By AFP
7:12PM GMT 29 Oct 2013
Norwegian cashes in Bitcoins he forgot about to buy Oslo apartment
Fluctuation in online currency Bitcoin allows Norwegian man to cash in four-year-old investment to buy apartment in Oslo A Norwegian man who purchased 150 kroner (£16) worth of Bitcoins and then forgot about it for four years was able to buy an apartment in Oslo thanks to the massive appreciation of the virtual currency.
Kristoffer Koch invested in a small sum in the recently created Bitcoins – a means of payment over the internet – in 2009.
Mr Koch, now 29 and working as an engineer, only remembered the investment in April when he read an article about the soaring value of Bitcoins.
His 5,000 Bitcoins were worth around £429,000.
After spending a full day trying to remember his password, he then cashed in 1.1 million kroner (£116,000) by selling part of his newly acquired fortune.
After deducting 28 per cent in taxes, the money was enough for the down payment 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," Mr 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. Users are attracted to them because transactions are anonymous and the Bitcoins are not controlled by any central bank or organisation. Its value can fluctuate wildly however.
http://www.telegraph.co.uk/news/worldnews/europe/norway/10413026/Norwegian-cashes-in-Bitcoins-he-forgot-about-to-buy-Oslo-apartment.html
