A few years ago, a Dutch family sold their entire fortune to buy bitcoins when it cost “barely” $ 900. You are now securing your crypto assets in secret vaults on four different continents.
According to the invoice CNBC, Didi Taihuttu, his wife and their three bought bitcoins in 2017 and hid their hardware wallets in various countries so that their cold wallet was always relatively close to them. According to the report, the Taihuttu have two hiding places in Europe, two more in Asia, one in Latin America and a sixth in Australia.
The so-called Bitcoin family told CNBC that these cryptocurrencies are stored in locations as diverse as rental apartments, warehouses, and even with friends.
“I prefer to live in a decentralized world where I have a responsibility to protect my capital,” Taihuttu told the American newspaper.
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What are cold wallets and what are hot wallets?
There are a number of ways that you can store the cryptocurrencies that you invest in. One of them is the use of online merchants like Coinbase and PayPal who take care of these tokens and keep them ready for trading. This is one hot wallet as it enables quick action in case you want to sell or buy assets.
- To learn more, PayPal users in the UK can now buy, hold and sell cryptocurrencies
On the contrary, if the person prefers to store their cryptocurrencies on a hardware device that is not immediately connected to the internet (e.g. an external hard drive), they will use one cold wallet. They offer additional protection because hackers cannot attack them.
The Taihuttu family pointed out that 26% of their cryptocurrencies are in hot wallets and they use them for investments. The other 74% are in cold wallets in vaults around the world.