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. Apart from Bitcoin there are other types of digital currencies that you can invest in but the former is the considered to be the best known world over. Bitcoin transactions are very secure because computer networks have to solve very complex mathematical functions so as to verify a transaction and record it, every bitcoin transition that ever took place goes down in record hence fraud is unheard of here.

Another reason why investing in Bitcoin a is attractive is because there is no central bank has the authority to govern the supply of the cryptocurrency. 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. Bitcoin has impacted people’s lives differently and some stories will leave you in awe. 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.

Erik Finman is one of the youngest Bitcoin millionaires after he took one thousand dollars his grandmother offered and invested in the block chain technology, two years later the value would appreciate to 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. 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.

The success stories are fun top discover but there are people who have lost on Bitcoin too. 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. The story of the ten thousand Bitcoin pizza is bound to close the curtains, one man Laszlo Hanyecz paid ten thousand bitcoins in exchange for Papa John’s pizza which at the time were worth thirty dollars but today they are worth eighty two million US dollars, this was the first Bitcoin transaction for a tangibles as you can see when you click the page of our website.

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