A Norwegian man who bought $27 worth of bitcoins in 2009 and forgot about them, discovered their value had since shot up - to $980,000 at today's price.
Kristoffer Koch decided to buy 5,000 bitcoins for only 150 Norwegian kroner ($26.60) in 2009, after discovering bitcoin as part of an encryption thesis he was working on.
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After purchasing the 5,000 bitcoins, Koch pretty much forgot about them. When the price shot up to over $200 back in April of 2015 and he started seeing the news about bitcoin's rise, he decided to check his amount of coins on his eWallet. This days in 2017 Bitcoin value is arround $900 for each one.
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When he figured out the password to his "eWallet" and saw how valuable those bitcoins had become, he sold off a portion of them. Now he has an apartment that he purchased in an expensive part of Oslo, in Norway. All this thanks to the huge price gain that bitcoin has experienced, mostly in the past years.
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“I buy a lot of technical little things that I never have time to use, and this was the worst of all, the fact that I was buying fake money," Koch told to media.
Well he was lucky couse this coins are more and more used around the world, making them the top digital coins in the world, among the many new ones that have been created in this years due to Bitcoin success. Another reason of new cryptocurrency is that will become the new method of payment in future, having good qualities for it.
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More people have become wealthy as a result of bitcoin's rise, although stories like this are rarely in the public eye. There's the story on the Bitcointalk forums about Kevin, who purchased 259,684 BTC for under $3,000 in 2011, so you can immagine the profit he did with that.
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We still have a similar chance and opportunity with new cryptocurrency. Read below
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President of World Bank Group Releases a Statement
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger.
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Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto.
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The legal status of cryptocurrencies varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed their use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. China Central Bank banned the handling of bitcoins by financial institutions in China during an extremely fast adoption period in early 2014. In Russia, though cryptocurrencies are legal, it is illegal to actually purchase goods with any currency other than the Russian ruble.
On March 25, 2014, the United States Internal Revenue Service (IRS) ruled that bitcoin will be treated as property for tax purposes as opposed to currency. This means bitcoin will be subject to capital gains tax. One benefit of this ruling is that it clarifies the legality of bitcoin. No longer do investors need to worry that investments in or profit made from bitcoins are illegal or how to report them to the IRS. In a paper published by researchers from Oxford and Warwick it was shown that bitcoin has some characteristics similar to the precious metals market more than to traditional currencies, hence in agreement to the IRS decision even if based on different reasons.
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The first timestamping scheme invented was the proof-of-work scheme. The most widely used proof-of-work schemes are based on SHA-256, which was introduced by bitcoin, and scrypt, which is used by currencies such as Litecoin. The latter now dominates over the world of cryptocurrencies, with at least 480 confirmed implementations.