Dutchman Didi Teichuttu, along with his wife and three children, made a fateful decision in 2017: then the family sold almost all of their property and invested the proceeds in Bitcoin. At that time, the price of the cryptocurrency was still hovering around $ 900 .
Over the years, the invested amount has grown tenfold, so now Teichuttu is doing everything possible to safely store coins. They are sealed in secret vaults on four continents of the world.
Recall that the story of Didi Teichuttu and his family became known in 2017. It was then that the cryptocurrency lover sold his house in the city of Venlo for 85 bitcoins.
In addition, he got rid of his own business for the opportunity to travel, and the investor has been associated with the topic of cryptocurrencies since 2010.
How to handle cryptocurrencies
The history of the Dutch family has attracted the attention of journalists before. Here is a quote from a recent interview with her chapter in which Didi shared his own experience of digital asset storage. The replica is published by CNBC.
I hid hardware wallets in several countries so that I don’t get the idea of flying far to access my savings if I suddenly want to sell something on the market.
Recall that hardware wallets are special devices that store the user’s private keys. They keep important combinations inside themselves on special chips and do not reveal them on the Internet. In addition, the transaction is signed on the device itself – and for this you need to enter a password and approve the transfer.
So, in this way, Didi insured himself against the influence of emotions. Since it is impossible to sell cryptocurrency or do anything with it without hardware wallets, he will have to fly personally to another country to gain access to the devices. And this requires a lot of effort and time, that is, in fact, Teichuttu is unlikely to do this – at least in a hurry due to possible sharp market fluctuations. In the end, it all boils down to making it simply impossible to drastically drain your own digital assets.
Didi Teichuttu
Two such Tehuttu repositories are located in Europe, two more in Asia, one in South America and one in Australia. Note that we are not talking about some kind of underground bunkers. As Didi notes, wallets are kept in rented real estate, with friends, or in rented property lockers. Here is a quote from him.
I prefer to live in a decentralized world where the responsibility for preserving my capital depends only on me.
Indeed, in this case, the safety of funds really depends on Didi. If he forgets the password for the hardware wallet and, in addition, loses access to the unique 24-word mnemonic phrase, then he will no longer be able to dispose of cryptocurrencies.
Teichuttu family
Recall that there are two ways to store cryptocurrencies – hot and cold wallets. The former are connected to the Internet, so you can easily and quickly make a transaction from them, while also increasing the risk of hacking from hackers. The latter are isolated from any external environment, and without direct access, funds from them cannot in any way fall into the hands of fraudsters. Teichuttu chose mainly the second option, because such a choice is considered more reliable for long-term storage of digital assets.
About 26 percent of the family’s fortune is kept in hot wallets: this is what Didi calls «risk capital . » He uses it for daily trading and trades that help limit potential losses in the event of a market crash. It is noteworthy that the cryptocurrency lover also used these funds to successfully buy and sell the altcoin DOGE, the price of which skyrocketed at the beginning of the year.
Taihuttu cold wallets store Bitcoin, Ethereum and Litecoin. The head of the family noted that active operations with cold storage facilities with increased security carry certain inconveniences. For example, to withdraw coins, he has to fly to the country with the desired wallet and physically have access to it.
Didi Taihuttu
According to experts, those wishing to provide themselves with the best protection of the carrier with a cryptocurrency can use the services of Xapo, which owns a bunker in the Swiss Alps, where one of the most protected places for storing cryptocurrencies in the world is located. True, Tayhuttu himself does not see many advantages in this method of storage. Here is his line.
It seems too risky to me. What if one of these companies goes bankrupt? What will happen to my bitcoins? Will I be able to access them? Yet in this case, people are shifting responsibility for their capital into the hands of a centralized organization.
Accordingly, the investor prefers to be responsible for the safety of funds on his own. And if you have an understanding of the peculiarities of blockchain and cryptocurrencies, this is really the best choice.
Tesla with a cryptocurrency number
The Teichuttu family’s strategy from the very beginning to the present day is one of the most profitable – investors have earned huge profits in just a few years, simply by storing bitcoins and other coins.
In addition, they took a very responsible attitude to the storage of cryptocurrency, significantly reducing the risk of force majeure. This is exactly what investors should do if they want to invest in BTC for at least a few years.
We think the idea of storing cryptocurrency on special devices in different locations seems like a great idea. However, it is only suitable for those investors who are counting on the long term. Nevertheless, in the event of a sharp growth in the market, it may simply not be possible to sell coins in such conditions due to lack of time.
