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Examine the risks associated with accepting cryptocurrency

Assignment Help Accounting Basics
Reference no: EM132894738

Competency

Evaluate technology used in digital transactions

Scenario

  • You are the financial advisor for a large antique coin and gold distributor. Some of your large customers are requesting the distributor begin accepting cryptocurrency, which is possible because of blockchain technology.
  • The distributor has been accepting credit cards and money transfers for many years. The fees associated with transactions have continued to increase. The fees have become so large that the distributor has been forced to pass along the cost to customers.
  • Customers outside the United States have also requested to use cryptocurrency since currency exchange rates can fluctuate greatly depending on world events.
  • The distributor asks that you prepare a presentation to stakeholders in the distributorship, discussing the acceptance of cryptocurrency, which uses blockchain technology.

Question 1: Define blockchain and cryptocurrency technologies and how they work together

Question 2: Evaluate the types of cryptocurrency technologies appropriate for the distributor

Question 3: Explain how blockchain and cryptocurrency technologies create a competitive advantage for the distributor

Question 4: Examine the risks associated with accepting cryptocurrency

Question 5: Recommend that the stakeholders approve or deny the request to use cryptocurrency in a clear recommendation statement or call to action

 

 

Reference no: EM132894738

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