NewsCase StudiesEvents

Bitcoin Investment Pays Off

Also in the news...

Foreign travel advice Indonesia

FCDO advises against all travel to parts of Indonesia.

Foreign travel advice Romania

Warnings and insurance Still current at: 24 April 2024 Updated: 23 April 2024 Latest update: Information related to drug offences and Romanian music festivals (under 'Laws and cultural differences' subheading on the 'Safety and security' page).

Foreign travel advice The Gambia

Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Ferry services between Banjul and Barra have been suspended until further notice; The Islamic Summit of the OIC (Organisation of Islamic Cooperation) will be held in Banjul on 4-5 May; road closures and delays at Banjul International Airport ('Safety and security' page).

Foreign travel advice China

Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Updated information on flooding (‘Safety and security’ page).

Guidance Living in South Korea

Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.

Bitcoin Investment Pays Off

Back to News

A Norwegian man has discovered a Bitcoin investment he made four years ago has earned him an impressive £551,000!

Kristoffer Koch bought £17 worth of the digital currency back in 2009 which he forgot about until April this year when he saw extensive coverage of the currency in the media.

Bitcoin is a digital currency which was introduced in 2008 and stored in encrypted wallets, secured with a private key. Koch had forgotten his password to access the wallet but when he remembered it, he was astonished to find the £17 investment had grown to a remarkable £551,000!

He exchanged 1,000 Bitcoins and had enough Norwegian Kroner to buy an apartment in Toyen, one of the wealthier areas of Norway.

Until recently, if you wanted to spend your Bitcoins you would need to send them to a specialist exchanger for traditional currency. However, on October 29th the world's first Bitcoin ATM became available to the public in Canada which scans a user's palm to enable them to buy or sell Bitcoins for cash.

If youre not sure about digital currency then stick to using our international payments service.

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.