Why are cryptocurrencies not a good unit of account? Explain. (Expand please)
Why are cryptocurrencies not a good unit of account? Explain. (Expand please)
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Ans
The reason is quite simple. The value of cryptocurrencies change a large number of times during a day. So they can not be used to express value of something in an accounting period as that value will change with the change in value of cryptocurrencies. E. G a good cost 1 cryptocurreny 1 hour ago but after an hour it may just cost 0.5 cryptocurreny due to huge appreciation of cryptocurreny Other units of accounts don't see so much variation
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Why are cryptocurrencies not a good unit of account? Explain.
(Expand please)
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