Reddit Bitcoin: 5 of the Greatest Bitcoin Reddit Stories
Bitcoin has had a rather tumultuous history. In its short life, it has risen and fallen with dreams, making billionaires from unexpected places along the way while smashing the hopes of several others.
Its journey of just over 9 years is one filled with heart-wrenching stories of regret and guilt of quitting too early, throwing away a hard disk with several Bitcoins or simply knowing but not taking action.
There is no other place to find an abundance of such tales other than reddit bitcoin threads.
From 300 BTC to Zero
Much of the thrill about Bitcoin is sitting it back and watching it grow. At least this was the case for much of 2017. But some people always want to add a little spice to life.
Trading crypto is probably one of the most exciting experiences right now. Rather than just watch bitcoin markets reddit user (name since deleted) did exactly that three months ago raking in mind-boggling profit. At his peak, he had 300 BTC in his stash.
He just had enough to live the dream and spare some. Everything was working according to plan. In just a year, he had multiplied a mere 3 BTC several times over to 200 BTC worth more than $4 million at the time. What more could a person ask for?
But these things can easily get into ones head and greed knows no limits.
“I thought I was a trading genius, a god, whatever. Anyway, this is where the sadness starts.”
“After the dump from 19k to 11k I went long at the bottom, and kept adding to my position on the bounce to 12k 13k, 14k. Then, at the 16k dead cat, my position was a further 100 BTC in profit. Instead of closing then and having a total 300 BTC, I increased leverage and increased my position size.”
Knowing the limits is the mark of a good trader. But with the prospect of crazy profits, all caution is sometimes cast aside.
“This entire position was liquidated on the drop back to 12k, because my entry had moved up so much. I lost 100 BTC paper profit and nearly 50 BTC margin. I was devastated, and down to 150 BTC total.”
150 BTC is a pretty good sum. But the urge to “recover” the lost 150 can be too much. It is just one of those primal human instincts.
The redditor figured BTC was going lower and decided to short. Only for it to go the opposite direction. He got liquidated at 17k losing another 100BTC in the process.
Gripped by panic, he decided to long at 11,500 only to panic close at 10,500. The price shot to 13K. Again he decided to long at 12,800. He woke up the next morning with nothing after being liquidated.
No person comes out of this feeling OK. While he is graceful enough to warn people against gambling away “life changing money” this redditor does not want to hear the word BTC again. For this bitcoin trader reddit is now a place to look for solace. We can only understand.
Life Changing Moments: Bitcoin and Esteem Issues
Reddit btc stories are not always about striking it rich or losing a windfall in a moment of madness. Sometimes it’s about heart warming stories of lives being changed for the better. After searching on how to buy bitcoin reddit user @Stroncarry invested some 35 bucks back in 2012 when he was just 13 years and got 3 bitcoins.
He didn’t think much of it. He was just a little kid from a poor background excited about technology. Little did he know this small investment would change his life and that of his family in unimaginable ways.
Brought up by a single mother, and lacking some of the most basic stuff this Redditor’s self esteem was low and he was always the target of bullies.
But in 2014, Bitcoin suddenly shot up to $1000 and he realised how much fortune he now had. He took half of his investment and bought some stuff he really needed.
“So, I took half of my Bitcoin and bought some off the stuff I have always wanted. New clothes, shoes, a new pillow and blanket, new glasses, hair styling products …”
Ordinary stuff that we take for granted but which mean a lot to other people.
“I went to a hair dresser and a dentist for the first time. It felt really amazing and with every week that passed, I felt more confident and like a normal guy. My self-esteem when from zero to hero, and I even began to stand up to the bullies at school.”
Bitcoin had just started off its steep climb. At 1500, he took some to get himself a laptop for college, something he would never have dreamed of. #
But his most fulfilling moment was being able to pay for his mother’s treatment after she was involved in a car accident. He contributed 10,000 and his mother was obviously overwhelmed.
It’s one of those worthwhile stories: just because he followed bitcoin news reddit user gets to change his life.
“I was just happy I could help her and I once again realized how this 35 dollars in 2012 turned into the best thing for me and my family! This is so crazy!” he said. He is now left with 0.1BTC worth 1400 but it obviously means a lot to him.
A Silly Mistake
Sometimes, the silly mistakes we all make can cost a fortune, like not securing your wallet. At times we focus so much getting the best bitcoin wallet forgetting the physical security of our gadgets.
After spreading the gospel about bitcoin and spending all his fortune on buying crypto, including borrowing heavily from friends, including getting the best bitcoin wallet reddit user (simple3guy) forgot the most basic stuff.
“All that time I was buying BTC and hodling, never sold a single satoshi, waiting for times when I could spend it without converting into fiat. Looks like @simple3guy was living too much in the future he forgot the present.”
Despite warnings from his religious family about gambling, @Simple3guy marched forward getting a couple of friends and even his boss to invest.
Now he knows exactly how he ruined his life;
I borrowed money to buy crypto
- I kept other people’s crypto in my wallet
- I never thought enough about securing my wallet
- I have lost cold mind and become obsessed
“I was so blinded with bitcoin success, that I was maniacally looking for money every time the price was dropping.”
To be fair, he took steps to secure his wallet, even creating a “cold storage” in a USB stick. “I was stupid enough to keep both copies in one place.” As you might have guessed, they were all gone when his house got robbed. Now he is jobless, broke, in debt and with a bad name.
Slipping Through the Fingers
Some have seen Bitcoins slip through their hands for failing to follow very simple steps. @Kainzo on reddit r bitcoin trusted a legit looking website not know he would be led to a scam website. That’s how he lost his precious coins.
“Secondly, I lost my BTC after importing a private key (after I had sent my funds to a new wallet) into a wallet downloaded from electrumbtcp,com (DO NOT GO HERE.) I then transferred my funds BACK into Exodus but mistakenly didn’t create a NEW address by clicking the ARROW on the right. This mistake cost me $70K USD.”
Cashing Out is Not a Bad Thing
It doesn’t always have to be about hodling. Cashing out your bitcoin is actually not a bad idea, this redditor who claims he has already made millions advises.
He actually cashed out a third of his stash at 19,500, at its peak which makes him pretty smart. Knowing how to mine bitcoins reddit user @ throwbtcnw started minting coins in 2013 after ordering rigs worth 8K. He made 80BTC before moving on to other things like Litecoin and Ethereum where he also made a few coins.
“During the “down years” before things really picked up steam I played around mining some other things, so I have around 65 Litecoin and 70 Ethereum. I messed around and spent some BTC just because I could, a couple BTC on online poker/casino sites to see how it worked.”
He now has a net worth of $1.5 million in crypto alone. But he has also converted the Bitcoin Cash he had to BTC in his belief that Bitcoin should be “one.” For him and many users on reddit bitcoin cash betrays the cause.