Don't invest unless you have money to lose. Originally worth pennies, Bitcoin surged past $1,000 apiece in fall 2013 but has hovered around the $200 to $400 mark for the past year.
Safe-keeping is key. If your Bitcoin get deleted or stolen, they're gone forever.
Prepare to keep clean books. As with stocks, the IRS requires you to report the gains (or losses) on every Bitcoin transaction, comparing the value of when you spend it to that of when you bought it.