Over the past several years the Bitcoin Protocol has evolved greatly along with the economy surrounding it. In fact, as of May 2015 approximately 100,000 transactions are happening every single day. One problem, however, that has created significant problems in adoption across businesses and individuals alike, are the lack of GAAP-compliant accounting solutions that allow people to use the technology compliantly in a scalable way, as a form of currency. Libra is now in the final stages of establishing official integrations across the entire Bitcoin spectrum with almost all of the major wallets and exchanges.
Libra’s Current List of Integrated Wallets and Exchanges are:
- itBit (coming soon)
- Xapo (coming soon)
In addition to the list above, Libra has also developed a uniform import template, that allows users to import transactions from an even larger multitude of sites that support the exportation of transactions into CSV. This template also can be configured to allow the support of altcoins and payment protocols such as Ripple or Litecoin, too.
Prior to Libra it was very difficult for individuals and businesses to accurately account for their digital currency use. This became especially evident when the Internal Revenue Service classified Bitcoin as a capital asset, which meant that for any every single transaction the buy and/or sell price must be kept organized so that it can be established when there is ever a short or long-term gain or loss. This requirement is especially problematic for businesses that accept Bitcoin and hold it for periods of time, miners who receive it regularly as income in operation of their business, and exchanges and/or wallet providers that operate under very strict regulatory guidelines that require the utmost compliance in terms of accounting for their complexly aggregated financial transactions. Without Libra, these various user segments would either need to do their accounting manually, by hand, reinvent their own systems to satisfy basic accounting and reporting needs, or find alternatives in the market place with piecemeal offerings that together would hopefully deliver a comprehensive solution.
Due to the number of integrations with major wallets and exchanges above, Libra users across a variety of segments can import all of their transactions seamlessly for instantaneous accounting of their Bitcoin use. Libra achieves this by offering multiple accounting solutions that exist and operate seamlessly on top of the Bitcoin protocol and blockchain to ensure no matter the type of user, integral accountancy needs are met:
LibraTax for Individuals is Libra’s entry level accountancy application for the blockchain designed for most uses of Bitcoin. It includes support for trading, holding, using, mining, gifting, tipping, and donating. LibraTax for Individuals is free to sign-up, along with an optional $19/year feature that allows users to generate a tax form, should they need it, that can accompany tax documents downloaded from the IRS website or generated in widely-used programs like TurboTax.
Libra for Business is the workhorse of the Libra accounting suite. Like LibraTax, it is also built on top of the blockchain. It offers all of the features included in LibraTax for Individuals with the additional benefits of monthly reporting, and several different comprehensive reports that give businesses a full and complete perspective of anything they would need to know relating to their digital currency use that can be found in the blockchain. Libra for Business is $49/year.
Libra Pro is a new product that has been designed for the accounting community at large that marries all of the features found in LibraTax and Libra for Business together under one application. As mentioned previously, it is very difficult for individuals and businesses to efficiently account for their digital currency use without Libra. For accountants, this problem becomes a nightmare as it is replicated with each additional client they onboard. Libra Pro, like LibraTax and Libra for Business, is also engineered to run as a real-time application on top of the blockchain in conjunction with the Bitcoin protocol – it is $99/year.
Libra continues to integrate with additional wallets and exchanges, along with accounting and tax preparation software that is widely accepted and used around the globe.
Libra is accounting for the 21st century.