Jump to Main ContentJump to Primary Navigation

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


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)



Making art with money


Scrooge McDuck's money swim calculated


The 98p store starts a war with Poundland



There's an adult-sized version of the toy car we all had

Forget your Ferarris, this is where it's at

by Dave Fawbert
25 Oct 2016

Obama just obliterated Trump On Jimmy Kimmel's 'Mean Tweets'

The bewigged one just got served

by Joe Ellison
25 Oct 2016

Stephen King teased Donald Trump story and Twitter reacted wonderfully

We can't think of many scarier things than this man as President

by Tom Fordy
24 Oct 2016

This American listed everything we Brits do better than our US cousins

Including cheese, sarcasm and knowing which bit of your body to hit a ball with

by Tom Fordy
24 Oct 2016

Scientists claim they've solved the mystery of the Bermuda Triangle

About bloody time

by Tristan Cross
24 Oct 2016

The world's top male escort answered a bunch of insightful questions

Everything you've ever wanted to ask, answered in explicit detail. NSFW

24 Oct 2016

Obama just danced to Hotline Bling with Usher

Still officially the coolest President of all time

24 Oct 2016

Watch this huntsman spider kill a mouse and never sleep again

Of course it happened in Australia

by David Cornish
24 Oct 2016

The new bike lock that will literally makes thieves sick

The SkunkLock sprays a vomit-inducing chemical when cut

by Tom Fordy
21 Oct 2016

Watch Donald Trump meet Saint & Greavsie to do the Rumbelows Cup draw

Did this really happen?

21 Oct 2016