BitCoin is great, but it isn’t FDIC insured …

A mysterious person (or persons) using the monicker “Satoshi Nakamoto” created Bitcoin in 2009, intending it to be utilized as an alternative currency. More and more businesses – particularly online – are starting to accept them.
Bitcoin is a 100% digital currency, and as such no banks or other transactional middleman are involved in its distribution. Bitcoins are created, or “mined” by solving complex mathematical equations, or can be bought on an “exchange” using conventional currencies. Most Bitcoin exchanges also function as bitcoin “wallets”, where they can be stored. This makes using Bitcoin easy, and eliminates many of the transactional costs associated with conventional currencies. It is not, however, without risk …