Published By : 16 Feb 2018 | Published By : QYRESEARCH
With recent volatility observed in the global cryptocurrency market, a substantial need is felt by people who have made significant investments in this industry to keep track of their crypto transfers. Such transfers mainly involve the need of options regarding holding, tracking and managing the currencies.
Convenient Way to Keep Track of Crypto
CoinTracker is a recently launched startup, which intends to track various crypto currencies. In a way, CoinTracker tracks all your crypto across all exchanges, along with payment wallets, and other currencies. Currently, most people who are involved in the crypto currency industry keep track of payments using Google spreadsheets. However, this is not only highly complicated in a manual manner, but also is very time consuming. Using Google spreadsheets would only help those who need highly detailed transaction recordings in each transfer made.
In contrast, CoinTracker helps automate the tracking processes. It can be connected to every exchange that is being used by a person, and as of now, about 13 different exchanges can be linked. The public address to wallets that hold Ethereum, Litecoin, Bitcoin, and Dogecoin can also be added to CoinTracker, after which the portfolio can be updated as per the existing balance. Other coin valuations can also be entered manually, along with payment details such as values and date.
From an overall perspective, keeping track of transaction data is the main of CoinTracker, wherein it can detect various crypto exchanges made through wallets and other means. Cost basis and capital gains are two significant characteristics of the transactions, which can be optimally tracked using CoinTracker. Optimizing tax filings by computing capital gains is also possible through this startup by making use of LIFO, FIFO, and HIFO accounting. According to various reports, this service is perfect for those are an average crypto currency user and investor, especially with few currencies being transacted.