August 12, 2021 07:56 UTC
August 12, 2021 07:56 UTC
A hardware wallet and a series of secure but uncommon locations are the storage methods for the alternatives to the encryption series.
A family that invested heavily in Bitcoin in 2017 has disclosed their secrets to protect the asset, and the value of the asset has increased by about 5,000%.
The storage room of a family of five in the Netherlands includes a series of secret locations on four completely different continents.
In 2017, the “Bitcoin family” liquidated all assets and went all-in after BTC was listed for approximately US$900. Now that the BTC transaction volume exceeds 45,000 USD, their secret wealth is much greater.
Didi Taihutt, the patriarch of the family, explained that he has hidden hardware wallets in many countries, so if he needs to use a cold wallet, he doesn’t have to fly so fast.
In an interview with CNBC, he revealed that there are two hidden spots in Europe, two in Asia, one in South America, and a sixth in Australia.
He added that there are no secret underground bunkers, and the physical location also includes rental houses, friends’ houses, and self-service storage locations. “I prefer to board a decentralized world where I have a real responsibility to protect my capital,” he explained.
Hardware or cold wallets are a popular way to store encrypted assets “offline”, but the owner is absolutely responsible for non-public keys, and no one can show them in case of theft or loss. Nic Carter, general partner of Castle Island Ventures and co-founder of Coin Metrics, explained:
“If you want to actually store your coins in areas beyond the reach of the country, you only need to directly hold these non-public keys. This is equivalent to hiding a gold bar in your mansion,”
Another option is to use the custodial services that various large exchanges (such as Coinbase and currently PayPal) can provide.
As Cointelegraph rumors on July 9th, Jack Dorsey’s Square is building an auxiliary hardware wallet and custody service, “to create additional ideas for Bitcoin custody”, combining these two methods.
According to CNBC, 74% of Taihuttu’s entire crypto portfolio is in cold storage, while the rest is stored in hot wallets for quick access and transactions. He does not use banks or post offices because he feels that they are too risky and fears that loss of assets will lead to bankruptcy.
Taihuttu does acknowledge that some centralized cold storage companies provide important benefits in the event of the death of the holder:
“They have lovely inheritance settings. Once you die, these companies will also deal with this problem. I really believe they did a good job.”
The crypto wealth of the family includes Bitcoin, Ethereum and some Litecoins.