Bitcoin At A Record High
The bitcoin is on a high and has reached its highest since its inception. The currency was at $966 at the start of this year and has now soared to $5,243, compared to last year price it has increased by 750% and is now four times more valuable than gold. The price though on the rise is still very inconsistent. It went down to $3000 in September due to fears of a Chinese government clampdown on this currency. The Chinese have passed an order to bring a stop to trade and also for accepting new registrations. They feared that the bitcoin would cause financial troubles to their economy.
Despite the ban on this currency in China, the consumers are getting high returns says Jordan Hiscott, Ayondo Markets chief trader. China was seen as a significant contributor with close to 10% of consumption globally reportedly came from that country. Like China, Russian President Vladimir Putin also wanted the cryptocurrencies to be regulated as they can cause considerable risks to the economy like concealing money, evading tax, providing cash to a terrorist organization, etc. He was also against putting too many restrictions which caused the bitcoin to gain popularity.
Amidst alerts of a bubble burst of Bitcoin, it is trendy among investors. The acceptance of this currency is also high. For example, Many are accepting payments of house rents, hotel rents, etc. through cryptos.
A fortnight ago, Japanese governments also amended its laws to allow payment through Bitcoin. Even famous people like Floyd Mayweather and Paris Hilton are supporting the cryptos.
A cryptocurrency helps you to make payment for any product or service without having to go through bank payment gateways. That means you are no longer using any bank or traditional ways like credit cards to pay. The banks and other financial institutions are worried about crime and laundering of money using bitcoin as the transactions are done without needing identification.
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