Christopher Koch Bitcoin Millionaire Story: Started with ...

Cryptocurrency Investing

Cryptocurrency Investing
This article is provided for informational purposes only. Your decision to invest in cryptocurrency cannot be made on the basis of this text.
At the time when cryptocurrencies gather pace and many new altcoins appear, it seems hard to decide which one to choose for the investment. There are some notions that can help to make a decision.
https://preview.redd.it/49vonh8kv1y31.jpg?width=1024&format=pjpg&auto=webp&s=b6b1ec1e200632fedc1e56a7af8f4d5139852ce6
What affects the value of cryptocurrency?
The price of cryptocurrency depends on different factors. First of all, the basic economic principle of demand and supply works here. High demand for limited coins will raise their prices. The more coins are mined, the harder it is to get new ones. As a result, they become more precious.
Usefulness of coins also matters. When people understand that they can solve specific cases using cryptocurrency it may be in demand. For this reason, DASH became famous in countries which suffer difficulties with official banking system.
Mass media and historical events affect the value of cryptocurrency too. If negative publicity appears or the government puts a strict regulation against the use of coins, their price goes down. It works the opposite way too. Microsoft started accepting BTC as a payment method in 2014. They set an example for many other global companies and promoted the cryptocurrency.
Rise and fall
As it has already been mentioned, notable cases influence the market. In 2013 the Bitcoin price raised to 266$ but crashed and it costed 109$ in October. It happened because of the Silk Road arrest. This anonymous trading floor sold illegal goods and commonly used BTC for getting payments.
Cryptocurrency market has capped the climax several times in 2017. The price of BTC was growing from April and in the middle of December gained its maximum reaching 20 000 dollar mark. Meantime the price of BTC was close to 11 000$ at the beginning of September 2019 but came down to 8 000$ at the end of the month.
Coin market capitalization
Cryptocurrency capitalization is an integrated cost of all issued digital coins at the market. US Dollar usually serves as a monetary indicator. This characteristic helps to understand if cryptocurrency is attractive to invest in or not.
Two main factors affect the capitalization. One of them is a coin emission (the amount of coins in turnover) and another is a coin rate. In most cases, the emission always grows because of the mining process. The more coins have been mined the harder to get some new ones. This process affects the rate too. For example, this scheme works with BTC.
There are some cryptocurrencies (such as NXT) with initial emission. Capitalization here is directly related to the rate and market activity because the total amount of coins is unchangeable.
Who risks nothing, gains nothing?
When one tries to choose cryptocurrency for the investment, attention should be paid to its capitalization. High level of capitalization tells about better market fluctuation tolerance of the currency. It is more stable but a rapid increase in the rate can not be expected. On the other hand, assets with lower capitalization show significant swings in a short period of time.
Famous quotes
“It is not a speculative investment even though it is being used as such by other people. As Bitcoin network grows the value of Bitcoin grows. As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies.” – Eric Schmidt, Executive Chairman of Google “Bitcoin is a technological tour de force.” – Bill Gates, Co-founder of Microsoft
Interesting fact
One of the world’s most famous and successful investment in cryptocurrency was made by Norwegian student Kristoffer Koch in 2009. He got to know about bitcoins while he was writing a thesis on encryption. Kristoffer purchased 5 000 bitcoins for 150 Krones ($26.60) and forgot about them soon afterwards. “Cryptography and computer security interests me: I’m a technical guy, not an investor. So I just bought a few at that time.” – said Mr. Koch. In 2013 cryptocurrency was vividly discussed in mass media and it made the Norwegian remember about his investment. The idea of how much his coins had come to be worth struck him. 150 Krones turned into 885 000 dollars and some part of this money was used to buy a spacious apartment in a prestigious district of Oslo.
Cryptocurrency investing can be really profitable. It bring its benefits if one takes into account all moments which influence the market and stays aware of changes in this sphere.
No matter which cryptocurrency you choose to invest in, you can always exchange one coin for another using StealthEX. It is an anonymous and limitless cryptocurrency exchange with the top concern about user’s privacy.
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected])
submitted by Stealthex_io to NewbieZone [link] [comments]

Cryptocurrency Investing

Cryptocurrency Investing
This article is provided for informational purposes only. Your decision to invest in cryptocurrency cannot be made on the basis of this text.
At the time when cryptocurrencies gather pace and many new altcoins appear, it seems hard to decide which one to choose for the investment. There are some notions that can help to make a decision.
https://preview.redd.it/i390wllao1y31.jpg?width=1024&format=pjpg&auto=webp&s=edf040c91bbb928dad681c9c091733475bb00139
What affects the value of cryptocurrency?
The price of cryptocurrency depends on different factors. First of all, the basic economic principle of demand and supply works here. High demand for limited coins will raise their prices. The more coins are mined, the harder it is to get new ones. As a result, they become more precious.
Usefulness of coins also matters. When people understand that they can solve specific cases using cryptocurrency it may be in demand. For this reason, DASH became famous in countries which suffer difficulties with official banking system.
Mass media and historical events affect the value of cryptocurrency too. If negative publicity appears or the government puts a strict regulation against the use of coins, their price goes down. It works the opposite way too. Microsoft started accepting BTC as a payment method in 2014. They set an example for many other global companies and promoted the cryptocurrency.
Rise and fall
As it has already been mentioned, notable cases influence the market. In 2013 the Bitcoin price raised to 266$ but crashed and it costed 109$ in October. It happened because of the Silk Road arrest. This anonymous trading floor sold illegal goods and commonly used BTC for getting payments.
Cryptocurrency market has capped the climax several times in 2017. The price of BTC was growing from April and in the middle of December gained its maximum reaching 20 000 dollar mark. Meantime the price of BTC was close to 11 000$ at the beginning of September 2019 but came down to 8 000$ at the end of the month.
Coin market capitalization
Cryptocurrency capitalization is an integrated cost of all issued digital coins at the market. US Dollar usually serves as a monetary indicator. This characteristic helps to understand if cryptocurrency is attractive to invest in or not.
Two main factors affect the capitalization. One of them is a coin emission (the amount of coins in turnover) and another is a coin rate. In most cases, the emission always grows because of the mining process. The more coins have been mined the harder to get some new ones. This process affects the rate too. For example, this scheme works with BTC.
There are some cryptocurrencies (such as NXT) with initial emission. Capitalization here is directly related to the rate and market activity because the total amount of coins is unchangeable.
Who risks nothing, gains nothing?
When one tries to choose cryptocurrency for the investment, attention should be paid to its capitalization. High level of capitalization tells about better market fluctuation tolerance of the currency. It is more stable but a rapid increase in the rate can not be expected. On the other hand, assets with lower capitalization show significant swings in a short period of time.
Famous quotes
“It is not a speculative investment even though it is being used as such by other people. As Bitcoin network grows the value of Bitcoin grows. As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies.” – Eric Schmidt, Executive Chairman of Google
“Bitcoin is a technological tour de force.” – Bill Gates, Co-founder of Microsoft
Interesting fact
One of the world’s most famous and successful investment in cryptocurrency was made by Norwegian student Kristoffer Koch in 2009. He got to know about bitcoins while he was writing a thesis on encryption. Kristoffer purchased 5 000 bitcoins for 150 Krones ($26.60) and forgot about them soon afterwards. “Cryptography and computer security interests me: I’m a technical guy, not an investor. So I just bought a few at that time.” – said Mr. Koch. In 2013 cryptocurrency was vividly discussed in mass media and it made the Norwegian remember about his investment. The idea of how much his coins had come to be worth struck him. 150 Krones turned into 885 000 dollars and some part of this money was used to buy a spacious apartment in a prestigious district of Oslo.
Cryptocurrency investing can be really profitable. It bring its benefits if one takes into account all moments which influence the market and stays aware of changes in this sphere.
No matter which cryptocurrency you choose to invest in, you can always exchange one coin for another using StealthEX. It is an anonymous and limitless cryptocurrency exchange with the top concern about user’s privacy.
Just go to StealthEX.io and follow these easy steps:
  • Choose the pair and the amount for your exchange. For example, BTC to ETH.
  • Press the “Start exchange” button.
  • Provide the recipient address where the coins will be transferred.
  • Move your cryptocurrency for the exchange.
  • Receive your coins.
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected]
submitted by Stealthex_io to StealthEX [link] [comments]

Man bought $27 of bitcoins in 2009 and they’re now worth $980k

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.
Koch probably didn’t think he would become wealthy as a result, but his 5,000 BTC has turned into a goldmine. It was a wise investment by someone who stumbled across bitcoin before many others did.
Koch found that his bitcoins were worth 5 million Norwegian kroner ($886,000) when he checked back in on them. At the current Bitcoin Price Index of $196, those coins are now worth about $980,000.
After purchasing the 5,000 bitcoins, Koch pretty much forgot about them altogether. That is, until the price shot up to over $200 back in April and he started seeing press coverage about bitcoin’s rise.
“I thought to myself, didn’t I have something like that?” Koch told NRK, a Norwegian news outlet.
He did, and after figuring out the password to his wallet and seeing 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, Norway. All thanks to the huge price gain that bitcoin has experienced, mostly
in the past year.
submitted by GoldCharity7 to nonzerotoken [link] [comments]

Why I believe we're on the cusp of the 3rd great Bitcoin bubble

We've recovered from the last crash
You might think it's a bit early (based on the time frame for the last recovery), but things are looking a lot different than in 2011. I would suggest its because the last bubble popped prematurely due to Mt. Gox's failure of a trading engine.
Interest in buying Bitcoins has gone up to its highest point since the last bubble.
There's a similar spike in general interest. Partly helped along by the Silk Road news.
The network is being used at the same rate as during the last bubble.
The Bitcoin ATM story (see below) is causing Bitcoin to trend in Canada on Google (was #1 for a bit). The $27 story (see below) will almost certainly cause a large spike worldwide in Google trends once they're updated up to yesterday.
Lots and lots of new businesses now accept Bitcoins
One legitimate criticism of Bitcoin last year was the lack of places to spend them. We basically just had Alpaca Socks, Reddit and Wordpress, we've grown a lot since then!
Charities and others are taking donations
The first Bitcoin I ever spent was to donate to Wikileaks. More and more places are setting up Bitcoin donation buttons, because why not?
The $27 story is going massively viral
I think the attention this story is getting took a lot of us by surprise. We're thinking "of course if you bought Bitcoins in 2009 you're rich" and it didn't make much of a splash. But to the rest of the world it's a very novel and interesting story.
The first Bitcoin ATM has been installed
Easier way for people acquire Bitcoins with cash. Lots of free publicity. More machines are on their way and will generate more and more news.
Institutional money is coming
Afraid with the price at $200 that it will be hard to find enough moms and pops to keep money coming in faster than miners are selling? Don't be, there are individuals out there with a net worth higher than the entire Bitcoin ecosystem.
Interesting new developments
Cool things that didn't exist before the last bubble (as far as I remember).
Governments are explicitly saying it's not illegal
More and more governments are either saying Bitcoins are legitimate currency, or releasing guidelines for exchanges to comply with anti-money-laundering laws.
New generation of exchanges
Mt. Gox's terrible trading engine was a huge factor in the last crash. They couldn't keep up with all the new interest.
This time around there are more exchanges in more countries, and not a single point of liquidity.
submitted by DTanner to Bitcoin [link] [comments]

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17 Bitcoin Facts you Need to Know

17 Bitcoin Facts you Need to Know
Here are seventeen of the most important and interesting Bitcoin facts which should hopefully give you a basic understanding of this cryptic cryptocurrency!
1.We know who founded Bitcoin. . . but, not exactly
Bitcoin’s founder is Satoshi Nakamoto and (s)he is responsible for designing and engineering the entire project. But, that’s all we know. Satoshi Nakamoto is a pseudonym and, for all we know, could be a team of people. Whoever they are, their estimated worth is $16.5 billion in Bitcoin and they were nominated for a Nobel Prize in Economic Sciences in 2015.
2. Bitcoin is limited in number
The individual – or team – behind Bitcoin set a pre-defined amount of Bitcoin before the project was complete, which is 21 million. This number is slowly being approached and it is getting harder to ‘mine’ new Bitcoin each day.
3. New Bitcoin are created through ‘mining’
‘Mining’ is the very complicated process by which new Bitcoin are produced. Mining Bitcoin is analogous to mining gold; there is a finite amount of gold and the more it is mined, the more difficult and resource-intensive it is to find. This is the same with Bitcoin.
4. The FBI has a huge amount of Bitcoin kept in wallets
In fact, the FBI has one of the largest Bitcoin wallets, period. When Silk Road – the dark web marketplace for drugs – was shut down, they seized its owner’s assets which included a Bitcoin wallet which is reported to be worth over $100 million.
5. One of Bitcoin’s first transactions was for pizza
In May 2010, two pizzas costing $25 were purchased for 10,000 Bitcoin. In January 2018, the value of 10,000 Bitcoin was around the $150 million mark.
6. It is more powerful than 500 of the most powerful supercomputers
As the experts put it, Bitcoin’s network has a computing power of 2,046,364 Pflop/s which, when compared to the computing power of the world’s 500 most powerful supercomputers – 274 Pflop/s – is eye watering.
7. It is completely anonymous
It is not possible to find out the details of people you have sent Bitcoin too, or from whom you have received Bitcoin. When sending Bitcoin, a 34-character alphanumeric ‘address’ is used which cannot be traced. As a result, the industry that was the swiftest to adopt cryptocurrency payments was the online gambling scene. Bitcoin poker and general gambling without any territorial restrictions appeared practically overnight.
8. Private key, the only proof of ownership
The private key is the only proof of ownership that the bitcoin network recognizes. If in any case, the private key is lost, then the bitcoins will become unusable and it is equivalent to losing the coin. So, it is important that the private key is kept in a safe and secure place. Notably in an incident in the year 2013 saw one user, by the name of James Howells, claiming that he has lost 7500 bitcoins after he mistakenly discarded a hard drive that contained his private key. At that time, the Bitcoins were valued at $7.5 million! This situation could have been easily avoided had the user kept a backup of his private key.
9. Also, Bitcoin transfers are irreversible
Unlike PayPal where you can reverse transactions and file chargeback disputes, Bitcoin transactions are final. There are no second chances with Bitcoin, so you have to be sure you are ready to commit to your purchase.
10. It has made some people very rich
A Norwegian by the name of Kristoffer Koch invested $28USD into Bitcoin and promptly forgot about it. By the time he remembered he owned it, its value was worth more than $825,000. There are many more of these success stories too.
11. But, make sure you don’t lose your wallet
If you lose your Bitcoin wallet, it’s gone, end of story; it’s not like losing a debit card. Unfortunately, many people who bought Bitcoin in its early days have done just this and it is estimated that 64% of Bitcoin has never and will never be used because of this.
12. Bitcoin is not controlled by any single entity
Unlike national currencies which are controlled by national banking institutions, Bitcoin is not controlled by any one single person or entity. Instead, it is controlled by everyone who uses Bitcoin… confusing, eh!
13. It is completely transparent
Perhaps the most unique aspect of Bitcoin is that you can see all of the transactions; it is entirely transparent. Everything can be viewed on the blockchain and it is this openness and transparency which gives it such a high level of trust among the wider Bitcoin community.
14. Bitcoin can be sent with virtually no fees
If you were to transfer money from a bank in the US to a bank in Malaysia, you would probably have to pay bank transfer and currency conversion fees. With Bitcoin, there are no transaction fees and it is sent almost immediately – for about 10 minutes.
15. Bitcoin has a dark and suspicious past
Before it became popular in the mainstream, Bitcoin was largely used on the ‘dark web’ to fund illegal transactions. A popular example of this was something known as “The Assassination Market” where people could place bets in Bitcoin about a particular individual’s date of death. If somebody was to ‘guess’ correctly, they could collect a payoff!
16. Bitcoins are valued higher than gold!
The value of Bitcoins rose to such heights in the month of November 2013 that it exceeded the price of gold for the first time. It was again in March 2017 that the market value of an ounce of gold was surpassed by the value of bitcoins. The price of bitcoin surged to an all-time high of $1268.
17. Its legal status varies, too
There are a lot of questions when it comes to the legality of Bitcoin, and this varies from country to country. Some countries openly support Bitcoin, and there are others which don’t; there is a comprehensive list online which is kept updated to reflect each country’s individual position on the cryptocurrency.
Some countries such as the USA are even trying to regulate Bitcoin, but this has been met with widespread backlash from Bitcoin advocates.
We hope that cleared some things up for you!
Bitcoin may sound a little confusing at first, but it is a real currency which you can use to buy real things! Although it is not tangible in the sense of a dollar bill, there are still a wide variety of merchants (the number is always growing) who are willing to accept Bitcoin as payment for items.
It is not restricted to the internet, either. There are many physical stores who can accept Bitcoin payment in person using specially designed apps and software.
Source: Boomsbeat, Cryptocurrency News
https://preview.redd.it/28ze6sayili11.jpg?width=700&format=pjpg&auto=webp&s=4b7d466454ed36e41c9b05c05671464618a8f3be
submitted by Lumi_wallet to LumiWallet [link] [comments]

I had invested only $2000 in bitcoin in 2008

I was just wondering from last a few days that what if I had only invested 2000 dollars back in 2008-2009 in Bit Coin. What they would have become now. And what they would become if the current rate of increase increases with an increasing rate for at least 2 months. Price of 1 bit coin was even less than $0.008 in 2008 when Kristoffer Koch spent just $27, bought 5000 bitcoins and forgot about his investment, offering him nearly $1 million in 2013. Koch came across some reports and news about rising value of Bitcoin and recalled he also had 5000 of them which had become an enough big fortune for him by 2013. Just by selling fifth part, he was able to buy apartment in Oslo, Florida. I don't know if he has liquidated rest of his balance too but if he has not, that means rest of the 4000 bit coins have now become $66 million with today's $16590 price of 1 bit coin. $21 = $66000000 I just wish I had spent only $2000 in bitcoin back in 2008.
submitted by noramaarshal to Bitcoin [link] [comments]

How many here will say Happy New Year

2017 is Virtacoins year to make great things happen. Let's all pull together to do our part.
Who wants to be a millionaire? That could possibly lead to a cheerful chorus of “me” almost anywhere. The stories of rags to riches are inspirational stuff.
When it comes to Virtacoin there are many reasons to believe that the cryptocurrency has the power to create wealth. Even small amounts of Bitcoin bought years ago have made people incredibly wealthy. In December of 2015, The Guardian reported the case of Kristoffer Koch, a Norwegian who had purchased Bitcoin worth $26.60 in 2009. Koch acquired a total of 5000 Bitcoins for his investment, which at last year’s rate was worth $886,000.
In 7 years he made $126000 dollars a year. Not too shabby.
Hold on to all your virtacoins.
The first rule of any investment is to buy and hold. You could also promote Virtacoin yourself to the best of your ability. (Friends & family etc.) This will help Virtacoin gain in value which will in turn help you become a Millionaire..
Who would not be tempted to cash in some of their gains and make a quick buck and spend it on a holiday or buy their dream house?
This is understandable as it is difficult for people to put off the pursuit of happiness if they can pursue it today. This is a great challenge, not only for Virtacoin investors but almost everyone holding an asset.
It would be completely foolhardy though not to take some profits (Your initial investment) and let the rest gain in value. You should hold on to the majority of your Virtacoin if you do intend to take advantage of the gains in the currency. I believe 2017 is Virtacoins year to reward us for our patience.
Remember Koch, even he forgot about the Bitcoin he had purchased nearly six years prior. It is best that you forget about your holdings and have patience as well if you want to make some serious money.
Keep them safe
If you have Virtacoin, remember to keep them safe.
Remember, do not keep your wealth lying around with other people, such as in an exchange. Also, make sure that you have a trustworthy person who has access to your Virtacoin, so that if something happens to your mortal frame, at least your heirs can benefit. This is elementary stuff.
Don’t lose your Virtacoin, the more value that Virtacoin gains, the higher the chances that you may become a victim of theft.
Let us go back to the case of Koch, who forgot his password and nearly lost access to all his fabulous wealth. Remember your passwords people and keep your virtacoin safe.
How much Virtacoin will make you a millionaire
This is certainly a difficult question to answer.
Unfortunately, there are no guarantees in life.
However, there are fables and stories to keep your spirits up. Back in 2010, a Florida-based computer programmer by the name of Laszlo Hanyecz paid for a pizza with 10,000 Bitcoin that he had mined. Today, that pizza would be worth nearly $9 million 520 thousand dollars. It took six years. Can you wait that long.
The exponential growth in Bitcoin, therefore, makes many people hopeful. We can only say that the early believers had it easier and the cost of delaying your entry into Virtacoin will only make it harder for you to become a millionaire.
To-Day you can buy 1 million Virtacoin very very cheap, Think about how much 1 million Virtacoin could cost you in a year or so. Do you really want to wait.
The moral here is that everyone should have some exposure to cryptocurrencies, particularly Virtacoin. After all, if Mr. Koch did not believe in Bitcoin or buy them in the first place, he would have made no fortune. Happy investing and, quoting from a cheesy Hollywood film, “may the odds be ever in your favor.”
Happy New year from me to everyone reading this. Virtacoin will find its place in 2017.
PS>> There are 172 members here, lets everyone leave a happy new year and a message of hope for the rest of us. I believe 2017 is going to be a very very great year for Virtacoin. Who else here thinks the same way. Stand up & be counted.
submitted by Bwealthy2 to VirtaCoinFoundation [link] [comments]

[uncensored-r/Bitcoin] I had invested only $2000 in bitcoin in 2008

The following post by noramaarshal is being replicated because the post has been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7j3c95
The original post's content was as follows:
I was just wondering from last a few days that what if I had only invested 2000 dollars back in 2008-2009 in Bit Coin. What they would have become now. And what they would become if the current rate of increase increases with an increasing rate for at least 2 months. Price of 1 bit coin was even less than $0.008 in 2008 when Kristoffer Koch spent just $27, bought 5000 bitcoins and forgot about his investment, offering him nearly $1 million in 2013. Koch came across some reports and news about rising value of Bitcoin and recalled he also had 5000 of them which had become an enough big fortune for him by 2013. Just by selling fifth part, he was able to buy apartment in Oslo, Florida. I don't know if he has liquidated rest of his balance too but if he has not, that means rest of the 4000 bit coins have now become $66 million with today's $16590 price of 1 bit coin. $21 = $66000000 I just wish I had spent only $2000 in bitcoin back in 2008.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

12-11 16:52 - 'I had invested only $2000 in bitcoin in 2008' (self.Bitcoin) by /u/noramaarshal removed from /r/Bitcoin within 3-13min

'''
I was just wondering from last a few days that what if I had only invested 2000 dollars back in 2008-2009 in Bit Coin. What they would have become now. And what they would become if the current rate of increase increases with an increasing rate for at least 2 months. Price of 1 bit coin was even less than $0.008 in 2008 when Kristoffer Koch spent just $27, bought 5000 bitcoins and forgot about his investment, offering him nearly $1 million in 2013. Koch came across some reports and news about rising value of Bitcoin and recalled he also had 5000 of them which had become an enough big fortune for him by 2013. Just by selling fifth part, he was able to buy apartment in Oslo, Florida. I don't know if he has liquidated rest of his balance too but if he has not, that means rest of the 4000 bit coins have now become $66 million with today's $16590 price of 1 bit coin. $21 = $66000000 I just wish I had spent only $2000 in bitcoin back in 2008.
'''
I had invested only $2000 in bitcoin in 2008
Go1dfish undelete link
unreddit undelete link
Author: noramaarshal
submitted by removalbot to removalbot [link] [comments]

Persuasive essay I wrote on why you should use Bitcoins

Hey guys, first time poster here. I wrote a persuasive essay about bitcoins for my final on speeches. Could you guys please fact-check me on what I wrote? Thank you!
Crypto-currencies are a new form of money that are being used to buy products and services anonymously online. This online money isn't tied to a currency, called fiat currencies, or controlled by a government. Bitcoins and other altcoins, which are types of crypto-currency, are tax free and have no transaction fees. Altcoins are to Bitcoins as pesos are to dollars. Every transaction is recorded by a ledger; however, every exchange of currency is anonymous. Online, you want to protect your identity, which makes Bitcoins the perfect currency for transactions on the internet. You wouldn't want to give a stranger on the Internet your credit card information or even your name.
Now I will give you some background on how Bitcoins are created. Bitcoins are produced by a procedure called mining. Mining is when your computer solves complex math problems. As time goes on and more Bitcoins are mined, the difficulty and time it takes to mine this currency increases. When mining Bitcoins first started, the difficulty was so low that inexpensive computers were able to generate a profit. Over time, the difficulty increased and you had to use the best computers to stay competitive and be cost-efficient. Today, people use specialized kind of chips called AISCs; chips programmed only to mine Bitcoins. It takes a somewhat significant investment to mine Bitcoins at a profitable rate which helps keeps the price high. Bitcoins are mined in blocks currently containing twenty-five coins. This amount started at fifty, then went down to twenty-five, and will go down by half until the reward becomes slightly more than. There are currently over fourteen million Bitcoins in circulation, currently worth about 228 dollars a piece(“BTC Market Price”). Bitcoins will stop being mined when there are almost 21 million in circulation. This is to prevent the Bitcoin from becoming worthless due to inflation. (Satoshi Nakamoto)
One of the main reasons people buy, spend, and save Bitcoins is because they provide anonymity compared to paper currency, online money services such as PayPal, and credit and debit cards. It allows you to patronize stores without letting them know who you are. Many people, even in this age of online shopping, are hesitant to give out personal information on the Internet. It's actually a good thing to be afraid to use your debit or credit card online because identity theft is a very common occurrence. I'm not trying to scare you into never using any form of payment other than Bitcoins, but it is better to be safe than sorry. If you use Bitcoins, you won’t have to release personal information online.
If you got into bitcoins early enough, you would have made an unreal amount of money. In 2009, a man named Kristoffer Koch bought about twenty-seven dollars worth of bitcoins, about 5,000 at the time. He forgot about then until 2013, where he discovered the Bitcoins he owned were worth 886,000 USD (“Kjøpte Bolig for Internettpenger”). He made a 33000% return on his investment. While returns today aren’t nearly as good, the Bitcoin is still a currency that can be traded similarly to stocks.
You may be thinking, "But Ryan, Bitcoins are only used to purchase illegal goods and services from shady websites!" While it is true that people are able to buy drugs and other illegal goods, those purchases only account for an estimated half a percent of all purchases made. Considering the transaction volume of Bitcoins is about 10 billion USD per year, only 50 million of this is used to buy drugs. The illegal drug trade accounts for about one percent of the world’s Gross Domestic Product, which makes the Bitcoin drug market just a drop in the ocean.
Bitcoins are the best currency to use online as they wont give away any of your personal information. This is an incredibly important aspect of the Bitcoin. They are a currency that can be used to buy almost anything if the person accepts them as a form of payment. Government controlled currencies have much less freedom attached. They are subject to taxation and all kinds of fees can apply, such as transaction or exchange fees. Bitcoins are unable to be taxed unless the person or company chooses to report the earnings because Bitcoin transactions are unable to be tracked by the government. However, all transactions are public, which makes the currency much more transparent. To support Bitcoins, you should purchase Bitcoins and make purchases with them. If more and more people use Bitcoins for transaction fee and tax free purchases, the amount of vendors that accept Bitcoins will increase. Please purchase and spend Bitcoins to support best currency for online transactions.
If you took the time to read all of this and post some criticism, thank you!!!
Edit: Added some edits suggested by busterroni
submitted by ryanlaw to Bitcoin [link] [comments]

Reporter Writing Story on Bitcoin and Future of Global Tax Policy on the Currency--Need Sources/Interviews

I'm a reporter with a NY tax law publication. I'm writing a feature article on Bitcoin and other virtual currencies, and the future of tax policy for emerging virtual currencies. In browsing AmA a month or so ago, I saw this article on the guy who bought an apartment with a modest bitcoin investment.
I'd love Reddit's help in finding a few people to speak with about this. In particular, anyone who uses Bitcoin, has cashed out, and been taxed (or has not been taxed).
Thanks in advance for your help everyone!
submitted by andinfirstplace to Bitcoin [link] [comments]

Onecoin A New Amazing Cryptocurrency And The Next Bitcoin

THE NEXT BITCOIN is here ! Its called Onecoin and here is a quick presentation of this amazing new cryptocurrency : One Onecoin is worth 5.5 Euros today and it will reach 100 euros within one year !!!
NOW is really the time to invest into Onecoin because we are at the really start of something huge ! I did it myself and I TRIPLED my money IN ONLY 3 WEEKS !
In case you missed what happened with BITCOIN let me remind you that it started in 2009 at the price of 0.10 USD per Bitcoin and it reached 1200 USD per Bitcoin in 2013 (only 4 years) ... IT WAS ALL ABOUT BUYING THE COINS AT THE BEGGINING ... SO IF YOU MISSED THIS OPPORTUNITY WITH BITCOIN DONT MISS ONECOIN BECAUSE THIS IS A ONCE IN A LIFETIME CHANCE !!! RIGHT NOW IS ONLY THE BEGGINING OF THIS AMAZING JOURNEY .
Many information about Onecoin and how to use it are available online today on internet and on YouTube. I recommend you to really look into Onecoin because there is no doubt that it can be one of the best investments of 2016.
I personally joined Onecoin 3 months ago and I multiplied my money by 3 during those 3 months ! There are many tools inside your dashboard to help you learn about trading online even if you are a beginner.
I recommend you to learn about it using videos of YouTube and you will see for example the story of this young guy (Kristoffer Koch) that bought $27 of Bitcoin and 4 years after he was amazed to see that he had over $800,000 on his account !
HURRY because order prices we be increased by 10 percent very soon !
SIGN UP now for free by clicking on thé following link : https://www.onecoin.eu/signup/davecoins
submitted by davecoins to CryptoCurrencies [link] [comments]

Thema der Woche: Drastische Kurseinbrüche - Anschnallen ist angesagt!  Börse Stuttgart Mr Kristof - YouTube Norway Man bought Cryptocurrency Bitcoins $27 in 2009 Near 1Milion Return 2013 挪威男子09年買入比特幣13年獲近百萬美金 Was ist Bitcoin ? Erklärung deutsch Top 5 Bitcoin Success stories

news; Norwegian student Kristoffer Koch buys $27 in bitcoin in 2009, now he owns an apartment. FOUR years ago student Kristoffer Koch spent $26.60 on a little-known internet currency called bitcoin. Kristoffer is a Norwegian electrical engineer whose life took a 360-degree turn back in 2009, not exactly then but that is where it all started from. He came into contact with an innovation called the Bitcoin; a virtual currency that promised to change the financial situation. While writing a master thesis on encryption technology, his course of research is what led him to the point where he ... Reich durch Cyberwährung Kristoffer Koch, der Bitcoin-Glückspilz von Annette Berger 30.10.2013, 12:10 Uhr Ein Student aus Norwegen tauschte vor fünf Jahren 27 Dollar in die Internet-Währung ... 2009 war Koch gerade dabei, seine Abschlussarbeit zu schreiben – zum Thema Verschlüsselung. Und selbstverständlich verschlüsselte er auch das Passwort für sein Bitcoin-Konto nach allen Regeln der Ingenieurskunst, ist unter anderem bei „News.com.au“ zu lesen. Dann vergaß er die ganze Sache. Mit Bitcoins kann man einkaufen und Pizza ordern According to Norwegian news outlet NRK, Kristoffer Koch decided -- on a whim -- to invest 150 kroner (about $26) in 5,000 bitcoins in 2009, soon after the Bitcoin network first came into existence.Koch is said to have discovered the virtual currency while writing a thesis on encryption and decided to put down a small investment out of sheer curiosity.

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Thema der Woche: Drastische Kurseinbrüche - Anschnallen ist angesagt! Börse Stuttgart

Bitcoin is probably the most high profile digital currency on the market thanks to a slew of headlines. News in October 2013 that Kristoffer Koch had an unexpected windfall of $850,000 from a $22 ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Kristoffer Koch aus Norwegen hat bestimmt seinen Augen zunächst nicht getraut, als er sich den Wert seiner Bitcoins im April 2013 angesehen hatte. Eine Berichterstattung über die anonyme ... Kristoffer Koch Invested 27 Dollar in Bitcoin in 2009 https://youtu.be/jZHM60Thi8c World Ustaad Free Online Video Tutorials Channel Watch The Video Tutorial ... Top 5 Bitcoin Success stories This video looks at 5 people who have been very successful thanks to Bitcoin: 1: Dee Heath: Pole dancer turned investor 2: Eddy Zillan: 16 year old Bitcoin investor 3 ...

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