Cryptocurrencies

PeterOPeterO Member Posts: 2

Hey all! I'm a new user here, but I've actually come and gone on Wave Accounting for over a year. The last time I was here I saw this discussion on cryptocurrencies and just came back to see what had happened in the meantime.

We didn't choose Wave last two times around because of the no crypto issue, and I am a bit surprised that there still isn't the ability to at least create custom currencies. Other than that, what you have would be perfect for my company (And the one before this one, and the one before that one...). I suppose that I can just select BTN or some other random currency that I won't use, and just remember, for example, that this is Bitcoin, but it should be trivial for you to add the additional currency types. Less trivial would be if you could (Please!) allow those currency types to have up to 0.1234567890 decimals of precision. If 10 is impossible, then as many as you can.

Comments

  • Ryan_WRyan_W Member Posts: 452 ✭✭✭

    @PeterO at this point, it's still not on the roadmap although I appreciate you dropping back in to check!

  • PeterOPeterO Member Posts: 2

    OK -- Thanks for the update. Can I ask why? Adding the currency types alone would be great, and that's got to just be some entries in a database record for you...

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hi @PeterO . I wouldn't say that there's any particular reason. When planning out which features to build next, a significant factor in this decision making process is feedback from our business owners. The more we hear about something and how it would help your business, the more likely it is to be implemented. At this point, I would say that the team has most likely prioritized certain features, but this also doesn't mean that we're not constantly reviewing what should come next. The more we hear something is desired, the more likely it is to happen.

  • douglaswebdesignsdouglaswebdesigns Member Posts: 5

    I would like to chime in. As of March 2020, crypto seems to be the next phase of the Global banking system. I sure hope Wave is working on something by now. XRP is poised to be the biggest thing since Amazon so keep us posted, regularly. Being able to accept payments directly to digital wallet would save us a lot of resources.

  • cryptodudecryptodude Member Posts: 1

    wave apps would be an 800lb gorilla if they supported tax accounting for crypto hodlers. I'd even be willing to pay. Right now the crypto tax accounting solutions are really expensive. We need more players, plus based on waveapps past success, I would fall in love with this product all over again if we could do this. For example, a competing product for zen ledger.

  • CheriACheriA Member Posts: 1

    I would like to second this request, as I am building my crypto wallet. for now I just want to know how to track investments in crypto. I am not ready to accept payments in bitcoin, but that is something I would like to add in the near future, meaning 2021. Thanks!

  • haobolehaobole Member Posts: 1

    Would love to be able to define my own currency to support crypto assets.

  • Mike_PMike_P Member Posts: 1

    Came here to add my name to the hat. Long time wave user for business. I'm currently accepting payments in BTC but I can't track it on wave. Please add the option to at least add a crypto account.

  • JackMJackM Member Posts: 1

    Also adding my name to the hat.

    A non-insignificant portion of income is now in cryptocurrencies, and it's getting a bit cumbersome and messy to deal with it on waveapps.

    I'd be happy with being able to add another commodity asset class which I can input and update the values manually. That, especially if tied into an API so I can do it regularly, would keep my satisfied for quite a while, and is likely easier than trying to offer a full crypto-payment ecosystem. It's also more flexible for those dealing with projects which aren't as popular who want to receive payments in that cryptocurrency.

    edited March 23, 2021
  • DwarfdeathsDwarfdeaths Member Posts: 1

    New user who was just looking into wave. This would be critical for my business accounting process. I'd be happy just with the ability to define a new currency and enter its current conversion rate, but there's no way it's going to work without some way of recording these amounts in their native quantity.

  • gusocerosgusoceros Member Posts: 1

    Im a user and a customer- Im looking for a good reason to move my subscriptions to waveapps- give me the ability to accept cryptocurrencies and Im excited about that. Lets do this.

  • bradleygt89bradleygt89 Member Posts: 3

    @gusoceros said:
    Im a user and a customer- Im looking for a good reason to move my subscriptions to waveapps- give me the ability to accept cryptocurrencies and Im excited about that. Lets do this.

    What Gus said. Please Wave, get with the Cryto rush as a payment type. Our customer want to pay us with it, and we want to use your services to accept it through. It's a win win.

  • sreddensredden Member Posts: 1

    Just want to weigh in as a long-time Wave user who is dipping my toe into crypto. I’d love to be able to see the ability to accept crypto currencies and a way to create a connection to my Coinbase account to treat it like an alternate bank account.

  • RogerTheShrubberRogerTheShrubber Member Posts: 1

    I'm going to jump in and agree with the previous commenters. I'm been on Wave a few months and I've been very happy with it. But as I consider both accepting crypto as a payment method and investing some of my business' income in crypto, I'm staring to wonder how it will fit in with my existing accounting here.

    I'd really like to hear someone from Wave chime in on this again, since in the intervening two years since they last did the landscape has changed even more dramatically.

  • AlexLAlexL Administrator Posts: 2,869 admin

    Hey @RogerTheShrubber , the truth at the moment is that we just don't have any plans to prioritize cryptocurrency implementation into Wave in the near future.

    I can appreciate that the crypto landscape has definitely changed over the last few years, and it looks like it will probably continue to do so. I'm sure these changes will have an effect on Wave and whether or not we decide to support it in the future, but at the moment we just aren't there.

    We thank you for reaching out and chiming in on the thread, and so you are aware, we do regularly pass on the feature ideas and +1s that we see in our Community so that our Product team is aware of what our users are looking for.

    Thanks again!

    edited May 7, 2021
Sign In or Register to comment.