Bitcoin has encountered a lot of friction with established banks and financial institutions in the past, as the idea of transacting using a cryptocurrency that is not backed by any asset seemed unviable. However, this notion could change now that Barclays announced that it just became the first major bank accepting bitcoin.
In fact, Barclays is set to be the first bank to accept bitcoin in the US, UK, and Europe. For now, the bank will only begin to accept the cryptocurrency from charities looking to transfer the funds to their bank accounts.
Road to Mainstream Bitcoin Acceptance?
This announcement marks a huge step for bitcoin when it comes to gaining mainstream acceptance. The cryptocurrency has also been struggling to gain traction now that regulators are stepping up their game when it comes to industry oversight, leading some startups to close shop or relocate.
In addition, the acceptance by a well-known bank could mean a lot for bitcoin credibility. A few years back, bitcoin has often been associated with criminal dealings, most notably for its wide use in the now defunct Silk Road underground market place in the Dark Web.
Other financial institutions have been more focused on the underlying technology or public ledger