It continued to fall over the weekend before spiking on Monday back to its original value. WATCH: Bitcoin could be the biggest bubble in history – here s how show chaptersUpdated 4:25 PM ET Tue, 12 Dec 2017 CNBC bitcoin scams. It probably provides the same rush of adrenaline that a craps table in Vegas might provide, but it s too risky for me. It takes just a few seconds to enter in how much you d like to purchase, for example, and you can sell it at a moment s notice. It feels more like a roulette table than a regular investment If you pick up a newspaper or watch CNBC, you can often figure out why a company s stock or a global currency is up or down. I held on to my stash for a weekend to see what owning bitcoin was like. I had to call my bank and confirm the purchases before trying to buy it again. My bank thought it was fraud When I first purchased bitcoin through the app Coinbase, my bank thought it was fraud and froze my account. Also, I don t like that one moment the value of a bitcoin is down $2,000 and another it s up $5,000.
com Todd Haselton | CNBC Coinbase I bought $200 worth of bitcoin last Friday for a story I was writing on how to give the gift of bitcoin during the holiday season. It s easy to buy and sell It s really easy to buy and sell bitcoin, as I showed you in an earlier story, and fees through apps like Coinbase are low. That s probably another reason it s so attractive. I am also suspicious that some people are talking up bitcoin because they own a lot -- probably purchased when it was cheaper -- and they want it to continue skyrocket bitcoin scams. One, I write about bitcoin so outside of writing an article about how to buy it yourself, it s not appropriate for me to own a significant share. You can start to figure out why a stock might react the way it does. Maybe there s a new CEO, war, government problems, a scandal, a positive or negative earnings report or a new competitor. I sold mine on Monday morning after my investment hit a weekend low of $166 and returned back to $200 as bitcoin s value increased on news of bitcoin futures trading. Coinbase addressed this potential issue in a message to its users.
I won t buy it again I m not planning to buy bitcoin again, for several reasons. It s crazy volatile You should probably know this if you re buying bitcoin, but if you don t: the value of your bitcoin is apt to skyrocket and then tank at any moment. Also, I ve heard reports from friends in the newsroom that there are times when the Coinbase systems are overloaded, which might prevent folks from buying at a lower price.Stellar.. Minutes after buying $200 worth, my bitcoin value was down to $191. I m sure other people understand it better than me, but I have a feeling a lot of folks are just as clueless and are simply buying it to get rich quick. Someone who purchased bitcoin when it crossed $3,000 in June has already increased their investment more than five times at today s price. It s kind of like standing at a roulette table, and seems to spike or sink purely based on the momentum of other people buying and selling. WATCH: Bitcoin could be the biggest bubble in history – here s how show chapters. .