During 2017 there was already talk of cryptocurrency “Bitcoin”. However, no one thought that it would have such relevance worldwide as today, reaching the top positions within the most expensive virtual currencies in the world.
As reported by CNBC, at that time the now called “Bitcoin Family” of Didi Taihuttu, along with his wife and three daughters, liquidated all their assets to buy as many bitcoins as possible, when their value was in an approximate range of $ 900 dollars, about 700 thousand Chilean pesos (CLP).
This virtual currency progressively increased in value until today, having a value of almost 36 million Chilean pesos for a single bitcoin.
Now, the Dutch family of five safeguarded most of their cryptocurrency fortune in secret vaults on four different continents.
Why keep money in vaults?
Although cryptocurrencies are not a physical means of payment, you can also be subject to theft by hackers looking for these expensive virtual currencies.
“I have hidden hardware wallets in various countries so that I don’t have to fly far if I need to access my Cold Wallet,” explained Taihuttu, patriarch of the so-called Bitcoin Family to CNBC.
The father of the family reported having two hiding places in Europe, two more in Asia, one in South America and a sixth in Australia. Neither of these sites is of great strength as cryptocurrencies are hidden in a variety of locations, ranging from apartments and friends’ houses to self-storage sites. Almost hidden in plain sight, which makes it much more difficult to be found since they could be hidden anywhere.
“I prefer to live in a decentralized world where I have a responsibility to protect my capital,” said Taihuttu.
What is Hot and Cold Wallet?
They are not literally hot or cold wallets, these terminologies refer to how cryptocurrencies are stored.
In the case of Hot Wallets, These are constantly connected to the internet, so its main utility is to provide its owner with fast and comfortable accessibility to withdraw your funds. As if I wanted to extract money from a traditional bank, but with the great risk of being extracted by a hacker.
The Cold Wallet, meanwhile, are wallets that they are never connected to the Internet and they have increased security measures, are the ideal storage for storing bitcoins.
Although its cons are not have immediate access to the funds as if their counterpart can. These wallets are usually stored on physical devices with chips.