The storage method of choice for this Bitcoin family includes hardware wallets and a variety of secure, but unconventional locations.
A family that invested heavily in Bitcoin back in 2017 has disclosed their strategies for protecting the commodity, which has seen its value rise by about 5,000 percent in the intervening year.
There are four continents in total on which the Dutch family of five has hidden their belongings in their storage plan.
At a time when Bitcoin was trading at $900, the ‘Bitcoin family’ liquidated all of their assets and invested everything they had left in BTC. The value of Bitcoin (BTC) is currently over $45,000, indicating that their secret riches is significantly greater.
He added that he has stashed the hardware wallets throughout multiple nations so that he does not have to travel very far if access to a cold wallet is required. Didi Taihutt is the patriarch of the family.
In an interview with CNBC, he disclosed that there were two hiding places in Europe, another two in Asia, one in South America, and a sixth in Australia, among other locations.
He went on to say that there were no hidden underground bunkers and that the physical locations ranged from rental apartments to friends’ homes to self-storage facilities. According to him, “I prefer to live in a decentralised world where I am responsible for the protection of my assets.”
When it comes to storing cryptocurrency assets “offline,” hardware wallets or cold wallets are popular options. However, the owner is alone responsible for the security of the private keys, and there is no one who can be approached in the event of theft or loss.
Nic Carter, general partner at Castle Island Ventures and co-founder of Coin Metrics, detailed how the company got its start.
“If you want to store your coins truly outside of the reach of the state, you can just hold those private keys directly. That’s the equivalent of burying a bar of gold in your backyard,”
Another option is to make use of custody services, which are being offered by a number of prominent exchanges, including Coinbase and, as of today, PayPal.
According to Cointelegraph on July 9, Jack Dorsey’s Square is developing an aided hardware wallet and custody service “to make Bitcoin custody more mainstream,” as a combination of the two approaches.
Just buy $50 worth of #Bitcoin every week. In 4 years time you invested $10.000 which then probably has a value of 5 x your investment, $50.000!! That’s why DCA is a good solution for people that don’t want to go all in at the green bottom lines like we did ☺️ https://t.co/E79D14MMp5
— ₿ Didi Taihuttu ₿AM (@Diditaihuttu) August 5, 2021According to CNBC, 74 percent of Taihuttu’s total cryptocurrency portfolio is held in cold storage, with the remaining 30 percent held in hot wallets for easy access and trading on the go. He does not utilise banks or post offices because he believes they are too hazardous, and he is concerned about losing his assets if he goes bankrupt.
Taihuttu did acknowledge, however, that some centralised cold storage firms provide a significant benefit in the event of the death of the account holder:
“They have beautiful setups for inheritance. When you die, these companies handle that, as well, and I really believe they are doing a great job.”
Bitcoin, Ethereum, and a small amount of Litecoin are among the digital assets owned by the family.
