Consistently finding itself amidst enormous success, Bitcoin has become one of the most affluent cryptocurrencies in the world, along with other majors like Ethereum, Ripple etc. We could say that it has not reached its peak value — since a lot of people are not fully aware of it and not all bitcoins have been mined out as yet (there is a cap of maximum 21 million bitcoins that can be produced). This means that there lies great scope of investing and earning in coming future. But there are some people who spotted this opportunity much earlier.
In its earlier days, bitcoins cost far lesser than they do now. By much less we mean 2000–3000% less! People who invested in Bitcoins in the beginning or even in 2013 or 2015 when Bitcoin was crashing badly have turned into millionaires today. Let’s read more about such people who have amassed fortune through Bitcoin.
#1 — Bought and Forgot
A man named Kristoffer Koch invested 150 kroner, which is just $26.60 in the year 2009 and bought 5000 Bitcoins. He was writing a thesis on encryption at that time and came across bitcoins during his research. At that time, the currency was in its nascent stage and so after performing this small investment, he entirely forgot about it. It was in April 2013 when there was a widespread media coverage of this strange currency, that Kristoffer remembered that he too owns some bitcoins.
Now since it was a cryptocurrency, it was stored in a secure e-wallet, the password of which Koch had forgotten. After numerous failed attempts, he was successful in logging in, and to his surprise, they were worth $886,000 — or 5.6 crores!
#2 — A Teenager? Really?
In 2012, a 15 year old boy named Erik Finman got motivated to try his hand at investment. On Easter, his grandmother gifted him $1000. Erik bought bitcoins of all the money he had received. Surprisingly, a year later his money was worth $100,000 and he sold all his bitcoins. His successful experience motivated him to open his own company, called Botangle.com. Botangle is a web venture where he provides video tutoring services and he pays all his employees in bitcoins.
#3 — Living on Bitcoins
26 year old Olaf-Carlson Wee got hired in a Bitcoin startup named Coinbase in February 2013. At that time, 1 bitcoin was worth $20-$30. He decided to get paid in bitcoins only. According to Olaf, he already knew the great potential of this cryptocurrency. At that time, hardly anyone had heard of bitcoins and so he decided to collect lots and speculate.
This farsightedness of Olaf has turned him into a millionaire today and ever since he first started earning, he makes all possible transactions with the help of bitcoins. He finds it to be a more democratic form of currency.
What if you had bought Rs 500 worth of bitcoins just seven years ago? How much would they cost today? Well, one would be surprised to hear that seven years ago, one bitcoin was worth just quarter of a cent. This means that Rs 500 bitcoins bought seven years ago could turn a person into a millionaire today! This is true. Rs 500 at that time could be worth 44 crores today!
The value of bitcoins had multiplied 879,999 times over since 2010. The beginning of 2017 was a golden year for all the bitcoin owners since after Japan legalised this cryptocurrency, an exponential rise was seen in its cost.
The best thing about investing in bitcoins is that since there cannot exist more than 21 million bitcoins altogether, their value is definitely going to increase. And it will not decrease even if there is turmoil in the world economy. Why? This is because it is a limited resource and therefore valuable. Of course it might see its bad days, but there is a meagre chance of value becoming nil altogether. If you haven’t started already, registering on Unocoin would be a good place to start.