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Bitcoin Investment Earns Norwegian Half a Million Pounds!

October 31, 2013 9:38 am Published by

A Norwegian man has discovered a Bitcoin investment he made four years ago has earned him an impressive £551,000!

Kristoffer Koch bought £17 worth of the digital currency back in 2009 which he forgot about until April this year when he saw extensive coverage of the currency in the media.

Bitcoin is a digital currency which was introduced in 2008 and stored in encrypted wallets, secured with a private key. Koch had forgotten his password to access the wallet but when he remembered it, he was astonished to find the £17 investment had grown to a remarkable £551,000!

He exchanged 1,000 Bitcoins and had enough Norwegian Kroner to buy an apartment in Toyen, one of the wealthier areas of Norway.

    

Until recently, if you wanted to spend your Bitcoins you would need to send them to a specialist exchanger for traditional currency. However, on October 29th the world’s first Bitcoin ATM became available to the public in Canada which scans a user’s palm to enable them to buy or sell Bitcoins for cash.

The Pembury Tavern in Hackney, as well as three of its sister pubs around the UK, are now accepting the virtual currency after the pub group founder, Stephen Early, created and installed a Bitcoin payment option.

Have you made an investment in Bitcoin’s? Do you think the virtual currency will become mainstream?

 

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This post was written by Kayleigh Driscoll

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