Bitcoin fans rave, but understand it’s still a risky business
By now, anyone who follows Wall Street even slightly has heard of cryptocurrency and its most famous spawn – bitcoin, which launched in 2009 but grabbed headlines last year for its wild swings in valuation.
Today there are some 1,500 digital coins on the market – including Bacoin, a faux cryptocurrency issued by Oscar Mayer to reward “investors” with free bacon as the value goes up.
But for bitcoin believers, cryptocurrency is more than just a bunch of baloney.
When the first cryptocurrency exchange opened in 2010, a bitcoin was worth pennies in U.S. dollars, and the currency bumped along below the $100 market until mid-2013.It took until early 2017 to rise above $1,000 but starting last summer, bitcoin went on a tear, reaching $17,900 before losing half its value by February. That means anyone who bought in at the hype lost big.
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