Bitcoin Family revealed how it secures its cryptocurrency fortune
Bitcoin Family revealed how it secures its cryptocurrency fortune Bitcoin Family revealed how it secures its cryptocurrency fortune

The Taihuttu family, which invested in bitcoin in 2017, has revealed the digital asset protection methods they use. Since their initial purchases, the price of the “bitcoin family’s” digital assets has increased by around 5000%.

The Dutch family’s cryptocurrency security secret comes down to a series of secret locations spread across four different continents.

In 2017, “The Bitcoin Family” liquidated all their assets and went all-in on BTC when the cryptocurrency cost around $900. It is unknown how many digital coins the Taihutt’s own. What is certain, however, is that at today’s BTC prices (above $45,000), their fortune is much larger than when they first made their purchases.

The head of the family, Didi Taihuttu, explained that he has hidden hardware wallets in several countries. Speaking to CNBC, he revealed that two of the hiding places are in Europe, another two in Asia, one in South America and another in Australia.

He added that the wallets are by no means hidden in some underground bunkers. Taihuttu has located them in rented apartments and friends’ homes. “I prefer to live in a decentralized world where I have a responsibility to protect my capital,” he commented.

Hardware wallets are a popular way to store cryptocurrency assets “offline”. This does not change the fact that the “owner” remains fully responsible for the private keys. Castle Island Ventures general partner and Coin Metrics co-founder Nic Carter explains:

“If you want to store your digital coins outside the actual reach of the state, you can simply store the private keysdirectly. It’s the equivalent of burying a gold bar in your backyard.”

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Alternatively, you can use escrow services, which many large exchanges like Coinbase and, more recently, PayPal provide.

According to CNBC, 74% of the Taihuttu family’s total digital assets are in cold storage, with the remainder in hot wallets for quick access and trading. The bitcoin family does not use banks or post offices as they consider them too risky flow paths that could lead to loss of funds.

Taihuttu acknowledges that in the event of the holder’s death, some centralized trust companies also offer the certainty of transferring funds to beneficiaries:

“They have great offers in terms of inheritance. When you die, these companies takecare of those issues and I really believe they do a great job.”

The Taihuttu family’s cryptocurrency fortune includes the network’s digital coins: bitcoin, ethereum and litecoin.

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