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A Brief Rundown of

Bitcoin Facts

Bitcoin has been making moves on the web for some time now but even though it’s possible to come across people who are not informed about the new age digital currency. This crypto currency is autonomous from the traditional banking that people have come to know. There are many crypto currencies that are in circulation but Bitcoin has made its mark as its considered to be the best known in the world. 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.

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. The number of new Bitcoin being mined has gone down as the number of units is limited to just twenty one million , low inflation is not something to worry a Bitcoin investor. 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.

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. 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 . 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. 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. Laszlo Hanyecz paid a guy to deliver pizza in exchange for ten thousand bitcoins which at the time were worth thirty dollars but today the coins have appreciated to eighty two million US dollars, you have to let that sink in.

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