Man accidentally sends $137000 worth of Bitcoin instead of $5

The enormous sum would have been paid to BitClub, the bitcoin network processing the transaction rather than the intended recipient, as Motherboard points out. 

Bitcoin, an encrypted currency that relies on a decentralised ledger of transactions known as the blockchain, rather than central banks, for legitimacy, has found legions of online fans, if not mainstream acceptance.

Earlier this year, one of Bitcoin’s top developers claimed the movement was doomed, and the virtual currency had failed.

Mike Hearn, a British programmer who quit a job at Google to work on developing Bitcoin full time two years ago, said it is controlled by China and that the network it relies upon “is on the brink of technical collapse”.

“There’s no longer much reason to think that Bitcoin can be better than the existing financial system,” Hearn wrote in a lengthy parting shot at sections of the movement.

mm – leading Bitcoin News source since 2012

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