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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 very unique and is not affected by traditional forms of banking. 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.

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. Different people have had different experiences with Bitcoin and their stories are worth getting to know. 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. 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.

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.