Most Americans Do Not Really Know What Bitcoin Is

bitcoin

According to the research conducted by The Knowledge Academy, the financial education of the US citizens leaves much to be desired.

The survey, which included the answers of more than 1000 participants, stated that Bitcoin turned out to be the most confusing financial term. Other poorly understood words were “asset allocation”, “liquidity”, “index fund”.

Thus, we can conclude that even though cryptocurrency is quickly gaining popularity, most common people are still unaware of what it actually is, and they need to be better educated on this topic.

We remind you:

Merriam-Webster Replenished the Scrabble Word List With the Word “Bitcoin”

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How Is a Schoolboy Millionaire Doing: A Story About the Youngest Bitcoin Richer

Erik Finman’s life is like a dream. He is the youngest Bitcoin millionaire in the world. His digital wallet stores more than 400 BTC, which at the rate of $20 thousand per one coin was equal to $8 million.

From a schoolboy to a Bitcoin Millionaire

The story of Erik Finman began in 2011, when he was 12 years old. Young man received from his grandmother $1 thousand for college. However, the guy decided to invest them not in education, but in Bitcoin. He was confident that the digital currency has a great future and therefore he will have it, if he buys BTC. A schoolboy purchased Bitcoin on all the money that his grandmother gave him, with the rate of $12 per one coin.

The first million Erik earned at 15 years. Before that, the future millionaire, argued with his parents that he would not go to college if he earned his first million before the age of 18. When the Bitcoin rate first increased in the summer of 2017, Finman became a millionaire. After that, he went into business.

In 2013, Erik’s capital was valued at more than $100 thousand. This fortune pushed the guy to drop out from high school, in order to start his own business. Moreover, the young man was convinced that the secondary school provides with low-quality education.

“I had these teachers that were all kind of negative. One teacher told me to drop out and work at McDonald’s because that was all I would amount to for the rest of my life. I guess I did the dropout part.”  – said Erik in CNBC interview.

The young entrepreneur founded his own online educational platform Botangle, which helped the young people to find suitable teachers for class via video chat sessions.

January 2015 has been a remarkable for the guy. He sold Botangle for 300 BTC, whose rate at that time was $ 200 per coin. The buyer also offered the guy $100 thousand in exchange for the business. However, Erik was convinced that it was much more promising to make a deal with cryptocurrency.

“My parents asked ‘Why don’t you take the more cash? But I thought of it more of an investment.” –  Finman explained.

You may ask, what’s the catch? And the catch really is. After all, the guy for $100 thousand could buy 500 BTC instead of 300 BTC. But he chose cryptocurrency, because the official transaction is accompanied by certain difficulties with which, the underage wouldn’t not cope.

Today, December 2018, Erik has about 400 BTC at his disposal, and the Bitcoin rate varies within $4,000 per coin. That is, Erik’s fortune does not exceed $2 million. Despite the fact that experts like Warren Buffett are confident that the cryptocurrency is a bubble that is about to burst, the young man says:

“Personally I think bitcoin is going to be worth a couple hundred thousand to a million dollars a coin”

Some believe that the young millionaire suffers from paranoid syndrome. After an increase of popularity and capital, Erik is obsessed with the security of his assets. For example, he divides his capital into various super secured wallets.

Bitcoin millionaire lifestyle

Erik bought a house in West Hollywood, where he neighbors with young YouTube stars and IT elites. Well, and as usual it happens, the guy had his head turned by his fortune. The first evidence that Finman “went off the rails” was the reusable rental of Lamborghini sports cars.

The insanity did not last long. During this dizzying period, the guy did not insert the diamond teeth, did not fill the wardrobe to the full with clothing. By the way it is half empty. The millionaire dresses very inconspicuously: T-shirts, shorts and jeans.

Erik hated the school so much, that when he bought a car, it was indicative that he chose a number with his average grade of school certificate – 2.1GPA.

All of Erik’s relatives have a higher education, so they really want their children to get a higher education. But, a bet’s a bet,and besides, the guy is not going to college under any circumstances:

“The purpose of that would be to get another education level and get a job. I had to learn through running a business. Instead of writing essays for English class, I had to write emails to important people.” – said Erik. “The way the education system is structured now, I wouldn’t recommend it,It doesn’t work for anyone. I would recommend the internet, which is all free. You can learn a million times more off YouTube and Wikipedia.”

The young millionaire eats at Polo Lounge, In-N-Out Burger and other restaurants, depending on his mood. In his free time from work, the guy travels. He likes to have a rest on distant continents, especially Dubai.

Source: https://www.inverse.com

Now Finman is in charge of managing his own and family Bitcoin investments.

The young millionaire’s view of the future of cryptocurrency

The world’s first cryptocurrency by capitalization is not the only digital currency that makes up the capital of the millionaire. Litecoin and Ethereum are also in reserve.

If the young man believes in the future of Bitcoin, the future of Vitalik Buterin’s creation he doubts though. Erik believes that Ethereum’s growth depends on speculation on the crypto market.

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South Korea Launches Remittance App Using Ripple’s Blockchain Technology For The First Time

One of the biggest South Korean crypto exchanges, Coinone, has presented a new web service and a remittance app called Cross. It uses RippleNet for providing faster and cheaper payment services for citizens of the Kingdom of Thailand and the Republic of the Philippines.

To release this payment service, Coinone Transfer, a subsidiary of Coinone, utilized Ripple’s blockchain technology, as well as Siam Commercial Bank (Thailand) and Cebuana Lhuillier (Philippines).

Ripple emphasized that Cross does “not rely on traditional banking rails,” i.e. comparing to other remittance options, Cross plays in an absolutely different league.

The press-release also stated that South Korean remittance services had been limited due to high fee for overseas transactions. Cross, by contrast, provides a total transaction fee of 1%. Moreover, it offers “bulletproof security” for customers.

We remind you

SWIFT Created A New Payment System To Protect Blockchain and FinTechs Provided By Ripple, JP Morgan, and Transferwise

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A Sextortion Crypto Scam Makes the Victims Lose Their Bitcoins

According to the research conducted by the company ProofPoint, specializing in cyber security, the residents of the US are now suffering from a major sextortion fraud scheme, involving Bitcoin.

The scam is pretty basic: a victim receives an email which claims that the criminals have dirt on him/her with a link to the alleged compromising info. In reality, this link leads to malicious software which is automatically installed to the device of a victim. After that, the person is required to pay 500 dollars in BTC or Dash, otherwise the compromising video will be posted online.

The company warns the users about the danger and encourages not to fall for the scammers’ blackmailing, moreover, not to open any links sent by them.

We remind you:

Crypto Scammers Attack Porn Lovers

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Kraken Is Gathering Investors for Its 4 Billion Private Offering

As it has been reported by Finance Magnates, a major US cryptocurrency exchange Kraken has send out a bunch of emails to the most influential figures in the financial world, inviting them to take part in Kraken’s upcoming private listing.

Kraken is going to put up 4 billion worth of listing shares with a minimum investment amount of 100 thousand dollars. The representatives of the exchange emphasize the fact that Kraken is in no desperate need of money, though the current downward trend at the market makes them take precaution measures.

All the potential investors will have to fill out a survey, afterwards they will be evaluated by Kraken. Only then, they will be able to participate in the offering.

We remind you:

A Cryptocurrency Exchange Kraken Will No Longer Provide Its Services to Residents of Japan

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Samsung Galaxy 10 Will Not Have an Inbuilt Crypto Wallet

After the South Korean electronic devices giant Samsung filed three patent applications for crypto and blockchain-related software, the rumours started that the company is planning to incorporate a cold crypto wallet in one of its main upcoming releases – Samsung Galaxy 10.

Samsung’s cryptocurrency service will essentially have two parts. A cold wallet for saving cryptocurrency and a crypto wallet for transfers,” claimed a Samsung news site.

Nevertheless, the official representatives of the company shared in a private talk with the Cointelegraph that the following news were no more than speculation and gossip. Thus, we can now be sure: although, Samsung is actually researching and probably planning to incorporate crypto and blockchain into its products, there will be no crypto wallet in the phone Galaxy 10.

We remind you:

Samsung Created a Blockchain Platform for Banks

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The Bitcoin SV Mining Pool Was Attacked by Scammers

Some crypto scammers tried to pull off one of the most popular fraudster tricks. They created a copy of the site of a large BSV mining pool – SVPool. The two sites looked identical, the only difference from the real one could be noticed in the URL. The criminals promised to sell BSV hashing power in exchange for Bitcoins. Luckily, the management of SVPool quickly detected the scam and informed their users about it. The official message said:

When clicking through the dupe site, many of the pages results in a 404 error, and in some cases, it takes you to their registrar’s error page. The site uses SVPool’s genuine social media handles to make things look at authentic as possible.”

Most of the crypto platforms now remind people to be careful and check the sites they are using thoroughly before spending their money. We remind you:

The Police of India Uncovered a 60-Million-Dollar Crypto Scam

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