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Bitcoin Facts

Bitcoin has been on the media for a long time but it’s possible to come across a person who is not familiar with it. This crypto currency is autonomous from the traditional banking that people have come to know. There are many form of digital currency today but Bitcoin is the best known. The beauty of working with bit coin is that the security is one of its own kind, the computer networks involved have to perform complex mathematical functions to verify and a record the transaction in an online ledger.

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. 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. Different people have had different experiences with Bitcoin and their stories are worth getting to know. In the early times, Bitcoin just cost pennies but the value of one Bitcoin has appreciated to over six thousand dollars.

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. 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.

With success stories also comes some loss stories as well. Jered Kenna’s story is one that will have you feeling for the man, he was an early adopter and got hold of his coins when they cost 20 cents but unfortunately hackers would get to his email and get the access to his wallet and disappeared with 800 of the coins and deleting his computer. 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.