Last November, Live reported on a man named Didi Taihuttu and his family who had given everything they owned up in exchange for bitcoin. This was a family that lived by bitcoin, with bitcoin, and for bitcoin. They were willing to bet everything on it, and they had extremely high hopes for their financial futures.
Didi Taihuttu Is Taking His BTC Dreams Further
Now, Taihuttu and his family have taken their bitcoin journey to a whole new level. They have hidden their bitcoin stashes in six different parts of the world, and their crypto – along with a few other valuable assets – are being stored in vaults on four different continents at the time of writing.
Taihuttu, his wife and his three children all began their bitcoin investments back in the year 2017. At the time, the asset was trading for only $900 per unit – nowhere near the $64,000 all-time high that the currency would reach in mid-April of this year. While investing in BTC has done them good, they are looking to do all they can to keep their money safe and potentially remove themselves from the market.
In an interview, Taihuttu explained:
I have hidden the hardware wallets across several countries so that I never have to fly very far if I need to access my cold wallet in order to jump out of the market.
Two of the vaults, he says, are stationed in Europe, while another two are conveniently placed in Asia. He also has one in South America, while the final location is in Australia. Taihuttu further stated:
I prefer to live in a decentralized world where I have the responsibility to protect my capital.
In utilizing vaults and hardware wallets, Taihuttu has made it clear he doesn’t want anything happening to his family’s fortune, and thus he is employing cold storage tactics to make sure his money stays safe. This has been an ongoing argument for many years in the crypto industry, with so many people vouching for cold storage granted that it is allegedly safer and prevents funds from being susceptible to hacks or cyberthieves. Philip Gradwell – chief economist at Chainalysis – stated:
Cold storage often refers to crypto that has been moved to wallets whose private keys – the passwords that enable the crypto to be moved out of the wallet – are not stored on internet-connected computers, so that hackers can’t hack into the computer and steal the private keys.
How to Recognize Cold Wallets
He further explained that many exchanges will utilize cold wallet storage to keep the funds that their customers have deposited safe. He says:
We can guess which wallets are cold storage, as they have particular behaviors, like receiving large amounts of crypto from a single source and not sending any for a long time until they are emptied all in one go.