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The year-old has put his house up for sale — selling it in part for bitcoin — and now lives with his family on a campsite near Venlo in The Netherlands. With the proceeds, Taihuttu buys bitcoin and other cryptocurrencies, betting that it will make him rich. If you never take a risk, life is boring.
Taihuttu thinks digital coins such as bitcoin and the blockchain technology behind it are transforming the role of money and banks in society.
With blockchain, no third party is required to approve a payment — a role currently performed by banks — and a network of computers keeps a record of all transactions. In the summer of Taihuttu and his wife made the radical decision to sell everything. The couple have just returned from a nine-month world trip through Asia and Australia with their three daughters. A year before, it became clear that the former professional football player was incurably ill.
I sold my business and we decided as a family to go travelling. During that journey Taihuttu kept bumping into people who were using digital coins. In Bali, he met a South African exchange trader who resigned after 17 years and went into crypto trading.
And on the beach near Noosa in Queensland he spoke to someone from Dubai who was trading in bitcoin. Taihuttu kept in touch with them all.
Along with a friend, Taihuttu set up a physical business to mint bitcoin after buying dozens of computers and video cards. When the value rose to several hundred euros in , he decided to sell the coins. The entire stock. At work, at home, in the supermarket: suddenly everyone was talking about crypto craze.
So I went back into it again. Back home, Taihuttu went to the real estate agent and told them he wanted to sell his house for 85 bitcoin. The Venlo property had been on the market for eight months, yet remained unsold. The decision attracted a lot of media attention and the property has been sold under reservation to a cryptocurrency trader.
At the end of the day, banks are one of the biggest obstacles to selling a house entirely for bitcoin. Just like a conveyancer.
Without the intervention of the latter, a house cannot change owner. The buyer typically pays the purchase price into a trust account set up by the conveyancer, which then passes the deed of sale.
If the transfer of the property has been registered in the Land Registry, the conveyancer will transfer the amount to the seller. These transactions still have to be carried out in euros, because the conveyancer does not have a digital wallet to store cryptocurrencies. We in the Netherlands have not yet reached the point where we have complete confidence in blockchain, so the notary will have to act.
The new lifestyle look a while for the Taihuttu family to get used to. Their luxury four-bedroom, square-meter house has been swapped for a chalet on a campsite.
The family will continue this way until , at which point Taihuttu hopes bitcoin and blockchain will be irreplaceable and his wealth will be worth three to four times as much. If you raise your kids to be too materialistic, it is not good. And that was what we were doing, to be honest. And if things go wrong? Read the original article on Business Insider Netherlands.
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It indicates a way to close an interaction, or dismiss a notification. Credit Cards. Student Loans. Financial Planning. Herwin Thole , Business Insider Nederland.
After his father's death, he sold his business and spent nine months traveling the world with his wife and three daughters. During his travels, he met people who were using digital currency. He thinks digital coins such as bitcoin and the blockchain technology behind it are transforming the role of money and banks in society. Didi Taihuttu believes in bitcoin, and in a big way.
Cryptocurrencies BI International.
Didi Taihuttu, his wife, three kids and their cat bet all they have on bitcoin. The Dutch family of five is in the process of selling pretty much everything they own — from their 2,square-foot house, to their shoes — and trading it in for the popular cryptocurrency. They have moved to a campsite in the Netherlands, where they're waiting for bitcoin to really take off. It's only been a few months, but the year-old father of three says he doesn't regret a thing. Yeah, we can lose all the material stuff. Yeah, we can lose all our money. Yeah, we don't have three cars anymore. We don't have the motorcycle anymore.
Moving Upstream takes a journey with a man who bet all he owned on a decentralized cryptocurrency future
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