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Crypto Currency in Auditing - Assignment

   

Added on  2021-04-17

5 Pages1371 Words56 Views
Running Head: Crypto Currency in AuditingCrypto Currency inAuditing
Crypto Currency in Auditing - Assignment_1
Crypto Currency in Auditing 1To: XYZ@gmail.comFrom: ABC@gmail.comSubject: Crypto Currency and Challenges in Auditing Dear Reader,The purpose of this mail is to provide a brief overview about crypto currencies and thechallenges faced by the auditors while auditing the crypto currencies. Crypto currencies arecurrently spamming the environment, as they are one good source to earn income for people. Inaddition, there are many crypto currencies present in the environment (Narayanan, et. al., 2016).Further the below mentioned report explains the meaning of crypto currencies and the challengesrelated to them.A crypto currency is a digital currency that is created electronically and can be storedelectronically in blockchains as well. This currency uses the encryption techniques to control thecreation of monetary units and to verify the transfer of funds. Thus, this currency is very secureand safe as well. This is a digital asset that is designed to work as a medium of exchange (justlike normal currency); it uses cryptography to secure its transactions. These are the virtualcurrencies are used in the stock market to increase the return on investments. The processopposes to the centralized electronic money and central banking systems (Park, et. al., 2015).The decentralized system of crypto currencies works through blockchains (public transactiondatabase). Like, bitcoin, it was the first crypto currency introduced in the market in the year 2009. Afterbitcoin, many virtual currencies were introduced in the market. These currencies are frequentlycalled altcoins, coming from the blend of alternative coins. In central banking systems, theFederal Reserve System, government etc. hold, control and supply the flow of currency andprinting as well. Nevertheless, in the case of decentralized system of crypto currency, the firms,governments do not hold the authority to produce new crypto currencies in environment. Agroup of individuals known as Satoshi Nakamoto bases crypto currency on a technical systemthat was created (Mehta, Chakraborty, Choudhury, and Sharma 2017). Now, after bitcointhousands of crypto currencies have appeared that work just like bitcoin in the environment.
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