One nineteen-year-old Erik Finman has become a bitcoin millionaire and everyone—including myself—want to know how exactly he made this achievement possible!
Well, Master Finman dropped out of school at the age of 15 in order to dedicate his time to becoming an entrepreneur.
Fast forward 4 years later, he is a millionaire. But he isn’t of a one track mind; he is trying to create a new type of cryptocurrency that will tackle the issues facing the ones already in existence.
Current issues with present-day virtual currencies?
Too unpredictable and unstable. Bitcoin’s price rises and falls without anyone being able to foretell it and it does so on a spike instead of a gentle slope.
Erik promises that his group of bitcoin millionaires will be able to create a digital currency whose value with go up over a period of time and it will do so, gently.
High transaction fees. Due to the popularity of the bitcoin, there are more and more transactions being done and users are being charged for it. A user can pay up to $37 for a transaction—be it receiving or sending.
It can also take days for a transaction to follow through.
Erik believes that he and his fellow so-called millionaires can expedite the time it takes for a transaction in addition to making it way cheaper.
Expensive to mine bitcoin. We are not new to this problem. It is the main reason why a lot of mining farms moved to the cold, Nordic island country that is Iceland. The amount of electricity needed to generate bitcoin is not eco-friendly, at all.
He’s confident that his ideas on reducing the amount of energy needed are A-1.
Not user-friendly. Bitcoin is to most what the iPhone is to me! Most times, users have to download complex software just to carry out the simplest of task such as sending coins to an account.
Of course, Finman “can” fix it. At the least, he promises to try.
As of now, Erik Finman is worth $4 million in bitcoin and won’t be selling anytime soon but I personally think that that is a bad idea because the day digital currencies go belly up, he may lose everything and that would be a colossal shame.