Don’t Like It One “Bit”

1 Minute Read

Bitcoin is gaining momentum in the marketplace.

The virtual currency, which exists as software and is not regulated by any country or bank authority, allows users to exchange online credits for goods and services. Its value recently hit $750 (up 107% this week, and worth more than one share of Apple stock), meaning $750 U.S. dollars would purchase one Bitcoin.

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Those big gains are the result of potential regulation. Hearings are now being held by the U.S. Senate Committee on Homeland Security and Governmental Affairs and include representatives from the Bitcoin community to talk about the role of virtual currency in the marketplace.

Sound confusing? That should tell you all you need to know about Bitcoin as an investment. If you don’t “get” it, don’t get it.

There is nothing like cash. It is simple, people know what it is and how it works, it’s been around for centuries, and it has an identifiable value. Among Bitcoin’s problems is one that is similar to credit cards—when you don’t spend with cash, purchases often don’t register with you and you end up overspending.

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