Four years after putting all of their money into Bitcoin, a family has explained how they keep the asset safe. The Taihutt family reported that their cryptocurrency holdings had increased by 5000 percent, with their hardware wallets being sent to undisclosed locations on four continents.
When the flagship crypto-assets were selling about $900, a Dutch family of five sold all of their assets to invest in Bitcoin. Since then, the value of the coin has climbed by multiple folds, and it is now trading over $45,000.
Didi Taihutt, the family's head, disclosed to CNBC that he has stashed his hardware wallets in numerous locations, including two in Europe, one in South America, two in Asia, and one in Australia.
The majority of the locations, according to Didi, are rented apartments, friends' homes, and self-storage facilities. There are no underground bunkers, he explained. “I prefer to live in a decentralized environment where I am responsible for my capital's protection,” he says.
Hardware or cold wallets grant the crypto-asset full authority and control over the private keys, and no one can be held liable for any loss. Nic Carter, a general partner at Castle Island Ventures and a co-founder of Coin Metrics, explained:
“You can simply hold those private keys directly if you wish to store your cash really outside of the reach of the state.” That's akin to burying a bar of gold in your backyard,” or utilize a custodial service like Coinbase, Paypal, or others.
According to the CNBC report, around 74% of Taihuttu's overall crypto portfolio is held in cold storage, with the rest held in hot wallets for easier access and trading. He does not use any standard financial systems since he believes they are too hazardous.
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