What is a Ledger exactly?
A ledger is a traditional account book in the English-speaking economic area. In this book, all information about money movements is entered, such as debits, credits, and the intended use of funds.
These transactions are differentiated by income and expenditure. When the term is used without additional terms, it is meant in a general accounting sense.
In such a case, any financial transactions may be entered. Anyone who has to keep such is determined by the responsible tax authorities.
In keeping this term, traders or companies may be required to allow inspections of all financial transactions.
An instrument for cryptocurrencies
In this context, the term has two different meanings. First, it is an integral part of digital accounting, in context with the cryptocurrencies
The decentralized one, together with a blockchain, replaces all the functions of a conventional bank. A bank is no longer necessary for business transactions with cryptocurrencies.
All financial transactions are stored in the digital ledger, as in a business book. This is, therefore, the common ledger of all users of a cryptocurrency, such as Bitcoin.
This type exists locally on the Internet and contains all the required information, as described above.
The second label associated with the term is a company in Paris that sells a range of digital products. The range includes various digital wallets for storing cryptocurrencies.
The personal one is then saved in this wallet. With this ledger on the Ledger, the double meaning of the word is certainly justified.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.