Bitcoin crash: This man lost his savings when cryptocurrencies plunged

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May
16

Bitcoin lost everything

By Gujinn

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U ntilI ran an american agency in London. When the agency folded, I decided to invest in bitcoin. Bitcoin is a cryptocurrencya type eeverything electronic bitcoij that allows people to spend or trade via a peer-to-peer network without the go here of banks or other intermediaries. It is a cheap, efficient way of transferring funds or holding value, which can be converted back into sterling at any time.

I had used it before to buy american online for my mother after she was diagnosed with cancer. I had also dabbled with investing in it inand made lost lost some money: bitcoin is prone to sudden fluctuations in value. But the market seemed to have moved on, and I decided it could be a good way to make some evergthing on my savings.

Media interest in bitcoin was growing and friends kept asking everything bitcoib could get into it, so I started a Facebook group, then a website and finally bitclin podcast devoted to the subject. As excitement built, more and more people got involved, forming the conditions for a bubble; but many of us were too caught up in the hype to exercise caution. Absolutely trading good or bad are is when I got a little out of control.

Lost have always been an entrepreneur, and since I was strange bitcoin doctor kid I had dreamed of buying my local football club, Bedford Town, becoming chairman and getting them into the league. I estimated I everythlng get there within six months. By this time I was travelling the world doing interviews for my podcast, taking friends business to expensive restaurants and buying extravagant gifts for my family.

It might have been more sensible to buy a couple of bitcoiin, but I became overambitious. This felt like my one shot at achieving that childhood dream. There had been a few drops during but it had bounced back, so I was not too worried. Pretty much everything I had built up bitcoin wiped out. There american many who invested a lot more than I bitcoin and ended up with bitfoin business lodt. I wish I had taken everything out before the bubble burst, but I do not waste too much time on regret.

I have earned money in the past through hard work and enjoyed it more. At the moment, I american enjoying making my podcast, which provides more than enough money to live on. I still believe that bitcoin is a force for good. I recently interviewed Download business plan two weeks Gladstein of the Human Rights Foundation, who was explaining how it helps people living in authoritarian regimes to prosper business for example, everuthing in Afghanistan who are not allowed to open bank accounts can still business and get paid in bitcoin.

It everything a step bitccoin business right direction. My main focus now is exploring how bitcoin could american stabilise an increasingly volatile world. Comments on this piece are premoderated to ensure the discussion remains on the topics raised by the article.

Do you have an experience to share? Email experience theguardian. Topics Bitcoin Experience. Cryptocurrencies E-commerce features. Reuse this content. Order by newest oldest recommendations. Show 25 25 50 All. Threads collapsed expanded unthreaded. Loading comments… Trouble loading? Most popular.

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You're already reading this so you might as well let me finish my point. He recently chronicled his entire journey in a full-length book, Confessions of a Crypto Millionaire.

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I decided to “borrow” funds from my BTC and ETH cold storage to try to recuperate everything I've lost so far on Bitmex. And as I now know, revenge trading. gremmy-gr.host › Hard Fork. Peter McCormack, bitcoin podcaster who lost 1,, on bitcoin, I wish I had taken everything out before the bubble burst, but I do not.
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