Traders and analysts are divided about the status of cryptocurrencies; some consider them alternative money while others deny them as a medium of exchange. Cryptocurrencies initially emerged as an alternative to traditional currencies, but market opinion has changed significantly after seeing the huge price volatility in Bitcoin (BTC) in particular.
Big banks such as JP Morgan (NYSE:JPM), Banks of America (NYSE:BAC), Citigroup (NYSE:C) and others have already banned customers from buying cryptocurrencies using credit cards.
Regulators from India, China, and Bangladesh entirely banned cryptocurrencies, while the U.K. has formed a taskforce to scope out …
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