Despite criticism of it not fulfilling some of the most important functions of currency, Bitcoin, the digital currency, has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins exchange and optimism that faster transaction times will encourage broader use.

Prices have climbed more than four-fold this year to about $5240 from $926 at the beginning of the year, representing a whopping 750% rise.

The price of the digital currency has however had volatility, especially in September when it crashed to below $3000 because of the crackdown in China.

The Chinese regulatory authorities ordered cryptocurrency exchanges to stop trading and blocked new registrations because of the fears of the precipitation of a financial crisis if many Chinese had access to bitcoins.

Russian President, Vladimir Putin had earlier in the month called for the regulation of bitcoins because according to him it could be used to aid money laundering, tax evasion and could provide ready funds for terrorism.

Despite the skepticism of bitcoins, it is gradually gaining acceptance as the Japanese government earlier in the month implemented rules that recognize it as a payment method. Celebrities like Paris Hilton, Floyd Mayweather have promoted it aggressively.

The banks are largely sidelined in bitcoins transactions when goods and services are exchanged and they have raised warnings about a price bubble
Get the complete gist here ====> http://www.businessamlive.com/bitcoin-surges-750-year-date-despite-criticism-main-bankers/

BusinessAmLIVE:



Despite criticism of it not fulfilling some of the most important functions of currency, Bitcoin, the digital currency, has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins exchange and optimism that faster transaction times will encourage broader use.

Prices have climbed more than four-fold this year to about $5240 from $926 at the beginning of the year, representing a whopping 750% rise.

The price of the digital currency has however had volatility, especially in September when it crashed to below $3000 because of the crackdown in China.

The Chinese regulatory authorities ordered cryptocurrency exchanges to stop trading and blocked new registrations because of the fears of the precipitation of a financial crisis if many Chinese had access to bitcoins.

Russian President, Vladimir Putin had earlier in the month called for the regulation of bitcoins because according to him it could be used to aid money laundering, tax evasion and could provide ready funds for terrorism.

Despite the skepticism of bitcoins, it is gradually gaining acceptance as the Japanese government earlier in the month implemented rules that recognize it as a payment method. Celebrities like Paris Hilton, Floyd Mayweather have promoted it aggressively.

The banks are largely sidelined in bitcoins transactions when goods and services are exchanged and they have raised warnings about a price bubble
Get the complete gist here ====> http://www.businessamlive.com/bitcoin-surges-750-year-date-despite-criticism-main-bankers/

Throwback:
BTC surge 2017.