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Bitcoin Implementation: Cryptocurrency Taxation and Exchange Platform Regulation
This paper proposes the implementation of the possibility of paying with cryptocurrency, like bitcoins, for an IT company for settlements with suppliers. Such a transition will require appropriate financial costs and changes in accounting control systems, but at the same time, it provides advantages in the form of security, speed of payments, low commissions, if any, and the absence of the possibility of blocking and freezing the account by third parties. Table 1 presents the cost-benefit analysis of costs in the next month after system integration.
Table 1. Cost-benefit Analysis
This table shows that in the first month, despite fixed costs, the company can profit from operating expenses, provided that revenue remains at the same level. Not taken into account expenses is the commission for transferring monetary assets from bank accounts to a cryptocurrency account since options for diversifying the companys asset portfolio is possible in this situation. It is very likely to be the most significant capital cost item, and this paper takes as an example a 5% fee in a $2M organization with a net profit ratio of 15%, with 937.5k cash and cash equivalents, 80% of which will be converted into cryptocurrencies, the rest will be saved to pay salaries to employees and cover utility costs. The results in Table 2 show that the project will pay for itself in two months.
Table 2. Breakeven Analysis
Innovative features primarily include gains in security, speed, and control of financial transactions. The driver of change is rapid technological development, while the problems may be at the federal level since cryptocurrency has not yet been implemented everywhere in the tax system (Caliskan, 2022). The competitors are blockchain technologies, altcoins, and tokens that have a similar structure but are used for other purposes they are not yet common in business. According to research, switching to cryptocurrencies improves company productivity and reduces the likelihood of account hacks and leaks (Lee, 2019). Implementation issues are only in the joint adaptation to these translations by all participants in business processes: suppliers, future customers, and employees. The technology can be helpful in the fight against the risk of fraudulent schemes, IT security, and hacker attacks, including protecting employees from unforeseen activities and limiting all potentially suspicious activities with accounts.
References
Caliskan, K. (2022). The Elephant in the Dark: A New Framework for Cryptocurrency Taxation and Exchange Platform Regulation in the US. Journal of Risk and Financial Management, 15(3), 118. Web.
Lee, J. Y. (2019). A decentralized token economy: How blockchain and cryptocurrency can revolutionize business. Business Horizons, 62(6), 773-784. Web.
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