New York, Aug 14 (IANS) In an astounding record-setting feat, global cryptocurrency and digital payment system Bitcoin has crossed the $4,000-threshold in value terms, a media report said.
The cryptocurrency, which has been in existence for only seven years, reached a new high of $4,224 (approximately Rs 270,642) to a Bitcoin on Sunday, CNET reported.
Bitcoin passed the $3,000-mark for the first time at the start of this month that also marked the split off of a new virtual currency called 'Bitcoin Cash' from Bitcoin proper effective August 1.
The split was designed to deal with the growing popularity of Bitcoin, which was struggling to support an increasing number of transactions using existing blockchain technology, the report said.
PHD Chamber of Commerce and Industry President Gopal Jiwarajka, in a bid to boost digital economy, said Bitcoins can act as a potential transaction and payment mechanism for businesses.
However, Bitcoins are fraught with risks in the absence of proper monitoring and regulatory framework for the currency.
"Absence of the information about counterparties in the bitcoins transaction is a major drawback and may lead to unintentional transactions such as money laundering," Jiwarajka warned.
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.