Bitcoin crossed the $ 50,000 mark for the first time on Tuesday. Bitcoin has achieved new heights again and again and is not stopping. The reason for the growth of Bitcoin is that more companies have approved the digital currency, due to which it is being adopted as a legitimate means of payment. Bitcoin is mostly seen at value stores such as gold and in some places it is adopted as goods or services.
Bitcoin is getting more acceptance
Companies have been apprehensive about this, due to its volatility. However, last Monday, electric car company Tesla slammed the digital currency market after it said they were buying $ 1.5 billion in bitcoins as part of a new investment strategy and that they would soon buy bitcoins in exchange for their cars Will approve Subsequently, Blue Ridge Bank of Charlottesville, Virginia, said it would become the first commercial bank to provide access to bitcoin at its branches. Regional Bank said on Wednesday that cardholders can purchase and redeem Bitcoin at its 19 ATMs.
America’s oldest bank BNY Mellon said a day later that it would include digital currency in the services it provides to clients. MasterCard said that it will start supporting select crypto currencies on its network. Most people believe that as a currency, bitcoins are slowly moving towards bigger levels. Richard Lyons, a finance professor at the University of California at Berkeley, said it was mandatory. Lyons said that Bitcoin and other digital currencies will become transactional currencies in the next five years. It is not going to happen overnight.
What is bitcoin?
Bitcoins are a virtual currency. It can also be used like other currency like dollar, rupee or pound. Apart from online payment, it can also be exchanged in dollars and other currencies. This currency became popular as Bitcoin in 2009. Today it is being used for global payment. There are also exchanges for the purchase and sale of bitcoins. Bitcoin has become the world’s most expensive currency in the world, with the largest businessmen and many big companies in the financial transactions.