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How Bitcoin broke the debt cycle of Australian man, liberated banks

Bitcoin was touted as the people's motto because its decentralized platform allows its users to be released from banking monopoly with their exorbitant fees

Unrestrained debt cycles and uncontrollable loan policies that do not promote economic empowerment have long pushed society to force the new generation to seek an alternative; It's here that Bitcoin has arrived.

Now a man from Townsville, Australia, has become a proof of concept of the economic freedom that Bitcoin can provide in repaying its mortgage and financing the development of a new home. Michael Sloggett started trading at Bitcoin to pay for supplement purchases overseas for his Townsville supplement store. 19459004 19459004 But in January of this year he decided to make investments in the currency and the strategy paid off with the value $ 6000 during this period

"We paid off the mortgage and bought a block of land in Townsville on the profits.We are now building a new house," said Sloggett.

A need for Bitcoin

Bitcoin was beneficial to Sloggett by helping him get out of his mortgage debt, but even then, it was the banking rules that made it difficult international transactions that attracted him to digital currencies

It all started with his activity of supplements and the need for international transactions to buy supplements for the store. i moved to Bitcoin about five years ago because of the expense of paying thousands of dollars in exchange fees through the banks, as well as the time taken to make regulations

and the Transactions, there was never anywhere else to go, but with Bitcoin becoming a disruptive technology, banks are beginning to look seriously outdated.

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Due Diligence

Sloggett is a new face for digital currency, proving that there is a huge advantage to adopting this new technology if it is done well. Bitcoin is no longer just for technology whiz kids and hackers; Sloggett thinks everyone should invest in at least one bitcoin, but he warned that he had heard "horror stories" from people who were losing while investing with crooks on the Internet.

"Do your due diligence to make sure you do not give your money to random people on the Internet," said Sloggett.

"Make sure you buy on a trustworthy site."