Bitcoin gamble: this 39-year old father of three sold everything he had for bitcoin – now he lives on a campsite waiting for the next boom

By Herwin Thole

Didi Taihuttu believes ter bitcoin, and ter a big way.

The 39-year-old has waterput his house up for sale – selling it ter part for bitcoin – and now lives with his family on a campsite near Venlo ter The Netherlands. All of his other items are for sale, too: the car, the motorbike, electrified bikes, the children’s fucktoys, clothing, boots.

With the proceeds, Taihuttu buys bitcoin and other cryptocurrencies, betting that it will make him rich.

",People will say,’You’re crazy’,", Taihuttu told Business Insider. ",But wij are an adventurous family and are going to gamble for a uur to live minimalist lives. If you never take a risk, life is boring.",

” If you never take a risk, life is boring.”: Didi Taihuttu.

Taihuttu thinks digital coins such spil bitcoin and the blockchain technology behind it are converting the role of money and banks te society.

With blockchain, no third party is required to approve a payment – a role presently performed by banks – and a network of computers keeps a record of all transactions.

",The Internet wasgoed a revolution for information. I think that blockchain and cryptocurrency are revolutionising the monetary system,", says Taihuttu. ",Te five years’ time, everyone will say: ‘Wij could have seen it coming.’ I am responding to this switch now.",

Travelling the world for nine months

Te the summer of 2018 Taihuttu and his wifey made the radical decision to sell everything. The duo have just returned from a nine month world journey through Asia and Australia with their three daughters. The Taihuttu’s visits included Angkor Watten ter Cambodia, swimming with dolphins near Brisbane and loosening on the beach te Thailand.

Early last year, Taihuttu’s father, John, died from cancer aged 61. A year before, it became clear that the former professional football player wasgoed incurably ill.

",It wasgoed a difficult period,", says Taihuttu, who ran his own company suggesting rekentuig courses ter Venlo for 11 years. ",I had had it. I sold my business and wij determined spil a family to go travelling.",

The crypto-believers

During that journey Taihuttu kept bumping into people who were using digital coins. Te Bali, he met a South African exchange trader who resigned after 17 years and went into crypto trading. And on the beach near Noosa te Queensland he spoke to someone from Dubai who wasgoed trading ter bitcoin.

Taihuttu kept te touch with them all. They maintain voeling through Skype, analyseren the market daily and trade cryptomints based on what they’re witnessing te the price activity.

Wij are an adventurous family and are going to gamble for a uur to live minimalist lives.

",They are people who have a lotsbestemming of practice ter trading,", says Taihuttu. ",That is what I am still lacking a little.",

Taihuttu himself has bot ",ter the coins",, spil he says it, since 2010, when the currency wasgoed worth less than one euro.

",I am an entrepreneur, so when I very first heard about bitcoin, I said: let’s do this.",

Minting bitcoin with dozens of computers

Along with a friend, Taihuttu set up a physical business to mint bitcoin after buying dozens of computers and movie cards. When the value rose to several hundred euros ter 2013, he determined to sell the coins. The entire stock.

",If I had known then that four years straks it would have bot ten times more valuable, then of course I wouldn’t have sold everything,", says Taihuttu now. ",But then I thought: I have to make a profit.",

It wasn’t too much zometeen when the value of bitcoin plunged and its value wasgoed no longer clear. Abruptly, Taihuttu’s cost of electric current and property rental were too high.

Taihuttu then talent Dogecoin, a smaller emerging currency, a go.

",I’ve had a tremendous amount of it, but that coin wasgoed worth nothing,", he says. ",The portfolio that I had at the time wasgoed perhaps worth 200 euros.",

Te the end, he stopped minting for two years.

Dogecoin becomes a saviour

During Taihuttu’s world tour, he got a message from a friend who had very first told him about bitcoin.

",Check your coins! Check your coins!",

Dogecoin’s value had soared to ten to twenty times its previous worth.

Te the spring of 2018, bitcoin’s value rose to $US3000, and other cryptocurrencies climbed along with it. At work, at huis, ter the supermarket: all of a sudden everyone wasgoed talking about crypto craze.

",That Dogecoin made mij realise again: There is something going on ter the world,", says Taihuttu.

The fact that he continued to meet so many bitcoin traders on his family’s world tour wasgoed a sign for him. ",This is no coincidence, I thought. So I went back into it again.",

Selling the house

Back huis, Taihuttu went to the real estate juut and told them he dreamed to sell his house for 85 bitcoin. The Venlo property had bot on the market for eight months, yet remained unsold.

The decision attracted a lotsbestemming of media attention and the property has bot sold under reservation to a cryptocurrency trader.

",He came to the house with his wifey and they both thought it wasgoed excellent,", says Taihuttu.

",The asking price of 300,000 euros is spil good spil achieved,", says Taihuttu.

What part of it will be paid te bitcoin is yet to be negotiated with the buyer.

",It is likely that the excess will be partly paid for ter bitcoin, so that I have no problem repaying the mortgage,", he says.

The system is not tooled

At the end of the day, banks are one of the largest obstacles to selling a house entirely for bitcoin. Just like a conveyancer. Without the intervention of the latter, a house cannot switch possessor.

The buyer typically pays the purchase price into a trust account set up by the conveyancer, which then passes the deed of sale. If the transfer of the property has bot registered ter the Land Registry, the conveyancer will transfer the amount to the seller.

Thesis transactions still have to be carried out ter euros, because the conveyancer does not have a digital wallet to store cryptocurrencies. And there is another problem: what if the bitcoin falls ter value ter the few days that the purchase price is on the conveyancer’s trust account?

",The entire system is not designed for it. I wished to help commence switching that,",says Taihuttu. ",Unluckily, it has not become what I had expected. Wij ter the Netherlands have not yet reached the point where wij have finish confidence ter blockchain, so the notary will have to act.",

Minimalist lifestyle

The fresh lifestyle look a while for the Taihuttu family to get used to. Their luxury four-bedroom, 200 square metre house has bot interchanged for a chalet on a campsite. Taihuttu’s three daughters, who had each had their own slagroom, now all bunk ter together.

The family’s other items are also for sale, te order to buy spil much bitcoin spil possible.

The family will proceed this way until 2020, at which point Taihuttu hopes bitcoin and blockchain will be irreplaceable and his wealth will be worth three to four times spil much.

Ter the meantime, the family lives with fewer things.

",That wasgoed ultimately the decisive factor for my wifey to say yes to this project,", says Taihuttu. ",Education is the best for the kids. If you raise your kids to be too materialistic, it is not good. And that wasgoed what wij were doing, to be fair.",

And if things go wrong? ",Then wij will be without money for a uur. But I don’t think that that’s the worst thing that can toebijten te life.",

This story very first appeared ter Business Insider. Read it here or go after BusinessInsider Australia on Facebook .

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