1) Banks WILL become Bitcoin Banks. (Banks always go where the money is for them).— Willy Woo (@woonomic) May 12, 2021
2) "Not you keys, not your coins" losing favour to convenience. There's a lot of opportunity for innovation in the self custody wallet space to reverse this trend. pic.twitter.com/oG7uddOvcc
Didi Taihuttu, along with his wife and three kids, liquidated all of their assets and bought bitcoin in 2017, back when it was trading at around $900. Now, the Dutch family of five is safeguarding most of their crypto fortune in secret vaults on four different continents.
“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,” explained Taihuttu, patriarch of the so-called Bitcoin Family.
Taihuttu has two hiding spots in Europe, another two in Asia, one in South America, and a sixth in Australia.
We aren’t talking buried treasure – none of the sites are below ground or on a remote island – but the family told CNBC the crypto stashes are hidden in different ways and in a variety of locations, ranging from rental apartments and friends’ homes to self-storage sites.
“I prefer to live in a decentralized world where I have the responsibility to protect my capital,” said Taihuttu.
There are a lot of ways to store crypto coins. Online exchanges like Coinbase and PayPal will custody tokens for users, while the more tech savvy may opt to cut out the middleman and hold their crypto cash on personally owned hardware wallets.
Thumb drive-size devices like a Trezor or Ledger offer a way to secure crypto tokens. Square is also building a hardware wallet and service “to make bitcoin custody more mainstream.”