Big news out of the world of cryptocurrencies - so-called virtual currencies that are supposed to make paying for stuff online easier than with conventional dollars, shekels and euros - as bitcoin, the uber-cryptocurrency of them all, has rocketed in value, doubling in the past week and hitting an all-time high of $1,200 U.S. earlier today.
What does it mean? Well, lots, actually. As its value continues to rise, it becomes a target for hackers and thieves, with the number of recent thefts rising along with its value. If it looks, feels and smells like a bubble, chances are it probably is. And as exciting as it may seem for some wannabe-billionaires to ride the wave, the ensuing crash is going to hurt. A lot.
This may be a headline-generating, speculative investment, but it isn't a currency we'll all want to use anytime soon. Not yet, anyway.
I wrote this article for Yahoo! Canada - Bitcoin skyrockets into uncertainty - and would love to hear your $0.02 (or is it bitcoin?) on this.
Your turn: Bitcoin yes or bitcon no? Why/why not?
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