Quick Refresher on Bitcoin and Cryptocurrency
But for one man in Wales, bitcoin's boom has a taken on a very different significance. The hard drive now sits buried beneath trash in a landfill site near his home in Newport, Wales. In my opinion, bitcoin hasn't had its Facebook moment yet. Imagine the price when it does. Howells first mined the bitcoins—a process of using computing power to confirm bitcoin transactions on bitcoin's public ledger, the blockchain, in order to generate new units of the currency—on a Dell laptop in February The following year, he disassembled the computer into parts and stored the hard drive in a drawer at his home.
It remained there until , when he mistakenly threw it into a general waste bin at his local landfill site.
More than four years of trash have since been dumped on top of the hard drive, meaning any salvage operation would be both costly and time-consuming. Despite making several requests to the local council, Howells has yet to be granted permission to look for the missing treasure. It is estimated that around 2. If Howells ever does retrieve the lost treasure, he says he would use the money to fund cryptocurrency start-ups, buy property and treat himself to a Lamborghini.
He said he would offer the local council a "chunky reward" for their assistance in the search. Howells is still active in the bitcoin space but these days focuses on an alternative cryptocurrency called Bitcoin Cash , which has experienced stratospheric price rises similar to bitcoin. Despite casually misplacing a sum equivalent to the gross domestic product of a Pacific island nation , Howells said he remained "pretty Zen" about the whole matter.
He said his greatest regret wasn't that he accidentally threw out the hard drive; it's that he stopped mining bitcoin in the cryptocurrency's early days—a decision forced upon him by his girlfriend at the time, who didn't like the whirring noise of the computers. Weekly magazine, delivered Daily Newsletter Website access.
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In order for a commodity, bill or any other type of financial instrument to be considered a true currency it must be accepted as such by all members of society. A recent indication that this is the state bitcoin is entering comes from the UK where a local garbageman is now welcoming payments in the cryptocurrency.
Hearing about bitcoin and trash in the same sentence the first thing that pops to your mind is probably one of the stories about someone who threw away his hard drive containing a small fortune to the landfill back in the day and now laments its value. However, a new story in bitcoin trash news emerges — a garbageman supporting the cryptocurrency for payments. British refuse and recycling company, Business Waste LTD, has announced it is the first in the nation to accept bitcoin.
The York, England based operation is now open to payments in cryptocurrencies for its commercial waste contracts. Bitcoin is mainstream. Are you looking forward for the day your local garbageman will start accepting bitcoin as payment?
Share your thoughts in the comments section below! Want to create your own secure cold storage paper wallet? Check our tools section. Uphold users have gained access to loans from Salt Lending using crypto holdings such as bitcoin cash BCH as collateral. Gift cards have become a popular payment tool for cryptocurrency users. Plenty of platforms now offer a wide variety of… read. Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.
Share this story:. Tags in this story Bitcoin adoptionbritainbritishEthereumlitecoinmainstreamMainstream AdoptionN-FeaturedrecyclingtrashukUnited Kingdom. Avi Mizrahi Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since Dec 18, Dec 13, Dec 6,
Finding the right words
So you are further wagering that Bitcoin will literally supplant the USD as the world medium of financial exchange, and frankly, that is kinda bonkers. Pedro January 3,pm. Money Mustache January 5,pm. Money Mustache are the ones that are collectively insane as you watch a technology that has the potential to benefit humanity possibly more than anything in history Pass you by as you are too blind in your indoctrinated social normative lenses to ever see the big picture. Ideally something not somepne specific to bitcoin, like I dunno, power equipment? I agree with most of this article rather a rant, eh? Looks like I made a big mistake. Either one will get your CAPE ratio back into whack. I keep hearing everyone speculating on whether or t they should invest in Bitcoin, while at the same time googling what cryptocurrency and block chain is. Sam Hodgson Bloomberg Getty Images. It also helps to have wise, centralized humans the Federal Reserve system and other central banks guiding the. Money only has value if it is stable and trusted. Informative post Tanja. The 70s, 80s, 90s all produced multiple never ending reports on peak oil and how we must conserve wh alt energy sources. Smurph January 15, soemone, pm.