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A family that staked everything on Bitcoin in 2017 has revealed their secrets to protecting the asset now that its price has risen by around 5,000%.
The Dutch family of five’s storage plan includes a series of secret locations spread across four different continents.
In 2017, the “Bitcoin family” liquidated all of its assets and moved all-in on BTC when it traded around $ 900. With BTC trading over $ 45,000 today, their undisclosed fortune is significantly greater.
The patriarch of the family, Didi Taihutt, explained that he has hidden the hardware wallets in several countries so that he never has to steal very far if access to a cold wallet is needed.
Speaking to CNBC, he revealed that there were two hideouts in Europe, two more in Asia, one in South America and a sixth in Australia.
There were no secret underground bunkers, he added, and physical locations ranged from rental apartments and guesthouses to self-storage sites. “I prefer to live in a decentralized world where I have the responsibility to protect my capital,” he explained.
Hardware or cold wallets are a popular way to store crypto assets “offline”, however, the owner is fully responsible for the private keys and there is no one to turn to in case of theft or loss. Castle Island Ventures general partner and Coin Metrics co-founder Nic Carter explained:
“If you want to store your coins really out of state, you can just keep those private keys directly. It’s the equivalent of burying a gold bar in your garden ”,
An alternative is to use the custodial services that a number of major exchanges such as Coinbase and now PayPal will provide.
For a combination of the two methods, Jack Dorsey’s Square is building an assisted hardware wallet and custodial service “to make bitcoin custody more common,” as Cointelegraph reported on July 9.
Just buy for $ 50 from #Bitcoins every week. In 4 years, you have invested $ 10,000, which is probably worth 5 times your investment, $ 50,000 !! That’s why DCA is a good solution for people who don’t want to go all out like we did ☺️ https://t.co/E79D14MMp5
– Didi Taihuttu AM (@Diditaihuttu) August 5, 2021
According to CNBC, 74% of Taihuttu’s total crypto wallet is in cold storage, with the rest in hot wallets for quick access and exchange. He does not use banks or post offices because he finds them too risky, fearing the loss of assets in the event of bankruptcy.
Related: What Happens to Your Bitcoin When You Die?
Taihuttu admitted that some centralized cold storage companies offer a major benefit in the event of the incumbent’s death:
“They have great legacy setups. When you die, these companies take care of that as well, and I really think they do a great job. “
The family’s crypto fortune includes Bitcoin, Ethereum, and some Litecoin.
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