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. This crypto currency is very unique and is not affected by traditional forms of 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.
Changing government policies among other factors in the economy makes people lose out on investments but with Bitcoin that is nothing to worry about as the currency is not subject to any authority. A lot of factors in an economy will drive low inflation on traditional currencies in an economy but If your investment is with Bitcoin you need not worry about low inflation because Bitcoin mining is limited to twenty one million units only, its right to say that new Bitcoins being released into the market are decreasing. This cryptocurrency has changed the lives of people especially in its initial stages of introduction, their stories will blow your mind. In the early days of its inception buying a bitcoin cost you pennies but today you have to part with over six thousand dollars for the same.
One Erik Finman a twelve year old in 2011 invested all of one thousand dollars given to him by his grandmother which two years later would appreciate to one hundred thousand dollars. The young man would later drop out of school to develop his own company that would later find a buyer who offered three hundred Bitcoins for the company . Kristoffer Koch leant about Bitcoin from writing a thesis paper and decided to invest twenty seven US dollars, he forgot about his investment and came to remember about it when he saw it on the news, upon remembering his password he found that his investment has turned to eight hundred and eighty-six thousand dollars with which he acquired an apartment with.
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.