When it comes to the concept of currency most would probably imagine the typical paper money transaction, but this is by no means the only method of payment. Bitcoin, an online currency with no country backing or tampering with it and an unregulated transaction system. Bitcoin has been growing as a more accepted payment method since its inception in 2009. Though this method of transactional exchange has received much criticism and scepticism through the years it has managed to stay up and running.  

Recent controversies surrounding bitcoin have ranged from economists questioning its validity to fraud charges involving the cryptocurrency. A recent fraud charge involving bitcoin transactions involves Russian national Alexander Vinnik. On July 25, 2017 Vinnik was charged by U.S. officials from the Northern District of California district attorney office with suspicions that he was laundering criminal earnings through bitcoin. Another case over the digital currency involves some recent public criticism towards bitcoin on CNBC’s Squawkbox by Ray Dalio, the biggest hedge funder founder. There he stated his belief that cryptocurrencies just aren’t real enough to be a legitimate currency.                  

“Bitcoin today you can’t make many transactions in it,” said Dalio. “You can’t spend it very easily. It’s not an effective storehold of wealth because it has volatility to it, unlike gold.

“Bitcoin is a highly speculative market. Bitcoin is a bubble.”

Similar to Dalio’s opinions on bitcoin and whether it should become more permissible as method of payment comes from Jamie Dimon, a chief executive for JPMorgan   

“If we have a trader that trades bitcoin, I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous,”  said Dimon.       

Though bitcoin is subject to the same laws applied to any other currency it is hard to hold people up to these laws due to its unregulated marketplace. This online form of money is roughly equivalent to $3923.07 for every one bitcoin. To gain access to bitcoin all you have to do is set up a Coinbase account, set it up to your bank account and begin buying and selling bitcoin. Some big name companies that accept the controversial currency include Microsoft and DISH Network.   

Though bitcoin’s existence has only been around for eight years the market for this currency is still considered by many as too volatile and a magnet for controversy. Opinions over the cryptocurrency have given polarized views, but as time passes the public will be able to see whether bitcoin is really just a fad ready to burst or a currency here to stay.