Tags: Bitcoin Price, Crypto Market
bitcoin

Dutch Bitcoin Family Exposes Safeguarding Wealth in Crypto

A dutch family that invested all their wealth in Bitcoin in 2017 revealed their secrets. They talked about how they managed to protect the asset as it increased in price by more than 5,000%.

The Dutch family’s storage plan involves a series of secret locations spread in four different continents.

In 2017 this dutch family sold all of their assets and bought BTC. This time, bitcoin traded around $850. Now, as BTC is trading over $46,000, their fortune started to grow.

The family’s Patriarch revealed that he had hidden the wallets in several countries, so he did not need to fly far to access its cold wallet.

He told CNBC that he owned two hiding spots in Europe, two in Asia, a sixth in Australia, one in South America.

He added that there were no secret underground shelters. The actual locations ranged from friends’ houses, rental apartments and self-storage sites. He explained that he prefers to live in a decentralized world where he has the responsibility to protect his capital.

Methods of Saving

Cold wallets, also called Hardware, are a popular method to store crypto-assets offline. However, the owner is entirely responsible for the private keys. There’s no other person responsible for turning to in the case of loss or theft.

Coin Metrics co-founder and Castle Island Ventures general partner Nic Carter explained that an alternative way is to use administration services which several large exchanges such as PayPal and Coinbase can provide.

By combining these two methods, Jack Dorsey’s Square is trying to build a custody service and an assisted hardware wallet to make it more mainstream.

According to CNBC, 75% of Taihuttu placed its total portfolio in cold storage, remaining in hot wallets to access it quickly. He doesn’t use post offices and banks as he finds them extremely risky, fearing bankruptcy.

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