Contributed by By Piyali Chatterjee, CPA and Eric Essian, CPA of Richey May & Co.
Blockchain was conceptualized about a decade ago, and today, the technology has many applications. The first major innovation using this technology was the digital currency called Bitcoin. While the cryptocurrency market capitalization was approximately $112 billion in December 2018, it had fallen by nearly $700 billion from January 2018 due to the drop in price of cryptocurrencies and increased potential for regulatory scrutiny. However, the total number of cryptoassets have continued to grow. To help you better understand the new types of cryptoassets, we have provided the following summary:
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