I Want To Invest Money From My Inheritance In Bitcoin, But?

[bitzizzix]

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.

[LoyceMobile]

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

[logfiles]

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.

[bitzizzix]

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

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.

[BitMaxz]

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.

[LoyceMobile]

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.

[hatshepsut93]

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.

[mirakal]

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.

[Text]

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.

[PrivacyG]

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.

[Rufsilf]

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.

[freedomgo]

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

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.

[SatoPrincess]

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.

[bitzizzix]

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.

[SatoPrincess]

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.

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.

[leonair]

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.

[Mrbluntzy]

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.

[EFS]

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.

[YUriy1991]

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.

[btc78]

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.