International media reported the case of the Taihuttu, a Dutch family that in 2017 sold all their properties to buy the largest amount of bitcoins possible. At that time, the value of the cryptocurrency was 900 US dollars. Currently, the virtual currency is valued at almost 50 thousand.
Didi Taihuttu, the father of the now called “bitcoin family”, said that they have two stacks of cryptocurrencies in Europe, two in Asia, one in South America and one in Australia. “I have hidden ‘hardware wallets’ [carteras ‘hardware’] in several countries so as not to have to fly very far if I need to access my cold wallet, to jump out of the market “, he said in conversation with the CNBC medium.
He explained that none of these sites is a great strength, since cryptocurrencies are hidden in different locations ranging from apartments and friends’ houses to self-storage sites.
“I prefer to live in a decentralized world where I have the responsibility to protect my capital”Taihuttu added.
Although cryptocurrencies are not a physical means of payment, since they work in a virtual way, they can also be subject to theft by hackers who seek to get hold of these expensive virtual currencies.
Therefore, the man explained that he keeps 26% of his fortune in “Hot Wallets”, while the rest is in “Cold Wallets”.
The “Hot Wallets” are virtual wallets that remain connected to the internet, so their main utility is to provide their owner with quick accessibility to withdraw their funds, as if it were a traditional bank account. Cold Wallets, on the other hand, are wallets that are never connected to the network, so there is greater security.