Jump to Main ContentJump to Primary Navigation
Top

Man Forgets About £17 of Bitcoin: Now Worth Half a Million

bitcoinhero.jpg

A Norwegian man who invested $27 (£17) in pioneering currency bitcoin four years ago, before forgetting about it, has discovered that it is now worth an astonishing $886,000 (£552,000).

Oslo resident Kristoffer Koch invested 150 kroner in 5,000 bitcoins in 2009 after studying encryption for a university thesis and stumbling upon the new currency. However, with Bitcoin hitting the news more and more, he remembered his small outlay and discovered that the meteoric rise of its value had made him over half a million pounds in profit.

Bitcoin is a 'virtual currency', based on an independent peer-to-peer model which is analogous to gold. Bitcoins are earned, or 'mined' by solving highly complicated mathematical problems, requiring huge computing power; once earned, they can be traded. Like gold, there are a finite number of coins which can be acquired - and, like gold, they become harder to locate as time goes by. With people worried about traditional currency becoming devalued, many - including the criminal fraternity, which like its 'statelessness' - are turning to it, hence its increasing popularity.

Bitcoins are stored in encrypted wallets with a private key and Koch had to try and remember his password in order to gain access - he should have just used 'password' like everyone else.

He has now exchanged a fifth of his stash - enough to buy an apartment in Oslo.

[via Guardian]

(Image: Getty)

Related

moneyart.jpg

Making art with money

scrooge_mcduck.jpg

Scrooge McDuck's money swim calculated

98p_HERO.jpg

The 98p store starts a war with Poundland

Comments

More

13 X-rated history facts you won't have learnt at school

Mozart once wrote a song called "Lick my Arse"

by Emily Reynolds
21 Jul 2017

The world has voted for its favourite colour

Get painting

by Emily Reynolds
21 Jul 2017

The five biggest turn-offs that ruin a date, according to singles

Keep a note

21 Jul 2017

Japan's First Lady did what anybody would do when meeting Trump

The greatest prank ever pulled

by Gary Ogden
21 Jul 2017

The 19 best-value places to head for a last-minute beach holiday

It's not too late

by Tom Victor
21 Jul 2017

The BBC has uploaded 40 hours of 'Planet Earth' footage

We all need this after a long week

by Emily Reynolds
21 Jul 2017

Should you be allowed time off for 'pet-ernity' leave?

Yet another reason you need a dog

by Gary Ogden
21 Jul 2017

Danny Wallace: mind games at the second-hand car dealership

Another life lesson from our award-winning columnist

20 Jul 2017

This is how many extra days you're working when you skip lunch

Ban the sad desk lunch!

by Emily Reynolds
20 Jul 2017

Tabasco's new Scorpion sauce is so hot it will melt your face off

Could you handle it?

by Carl Anka
20 Jul 2017