Easy accessibility
- One touch syncing from multiple sources
- Accurate portfolio display
- Decreased frequency of manual transactions needed
Multiple Exchanges and Wallets
There are many exchanges and wallet options available in Crypto, often investors do not just rely on one exchange or wallet to manage their funds. They rely on a number of exchanges and wallets depending on their jurisdiction and the availability of various tokens.
In order to keep a track of all the assets in various platforms, what investors need is a single interface that allows integrating with multiple exchanges and wallets a seamless experience. This is provided by Blox’s crypto bookkeeping solution which automatically syncs wallets and exchange API’s on its platform while providing full transaction control.
Keeping up with Taxes and Accounting
Even though we have figured out to send any amount of money across the world without a third party, we still struggle with filing taxes and still do accounting on the good ol’ Spreadsheet! It is about time that this is made easier with magic internet money.
Blox allows users to track all the records and export it in CSV format so that the data is easily accounted for instead of jumping through a million spreadsheets and manual input.
The platform also allows collaboration where different individuals can share the same workplace while having access to specified actions similar to Google docs – where they are allowed to comment, edit and make changes. This comes in handy especially for companies with auditors, CFO, CPA, and team members.
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.