Didier’s entrepreneurial path: From street burgers to Bitcoin
In 2012, Didier bravely relocated to Bangkok, a city which attracted 22.8 million international tourists in 2023, outpacing even major global destinations like Paris, London, and New York City. He aimed for higher education, achieving a master’s degree, and initially engaged in a conventional 9-to-5 role. However, Didier felt unfulfilled in the corporate world. Reflecting on his teacher’s wisdom: “When you age, you’ll have time and money, but you may lack the vigor to launch a business. If you aspire to it, pursue it.” Fueled by this insight, Didier decided to take a risk, resigning from his job after just one year to embark on his own entrepreneurial venture.
Didier’s odyssey through the peaks and valleys of cryptocurrency illustrates the significance of education and fortitude when confronted with challenges. Although his original approach to crypto stemmed from greed, Didier’s insights imparted crucial lessons regarding the risks and rewards inherent in the space. Presently, he stands as not only a successful entrepreneur but also a passionate advocate for Bitcoin in Thailand, leveraging his platform to educate others and facilitate the embrace of this groundbreaking technology.
Determined to learn from his errors, Didier pursued authentic Bitcoin education. He came across Mr. Piriya on YouTube, a respected personality in the Thai crypto landscape, and began to engage with his live broadcasts. This represented a pivotal moment in Didier’s journey. He grew to see Bitcoin not merely as a speculative asset but as a transformative technology capable of redefining the global financial landscape. Over the following three years, Didier immersed himself in Bitcoin education, ultimately co-founding a company named Right Shift with Mr. Piriya to produce Bitcoin content in the Thai language. Their initiatives included translating “The Bitcoin Standard” and “The Fiat Standard” into Thai, both of which became best-sellers in the country.
It was during this expansion phase that Didier first encountered Bitcoin. In 2017, he and his friends combined their funds to acquire three ASIC miners from Bitmain, plunging into the cryptocurrency realm. Initially, Didier entered the crypto market with aspirations of quick wealth, but his Bitcoin journey soon evolved into something far beyond a mere financial pursuit. Today, Didier not only accepts Bitcoin as a payment option in his primary burger shop but has also emerged as a prominent Bitcoin advocate in Thailand, co-founding a company focused on creating Bitcoin content in the Thai language.
Insights gained: Navigating the fluctuations of cryptocurrency
Didier Somnuke’s evolution from a small-town individual in Yala province to a thriving entrepreneur in Bangkok serves as a remarkable tale of inspiration. Hailing from one of Thailand’s economically challenged areas, where the poverty rate looms at an astounding 34% in contrast to the national average of 6%, Didier encountered hurdles that many Australians might find difficult to comprehend. Yala is a region where geopolitical strife has claimed over 7,000 lives since 2004, and Didier recognized that to seek a better future, he needed to leave.
Despite the financial setbacks, Didier’s personal life provided a firm foundation. His girlfriend, whom he met during the initial phase of his burger business, remained by his side during challenging times. “My girlfriend used to be my customer. She frequently bought burgers. I encountered her while grappling with finances in my early days as an entrepreneur. She believed in me and reassured me we could recover the losses,” Didier recounted. This support was crucial as Didier began to reconstruct his life and refine his comprehension of cryptocurrency.
With a humble loan of 50,000 THB (approximately 1,500 USD) from his brother, Didier inaugurated a street burger shop in 2015. The decision to enter the burger market was calculated; it demanded a modest investment and was relatively straightforward to establish. For the initial three to four years, Didier operated the shop by himself, frequently questioning whether he had made the appropriate choice. His earnings fell short of his previous corporate salary, creating genuine financial pressure. Nevertheless, Didier’s determination bore fruit. After five years, his business began to flourish, sales surged, and he could finally bring on staff.
Didier’s entry into the cryptocurrency arena was far from a smooth ride. Like many who are new to the domain, he was initially lured by the promise of rapid profits. In 2017, Didier and his friends consolidated their resources to buy three ASIC miners from Bitmain, diving headfirst into Bitcoin and altcoin mining. The initial results were encouraging, and Didier’s confidence soared as he witnessed his investments nearly double in value overnight. However, this early achievement soon became overshadowed by the harsh truths of the unpredictable crypto market.
Didier’s early forays in the crypto world were punctuated by a series of peaks and troughs that challenged his resolve. He admitted that his entry into cryptocurrency was motivated by greed, lacking a solid grasp of the underlying technology or market mechanisms. “I stepped into the crypto market with greed; all I wanted was to grow wealthy quickly,” Didier revealed. This perspective drove him to explore leverage trading, a high-stakes approach that can magnify both profits and losses. For a period, Didier’s earnings flourished, but the inevitable market decline in early 2018 eliminated a significant portion of his profits. He suffered a loss exceeding 1 million Thai baht (almost 30,000 USD), a noteworthy figure given that his initial investment was about 100,000 Thai baht (around 3,000 USD).
Source: bitcoinmagazine.com
Yet, the losses did not end there. Didier also lost his altcoins from the mining pool, a painful lesson highlighting the importance of custody and security in the cryptocurrency ecosystem. He had stored all of his altcoins in the mining pool’s control, only to later find out they were no longer there. The mining site’s policy stated that coins left in their possession for over three months would be treated as a donation, a detail that Didier had neglected. “I lost everything,” he recounted, feeling disheartened. However, unlike many who might have turned away from Bitcoin after such a blow, Didier held no grudge against the technology. “I didn’t fault Bitcoin. I still envision it as the future. I just blamed myself. I was uninformed and over-leveraged,” he pondered.
