A Norwegian man has discovered he is a millionaire (in Norwegian kroner) after reactivating a long-forgotten Bitcoin account.
For those of you that aren’t familiar with it, Bitcoin is a digital peer-to-peer cryptocurrency that can be generated by anyone with a computer, an internet connection and the correct software, in a process known as “mining”.
Mining Bitcoins involves your computer receiving large amounts of data from the internet, using your computer’s graphics card (a very powerful information processor) to perform calculations, and then sending the newly-processed information back to the internet.
It is a highly resource-intensive process that uses a lot of internet bandwidth, but with the right equipment can be highly lucrative. The processes performed by a mining computer are the very processes required to make the currency work – the verification process of each transaction.
In addition to mining, it is possible to buy and sell Bitcoins with “real” money.
Kristoffer Koch bought 150 kroner (£17.25p GBP / $27 USD) worth of Bitcoins in 2009 while researching encryption for a thesis. At the time, the digital currency was in its infancy, and not long afterwards, Koch forgot all about it.
Years later, following recent media coverage of the online currency, he suddenly remembered his account, and eventually also his login details.
Once successfully logged in, he was shocked to discover that due to the huge increase in the value of the currency, his 5000 Bitcoins were now worth 5 million kroner (£574,000 GBP / $920,000 USD).
Bitcoins aren’t just for trading for real money. Many items in the real world can be bought with Bitcoins. You can buy t-shirts, hoodies and other clothing and accessories on this very website using the cryptocurrency.
Elsewhere, there are pubs in London that accept Bitcoin, and there is even a Bitcoin ATM in Canada, from which you can buy and sell Bitcoins for real money.
Koch has since traded in 1000 of his Bitcoins, and bought a plush apartment in Toyen, a prestigious area in the Norwegian capital, Oslo.
Maybe someone should tell him he needs one of our Bitcoin Millionaire t-shirts?
We have a wealth of other Bitcoin t-shirts, hoodies and other apparel and accessories available.
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