bitcoinvancouver

The GoTo Site for all things Bitcoin in Beautiful Vancouver British Columbia Canada

How one guy’s $24 investment in bitcoins turned into an $886,000 payday

How one guy’s $24 investment in bitcoins turned into an $886,000 payday

Credit: CASASCIUS, Wikimedia Commons

Bitcoins are the digital, peer-to-peer currency now accepted as payment in bars from Berlin to London and many other stores. They were first introduced in 2008. 

 
 
 
01:42
 
03:20
 
 
 

A year later, Norwegian engineer Kristoffer Koch bought about $24 worth on a whim.

For years, Koch’s bitcoins sat forgotten in his online account. Then, he started hearing about the increasing value of bitcoins in the media and remembered he’d bought some. One catch — he’d forgotten his password. Luckily, after hours of concentration, it “finally came back to him.” 

Now, his investment is worth nearly $886,000.

Bitcoin’s meteoric rise in value came as a shock to Koch, who first heard about the currency while working on a master’s thesis in electrical engineering. 

“I just bought them as a toy investment, just to play around – could I buy something with these? It wasn’t a very big thing then.”

As a result of the tremendous increase in value of his bitcoins, Koch recently purchased an apartment in a wealthy area of Oslo. He cashed in just 80 percent of his investment, and he’s hanging onto the last 20 percent to see where it goes.

Koch says he’s not sure if bitcoins are necessarily the way of the future, but he thinks now that the idea of a decentralized currency is out there, it won’t soon be forgotten. 

“Everyone can understand how it works and implement something like it,” he says. “Or better — improve it.” 

Claire Lancaster

Claire Lancaster is an intern at The World.
 
 

Comments

Post a new comment
Login
 
 
 
   
 
0 Comments
 
 
Advertisements

Questions, Comments, complaints or observations? Your input is important to us.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Information

This entry was posted on October 31, 2013 by .

Follow me on Twitter

bitcoinvancouver2013@gmail.com

bitcoinvancouver2013@gmail.com

Blog Stats

  • 9,843 hits

Follow me on Twitter

%d bloggers like this: