11 Apr '13, 4am

Meet the Bitcoin Millionaires via @BW

Meet the Bitcoin Millionaires via @BW

Many people have lost some data while reformatting a computer hard drive. Jered Kenna lost more than that. In 2010 he erased from his computer 800 Bitcoins that have been worth more than $200,000. Kenna isn’t upset: He has plenty more. He says he bought his first batch of virtual currency, 5,000 coins, at 20¢ each. On April 10, Bitcoins traded for as much as $258 each, according to Tradehill, a Bitcoin exchange in San Francisco, before plunging more than $100. Like other enthusiasts, Kenna shrugs off the volatility. While he won’t disclose his total holdings, he says, “I’m happy to be considered a member of the Bitcoin millionaires’ club.” Created four years ago by a person or group using the name Satoshi Nakamoto, Bitcoin is a virtual currency that can be used to buy and sell a broad range of items—from cupcakes to electronics to illegal narcotics. The surge in a Bitcoin’...

Full article: http://www.businessweek.com/articles/2013-04-10/meet-the-...

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