Bitcoin exchange rates have hit an all-time high this week as the value of a single Bitcoin surged to $49 US dollars. That price is up 300% over the past two months.

The spike in Bitcoin values points to both the increasing acceptance of the digital, P2P currency by big name Internet brands like WordPress and Redditt.

Before you go converting your retirement fund into Bitcoins, it should be noted that some sources are attributing the Bitcoin boom to plain, old-fashioned, speculation. The four-year-old currency is still extremely volatile and could just as easily crash.

Long-time Bitcoin watchers point out that in 2011, the value of the currency spiked and crashed several times. Prices during that time ebbed and flowed between just a few cents and peaked out at $28.

No matter what they’re trading at, the appeal of Bitcoins to online gamblers and other consumers is undeniable. Bitcoin transactions are untraceable and incur very low transaction fees.

That’s all to say nothing of the mystique surrounding Bitcoins. This uber-cool currency is straight out of the movies and makes users feel like they’re pulling one over on the man.

What are your thoughts on Bitcoins? Are they worth the trouble? Share your opinion in the comments section below.

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