Government administrations and multinational companies have started accepting cyber currency, which paved its way to popularity. U.S. Federal Reserve complemented Bitcoin saying that it recognizes the potential of virtual currency.

Chinese search engine Baidu, and British entrepreneur Richard Branson-owned Virgin Galactic said they will start accepting Bitcoins as replacement to the traditional currency.

"Local businesses have shown great interest in Bitcoin payments," says Benson Samuel who is the owner of coinplace.tk, a web portal that educates people on virtual currency and a Bitcoin enthusiast. Infosys had come up with a report where it mentioned that it was looking at crypto-currencies such as Bitcoin. Sequoia venture capital was keen to know about the growth of Bitcoin adoption in India opening up a new realm for growth.

Contradictory to the increasing acceptance of Bitcoins there are also odd events that lams its progress. The reluctance of the main stream vendors to accept the digital currency was supplemented with Ebay’s removal of the tickets for Global Bitcoin Conference from its product listing. Whatever be the current status of Bitcoin, let us wait and watch out how virtual currency will revolutionize the payment system.

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