Coinbase User to Purchase 50 Bitcoins, or $400,000, With $4,802

In an online bitcoin forum, it was discovered that one Coinbase user with the online alias SatoshiChrist is currently in the process of acquiring 50 bitcoins with a single payment of $4,802.

Transfer Stuck, Along with Value

According to the user, payment for 50 bitcoins on August 8, 2013, has been stuck in the Coinbase system for more than four years. Coinbase recently notified the user that the trade for $4,802 for 50 bitcoins can still go through if the user updates the respective account’s payment method.

Coinbase wants me to pay $4,802 for 50 BTC ($400,000+)

Substantially, the Coinbase system hedged the 50 bitcoins purchase of the user at the bitcoin price on August 8, 2013, as the transaction was stuck and the user failed to make the payment for an extended period.

While the price of bitcoin has increased from $100 to $9,700 from 2013 to 2017, the user is still able to purchase 50 bitcoins at a rate of $96 per bitcoin. That is, more than 90 times lower than the price of bitcoin at the time of reporting…

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