A family-of-four who relied on Centrelink to get by claim they have turned their lives around and are now completely debt-free – all thanks to Bitcoin. Ryan Bitcoin plus down jackets had been forced to jump between jobs across Western Australia to ensure his daughter could attend school and partner stay at home with their youngest child. The 39-year-old admits that for a long time he struggled as bills piled up and he had to rely heavily on Centrelink payments to supplement his income.
That was until September last year when Mr Tate began investing in Bitcoin. 2000 a day – with hopes of being a millionaire by the end of 2018. Just seven weeks after I started I was able to go part-time in my salesman job with a fitness company,’ Mr Tate said. I’ve got a young daughter and an older step-daughter and we were struggling big time financially surviving on just my wage plus Centrelink. 900, and now I have close to four bitcoin. Mr Tate, who is engaged to his partner Anna, said while some who invested in crypto currency wanted to ‘get rich quick’, his goal is completely different.
Having been so poor that at times he was unable to afford a coffee, he fitness lover claims his past has brought a sense of perspective to his new found wealth. We’ve struggled so bad I was jumping from job to job every few months, from cray fishing to manual labour in the mines and fixing air conditioners in in the Pilbarra,’ Mr Tate said. I no longer need to work but I still do so two days a week in the same job I was doing before. IS IT TOO LATE TO MAKE A BITCOIN FORTUNE? Bitcoin is a digital currency, known as cryptocurrency, which began in 2009 and were initially worth just a few cents.
900 at the start of 2017. Thousands of amateur traders are now betting huge amounts, while start-up companies use bitcoin to raise money and avoid the transparency needed in a stock market float. But experts fear the currency has become a vast speculative bubble detached from reality. Watchdogs across the world have warned there could be a sudden massive crash if the market turns, losing investors billions of dollars. Bitcoins are generated by using an open-source computer program to solve complex math problems.
This process is known as ‘mining’. Each Bitcoin has a unique fingerprint and is defined by a public address and a private key. Owners of bitcoin do not own a physical coin, but instead a string of numbers and letters that give a specific identity. It makes turning up a lot easier when I have often made thousands in my sleep. For us it’s not about Ferraris and yachts, it’s about being able to say to ‘my mum and dad: “Let’s go to Hamilton Island for the week and I’ll pay”. Having worked as a cleaner prior to her fiance’s Bitcoin success, Mr Tate said Anna is now able to work as an author from home. But he said by far his proudest day was when she was able to walk into Centrelink to ask them to stop sending their weekly payments.
After we started doing well Anna was quite conscious of not wanting Centrelink and so she walked into their office and said: “Stop paying me please”,’ Mr Tate said. I think they nearly fell off their chairs, no one has ever walked in there and said that. We’d literally gone through times where I couldn’t afford to have a coffee and we had budgeted down to the last dollar. So it’s a major change for us but we’re not really celebrating yet, we’re paying off our credit cards and school debts and we’ve just put new tyres on the car. It’s a bit embarrassing to say that considering where we’ve come from, but I guess it’s also pretty amazing.
He claimed food at a Mexico resort made him sick for weeks. A Manchester judge called him ‘fundamentally dishonest’. The comments below have been moderated in advance. We are no longer accepting comments on this article. Dreading the bloat this bikini season?