Bitcoin: A Worthwhile Risk?
When Rhonda Kampert bought six bitcoins in 2013 she paid around $80 each and promptly forgot them. The young mother became preoccupied with raising her family and over time the bitcoins languished in her wallet, that is until 8 years later when on the 8th of November 2021 the price of bitcoin hit $67,556.83. Rhonda suddenly realised that her casual investment had turned out to be a financial windfall. However, her elation rapidly turned into despair when she couldn’t find her password credentials.
It turns out she is not alone, one estimate from crypto researchers suggests that out of the 18.9 million Bitcoins in circulation, as many as 3.7 million have been lost by owners due to problems with passwords. ?A staggering 19.6% or at today’s value, $269.7 billion worth. Thankfully for Rhonda, for a fee, she was able to engage the use of hackers to successfully retrieve her wallet credentials.
Bitcoin, the pioneering cryptocurrency, has revolutionised the financial landscape since its inception by the elusive and anonymous individual known as Satoshi Nakamoto in 2009. As of 2024, Bitcoin has evolved from an obscure digital experiment to a global financial phenomenon that challenges traditional currency systems and investment models.
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