Lessons Learned About

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. 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. 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.

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. The young man later dropped out of school to develop his own company that he sold for three hundred Bitcoins. 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.

With success stories also comes some loss stories as well. An early adopter of the currency Jered Kenna had a bad experience after hackers went through his email and got access to his wallet and stole eight hundred Bitcoins, however that did not hold him back because through cryptocurrency the man redeemed himself. 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.