Bitcoin ‘not seen as a currency for transactions’ says expert
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In 2017, Didi Taihuttu, along with his wife and three children, embarked on a bold investment strategy, putting their money into Bitcoin after liquidating all of their assets. They have since employed extraordinary measures to keep their fortune out of the wrong hands.
When they first invested in the digital currency four years ago, the price of Bitcoin was around £650.
The massive risk that the Dutch family took has paid off tremendously, with the price of Bitcoin today sat at an eye-watering £32,772.80.
They have now gone to extreme lengths to ensure that their cryptocurrency is kept safe, by placing it in secure, hidden locations on four different continents across the globe.
According to Mr Taihuttu, there are two secret locations holding digital currency in Europe, two more in Asia, as well as one in Australia and another in South America.
The Taihuttu family liquidated their assets and invested in Bitcoin (Image: GETTY)
Their Bitcoin fortune has not been physically hidden, per se, because of course cryptocurrency is not a physical, but a digital asset.
Instead, the cryptocurrency reserves have are being stored in a variety of ways across multiple locations, which includes the homes of friends, rental apartments and self-storage sites.
Mr Taihuttu must fly to one of the many locations if wants to access his “cold” cryptocurrency.
According to Investopedia, cold storage is an offline wallet used for storing bitcoins.
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Didi Taihuttu has to fly to the various locations of his hidden Bitcoin in order to access it (Image: GETTY)
“I have hidden the hardware wallets across several countries,” Mr Taihuttu said.
“I never have to fly very far if I need to access my cold wallet, in order to jump out of the market.”
He emphasised and explained his aversion for holding money, or even his digital currency, in a more traditional, centralised system such as banks.
Mr Taihuttu said: “I just find it too risky.
“What happens when one of these companies goes bankrupt? Where are my bitcoins?
“Will I have access? You again put the trust of your capital in the hands of a centralised organisation.”
However, Mr Taihuttu acknowledged that there are some benefits to keeping one’s cryptocurrency in centralised vaults such as Xapo, a guarded, former military bunker in Switzerland.
He said: “They have beautiful setups for inheritance. When you die, these companies handle that, as well, and I really believe they are doing a great job.”