In 2012, Bitcoin trader Kevin Muir was introduced to the world of Bitcoin by a kid born in the 2000s.

Golden Finance News - According to media reports, Bitcoin trader Kevin Muir published an article on a website called "The Macrotourist" on May 29, reviewing his mental journey from the beginning of his acquaintance with Bitcoin in 2012 to the present.

The most surprising thing is that the author was actually introduced to the world of Bitcoin by a child born in the 2000s in 2012. It is surprising that a 12-year-old child knew about the existence of Bitcoin.

This unusual post-00s person is Tony Beltramelli, Denmark's first "miner". According to Github, the "mining" program released by Tony Beltramelli last month has been used by 375 miners, ranking first on the website.

In 2012, 12-year-old Tony Beltramelli saw Bitcoin on a Reddit post and found that it was an invisible and intangible currency. So he told Kevin Muir, but Kevin Muir was confused and thought that a Bitcoin worth $4 was worth at most 1 cent.

But six months later, the value of Bitcoin actually rose to $80. Kevin Muir could not resist the temptation and decided to start mining and buying Bitcoin with the talented young man Tony Beltramelli.

So, with the help of Tony Beltramelli, Kevin Muir created a Bitcoin wallet and started mining.

Tony Beltramelli and Kevin Muir bought 20 professional Bitcoin mining machines, and the annual electricity bill was 170,000 yuan. They mined a total of 64 Bitcoins in one year. The largest mining center in southwest China, Tianjia Network's "mining farm" in Leshan City, has 5,800 professional mining machines, and each machine only produces 1.6 Bitcoins a year.

They started mining in July 2013, and four months later, the price of Bitcoin had risen from $80 to $1,160. They made more than $30,000 overnight, making a fortune.

But one day later, they encountered the first cliff-like drop in Bitcoin’s history: at 4:04 pm Beijing time on December 6, 2013, 156 seconds after the People’s Bank of China issued the “Notice”, Bitcoin plummeted by 51%. More than half of their wealth evaporated.

They started to engage in various arbitrage on various platforms.

Kevin Muir and Tony Beltramelli began testing arbitrage. They calculated how long it took from application to payment. The longer the delay, the less likely they were to trade with that exchange. They eventually identified a trustworthy Bitcoin exchange and created an automatic arbitrage between two exchanges: buy on exchange A and immediately sell on exchange B.

One of them was Japan's Mt Gox. It always bought Bitcoin at a higher price than other exchanges. However, in February 2014, Mt Gox filed for bankruptcy protection after being hacked. The price drop forced Kevin Muir to look for buyers at a low price, and he lost 60% of his wealth again.

After that, Bitcoin remained in a slump until the end of 2014. Bitcoin analyst Raoul Pal wrote a series of articles, the most famous of which was his assertion that Bitcoin would be worth $1 million. In early 2016, Wall Street flocked to the market - Bitcoin began to soar at a rate of $50 to $60 a day: from $500 to $2,798 in just one year.

Since 2016, they have purchased many more mining machines, so much so that the room was too hot and they had to move to a basement in Canada without floor heating.

However, as a Bitcoin trader who has been mining and trading for five years, Kevin Muir still believes that Bitcoin is in an overvalued state and is full of bubbles.

In terms of technology, new digital currencies such as Ethereum are emerging, and their encryption is far superior to Bitcoin. People buy Bitcoin not for its efficiency but for its anonymity and decentralization.