Notes From A Bitcoin Whale

Some of those who know that I have accumulated in the region of 1,200 Bitcoin through Bitcoin Mining, ask me what I do with all this "money"; after all, 1,200 Bitcoin represents, at todays exchange rate, well in excess of $10 million.

The honest answer is that I do very little with it, and much prefer to HODL. I send a modest weekly Bitcoin amount to my Bitcoin Visa Card, change it into fiat currency, and add it to my card; in addition, once a month, I send a larger amount of Bitcoin to one of the major exchanges, again exchange it into fiat currency, and then withdraw it to my bank account. This then services my mortgage and utlity bills, and allows me to transfer the remaining funds to my wife for general household expenses.

What about investing my Bitcoin to make even more Bitcoin? I am afraid I have no interest in that whatsoever. Other than using to earn a little interest on a small portion of my holding, or, once in a blue moon, using their MultiHODL service to gamble on the Bitcoin price going up or down, I do absolutely nothing. Regrettably, well in excess of 99% of traders who offer to invest my Bitcoin , and promising ridculous returns, are nothing but fraudsters intent on stealing my hard earned Bitcoin. I used to be extremely polite when responding to, and declining, their unsolicited approaches, now I don't even reply.

Another question I am often asked is where I store my Bitcoin. I think that a lot of people expect me to store everything in perhaps a paper wallet, or a Ledger Nano USB stick. That would be a terrible mistake in my view. I therefore use over 200 different wallets, with a limited amount of Bitcoin in each one. Yes, I do have a Ledger Nano X, but it contains 10 Bitcoin only.

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