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Bitcoin: Big surprise profits

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Three years ago he bought some bitcoins, forgot about them, then reading about increase in value found they're worth $690,000 now so bought apartment. article about them 

A pile of Bitcoin slugs sit in a box ready to be minted on April 26, 2013 in Sandy, Utah (Source: AFP, Getty Images)


Man buys flat with forgotten $24 bitcoin


AFP News agency

A Norwegian man who purchased $24 worth of bitcoins and then promptly forgot about it for four years, was able to buy an apartment in central Oslo thanks to the massive appreciation of the virtual currency.

In 2009, Kristoffer Koch was doing research on encryption and on a whim decided to invest a small sum in the recently created bitcoins -- a means of payment over the Internet.

Koch, now 29 and working as an engineer, only remembered the investment in April of this year when he read an article about the soaring value of bitcoins.

His 5,000 bitcoins were suddenly worth around $690,000 (500,000 euros).

After spending a full day trying to remember his password, Koch cashed in 1.1 million kroner (135,000 euro, $186,000), by selling a fifth of his newly acquired fortune.

After deducting 28 percent in taxes, the money was enough for the downpayment and restoration of a flat worth 2.6 million kroner in central Oslo, one of the world's most expensive cities.

"Not in my wildest dreams could I have imagined that they would have soared like this," Koch said.

"It's bizarre, these psychological reflexes that make us attach a value to something that doesn't have any in itself."

Bitcoins can be exchanged for real money or used to purchase goods and services online.

The virtual currency is increasingly used for Internet transactions and its value is extremely volatile, subject to speculation.

What are bitcoins? 

AFP News Agency

Bitcoins are created or exchanged using complex software protocols that have resulted in them being referred to as "cryptocurrency." While cash tends to be paper or metal, Bitcoins are snippets of code given value by scarcity and the faith that they can be traded for goods or services online.

Owners tuck the digital currency away in Bitcoin "wallets," programs that safeguard the valuable code and allow it to be exchanged with other Bitcoin wallets.

There are a variety of "wallets" ranging from digital pouches tailored for smartphones to "vaults" hosted on secure servers online and backed up to prevent loss.

Bitcoin owners have private software "keys" needed to spend the digital currency, and transactions are publicly logged in what is called a "block chain" to help ensure the integrity of the process.

"It is not actually anonymous; it is pseudo-anonymous," Stamos said of using Bitcoins. "Every transaction is publicly viewable."...

...There is an estimated $1.5 billion in bitcoins on the market and the digital currency can be transferred directly between smartphones or any other type of computers, raising concerns by regulators it will be used for criminal or terrorist activities.

Bitcoins have been declared illegal in Thailand.

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acquire: to get; to obtain - ได้มาซึ่ง

anonymous: not named - ไม่ระบุชื่อ

apartment: a set of rooms for living in that is part of a large building - ห้องชุด, อพาร์ทเมนท์

appreciation: increase in value - ค่าเพิ่ม

attach: to fasten or join one thing to another - ทำให้ติดกัน, ต่อ, ยึดติด

back up: to keep an extra copy of computer files to be safe, if computer crashes you do not lose files -

bizarre: very strange and unusual - แปลกประหลาด,วิตถาร,ผิดปกติ

code: a system of computer programming instructions - โปรแกรมคอมพิวเตอร์

complex: having a lot of details or small parts that make it difficult to understand or deal with - ซับซ้อน

currency: the system of money that a country uses - เงินตรา

digital: using a system of receiving and sending information as a series of the numbers one and zero, showing that an electronic signal is there or is not there - ซึ่งรับส่งข้อมูลด้วยการใช้ตัวเลข

down payment: a first payment that you make when you are buying something and are going to pay the rest later - เงินที่ชำระราคาครั้งแรก

encryption: when messages sent between use a secret code so that others cannot read the message - เปลี่ยนข้อความให้เป็นรหัส, การนำข้อความมาทำให้เป็นรหัส

engineer: a person who arranges for something to happen, especially in a skilful way - ผู้วางแผน

ensure: to make certain that something happens or is done - ให้การยืนยัน, รับรอง, ให้ความมั่นใจ

exchange: to give one thing and get another - แลกเปลี่ยน

extremely: very; to a very high degree อย่างสุดขีด, อย่างมาก, อย่างยิ่ง - อย่างสุดขีด, อย่างมาก, อย่างยิ่ง

faith: trust in somebody's ability or knowledge; trust that somebody/something will do what has been promised - ศรัทธา

flat: a set of rooms for living in, including a kitchen, usually on one floor of a building - แฟลต, ห้องชุด

fortune: a large amount of money - เงินมากมาย

host: to provide the space and other things necessary for a special event - ทำหน้าที่เป็นเจ้าภาพ, เป็นผู้จัดรายการ

imagine: to form a picture of something or someone in your mind - นึกคิด, จินตนาการ, นึกฝัน

integrity: the quality of being honest and having strong moral principles that you refuse to change - ความซื่อสัตย์, ความซื่อตรง

invest: to spend money on something in order to make it better or more successful - ลงทุน

investment: the act of investing money in something - การลงทุน

massive: very large - จำนวนมาก

means: methods; ways - วิธี, วิธีการ

not in my wildest dreams: it is very surprising; I would never have thought this would happen -

on a whim: to do something without thinking much; based on an emotion -

password: the secret word that you use to get entry into your computer account - รหัสผ่าน

pouch: a small bag -

promptly: in an immediate or quick way - ทันที

protocol: a system of fixed rules and formal behaviour - ระเบียบการ

psychological: connected with a person's mind and the way in which it works - ทางด้านจิตใจ, ทางจิตวิทยา

publicly: intending to be seen or heard by people in general - อย่างเปิดเผย

purchase: to buy something - ซื้อ

range from: to include a variety of different things in addition to those mentioned - ขยายออก, แบ่งประเภท

recently: not long ago - เมื่อไม่นานมานี้, เมื่อเร็วๆ นี้

refer: to mention someone or something - อ้างถึง, อ้างอิง

research: a careful study of a subject, especially in order to discover new facts or information about it - การวิจัย

restoration: the work of repairing and cleaning something, etc. so that its condition is as good as it originally was - การซ่อมแซม,การการบูรณะ, การกลับสู่สภาพปกติ

results: what you get in the end when activity is completed (test results, research results, etc) - ผล

scarcity: when there is not enough of something and it is difficult to obtain it - ความขาดแคลน, ความไม่เพียงพอ

secure: safe from attack or harm - ปลอดภัย

server: computer hardware and software that performs some service for all the computers on a network - เครื่องบริการ, ตัวบริการ๒. โปรแกรมบริการ [คอมพิวเตอร์]

snippet: a little piece of writing or a computer program -

soaring: rising very quickly to a high level - พุ่งพรวดขึ้น

speculation: buying something so that when the price of the thing goes up you will make money - กักตุน, การเก็งกำ, การเก็งกำไรสินค้าของพ่อค้าทำให้เขาถูกต่อว่ามากมาย, การหมุนเงิน

subject to: affected by - ได้รับผล

suddenly: quickly and unexpectedly - อย่างกะทันหัน

sum: an amount of something, especially money - จำนวนเงิน

tend: to be likely to behave in a particular way or have a particular characteristic - มักจะ

transaction: the action or process of buying or selling something - การค้า

transfer: to move from one place to another; change location - โยกย้าย

transferred: changed someone’s job or responsibilities - โยกย้ายตำแหน่ง

value: how much something is worth in money or other goods for which it can be exchanged - มูลค่า

variety: many different types of things or people - ความหลากหลาย

vault: a room, especially in a bank, with thick walls and a strong door, which is used to store money or valuable things in safe conditions - ห้องเก็บเงินในธนาคาร

virtual: almost the same as - เกือบจะ

volatile: of something that may change suddenly or become more dangerous - ที่ปะทุได้ง่าย

wallet: a small flat case that people keep money, bank cards, and small documents in and usually carry in their pocket or bag - กระเป๋าขนาดเล็กที่ทำจากหนังหรือพลาสติก

worth: having a value in money, etc - มีค่า, มีมูลค่า

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