Bitcoin Forum

After my father died 3 weeks ago, we as 5 brothers agreed to fulfill my father's wishes by selling part of his land to be sold and distributed to 5 members. So my parents' house still has 250 meters of land next to my parents' house which is currently still occupied by my mother and two younger siblings and the land area of the house is also quite large.
Long story short, from the sale of 250 meters of land, 5 family members each received $4,400. And I have plans to buy Bitcoin to increase my Bitcoin amount in the near future so that the money is not reduced for unimportant purposes. Because it cannot be denied that if I see large amounts of cash, I will definitely want to buy what I want, not what I need.
And what confused me was that 2 of my family members, namely 1 older brother and 1 younger brother, wanted to share some of their money to invest in my Bitcoin. And they themselves don't want to do it for reasons, they don't want to bother.
Even if he wants, I will teach him to make a Bitcoin wallet. But they still don't want to and want to combine their money with my money to invest in Bitcoin, and they already know that I have been involved with Bitcoin for a long time and they also know about my changes. And maybe that's what makes them want to do it, so that their money will increase.
And this makes me confused and I haven't made up my mind about their money that they want to put into my Bitcoin, and they also know that investing in Bitcoin takes a long time to get good profits. And I'm always in this for the long term, and I need a way or an opinion so I can make good decisions.

And to be honest, I'm still in a state of mourning because of many things and stories that I can't just forget.

Don't mix family and money. If Bitcoin drops, they'll blame you. If you lose their Bitcoin, they'll blame you.

I do hope you are aware of the risks involved when investing in crypto or any other digital assets and thus why they always emphasize that you should invest what you can afford to lose so that should anything go wrong, you won't end up in a rock bottom and depressing situation.

It would be preferable that your other interested family members also decided to invest on their own and not make you the custodian of their money. Money breeds enmity even among family members as you grow. If things don't work out, you will be in a tight spot. It's better you just guide them through, and they also do the fishing for themselves.

Well, this is what I'm worried about, and while I'm sure in the long run Bitcoin will be profitable, I have to think about the risks because anything can happen. And I haven't made a decision yet because I need an opinion, because they are family.

I think the reason why they don't want to have or make own a Bitcoin is because they have zero knowledge of how to protect the wallet that is why they decided to put their money into you because they know you have knowledge of how to protect them.
It is just likely the same happened to me with my friend since he doesn't know much about Bitcoin and the risk of the internet he wants to buy Bitcoin and wants to send it to me and hold it for him because I know how to protect his Bitcoin.

Meaning your two brother trust you about their investment in Bitcoin.
What I would like to suggest make an offline wallet with two different and seed backups using the Electrum wallet make sure that you write them on the piece of paper put their Bitcoin in each of these wallets and then try to give the piece of paper to your two brothers and tell them that this is their wallet backup.
If they don't want then keep them in a safe place where no one knows where you hide them. Also don't forget to take one of the BTC addresses (Public key) from each wallet where you deposited BTC and then don't forget to erase the wallet from the offline device where you created these two wallets or format the hard drive for safety purposes.
If you didn't do that if someone uses that device that knows about Bitcoin they can take advantage to extract the seed phrase or make a copy of the wallet into a USB flash drive without your consent. So make sure to format the hard drive and later recover it using the seed phrase once your two brothers decide to sell it.

Here's another one: if you don't do it, and Bitcoin goes up a lot, they'll still blame you for missing out.
Family and money can end badly in so many ways.

This is a bad idea, you will be basically working as their unpaid investment manager, bear all the risks and get nothing from it. Situations like this is why it might be best to keep your Bitcoin investment a secret even from close family, because you gain nothing from telling them and can only create problems.

You know what, this is really hard to decide because you also don't want them to feel bad against you. But you know exactly the nature of bitcoin investment, it can instantly make you rich in the long run but it can also lose all your capital if the price drops significantly and you started selling at a loss. I guess if they can see it with their own two eyes how bitcoin is so much volatile, then they will not take the risk investing their money.

But what they see in you is different from what everyone say. Your life has become in progress, and most probably they also want to experience the same that's why they are determined to invest in bitcoin as well.

For now, tell them to educate theirselves first and let them enter the bitcointalk forum so they will know exactly what you are talking about. If they become active members in the forum, I guess that's the only time they will know that investing in bitcoin is not a get rich quick unlike most crypto influencers say in the social media.

I think you need to have an open and honest conversation with your brothers about the potential risks involved in investing, especially in a volatile market like cryptocurrencies. Make sure they understand that the value of Bitcoin can fluctuate significantly and that there are no guaranteed returns. Additionally, discuss your investment strategy and the long-term approach you plan to take. If they are comfortable with the risks and align with your investment philosophy, you could consider moving forward.

But take the time you need to grieve and make decisions when you feel ready.

As suggested above.  Do not mix family and money.  It is almost ALWAYS a mistake.  Even families who had generations of doing business together end up breaking the entire definition of family apart due to the business.  You will be happier whether Poor or Rich.

If you really want to help, teach them how to use Bitcoin.  Let them do their own thing then.  And even just teaching them how to use Bitcoin can lead to fights.

What if you all invest and all of a sudden one of you needs money quickly from the collective Wallet.  It would be so much better if each of you is on their own.  You may be suspected of things, it brings a lot of negative possibilities.  Help them if you want, but go all alone on your own investment.

If that's the case for you both right now and your brothers are still insistent about pooling money, you might want to think about coming to an agreement. I mean, you may suggest setting up a shared wallet with explicit guidelines for making decisions and allocating gains and losses. You guys can set clear and mutually understood terms to prevent future misunderstandings.
You mentioned that you have been investing in bitcoin for a long time, so perhaps they wanted to learn about it step-by-step with your guidance and informational conversations. This is why, in my opinion, they have been doing it like combining their money with your money to invest in bitcoin because they are complete beginners, and that may be their alternative choice to come to you and invest using your bitcoin wallet. I think that regularly updating your brothers on the status of the investment allows you to revisit the decision-making process and impart knowledge to them.

That would be the most possible way to happen after seeing your investment dropping its price. They will end up blaming you because you never warn them of its possible risks, when in reality you did but they are blinded by greed. Same like they will also blame you if they see you profiting while leaving them not growing their money at all.

There's no way you can win from this type of mindset. The best solution is let them invest but only on the amount that they can afford to lose. Otherwise, they will lose everything they have in just a blink of an eye.

This is what happens when you tell family and friends about your bitcoin investments. I guess you told your brothers about the money you made from your bitcoin investments, and that is the reason why they are interested in buying bitcoins at this time. If you choose to help them with their investments, bear in mind that you are dealing with people who do not understand the bitcoin market and they will hold you responsible if their expectations are not met.

Thank you everyone for your input and feedback.
Actually, what you thought and mentioned crossed my mind, but this situation makes me a little confused, because losing a father who can be a friend is something painful and difficult to forget.
And maybe what I will do with both of them is, I will ask for lots of time to make decisions in a calm state. However, my decision to invest my own money will soon be implemented and I just have to wait for the right time, and for now what comes to my mind is that when the time is right, I will advise them to do it themselves. And keep it under my supervision until they really understand everything including the risks, and all that after I educate them how to use it and all the basics.

Once again, thank you everyone. And maybe in the near future I will lock this thread.

When teaching people about bitcoin, I think it’s important we let them hodl their coins by themselves. Acting as a middleman or manager may give them the wrong sense of what Bitcoin is. They already have an idea of bitcoin being an investment, which is true but there is more to Bitcoin than being an asset. We should advocate for self custody, this will help them a lot as they come into the crypto space.

Investment on bitcoin is very good investment but you shouldn’t use your family money like inheritance or any others because investment on bitcoin has enough risk. Because its price is not stable. Its price fluctuates constantly, so in an emergency, you may want to sell your bitcoins for bitcoins. This will destroy your inheritance wealth. This resource is very valuable so you should take care of it.  And they should never be invested in a risky position.You must invest in Bitcoins for your personal earnings. And of course you must have the ability and patience to invest in Bitcoin long term.

Your siblings are not yet as experienced as you are in the investment of Bitcoin, it is better for you to only invest your money and not invest the money of your siblings because they are not experienced in the Bitcoin investment space. If you invest their money, you can not assure them when they should expect profit and you don't share the same needs with them. They can ask you for their money when they have need for the money and it could be when the price of Bitcoin is not good that they will request for the money.

As most people pointed out, that's not a good idea. If they are really keen on investing into Bitcoin you can show them the way. You can tell them which wallet to use, how to keep it safe. I don't know how close you and your family are, but based on my experience I don't think it's right to keep coins in someone else's name. Don't be responsible for that, things may not go as planned.

When investing, I usually reserve half of the assets I have in my investment account, not all because I use the other half to handle monthly needs and it is very risky if, for example, we put all our funds into investment. If there is a correction where the need at that time is also needed, we will be forced to sell our assets at that time and this happens very often.

It seems that your family members are using you as a safety net. Pardon for the words but they probably do not want to take responsibility of their own money in case they make grave decisions hence why they are putting all the responsibilities onto your shoulders. When time comes and you lose their money, you are the one to blame because everything was put under your care.

I suggest that you do not cave in and try to encourage them more to create their own wallets and try to research more about bitcoin as to not to make uneducated decisions. Family is complicated especially if you involve money so be careful and think objectively.

Since you have experience with Bitcoin, you will understand better with a little talk. But first of all I want to tell you that never mix bitcoins with money from your siblings. Because we never want any trouble between brothers and sisters and good relationship between brothers and sisters is not broken throughout life. You invest your own money in Bitcoin. If they don't want to, they don't need to invest their money in Bitcoin. I understood from your post that your sibling relationship is not very good, if your sibling relationship was good then your land would not have been sold on partition.

Signing a contract might not solve everything if the BTC price drops. Remember, this is Bitcoin we're talking about - it's really unpredictable.

Even with a contract, your siblings might still be upset if they lose money. Are you ready to take that risk with your family ties? It's not just about the money; it's about keeping a good relationship with your bros and sis. Maybe think about a safer investment or get a financial advisor on board to guide you all.

It's not too important where the investment money comes from, but if you have a stance, take action. And your situation is a problem with your family members about investing in bitcoin, the solution is simply to tell them all your thoughts. Joint investments really have a lot of strings attached, and close relationships should not be tied here. I have also encountered problems with contributing capital, although it is not a story associated with bitcoin, but when I wanted to escape, it couldn't go smoothly at all because it affected the group. So try to express everything to them, and encourage them to be independent without depending on anyone.

OP, since you said you have been involved with Bitcoin for a long time, I think you have the right idea about Bitcoin. In my opinion you should introduce your brothers to Bitcoin. Tell your brothers about the risk of Bitcoin, its future price increase is uncertain, future losses can be faced thus give your brothers an idea. If your brothers are interested in investing in Bitcoin knowing the risks, you can make them invest separately by giving them an idea about the wallet. Make arrangements so that your brothers will not blame you in future. But don't invest all your and your brothers' money together.

Sorry I always got respect for you but this is the stupidest thing I ever heard?
Yes if you got a insecure family maybe? Or you tell it to your 12 year old young brother? Then maybe you're right.
But if that's not the case and you don't you lie to them and say its 100% profitable and you put it on the table and say the risks in a honest way tell them how to get their own wallet, and store their seed phrase's. then it's a perfect idea. Give a tip of invest that worked for you to your family is not bad, start a business with your family may be a terrible idea. But it's two different things. Responsibility? But your opinion and I respect it.  :)



First OP sorry for your loss of your father. I hope you will and your brothers will recover from that first when you got your head clear talk with your brothers and go for it!
Your family can take decision for themself right? Tell them about it honest and good and then they make the decision. I told my father about it 2 years ago. He got a work so he don't got time to buy and sell and go into forums and read, so he ask me time to time, it have make us get an new relationship and something more to talk about from the past when things was not as good, I love I did invited him to crypto and he is on good profit.
And never listen to insecure people do what is best for you and your family. your and your family is not their family. I would go for it, advice it straight and honest and do a plan, tell them about how to make their own wallet and store their seed phrase, where to buy where you know it's 100% safe. If your family is real they would never blame you if Bitcoin goes down. If so.. then they not real family.



Yes 100% and every man/women that is an adult is old enough to take own decisions. I was surprised about the first reply, why in the hell would they blame OP if they know the risk????
It's not like he promise gold and green woods and stuff *LOL*! If it works it works if not then not. they still family. Must have a strange family connection if gonna blame someone for a idea like this.



True. But still OP don't need to promise something that isn't true, right?  :)

Absolutely, I agree with you. Investing with family, especially in something as uncertain as Bitcoin, can really complicate things. It's smart to avoid mixing family and high-risk investments. Keeping relationships solid is way more important than any potential financial gain from such unpredictable ventures. Better to play it safe and keep family and finances separate, especially with the ups and downs of crypto.

Not only will they blame him, but cause him of misleading them into something that them loose fund. And sometimes will be asked to refund their money without considering it's a risky business. Whatever crypto investment anybody is doing should be done personally and not mass involvement because sometimes they will panic when there is dip and might night be patient as you are. And will force you to pull about the fund and shear it. While your goal hasn't been met.

You can't pool all the money in your family and invest in Bitcoins on your own. As the opportunity for investors to invest in bitcoins has come and the price of bitcoins is falling. If you invest in bitcoins and the bitcoins can go down from your invested money and everyone will blame you.

You can invest in Bitcoin on your own, no doubt, but whenever you pool your family's money and invest in Bitcoin, you're more likely to have trouble with your siblings.

Even though we are brothers in the same family, when it comes to money it will make things worse. Therefore, no matter what reason your brothers give you, you should refuse and let them manage their investments themselves.

I also brought my younger brother into this market, but from the beginning I made it clear that each person should be responsible for their own money, not pooling it together to invest because if they lose, no one will be responsible. None of us are rich enough to be responsible for everyone, so we should be responsible with our money. Tell them that if they can't even manage money then they shouldn't think about getting rich.

As already users already pointed out, if I were you I would be very careful with this situation because it can become extremely messy and bring to unexpected reactions. Family is family, but when there is money involved people change. I think you should explain them how to buy bitcoin, even guide them for example with the exchange registration process, KYC, placing the orders, buying a hardware wallet, etc etc, but they need to do this without mixing their funds with yours. Even for tax purposes, if they want to sell and you bought the bitcoins it could be a little tricky situation. Without even mentioning if for any reason you would lose access to their bitcoins... If they want to invest they need to grow up and learn, if they're not willing to understand the whole process then I wouldn't help them.

the best suggestion I can give you is don't take responsiblity of other's money when investing in crypto. no matter if those are your siblings. because they'll always make you acountable for whatever happen with bitcoin and crypto market.
If by chance Crypto price drop and value of money drop. and they come to you and ask for their money for any reason. you tell them you can't return them the money because btc price low so if you sell them now they'll loose. think what will they say after that?
Only you understand about Bitcoin market, they don't. so better to let them manage their own funds. you can teach them if you want.

First of all OP condolence to your family.

For me there is nothing wrong of having your family's investments with you as long as they know how it works and they fully understand crypto, if not, that is a bit of a risky thing since Bitcoin is volatile and if they need that money back there is a high possibility of selling it at lower price especially in times of correction, plummet or crash.

But if they really insist then create one or two additional wallets containing their investments with Bitcoin depending on how they want it to be kept either separate or not but just don't put it together with yours. And don't forget to tell them about the possible risks.

If your siblings have stable source of income then it's good but if not I think this will be a tricky decision for them. Given that you are here in this industry for a long time I think you can handle this mate. Good luck to all of you.

Firstly my condolences for your loss.

Only you should be the person investing in "your" bitcoin. Do not take the responsibility of your brother's money to invest in bitcoin just because they dont understand the risks and are thus unwilling to invest on their own and are putting it on your shoulders.

This can turn out really bad in case bitcoin drops - which it obviously will and then come back up again. But in the meantime you will have to face the heat from your family, leading to a household problem.

I would say take it slow, it has just been 3weeks, allow the grave incident to sink in and take your time out. Dont make rash decisions right away, they always end up in the bad way.

Condolences. Now for your dilemma, I think that you shouldn't do what your brothers want because I might be wrong but they'll probably try to trick you out of that when the time for the profit taking comes, that's the thing that will likely happen. They give a small amount of say 1k for example and you invest all of your inheritance, they will probably think that when it comes time to sell, that the split will be 1/3 for each so you end up with less even though you've got the biggest share of the investment. That's all that I can say to this and try to tell them that it's better if they just do the investing on their own and not mix their money with yours so there's no confusion for everyone, good use of the money but you're better off with your father still around  :'(.

Everyone is aware of bitcoins risk and as it possess profit so there are also some risk involved in it and as you are a part of bitcoin investment so surely you will better know this thing. Everyone can manage their own risk and can handle their own money but I will suggest you should not take this risk because if you Loss money then your brothers will always blame you for this and will ask for their money.

See your financial status if you can return such a big amount to your brothers after unfortunate loss then take this risk but think before doing this because we have to take decision after keeping in mind about both of the risk and benefits.

The reason for their choice is different. Giving their money to you if “something goes wrong” you'll be a fool (they will blame you for your failures). Your brothers want to transfer the risks of investing and storing bitcoin to you. Don't tie yourself down with responsibility for other people's money.

Limit yourself to brief instructions for using and owning bitcoin. Let them learn to do everything else themselves. You can't moneybabysit your relatives' investments forever. You are not some kind of broker receiving interest for this.

Let them learn to manage the contents of their pockets on their own.

Although we know how good bitcoin in terms of investment also in form of money still this is not enough to make us decide to use our inherited money to invest on this risky option. You need to consider a lot of things especially the risk for deciding that since if you commit a mistake upon investing on bitcoin for sure you will get broke then lose the money supposed to be given then used for other good things, For sure there's a lot of blames will come on your side so think carefully regarding on your decision making on that.

Much better if you take all slow and just invest the money you have and don't touch those amount given so that you will not get broke instantly if crypto market fails or collapsed without you expect this to happen.

Seen a lot of stories about this and it's an ugly thing, this is pretty prevalent thing in most provinces in my country and most of the time, the property that they're fighting and killing each other over is just a tiny piece of land that if you're there, you would be confused why they're fighting over it when they can't even build a decent house on it.

Hope you know that what you are about to do is a big risk for you? because your brothers are already aware that you are a bitcoiners in the family and you want to help them to invest in BTC and, if they see you growing more wealth than them in the society they will feel you are using their money to enrich yourself.

I will advise you to tell your elder brother and younger brother that you where joking with them that you have the knowledge of BTC which is not true so that they will look for other business that they have the idea to invest the money because, if you go ahead and create the BTC wallet for them to invest in BTC and anytime they see you making more money from BTC, they will not know that you are using your senior member account to work in the signature campaign than to think you're not telling them the secret behind BTC investment.

i think you already understand investing in bitcoin so i don't need to explain any more. but from my experience as someone who has siblings and has worked with them on a business, it is better for you to separate sibling relationships and money, because my experience is quite bad in that regard. i don't know what your brothers are like, maybe they are good people, but you know that sometimes money can change a person and this will disturb your relationship with your brothers.

so it's better for you to teach them how to invest in bitcoin and how to manage it in their own wallet. so that one day you won't be blamed for the decline in bitcoin prices or investments that don't grow.

If they want to invest in bitcoin they should do it on their own. You can teach them how everything works. They shouldn't combine their money with yours. If you accept to combine their money with yours and invest in bitcoin, they will be calling you every now and then requesting for the state of things. It will get to a time you won't have rest because of their disturbance. Share your knowledge in bitcoin with them and let them start from there if they want to invest their money. Let their wallet and everything be with them.

I'm really sorry about your father. It's totally normal to feel confused, especially with money matters during such a tough time. If your brothers want in on the Bitcoin investment, maybe set clear rules on how you'll manage it together, like for how long and how decisions are made. Don't hesitate to talk openly with them. Also, consider getting advice from a financial expert. Take it slow and make decisions that feel right for you in the long run.

When it comes to money, no one cares whether you're my friend, my sibling, my brother etc. Money is money, no one want to lost it.

If you think 12 old person is still young and it make sense for someone to hold Bitcoin for him, why he need to rush to invest in Bitcoin when he's not ready to hold by himself? ;)

The problem isn't about you've taught them if Bitcoin has no 100% guarantee will profitable etc etc, but there are many stupid people who forget with everything what you've said because they always think investment = profitable.

I think we all understand that nobody want to lose money. That can we all 8 billion people on int the world agree on.

I don't THINK a person should hold Bitcoin for 12 year old person. That's was my point.  :)

But also if you got children and want to save up money until they turn 18 it's up to you how  you want to do it, maybe somebody just want to put 100€ on a savings account each month or somebody put 100€ into crypto. That's up to the individual. What would I do? No idea because I don't have kids, but I would probably mix it up.

But I am speaking about advice's to adults and If it's stupid to give ideas of investment to friends/family because they will blame you if they lose the money then you're friends ans family is mentally 12 years old IMO. That's my point.
We are adults and got responsibility as I said I told my father to invest in Bitcoin. I told him about the risk and what was the best option for him since he never trade, just let them coins grow and it worked perfect and gave us a closer connection but that does not mean it work for others, but responsibility and research is key my friend that nobody want to want to know about here.

Of course if you said to your friend "Invest all you got in this meme coin" and they do and they lose they will blame you with all right but nobody will and should do that, but come on this is ridiculous saying invest in Bitcoin to a family member and talk about it first is stupid?  ::) and often people say this is people that been knowing about BTC for long time but didn't dare to buy 10 years ago, so I would not listen to these people that don't even did dare to risk at that point. They only looking for 99.99% investments. Booring.

To my point: I respect everyone's opinions, but these "They will blame you if they lose money" is just weak minded people that can't take responsibility for their own actions and should work on their mentally strength, for me I never heard something like that and I would never do like that if I got investment ideas I would do research and invest or not invest based on the research.


 
I don't know what you got for friends and family but I have not meet people like that in my life.

Have a good Sunday mate and sorry if my first post was unclear.  :)




Yes 100% obvious. Of course.

Investment in bitcoin is something that needs a lot of patience. When I say a lot, I mean a high quantity of endurance because many find it hard to endure the money they invest. If it were only your money, I would recommend it, but even so, you are not supposed to invest all that you have and stay with nothing, but we are talking about other money joint with yours to invest.

I will just say you are trying to embark on a dangerous and critical conclusion because some people who have already engaged in investing in bitcoin know about it already, but your brothers that are trying to join are doing it for the first time, and anything that happens to their money, you will be the one to blame, and your connection as a family might reduce because they will have no trust in you any more.

What I can only add up for you is that even if they insist on investing in bitcoin, you should explain effectively all that they need to know about bitcoin first, and you should make sure you open a wallet for each of them to make sure they are the ones that take responsibility for their funds themselves. Most importantly, they should know that in bitcoin you invest the money that you can afford to lose, and you should also tell them about the positive and negative parts of bitcoin so that anything that happens to them, they will never blame you for any of their mistakes.