As Buffett put it back in 2014, "the idea that [bitcoin] has some huge intrinsic value is just a joke in my view." The virtual currency had hit $10,000 for the first time a couple days earlier, before retreating somewhat. But if I use bitcoin to buy $25 worth of socks on Overstock today, and the price of bitcoin quadruples next week, I'll feel like those socks actually cost me $100. It doesn’t matter when you invest in relation to all time highs. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. Exchanges are the most straightforward and popular method for acquiring Bitcoin. On some level, I figured one fear might cancel out the other. Can you make your comment less sarcastic?

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Warren Buffett called bitcoin a "mirage" in 2014 and warned investors to "stay away.".

CNN Sans™ & © 2016 Cable News Network. If you were reluctant about investing in bitcoin before, you've probably completely given up on the idea now. You and I consider the long term, so all time highs are meaningless. A Warner Media Company. As with other stock trading applications, you pay a small fee for each transaction, buying and selling. But the transaction can take significantly longer. Yet a key reason the price of bitcoin keeps going up is, well, because it keeps going up. Square (SQ), the payments service, is also rolling out a bitcoin product. Related: Bitcoin plunges more than $2,500 after hitting new record. Transactions are added to "blocks" or the links of code that make up the chain, and each transaction must be recorded on a block. The statements made on this website are opinions and past performance is no indication of future performance or returns. Earn up to 7% interest on your crypto and cash. And when the value of your bitcoin doubles in a week, as it did for me, it's easy to think you're a genius. Investing in cryptocurrency seems profitable and replete with fast profits. It's an investing frenzy, plain and simple. All Rights Reserved. If you can put that $100 in a time capsule, and wouldn’t open it for years, and it won’t affect your life today, go for it. Bitcoin exchanges have a checkered history. Bitcoin is a distributed, worldwide, decentralized digital money. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. A $100 wont be as profitable,right? © 2020 Cable News Network. Dozens of new hedge funds have launched this year to trade cryptocurrencies like bitcoin. Bitcoins may appreciate, depreciate, or stay the same depending on a variety of factors. Coinbase is the world’s largest bitcoin broker and available in the United States, UK, Canada, Singapore, and most of Europe. We promise to ensure the upmost security and privacy. With Coinbase, you must first give the app permission to connect to your bank account. So is there anything truly valuable about bitcoin? Bitcoin IRA cannot guarantee, and makes no representation, that any investment made will appreciate at all or appreciate sufficiently to make customers a profit. There are also bitcoin ATMs in scattered bodegas and convenience stores around the country, through companies like Coinsource. Others, like Dimon, have said it's even "worse" than the Dutch tulip mania from the 1600s, considered one of the most famous bubbles ever. It will probably go higher though, eventually.

They’re only considering the short term. I am a student, I can only risk a $100 on bitcoin, is it any good for me? It matters when you cash out. There are well over 100 operational Bitcoin exchanges worldwide, but steering clear of exchanges that are known for wash trading and sticking with major reputable exchanges is the most prudent move. Is there a legal and legitimate way to invest in bitcoin? Regulators have taken a hands-off approach to bitcoin in certain markets. By this week, it was up to $12,000, and then it really took off: The price topped $17,000 on some exchanges Thursday, and $18,000 on at least one. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Finance, or any other third party sources is accurate. -- CNN's Selena Larson contributed to this report. Yes. Finance or other third party sources. All times are ET.

If you had invested in Bitcoin on the 12th of April 2013 with a small amount of $100, you would have gained an ROI of 17434.370% on 13th December 2017 when Bitcoin reached its first all-time high.

Bitcoin is not backed by a company's earnings, or the strength of a government and rule of law. But you can get burned assuming it will keep skyrocketing. Even bitcoin critics like Dimon have said they support the use of blockchain technology for tracking payments.

Are you trading Bitcoin? You can't buy much higher than a new ATH, so you're right on track to lose money as fast as you can. Mt.Gox, once the largest exchange, shut down in 2014 after losing hundreds of millions of dollars worth of bitcoin after a hack. This is the fastest option. Can I ask a question? It matters when you cash out. Rather than a currency, bitcoin is being treated more like an asset, with the hope of reaping great returns in the future. Long answer. The surge and volatility of bitcoin this year may be great for those who invested early, but it undermines bitcoin's viability as a currency.