Graham Glendinning has more than quadrupled his investment in Bitcoin and other cryptocurrencies.
Graham Glendinning has more than quadrupled his investment in Bitcoin and other cryptocurrencies.

Lockyer man quadruples investment with Bitcoin

AT FIRST, he didn't trust the "weird, drug money" everybody was talking about.

But that was before Graham Glendinning had embarked upon a year of research and decided to dabble in Bitcoin trading two months ago.

Now, he's more than quadrupled his investment.

Bitcoin and other crypto- or digital currencies captured international attention earlier this year when values suddenly sky-rocketed as people leapt at the chance to buy into the emerging investment method.

Before then, the anonymised currencies were associated with illicit online purchases for drugs, pornography and stolen credit card information.

However, Mr Glendinning believed the 'Bitcoin boom' has heralded an opportunity to embrace digital currencies as a new, futuristic method of payment and investment.

"When you consider Bitcoin, it's backed by probably one of the most revolutionary technologies and that's blockchain," he said.

"If we were considering Bitcoin itself and its sustainability, the answer is probably 'no', it's not sustainable.

"But when you consider Bitcoin as part of this larger innovation... if Bitcoin itself goes under, which it very much can in my opinion - it's like we're looking at Bitcoin as the Nokia mobile phone of cryptocurrencies."

The blockchain technology relies on interlocking information pieces which are systematically cross-checked every few minutes to ensure nobody has interfered with the information.

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This is what sets the Gatton man's mind at ease - the digital security which encases every step of the process.

But that's not to say there aren't risks involved.

"I went looking for the negative first, as a lot of people do, and I found a lot of it," he admitted.

Value volatility, lax regulations and website collapses have all left hopeful Bitcoin traders in the dust before.

Though a handful of stores have begun accepting Bitcoin as legitimate payments, Lockyer Chamber of Commerce and Industry Chair Paul Emmerson raised concern over these flaws and said the chamber would "wait and see" to determine what the future of digital currencies in the region would look like.

"I don't know if it will encourage local shopping at all, though I guess it might help international trading," he said.

"It might be something we've got to have a look at, but for me, it's a 'watch this space' job before I got involved in it or encouraged anyone else to get into it."

As for Bitcoin trading in 2018, Mr Glendinning has three pieces of advice for wannabe investors along with his mantra "do your research".

"I think the easiest thing if someone's wanting to start is keep it simple," he said.

"Answer this: 'Can I lose all of this money and it not impact my day-to-day life?'.

"And remember, in terms of the price rise, the 'bubble' may have already happened. You're not going to see that happen again, but if you're looking for a 10-25% return on an investment in 2018, Bitcoin and the rest would be a great way to do that."

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