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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. The currency stands out due to its autonomy from traditional 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. 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.

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. 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. Bitcoin has impacted people’s lives differently and some stories will leave you in awe. 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. 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.

The success stories are fun top discover but there are people who have lost on Bitcoin too. 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. 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.