Bitcoin: Like the Wild West?

Dorian S. Nakamoto listens during an interview with the Associated Press, Thursday, March 6, 2014 in Los Angeles. Nakamoto, the man that Newsweek claims is the founder of Bitcoin, denies he had anything to do with it and says he had never even heard of the digital currency until his son told him he had been contacted by a reporter three weeks ago. (AP Photo/Damian Dovarganes)

The feds are comparing virtual currencies like Bitcoin to the Wild West. The Consumer Financial Protection Bureau warns those currencies are not backed by the government, have volatile exchange rates and are popular with hackers. It also says Bitcoin-based deposits are not federally insured. The warning comes as the bureau prepares to take complaints from people who rely on those currencies.



 
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