Reddit User Bets Entire Life Savings On Bitcoin To Escape 'Mediocre Life' And Loses Everything

Understanding cryptocurrency business and investing in bitcoin is not everyone's cup of tea. This Reddit user found this a rather hard way after losing all his life savings. 

This person along with his partner bet all their savings on bitcoin but unfortunately, the investment didn't pay off and they lost everything. 

The man took to social media to explain what went down after he made the investment and to give fair warning to people who are thinking of betting their money on cryptocurrency. 

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Taking to the Bitcoin subreddit, the man said: "I completely messed up guys, my life savings are gone for good, I have learned a devastating hard lesson."

He explained that he and his wife had managed to acquire 1.7 BTC, which in the current market (at the time of writing), is worth about £58,400.

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Over the years the couple worked really hard to save up every penny, taking odd jobs here and there and doing full-time jobs too.

"I started future trades and managed to turn the 1.7 BTCs into 2.1 BTCs, the classic beginner luck," he said.

However, things went terribly downhill when he put all the money into a type of trade called leverage futures, which is where you bet that Bitcoin's value will continue to rise.

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 The scariest part? The man is yet to tell his wife what has happened. 

"Of course it didn't play out, BTC went from touching 50k $ down to 47k $ and our whole life savings have been wiped out," the man recalled.

"I still haven't say anything to my wife, she doesn't know that and this is killing me from the inside. I just don't know what to say to her, I'm simply devastated. I barely can watch myself in the mirror."

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The man then shared the screenshots of trades to explain how they were being liquidated as Bitcoin's value fell.

Summing up his terrible experience, the man then warned others to think well before betting their fortunes on bitcoin.

He said: "Please follow my advice, don't trade guys, don't fall into these marketing traps like I did."

Unfortunately,  he's not the only person who's had a tough time in the world of crypto.

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A few weeks back, KSI revealed that he lost £7 million after investing in Bitcoin.

The famous Youtuber shared that he sank £2 million of cash into the cryptocurrency, and made £7 million for his efforts, but then lost it all when Bitcoin crashed.

Talking on the Private Parts podcast, KSI - real name Olajide Olayinka Williams "JJ" Olatunji - said: "I put £2 million [in] last year, November/December, but this was in cryptocurrencies - I made £7 million, and now I've lost it all.

"Yeah, [I'll have to release] another EP.

"It's been a full journey, but I had to experience it. I had to really delve into the whole crypto-space, and you know, I fully understand that now.

"I put money into things where I essentially leveraged myself and I kind of over-leveraged myself to a point where I lost money, because I got liquidated, so I put a lot of money into something I got liquidated because of the Bitcoin crash."

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