A CRYPTO whiz changed his life after cashing out thousands of pounds worth of Bitcoin – and he still has three times the amount to withdraw.
The savvy investor has placed between £900 and £3000 in the turbulent currency in 2017.
Four years on, with Bitcoin at its current cash price of £34,000 per coin on December 20, he has made nine coins over the course of three months, or about £306,000.
Bitcoin has no central bank or single authority and can be sent from one user to another on a peer-to-peer Bitcoin network without a middleman, meaning it is unregulated.
It is extremely volatile because it is a nascent currency and market.
It is also not uncommon for the Bitcoin price to undergo violent fluctuations within a day or even a few minutes making it a dangerous venture.
Posted on Reddit, he explained that he has paid off the mortgage on his current home, has now paid that amount to rent, as well as buy himself a second piece of land.
He also says he paid off his loans and credit cards before buying a Dodge Hellcat car and even had a driver take him around in it.
He added that he had quit his old job – which he is also making comfortably £105.00 a year – for a job with a similar salary but he works a third of the amount. hour.
As if that wasn’t good enough, he still has 26 Bitcoins to cash out – worth just a million at £880,000.
“I could never have done this without Bitcoin,” he explains.
“The freedom I feel now is unbelievable compared to the weight of all those payments.”
“My immediate life looks great…plus I’m still 26 years old!”
“It’s 25% of my investment, for financial freedom. Looking back, it feels worth it. Plus, if normal, BTC moons I would be very depressed.
“I lost 35% or so in a month and I feel nothing because I cashed out and even if BTC goes to zero, I still have 2 houses and 2 cars.”
Other Redditors also celebrated his win.
One person said: “There’s no point in changing your life if you don’t change your life with it.”
Another concurred: “It seems to me you just do that and then cash out to clear the debt and get the property.
One of them is a new source of passive income. Yes, BTC may be over 100k a day but those assets are yours free and clear. Also, just because you sold doesn’t mean you can’t buy BTC anymore. “
Another said: “I still kick myself for not getting into BTC in 2017 or even earlier even though I knew about it.
But one person warned: “Many bitcoins will die in a tent with a large number on the screen”.
Risks of buying with cryptocurrencies
Investing and buying with cryptocurrencies like Bitcoin is very risky.
Their value is very volatile and City monitors Financial Control Authority warned investors to be prepared to lose all of their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with cryptocurrency.
For example, Bitcoin has had intense price swings in recent months, and prices can change almost hourly.
Bitcoin price was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That’s a 15% discount.
These price movements are risky for a business because you can sell an item with Bitcoin at one price and the value can drop shortly after, leaving you with less money from a purchase or sale.
Similarly, the price of Bitcoin has increased by more than 21% since the beginning of this week, so it can be difficult for buyers to get an accurate idea of the price of an item if its value changes on a daily basis.
https://www.thesun.co.uk/money/17097260/crypto-whiz-rich-with-bitcoin/ I quit my job after becoming a crypto millionaire