A Virtual $27 Became A Very Real $866,000: The Accidental

Persuasive essay I wrote on why you should use Bitcoins

Hey guys, first time poster here. I wrote a persuasive essay about bitcoins for my final on speeches. Could you guys please fact-check me on what I wrote? Thank you!
Crypto-currencies are a new form of money that are being used to buy products and services anonymously online. This online money isn't tied to a currency, called fiat currencies, or controlled by a government. Bitcoins and other altcoins, which are types of crypto-currency, are tax free and have no transaction fees. Altcoins are to Bitcoins as pesos are to dollars. Every transaction is recorded by a ledger; however, every exchange of currency is anonymous. Online, you want to protect your identity, which makes Bitcoins the perfect currency for transactions on the internet. You wouldn't want to give a stranger on the Internet your credit card information or even your name.
Now I will give you some background on how Bitcoins are created. Bitcoins are produced by a procedure called mining. Mining is when your computer solves complex math problems. As time goes on and more Bitcoins are mined, the difficulty and time it takes to mine this currency increases. When mining Bitcoins first started, the difficulty was so low that inexpensive computers were able to generate a profit. Over time, the difficulty increased and you had to use the best computers to stay competitive and be cost-efficient. Today, people use specialized kind of chips called AISCs; chips programmed only to mine Bitcoins. It takes a somewhat significant investment to mine Bitcoins at a profitable rate which helps keeps the price high. Bitcoins are mined in blocks currently containing twenty-five coins. This amount started at fifty, then went down to twenty-five, and will go down by half until the reward becomes slightly more than. There are currently over fourteen million Bitcoins in circulation, currently worth about 228 dollars a piece(“BTC Market Price”). Bitcoins will stop being mined when there are almost 21 million in circulation. This is to prevent the Bitcoin from becoming worthless due to inflation. (Satoshi Nakamoto)
One of the main reasons people buy, spend, and save Bitcoins is because they provide anonymity compared to paper currency, online money services such as PayPal, and credit and debit cards. It allows you to patronize stores without letting them know who you are. Many people, even in this age of online shopping, are hesitant to give out personal information on the Internet. It's actually a good thing to be afraid to use your debit or credit card online because identity theft is a very common occurrence. I'm not trying to scare you into never using any form of payment other than Bitcoins, but it is better to be safe than sorry. If you use Bitcoins, you won’t have to release personal information online.
If you got into bitcoins early enough, you would have made an unreal amount of money. In 2009, a man named Kristoffer Koch bought about twenty-seven dollars worth of bitcoins, about 5,000 at the time. He forgot about then until 2013, where he discovered the Bitcoins he owned were worth 886,000 USD (“Kjøpte Bolig for Internettpenger”). He made a 33000% return on his investment. While returns today aren’t nearly as good, the Bitcoin is still a currency that can be traded similarly to stocks.
You may be thinking, "But Ryan, Bitcoins are only used to purchase illegal goods and services from shady websites!" While it is true that people are able to buy drugs and other illegal goods, those purchases only account for an estimated half a percent of all purchases made. Considering the transaction volume of Bitcoins is about 10 billion USD per year, only 50 million of this is used to buy drugs. The illegal drug trade accounts for about one percent of the world’s Gross Domestic Product, which makes the Bitcoin drug market just a drop in the ocean.
Bitcoins are the best currency to use online as they wont give away any of your personal information. This is an incredibly important aspect of the Bitcoin. They are a currency that can be used to buy almost anything if the person accepts them as a form of payment. Government controlled currencies have much less freedom attached. They are subject to taxation and all kinds of fees can apply, such as transaction or exchange fees. Bitcoins are unable to be taxed unless the person or company chooses to report the earnings because Bitcoin transactions are unable to be tracked by the government. However, all transactions are public, which makes the currency much more transparent. To support Bitcoins, you should purchase Bitcoins and make purchases with them. If more and more people use Bitcoins for transaction fee and tax free purchases, the amount of vendors that accept Bitcoins will increase. Please purchase and spend Bitcoins to support best currency for online transactions.
If you took the time to read all of this and post some criticism, thank you!!!
Edit: Added some edits suggested by busterroni
submitted by ryanlaw to Bitcoin [link] [comments]

Norway Man bought Cryptocurrency Bitcoins $27 in 2009 Near 1Milion Return 2013 挪威男子09年買入比特幣13年獲近百萬美金 One bitcoin is worth more than US$10,000 10 Things You Didn't Know About Bitcoin Mr_Kristof - YouTube LATEST 2017 Why Bitcoin experts predict going to $1 Million per coin!

Kristoffer Koch decided to buy 5,000 bitcoins for only 150 Norwegian kroner ($26.60) in 2009, after discovering bitcoin as part of an encryption thesis he was working on. 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. Norwegian student Kristoffer Koch invested $27 in March 2009 to buy 5,000 Bitcoins as part of a university thesis, subsequently forgetting that he had done so. Today, Mr. Koch's tiny investment is worth $866,000. Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. Koch purchased 5,000 BTCs in 2009 at half a cent each. If he were to do that today his purchase would cost 1.05 million dollars. This is a prime example of how the currency favors early adopters.

[index] [15054] [14782] [11225] [2411] [1186] [10384] [424] [131] [10828] [10419]

Norway Man bought Cryptocurrency Bitcoins $27 in 2009 Near 1Milion Return 2013 挪威男子09年買入比特幣13年獲近百萬美金

The meteoric rise in bitcoin has meant that within the space of four years, one Norwegian man's $27 investment turned into a forgotten $886,000 windfall. Kristoffer Koch invested 150 kroner ($26 ... In December of 2015, The Guardian reported the case of Kristoffer Koch, a Norwegian who had purchased Bitcoin worth $26.60 in 2009. Koch acquired a total of 5000 Bitcoins for his investment, which ... In fact, back in 2009, a man named Kristoffer Koch bought 5,000 Bitcoin for $27...that’s just over half a cent per Bitcoin! At the all-time high rate of $6,300 per Bitcoin, his 5,000 Bitcoin ... Kristoffer Koch Invested 27 Dollar in Bitcoin in 2009 https://youtu.be/jZHM60Thi8c World Ustaad Free Online Video Tutorials Channel Watch The Video Tutorial ... The meteoric rise in bitcoin has meant that within the space of four years, one Norwegian man's $27 investment turned into a forgotten $886,000 windfall. Kristoffer Koch invested 150 kroner ($26 ...