November 19, 2017 5:16 am

$27 of Bitcoin Made a Norwegian Rich

In 2009, Kristoffer Koch invested 150 Kroner ($26.60) in 5,000 bitcoins after he discovered them while writing a thesis on encryption. In April 2013, following the widespread media coverage of the peer-to-peer digital currency he remembered about his invested bitcoins. Stored in encrypted wallets, with a private key Koch had forgotten all about them. After finally working out what his password could be, he discovered he had around $886,000 worth. Koch exchanged one fifth of his 5,000 bitcoins which gave him enough capital to purchase an apartment in Toyen, one of the Norwegian capital’s wealthier areas.

In April, the digital currency value peaked at $266 before crashing to $50 shortly after. The value of bitcoin has seen large fluctuations since then. Typically, bitcoins are bought using traditional currency from an “exchanger” and can be ‘withdrawn’ by sending them back to an exchanger.

Bitcoin is gaining more and more popularity in the physical world too. In a few  On October 29 the world’s first bitcoin ATM was installed in Vancouver, Canada and scans a user’s palm before allowing them to buy or sell bitcoins for cash.

bitcoin atm vancouver canada

By G+ Author: Chrissy Reese.

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Chrissy Reese

Chrissy Reese

Writing about this wild, crazy economy and the finance world we live in!
Chrissy Reese

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