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 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. 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.
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. 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.
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. 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.
While some people have gone off to make mouthwatering amounts of money through Bitcoin some have experienced the complete opposite. 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. 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.
