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At the time of writing, ripple was down nearly 50 per cent on the previous day, ethereum had lost nearly 34 per cent of its value, bitcoin cash was down nearly 37 per cent and bitcoin was down 27 per cent to just under $US10,200.

If you look at a 3-month Bitcoin Chart, you can see that Bitcoin went from a valuation of less than $5,500 on October 24, to over $19,000 on December 17, 2017.

Imagine if you were someone who saw your Bitcoin "wealth" triple over this period of time, and feeling "rich and generous," went out and purchased 3 times your normal haul in Christmas presents for your friends and family - putting the purchases on your Visa or MasterCard, since gift stores don't accept Bitcoin. Worse yet - imagine you put those purchases on your American Express charge card, and just received a bill that must be paid in full.

Your generosity could cost you more than just your credit score if you were planning to sell a couple of Bitcoin to pay for those gifts.

Today, Bitcoin's $10,200 price would leave you unable to pay off that American Express statement - or several years of interest if you have to pay off that Visa or MasterCard bill over time (or until Bitcoin soars again to $19,000 - whichever comes first).

I wouldn't want to be the guy who bought all those Christmas presents on December 17.

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