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Posted on: 16. 9. 2020, by :

The Stories of Bitcoin

Despite Bitcoin making the news a couple of times some people are still yet to know the full story behind the crypto currency. The currency stands out due to its autonomy from traditional banking. There are many form of digital currency today but Bitcoin is the best known. Bitcoin transactions are based on computer networks solving complex mathematical functions to verify and record the details of each and every transaction that happens.

Many investments are acted by government policies but the beauty of Bitcoin is that it’s not subject to any authority at all , no bank controls its supply. Traditional currencies suffer heavy inflation from time to time, If you have Bitcoins you are safe because they do not suffer from low inflation, bitcoin mining is limited to twenty-one million units only. Different people have had different experiences with Bitcoin and their stories are worth getting to know. In its introduction, Bitcoin would have cost you pennies but now the cryptocurrency goes for over six thousand US dollars for one Bitcoin.

One amazing success story is that of a twelve years old millionaire thanks to block chain technology, Erick Finman received one hundred thousand dollars and invested it all in Bitcoin, two years later it was worth one hundred thousand dollars. Finman would later drop out of school and come up with a company of his own which he sold for three hundred Bitcoins elevating him even higher. Another amazing story is that of one Kristoffer Koch who invested twenty seven dollars in Bitcoin that would later be worth eight hundred and eighty six thousand dollars, the funny thing is he completely forgot about his investments until he saw Bitcoin on the news later on.

While some people have gone off to make mouthwatering amounts of money through Bitcoin some have experienced the complete opposite. One of the loss stories is that of Jered Kenna who was an early adopter of Bitcoin, he bought the coins when they cost twenty cents per coin, however hackers got to his email and got access to his wallet and erased his computer taking with them 800 coins. Another mind blowing loss story is one where a man offered ten thousand bitcoins delivery, delivery, back then the ten thousand coins were thirty dollars’ worth so it was no big deal but today maybe the man would have never made such deal because they are worth eighty two million dollars.