Bitwave vs. Cryptoworth

Bitwave is designed for companies or high net worth individual with a significant amount of digital asset transactions & activity. It is not meant for the individual trader that has a few investments in crypto. Bitwave is really meant to be used where digital currency assets are fully utilized by the company and used for expenses, revenue, and capital investments. It most closely reminds me of Quickbooks online with its bank & credit card integration. Bitwave will produce a list of transactions, and the user goes through each transaction to link it to the appropriate account on the chart of accounts. Then my recommendation is to create a snapshot of all the company digital wallets and audit the Bitwave balance report against those snapshots to ensure that all token have been properly recorded, just like a bank reconciliation. So my recommendation is to use Bitwave if you use digital assets like a bank account and need to record the activity to a G/L.

As a company that uses multiple wallets, many swaps between assets and users, Cryptoworth might not be the easiest solution to use.If you have a low number of monthly transactions and a fairly uncomplicated structure, then Cryptoworth will be a good and cost-effective solution. However, if you think that your company has lots of transactions, multiple chains, complicated reporting requirements, etc., then Cryptoworth might not be the best solution because you'd spend more time fixing bugs with the CS team than actually doing accounting

Incentivized

• Captures crypto activity automatically through API connections
• Calculates realized gain / loss amounts
• Balance reports as of a particular date in time for Mark to Market
• Good onboarding support and troubleshooting issues

• accounting tool to plug into your ERP
• great dashboard that shows your positions of your portfolio
• reports, tax and other essential calculations made easy
• easy to connect your data with the most often used wallets, exchanges....etc.
• very easy to use user interface
• high level of customisation is possible if required
• fantastic customer service
• very useful HelpCentre if you need to help

• ability to set constant pricing (ie USD stablecoin)
• speed of refresh

Incentivized

• Only minor issues that gets resolved instantly
• Hope it can create one journal entry for bulk transactions that are similar in nature. One entry in a week/month for example.

We really like Cryptoworth as a product and their level of customer support is excellent. In particular I give a shoutout to one of their founders [...] who seems to be available night or day to troubleshoot! Subledger technology for blockchain is still a relatively new concept industry wide but Cryptoworth are a reliable and value for money market leader. They also are keen to collect feedback and continue to refine and improve.

Overall, Cryptoworth is a good solution that addresses problems for crypto accounting. It has many integrations, assets supported, types of wallets covered, etc. However, software in itself is still being built. In other words, as a user I expect the final product from Cryptoworth, but it turns out to be far from the reality. Like the more you use the platform, the more questions appear, and as a result, you end up improving and reporting the problems to the CS team. I recognise that any software might have bugs or issues that generally need to be reported but not to the point that you observe several bugs in one sitting

Incentivized

Top customer support.

Legible was similar service but too high in pricing. Coinpanda was able to support some chains that Bitwave wasn't able to automatically support; however, Coinpanda was a less professionalized operation with less customer support.

Incentivized

CryptoWorth offers more services than CoinTracker. It is easier to track multiple wallets and larger amounts of transactions into and out of these wallets. It is cloud-based so can be used on even the simplest machine. It is much simpler to create tax returns and is almost fully automated.

• Compliance completely upleveled
• End of month closeout takes a fraction of the time
• Querying old transactions or specific wallet addresses saves time every time we have to do it
• Reliable for balances