Banking Expert’s Big Bitcoin Warning: How I Lost It All
By: Rex Moore
Back in 2013, Matt Koppenheffer bought some Bitcoin when it was trading at just $768. And he never sold.
Today, with Bitcoin trading at about $16,250… Mr. Koppenheffer should be sitting on a 2,016% gain.
Instead, he has zero… and some big recommendations for those wanting to profit off the Bitcoin frenzy.
What happened to Kopp’s coin?
Even though he never sold a single bit of his Bitcoin, the exchange he used, VirWoX, began charging account inactivity fees — in Bitcoin — that munched away at his balance until he had nothing left.
So much for long-term investing in Bitcoin, right?
Matt is a colleague of mine who was the banking and financial services bureau chief for the Motley Fool, and host of "Where the Money Is," one of the top-rated business podcasts on iTunes.
He recently showed me his account statements. It was amazing to see his balance head downward even as Bitcoin soared upward!
He’s a committed long-term investor who prefers not to check his accounts. And he simply overlooked the VirWoX fee.
Matt's big lesson, and a better way for buy and hold investors
As Matt told me, “Don’t make the same mistake as I did. It’s still the Wild West when it comes to Bitcoin wallets and trading, so don’t make any assumptions. Be careful!”
Look, Matt had it easy compared to others. Newsweek recently updated the story of an English man who accidentally threw away a hard drive that contained 7,500 Bitcoin — now worth over $100 million! (He’s still seeking permission to dig through 4 years of waste at his local landfill.)
All this — the fees, the weird ways of buying and storing cryptocurrency — points to Bitcoin’s big flaws. It’s just hard to buy and manage.
Newsweek says around 2.78 million bitcoins have been lost, in one way or another, since the cryptocurrency was created in 2009. That’s $30 billion… lost forever!
Not to mention the fact it’s extremely risky… just look at the massive sell-offs of 38%, 40%, and 29% in the past six months alone!
But thankfully, risk-averse investors need not shy away from Bitcoin’s big profit potential.
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