The value of Bitcoin passes for the first time the $ 5,000 limit

Using Bitcoin, people can avoid banks and traditional forms of payment and pay for good things and services directly.

The bitcoin price, the world's best-known virtual currency, has broken the $ 5,000 record by reaching the highest point since its foundation.

Bitcoin is currently traded at $ 5,229 according to Coinmarketcap.com where at the beginning of the year it was only $ 966.

Virtual currency has increased by 720% compared to a year ago and already has a value four times higher than gold.

However, the value has been very unstable. Bitcoin fell below $ 3,000 in mid-September when Chinese authorities demanded the ban on all virtual currency exchange scholarships.

Using Bitcoin people can avoid banks and traditional forms of payment and pay for good things and services directly.

There have been the banks and financial institutions of different countries of the world that have shown skepticism and even "accused" the currency as a money laundering tool and the practice of online criminal activities.

The worst hit came from JP Morgan Chase's executive Jamie Dimon, who said Bitcoin was a trick and one day he was going to "Break Out".

A Harvard economics professor, Keneth Rogoff, predicts technology behind virtual coins to enjoy better days as far as bitcoin is concerned, he says that one day will end in the collapse.