BITCOIN HELPED ON MORTGAGE SETTLEMENT

Bitcoin Helped This Australian Pay off His House Mortgage

Rebecca Campbell on 28/10/2017

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A businessman has paid off his house mortgage through his bitcoin investments and is now using his profits to fund the development of a new home.

Michael Sloggett, based in Townsville, a coastal city in northeastern Queensland, Australia, initially started trading in bitcoin five years ago in order to purchase overseas supplements for his store Second to None Nutrition. He did this to avoid the slow settlement times and the high fees between banks.

It wasn’t until the start of 2017 that he decided to begin investing in the currency. Such a move has proven to be quite profitable to him. At the time bitcoin was trading around AU$1,100 before eventually soaring to AU$7,700, reports the Townsville Bulletin.

He said:

We paid off the mortgage and bought a block of land at Townsville out of the profits. We are now building a new home.

In addition to running his nutrition business he also runs My Bitcoin Academy. This he launched five months ago to teach people how to invest in the cryptocurrency. So far he’s helped around 2,500 people. He also runs a Facebook site called Crypto Calls Australia.

As a result of his investment in the digital currency and the profits garnered from it, Sloggett now has five stores: two in Townsville, one in Mount Isa, one in Bundaberg and one in Sydney.

This news comes at a time when many critics are claiming that bitcoin is a bubble about be burst.

Jamie Dimon, JPMorgan Chase CEO, is notable for taking a shot at the currency when he called it ‘a fraud‘ last month. Whereas, Saudi Prince Alwaleed bin Talal believes that bitcoin is ‘going to implode‘ due to a lack of regulatory supervision.

Yet, while Sloggett states that people should conduct ‘due diligence’ first before giving their money away, he claims that he holds much of his wealth in the digital currency.

Featured image from Shutterstock.

Posted by Rebecca Campbell

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BitCoin Gold – BlockChain 25th October 2017

 

BitCoin Gold

The Bitcoin Gold hard fork of the Bitcoin blockchain is expected to take place at block 491,407, which will likely occur on October 25. A new cryptocurrency, bitcoin gold, is expected to emerge from the fork. Over the past few days, major Japanese bitcoin exchanges have announced their plans regarding this hard fork and how they intend to deal with the new cryptocurrency.

bitFLYER

Japan’s largest bitcoin exchange by volume, Bitflyer, announced on Saturday that its customers will be credited with an amount of bitcoin gold corresponding to the amount of bitcoin in their accounts prior to the split. No suspension of service is scheduled. The exchange wrote:

If the BTG [Bitcoin Gold] split is deemed by Bitflyer to be permanent and secure in regards to customer assets, on November 1 (tentative), users will be credited with BTG and purchase and sale of BTG will be made available on Bitflyer.

In addition, the exchange detailed “after sufficient observation of the stability in the BTG chain after the split, BTG deposit and withdrawal services will be made available on Bitflyer.”

 

Bitpoint

Bitpoint announced on Friday that “bitcoin gold will be given to customers according to the number of coins [they] held at the time of the split.” However, this can be delayed if the new blockchain is unstable or there is a risk of replay attacks, the exchange conveyed. No service suspension has been planned. Bitpoint added:

Regarding the withdrawal and deposit services and the buying and selling of the newly generated bitcoin gold, since the security design of the newly formed blockchain has not been sufficiently confirmed, its handling is undecided at this stage.

 

GMO  Coin

GMO Coin announced on Saturday that bitcoin gold will be granted to customers, but the timing has not been decided. In addition, the exchange will temporarily suspend bitcoin deposits and withdrawals around 20:00 on October 25. Furthermore, GMO Coin stated:

There are no plans to offer services such as buying and selling of bitcoin gold.

Exchanges With No Plans to Distribute

Some exchanges have decided to take a wait-and-see approach.

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