The Dutch Bitcoin Family Reveals How It Protects Crypto Assets

A household who put all of their cash into Bitcoin in 2017 revealed their secret to defending the asset, because the price is now up round 5,000%.

The Dutch household’s five-person internet hosting plan contains a lot of secret places on 4 completely different continents.

In 2017, the “Bitcoin Family” liquidated all of their belongings and used all of BTC when it was trading round $ 900. With BTC trading over $ 45,000 right this moment, their undisclosed belongings are considerably bigger.

The patriarch of the household, Didi Taihutt, explains that he has hidden {hardware} wallets in a number of international locations in order that he by no means has to fly far when he wants entry to chilly wallets.

Speaking to CNBC, he revealed that there are two hiding locations in Europe, two extra in Asia, one in South America and a sixth in Australia.

There are not any secret bunkers underground, he added, and precise places vary from rental flats and mates’ flats to self-storage places. “I like to live in a decentralized world where it is my responsibility to protect my capital,” he explains.

Hardware or chilly wallets are a typical manner of storing crypto belongings “offline”, however the proprietor is solely liable for the private keys and can’t be accessed by anybody within the occasion of theft, theft or loss. Nic Carter, General Partner and Coin Metrics Co-Founder of Castle Island Ventures, states:

“If you actually wish to hold your cash out of attain of the state, you may hold these private keys proper on the market. That is equal to burying a gold bar in your backyard. “

An alternative is to take advantage of the custody services that some major exchanges like Coinbase and now PayPal offer.

For a combination of the two methods, Jack Dorsey’s Square is building a supported hardware wallet and custody service “to make Bitcoin custody extra common,” Cointelegraph reported on Jan. 9.

Just buy $ 50 in value #Bitcoin every week. In 4 years you’ve invested $ 10,000 which can then be worth 5 times your investment, $ 50,000! This is why DCA is a good solution for everyone who doesn’t want everything to be green like us ️ https://t.co/E79D14MMp5

– Didi Taihuttu AM (@Diditaihuttu) August 5, 2021

According to CNBC, 74% of Taihuttu’s total crypto portfolio is kept in the cold store, with the rest in hot wallets for quick access and transactions. He doesn’t use banks or post offices because he thinks they are too risky, because he fears that the loss of his property will lead to bankruptcy.

Related: What happens to your bitcoin when you die?

Taihuttu has admitted that some centralized cold storage companies offer great advantages in the event of the death of an owner:

“You have nice inheritance settings. If you die, these companies will take care of it too, and I really believe they are doing a great job. “

The household’s crypto belongings embody Bitcoin, Ethereum, and a few Litecoin.