They tell us that bitcoin is a currency. At least, Wikipedia and the early supporters of bitcoin tell us that. If that's the case, we figured that a great way to celebrate Thanksgiving 2013 would be to use bitcoin exclusively to buy a Thanksgiving dinner.
But could it work?
Lately, the digital currency has had its day in the sun. Federal Reserve Chairman Ben Bernanke had some supportive words for it last week. And at a congressional hearing on virtual currencies, bitcoin caught a huge tailwind as some regulators noted that there are distinct benefits to currencies like bitcoin.
And if the dollar-to-bitcoin exchange rate is a sign of the growing confidence in its future, then the future looks darn bright. Over the past month alone, the price of one bitcoin has more than quadrupled to -- as of this writing -- more than $900.
But the Bernanke bump and a soaring price don't guarantee that merchants will jump to take our bitcoins. In the video below, Motley Fool analysts and Where the Money Is co-hosts Matt Koppenheffer and David Hanson put bitcoin to the test as they venture out into the real world and shop for Thanksgiving dinner.
