Bitcoin value soars, reaches $10,000

Posted at 8:06 PM, Nov 28, 2017
and last updated 2017-11-28 23:09:43-05

SAN DIEGO (KGTV) -- The digital currency Bitcoin is booming, reaching a value of $10,000 on Tuesday.

The cryptocurrency has gone up and down since 2009 as the market continues to determine its value.

"It continues to gain more and more adoption, like any new technology or product," said Stuart Hall, a cryptocurrency market analyst. "You can think of Google, cell phones, or color televisions, they went through an adoption curve where there were early adopters and then mainstream adoption and then became commonplace."

Bitcoin is a digital currency that can be used electronically to buy things. There is a limited amount and they cannot be counterfeited. Ownership of each bitcoin is monitored on a publicly recorded ledger, not with your name, but a public bitcoin address.

With bitcoin, you don't have to go through a bank, so fees are extremely low. You can send any amount anywhere in the world in just a few minutes.

"People who are buying their first bitcoin today at over $9,000 really should be aware of the volatility. And that tomorrow it could be worth $4,500 or possibly even less," said Hall.

But Hall says it could be the future of how we transact money.

"It's like any technology in its early stages, the sky's the limit," said Hall.

You can buy bitcoin on online exchanges, the most popular in the United States is called Coinbase. You can also purchase one at a special bitcoin atm. There are several in San Diego, one is located at Lestat's Coffee House in Hillcrest.