You’ll Never Believe What’s Hidden In This Vault

June 11, 2018 | Ryan


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Many people still don’t fully understand Bitcoin. The cryptocurrency, which has been around for a little under a decade, is the first decentralized digital currency, operating as a worldwide payment system that works without a central bank or single administrator. It’s a risky way to handle your money, but the potential benefits can be worth it. Being able to navigate the intricate system of Bitcoin is something that a lot of financial-savvy people are making a priority.

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The super rich are apparently hoarding around $10 billion worth of the cryptocurrency in bunkers hidden behind guards, blast doors and tunnels of reinforced concrete. Upon first hearing this interesting news, many might wonder how digital money could be held in a physical space. Well, what’s inside the giant safes are actually encrypted computer servers, which aren’t connected to anything. The man behind this idea is Argentine entrepreneur Wences Casares, who has spent a good amount of time convincing Silicon Valley’s wealthiest to invest in Bitcoin and then to let him safeguard it for them.

Xapo

In order to do this, he founded a startup, called Xapo, and constructed a network of underground corridors that lead to vaults. These can now be found on five continents, and there’s even one in a decommissioned Swiss military bunker. This might seem extreme, but in the world of Bitcoin, hackers and thieves have developed and executed complicated techniques from digital theft to even home invasions to get to the cryptocurrency, so Xapo’s solution really makes sense. Bitcoin has been blowning up, creating competitors and even more reasons to take security to the next level. Check out Xapo’s website here to learn more.

Bloomberg
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