Bitcoin Fundamentals - What Every CPA Should Know

Overview

After more than 10 years in the marketplace, Bitcoin has been firmly planted in the global financial system as the de facto leader in the cryptocurrency market. Bitcoin is no longer looked at as a mystical concept of money made of pixie dust. Bitcoin has evolved to be a major force in the financial technology (FinTech) industry. With the collapse of the FTX cryptocurrency exchange, among others, it is important to understand how Bitcoin separates itself from all the other alternative cryptocurrencies, aka alt coins, as well as how you can protect your Bitcoin investment from these exchange collapses.

As a CPA advising your clients on financial matters, it is imperative that you have a fundamental understanding of Bitcoin and how it all works and what distinguishes it from all the other cryptocurrencies. This course provides you with a solid base of Bitcoin knowledge so that you will be confident in having those client conversations, as well as participating in the Bitcoin ecosystem, including current tax implications.

Prerequisites

None

Objectives

• Recognize the impact that Bitcoin and other crypto currencies are having on the global monetary ecosystem
• Identify the components of the Bitcoin ecosystem and how they all work together as a global crypto currency
• Recognize how you can participate in the Bitcoin ecosystem

Highlights

• The evolution of money: barter, gold, paper, digital, cryptocurrency.
• History of Bitcoin, how it originated and evolved to where it is today.
• How Bitcoin works: origin, network, nodes, miners, transactions and the blockchain ledger.
• Participating in the Bitcoin network: procuring, spending, accepting and storing Bitcoin.
• Understanding the role of cryptocurrency exchanges and the collapse of FTX.
• Introduction to Ethereum, a substantial alternative to Bitcoin.
• Income tax implications of Bitcoin and other cryptocurrencies.