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Step-by-step guide to buy and sell bitcoin

The market can be volatile
The market can be volatile | Mt Gox logo: © 360b/Shutterstock.com, Computer workspace: © Max Griboedov/Shutterstock.com, Antacid bottle: © whanwhan.ai /Shutterstock.com, Wallet icon: © Artco/Shutterstock.com, Newspaper: © Seamartini Graphics/Shutterstock.com, Market trend line: © Aleutie/Shutterstock.com

The market can be volatile

Just as I was about to buy bitcoin, a series of revelations and news events shook its price.

The biggest came in February when the major trading exchange Mt. Gox suspended bitcoin withdrawals to address a technical issue. Mt. Gox had lost a significant number of bitcoins and questions arose about the management of Mt. Gox, which went offline on Feb. 25.

During this saga, bitcoin's value dropped from the $800 range to the $500 range. The same day Mt. Gox went offline, I bought my first bit of bitcoin.

Value of bitcoin

Watching the price fluctuations of bitcoins can cause even seasoned investors to need antacids. In December 2013, the price jumped to around $1,200 before falling that same month to under $600.

So it was not much of a surprise that after briefly watching my bitcoin actually make a little money, it soon had lost a quarter of its value.

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