Bitcoin Evangelist stores cryptocurrency on four continents while traveling the world with a digital nomad family

In 2017, Didi Taihuttu, his wife, and their three children sold everything they owned and invested all of their money in Bitcoin.

From a profitable computer training business Mr. Taihuttu started at age 24, to their 2,500 square foot home, shoes and toys, it was all sold.

The proceeds were invested in cryptocurrency as the Dutch family embarked on a new life, documenting their travels on YouTube and other social media platforms.

At the time, Bitcoin was trading at around $ 900, peaking in December of the same year at just over $ 14,000.

Even when he slumped into the $ 3,000 range in 2018, Mr. Taihuttu bought more, doubling his investment, convinced cryptocurrencies were about to rebound.

This bet paid off. By mid-June 2019, the price had climbed back above $ 10,000, peaking at nearly $ 59,000 in March 2021. After another collapse in the mid-1930s, Bitcoin has since recovered to $ 46,400. today.

Meanwhile, the family travels the world with backpacks and no luxuries, teaching their children that they can be happy without such things, according to their website.

They have lived in over 40 countries, do not own a house, do not have a bank account, and describe their lifestyle as “decentralized nomad”.

Without bank accounts and their wealth denominated in volatile cryptocurrency, Taihuttu told CNBC in a recent interview that the family protected their wealth in six “secret vaults” on four continents.

“I have hidden the hardware wallets in several countries so that I never have to fly very far if I need to access my cold wallet, in order to exit the market,” he explained.

A “cold wallet” is where cryptocurrency has been moved offline and is not stored on computers connected to the Internet, in order to protect it from hackers. A private key, or password, is required to remove the crypto from the wallet.

Most cryptos are stored in “hot wallets” which are connected to the internet and allow owners relatively easy access to trade and spend their currency. The difference is mainly a question of security.

Mr. Taihuttu keeps 26% of their holdings “hot” for trading and for making potentially risky bets in the market – many of which appear to be paying off.

The remaining 74 percent is kept in cold wallets – two in Europe, two in Asia, one in South America and one in Australia.

While it may conjure up an image of a hidden safe or buried treasure chest, the family told CNBC the wallets are hidden in a variety of ways and in various places, including at friends’ homes and in private homes. self-storage sites.

While the family won’t say how much cryptocurrency they hold, the mix includes Bitcoin, Ethereum, and some Litecoin.

Mr Taihuttu says that while it’s easy to top up the crypto storage with new coins, getting them back involves going to the physical location.

He intends to store a cold wallet on all continents for easier access as the family continues their journeys as digital nomads.

Source link

About Andrew Miller

Check Also

A traveller’s dream comes true: high performance connectivity, free international calls, Wi-Fi hotspot and more – all in one, low cost smartphone app, business news

Porto, Portugal, September 16, 2021 (GLOBE NEWSWIRE) – iToorer, a Portuguese developer of global technology …

Leave a Reply

Your email address will not be published. Required fields are marked *