WSTale » Technology » Two-week-old baby is already saving for university with Bitcoin – here’s how

Technology

Two-week-old baby is already saving for university with Bitcoin – here’s how

Lottie Casas January 19, 2019

Izabella Bowles isn’t even two weeks old yet and she’s got a whole Bitcoin to her name thanks to a clever announcement placed in The Times. 

While a single Bitcoin doesn’t sound like a lot, at current conversion rates it equates to more than £3,000, available to her when she’s old enough to spend it.

But the money is designed for one thing – to put her through university.

People seemed to like that idea too, with over 300 people making donations that range from £0.30 to nearly £300.

Donations are possible thanks to how Bitcoin works. The cryptocurrency offers a public address, which can be given to anyone without risk. The 33 digit key can also be monitored, so anyone can see transactions.

Meanwhile the 256 bit private key is only known to the account holder. They are usually stored in a Bitcoin wallet that’s either kept on a computer or stored in the cloud.

Izabella’s dad is Peter Bowles, one of the CEOs at Dynamo PR. It’s no surprise then that Bowles has managed to create a viral story out of the birth of his daughter.

Bowles is playing the long game here. The money will stay in Bitcoin until Izabella reaches university age. Of course it won’t accrue interest in that time but if the value of the cryptocurrency rises again it could be worth a great deal more.

At its peak (December 2017), Izabella’s bitcoin would have been worth more than £15,000.

While bitcoin has its fans, and we assume Izabella will be one of them, the Bank of England Governor Mark Carney isn’t so keen.

Last year he said "The prices of many cryptocurrencies have exhibited the classic hallmarks of bubbles including new paradigm justifications, broadening retail enthusiasm and extrapolative price expectations reliant in part on finding the greater fool".

Regardless of Carney’s opinions it sounds like this bitcoin will at least be put to good use, educating one of the next generation.

Read More

Cryptocurrency

  • London bar lets you pay with Bitcoin

  • Bitcoin COLLAPSES

  • How to get Bitcoins in the UK

  • Bitcoin scam uses Dragon’s Den stars

Izabella won’t be 18 until 2037 and it’s anyone’s guess what university will cost by then. The NUS suggests that currently degrees cost around £10,000 per year.

Adverts like this cost around £216 for a box-style placement in a Saturday edition of the paper. It’s not clear if Izabella will be asked to repay that out of her eventual Bitcoin payout.

Source: Read Full Article