Man buys $27 of bitcoin, forgets about them, finds they’re now value $886k

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The duration arise in bitcoin has meant that within a space of 4 years, one Norwegian man’s $27 investment incited into a lost $886,000 windfall.

Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after finding them during a march of essay a topic on encryption. He shortly forgot about them until widespread media coverage of a anonymous, decentralised, peer-to-peer digital currency in Apr 2013 jogged his memory.

Bitcoins are stored in encrypted wallets cumulative with a private key, something Koch had forgotten. After eventually operative out what a cue could be, Koch got a pleasing surprise:

“It pronounced we had 5,000 bitcoins in there. Measuring that in today’s rates it’s about NOK5m ($886,000),” Koch told NRK.

Silk Road fluctuations

In Apr 2013, a value of bitcoin appearance during $266 before crashing to a low of $50 shortly after. Since then, bitcoin has seen vast fluctuations in a value, many recently following a seizure of online drugs marketplace Silk Road, plummeting before jumping $30 in one day to
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