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You’ve seen countless news stories about it, as it’s continued to capture the attention of investors for the past decade. But is Bitcoin all it’s cracked up to be?

Know the facts: Just like any other investment decision, if you’re considering whether or not Bitcoin belongs in your financial plan, you should first understand the pros and cons of this cryptocurrency.

On the upside: Many view Bitcoin as an alternative to gold, considering its religious following and seemingly limited supply. Additionally...

• It's a potential hedge against long-term inflationary pressures
• Projected growth has almost transformed it into an insurance policy against a declining value of the U.S. dollar

Now the cons: Bitcoin isn’t controlled by central governments, and has yet to be accepted as an official alternative currency. Furthermore...

• It’s a virtual asset with no ingrained value, which can cause its asset prices to rapidly drop
• It doesn’t have a monopoly on cryptocurrency, with many competitors already emerging
• Lastly, there are the fees and transaction costs, which can amount to anywhere from half a percent, to over three percent annually, depending on the platform used to purchase, invest and/or store your currency

My thoughts: Bitcoin might be the best addition to your doomsday stash, but let’s keep it at that. The investor in me wants to stay as far away from this as possible, while the 'prepper' in me wants to make an allocation. Remember, too much of anything is a bad thing, and a little bit can go a long way.