Can you declare your crypto asset to family members?

[Judith87403]

I have a friend who earns in bitcoin while his other three brothers earn in Fiats from their businesses and professions. His other brothers are progressive and doing better in their businesses but this friend of mine decides to hodl his bitcoin for future growth then he can establish a physical business from the profits he hope to make from bitcoin in the future while he will still hodl some amount in his wallet. Now, his family and his brothers are worried that they are not seeing any physical reflection of someone who is earning in bitcoins as he proclaimed because they were expecting that since he is earning in bitcoins that he will sell it to Fiats and use the money to establish a business or a project that will be visible to them that he is progressing as well. His family have now called a meeting to question him about what he does with the money he earns in bitcoins since they haven't seen any physical impact from him. He told them he is hodling the bitcoins till he must have acquired a sizable amount in his portfolio and make huge profits from it before he can think of selling and use the money for physical businesses and projects but his family didn't believe him and they ask him to declare his asset in bitcoins before they can be convinced about what he is saying. He then refused to declare his asset in bitcoin because he has already hodl a large amount and since the meeting comprised some of his extended family members, he was not comfortable declaring his crypto asset due to some personal and security reasons.

If you were in his shoes, can you declare your crypto asset to your family? Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people. What opinion do you have to give in this situation?

I think he did absolutely well by not declaring his crypto asset to them more especially when his extended family was still present in that very place he was smart enough to act Fast you know had it been he declared his crypto asset to them when his extended family was still there definitely they will make it go viral because there's no way that they're going to zip their mouth. secondly you don't even know their intention, Come to think of this, why will they even have to force him to declare his crypto asset to them when he has already told them that he's into bitcoin investment. Actually if it was me maybe after telling you that I'm into bitcoin investment and you insisted that you need a prove definitely I will just walk away, I think their intention is just to know the amount of bitcoin he has in his portfolio.

[Cryptoprincess101]

OP the truth of the matter is that as a bitcoin investor or a crypto enthusiast, on no account should you be forced by any family member or whosoever to reveal your holdings. Your friend even made a wrong decision by telling them he is holding bitcoins that is the first error. He can tell them he does other menial things to earn a living then if those his brothers care so much about him, they should gather money for him and open a business. I believe even if they open a business for that your friend he may even decide to sell off the business and use the money to buy bitcoin because i sense that your friend is a strong believer of bitcoin and besides he's doing perfectly fine for himself since he is taking care of his daily needs without seeking for help from any of his family members. The only problem he's facing with the family is as a result of the fact that they are yet to see any physical productive things he has been able to achieve with his money. They should wait just like your friend told them and see results in the future.
        I do wonder how people especially family members develop so much interest about your wealth all of a sudden, i believe if your friend was to be poor and has nothing doing, no one would have come up with the idea of him declaring his crypto asset as a proof that he owns a certain amount of bitcoins in his custody.

[Stepstowealth]

       I do wonder how people especially family members develop so much interest about your wealth all of a sudden, i believe if your friend was to be poor and has nothing doing, no one would have come up with the idea of him declaring his crypto asset as a proof that he owns a certain amount of bitcoins in his custody.

Be careful of the things you tell to friends and even family, because some of the things you expose can go on to breed jealousy which becomes dangerous and risky to you. Your source of income should be private, not something you disclose to people who do not need to hear of what you do.

There are some families where you could actually verify that there is love between them and secret shared amongst one another is safe, but there are families where there is no assurance of love and if your family falls under that kind, you should also treat some members of your family same way as you treat your  strangers and friends who you will not tell of every activity ongoing in your life.

[tabas]

That is a wonderful way to make someone that knows about your crypto asset or any other valuable to remove his or her mind from it, there was a time I told a friend of mine the amount of money I have saved for some years which was a huge amount of money from that day he kept on talking about that my money on my savings account so I decided to cook up a story on how I used the money to solve challenges and that was how I was free from him talking about my savings, using this idea is always advised.

You are correct, one needs to tell a trusted person about his or her crypto asset in case one live this world, there was I story I heard about a man who was accumulating Bitcoin for some number of years and gave his password and secret phrase to his lawyer when he became very sick and instructed his lawyer to give it to his family if he died, so when he died the lawyer came to his family house and gave them the secret phrase and password to his wallet account where his bitcoin was and when the family opened the wallet they saw a very good amount of Bitcoin and they became rich through it, so this is one of the benefit of telling one trusted person about your crypto asset.

That is why we need to do some reasonings if it's bothering our peace. Friends and families need to know our boundaries and we can't just talk about it at all times. Times are dangerous nowadays and there are bad guys targeting crypto people because they know they have money that they can extort. So, it is unwise to keep talking about crypto holdings where it could jeopardize our safety. And if it's with a family, your most trusted should know that you have some of it but this is a case to case basis and a situational stuff. Because if we're healthy, we can still manage it.

Indeed, people like this are always around us, they ask about our bitcoin assets even though there is no benefit for him, it's just that this becomes uncomfortable for me who continues to be asked about bitcoin assets, so it's better what you say.

Fortunately, until now the family is still supportive of bitcoin so they don't care whether assets in bitcoin or physical form are important not to look like a person in trouble so this is what the family is worried about, so since HODL bitcoin the family has never asked about assets owned including other relatives.

We know right? and that's why we need to be careful with our mouths too. And if someone keeps on bothering us and mostly discusses related to Bitcoin or crypto assets in the public, it's best to let them know that we're not comfortable about that discussion.

[Cityhunter34]

This is why it's good not to store all your bitcoin in one wallet. It's better to use two wallets, you keep the large amount in a seperate wallet like a cold storage and keep some amount in your online wallet, so that when such thing happens like this, you can show them your online wallet.

What if he has different wallets and decides to show them the one with little coins inside they will still not be contented with the amount they will see there as they will feel that he has mismanaged his funds.

It's not advisable to declare all your bitcoin hodlings to anyone by force be it your family members. What of those his brothers that are into physical earnings, did they declare all their asset and funds in the bank to the family?

No one should be pressured to declare their asset to anyone but the brothers and the family were literally concerned that he is not doing well from their own perspective since they haven't seen any physical improvement based on how people feel that when you start making money from your investments, you will now start doing things that will convince them that you are doing well for yourself. And moreover, he has already told them that he's into bitcoin.

I think that's his own concern to know what to do. If I am in his shoes and no one is feeding me, I owe no one any explanation of what I am doing with my money or declare my bitcoin to anyone be it my mother or father, because I know that future will tell whose investment will be more profitable. Bitcoin investment is private and not public.

You are absolutely right, that's the real truth about it. because I don't see any reason why they would have to force someone to declare his Bitcoin asset to their family members. is totally wrong and even though its looks childish to the person, to be honest if I where on his shoes I wouldn't mind living them at that general gathering. Because they are not the ones feeding me, I can't be sited there and be receiving embracement from them, whatever I do with Bitcoin investment doesn't consign them is for privacy use only not for family members.

[Marvelockg]

If you were in his shoes, can you declare your crypto asset to your family? Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people. What opinion do you have to give in this situation?

except i decides to, no member of my family be it immediate or extended family have the right to question me to the extent of pressurizing me to declare the amount of bitcoin i am holding or have a say in how i choose to spend it. if i so desire, i can tell them that i am holding some quantity of bitcoin which to me is not even necessary. what makes him an adult if he can't make decision for himself?

times are evil and this time around, you don't even know what the next person around you might be planning against you. as long as my personal finance is concerned, the highest you can do is to advice and it is left for me to take the advice or not. if you try to put me under unnecessary pressure you automatically become a suspect.

[Richbased]

Keep your Bitcoin when when you have gotten a satisfying profits then you can start your own business and it doesn't matter how long they have been functioning because you'll still be doing better than them although that isn't important as what's important is how we're doing individually without any comparison or competitions.

Exactly, what is the need for competition when we know that we are doing perfectly well in our investment in bitcoin. People worry so much about others who they haven't seen any much positive changes in their lives thinking that they are doing better than those people without knowing that they can be cooking something that is bigger, better and more expensive than theirs. Someone who is investing in bitcoin don't need to go loud or give anybody an impression about how much they are hodling. The fight we all are fighting is against poverty and live a better life and not about competition of how much asset or investment each individuals own.

[Awaklara]

If you were in his shoes, can you declare your crypto asset to your family? Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people. What opinion do you have to give in this situation?

what happens is that other family members are worried about your friend. I think it's natural for peers to have achievements to compare. It's just that I wouldn't like to show the asset portfolio owned and in the investment plan to everyone. Maybe if it was just a father or mother, it would be enough. No need for anyone else. The most important thing for your friend is to convince that he is fine and there are no problems with the one person he can trust the most.

[dansus021]

Can you declare your crypto asset to family members? the short answer I would not tell my bitcoin holding to anyone hahaha I mean if they know the unrealized profit what Im holding there will be something like Can I borrow your money or you should pay this and that because you have lot of money bla bla bla

You can declare your asset to your family by using two wallet and just give them the address of your hot wallet

[pawanjain]

I have a friend who earns in bitcoin while his other three brothers earn in Fiats from their businesses and professions. His other brothers are progressive and doing better in their businesses but this friend of mine decides to hodl his bitcoin for future growth then he can establish a physical business from the profits he hope to make from bitcoin in the future while he will still hodl some amount in his wallet. Now, his family and his brothers are worried that they are not seeing any physical reflection of someone who is earning in bitcoins as he proclaimed because they were expecting that since he is earning in bitcoins that he will sell it to Fiats and use the money to establish a business or a project that will be visible to them that he is progressing as well. His family have now called a meeting to question him about what he does with the money he earns in bitcoins since they haven't seen any physical impact from him. He told them he is hodling the bitcoins till he must have acquired a sizable amount in his portfolio and make huge profits from it before he can think of selling and use the money for physical businesses and projects but his family didn't believe him and they ask him to declare his asset in bitcoins before they can be convinced about what he is saying. He then refused to declare his asset in bitcoin because he has already hodl a large amount and since the meeting comprised some of his extended family members, he was not comfortable declaring his crypto asset due to some personal and security reasons.

If you were in his shoes, can you declare your crypto asset to your family? Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people. What opinion do you have to give in this situation?

If I were in his place then even I would have not declared my bitcoin holdings to any of them.
It's my bitcoins and I don't care what anyone thinks about me but I am not compromising on my privacy.
If they are really close to me then they will believe in me and have faith on me, it's as simple as that.

[Jaycoinz]

Can you declare your crypto asset to family members? the short answer I would not tell my bitcoin holding to anyone hahaha I mean if they know the unrealized profit what Im holding there will be something like Can I borrow your money or you should pay this and that because you have lot of money bla bla bla

You can declare your asset to your family by using two wallet and just give them the address of your hot wallet

Lol , I get your point friend. Id people are well aware of your value and worth especially your family members then the amount of issues that you would get to solve would be countless especially when you are the type that hardly says No, people exploit you a lot and I believe there is a reason why your finances and asset are not to be know by everyone and this includes even your family members although their is a line to family.

[Fiasem20]

If you were in his shoes, can you declare your crypto asset to your family? Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people. What opinion do you have to give in this situation?

Firstly,I can inform my family members that I'm involved in cryptocurrency,but I won't disclose the details of my Bitcoin assets.Not living a luxurious lifestyle doesn't necessarily mean you're not earning a good income.For me,simply telling your relatives about your Bitcoin investment is sufficient.I see no need to hold a family meeting or provide proof.Interestingly, the proof you're providing is for your extended family,not even your immediate family.That's a pretty expensive joke.If I were in his shoes, a simple conversation with them would be convincing enough.The fact that their wealth is visible in their appearance doesn't necessarily mean they have a solid investment portfolio.As for me,I'm investing for the future.

[AVE5]

If you were in his shoes, can you declare your crypto asset to your family? Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people. What opinion do you have to give in this situation?

No matter the pressure of any of his relatives should he expose his portfolio to them just for the sake of proving his doubters and their critics of his investment plans and portfolio.
Infact, the inquisitiveness of those his family members should ought be thoughtful if they've ulterior motives towards his claimed assets on bitcoin. Remember, only those who knows your Worth are ones to think evil of you which is equivalent to say that even if the family doesn't mean you a harm, it's still necessary to avoid future occurances that may hurt us whereby in this case, any of your family members amidst the discussion may turn against betraying you for selfish interests.
So, he should keep mute and chase his dreams. Family will always welcome you and even summons apologies over treating you in the past while you were poor.

[Alphakilo]

His family have now called a meeting to question him about what he does with the money he earns in bitcoins since they haven't seen any physical impact from him.

His family has no rights to question him about what he does and doesn't do with his Bitcoins. It is not of their business. They haven't heard about personal boundaries. They have crossed it. If he doesn't beg them for any financial support, he owes them no reason.

 

He then refused to declare his asset in bitcoin because he has already hodl a large amount and since the meeting comprised some of his extended family members, he was not comfortable declaring his crypto asset due to some personal and security reasons.

This will not save him from any security breach unless he leaves his family for a new place. They already know he is into Bitcoin and that is enough to carry out their plans of harm if they choose to do it .

If you were in his shoes, can you declare your crypto asset to your family?

Such a family will not be aware of my involvement with Bitcoin.

Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people.

He should change his location immediately. An extended family member is going to be the one to contract people to harm him.forngis Bitcoin. An insider job.

[Mayor of ogba]

If you were in his shoes, can you declare your crypto asset to your family? Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people. What opinion do you have to give in this situation?

If I were in your friend's shoes, I would do the same thing he did by not declaring his asset in bitcoin to his family and extended family. Since your friend is responsible for his well-being and is not getting any help from his three brothers, who are successful in their businesses, it is better for him not to let any of them know how much he is holding in his bitcoin portfolio so that his family won't come up with a plan that will ruin his plans he has with his bitcoin portfolio. One of the reasons why bitcoin was developed is that no one or government entity can be able to spy on us to know how much we are worth, so if you friend declares how much he is worth in bitcoin, he is only putting his life at risk because he can possibly be a target for kidnappers and scammers.

[michellee]

I will only declare that I involve in Bitcoin but not tell how many Bitcoin I have to them. That is not the deal because the amount of Bitcoin that I have will be secret same as how much money that I have in my bank account. No one will know about the real amount that other people have.

I am sure they don't want to tell how much their saving in their bank because that will be their private. Other people can not force someone to tells about his private life. If they don't like it, we can leave them and thinks that is not useful for us. But we can tell them how much fiat money that we get from converting our Bitcoin to fiat money so they will see that Bitcoin is real so they can open their eyes that we also earn money from Bitcoin.

[Peanutswar]

It depends on the situation if you think they aren't supported on you enough I guess doesn't need to disclosed that you are using a bitcoin, but if they support so why not because its the same a form of investment, if just using your bitcoin for flexing it seems doesn't need to do. Well you cant blame them to see is to believe but of course they might judge still holding bitcoin and having a business. In business you can make a good amount of cashflow that you need to maintain and makes grow to have more passive income. In bitcoin you must need to have a capital and of course it takes a lot of time before getting earnings. Still ideal to have both.

[Solosanz]

Extended family members? so it must be big families, hell nah I wouldn't declare my crypto assets.

I will only declare small portion to my family, at least they know that I'm not lying.

But, if they keep disturb my life for ask me to earn in fiat while I earn really high in Bitcoin, I will choose to get out from my family house and live alone.

I personally don't give a fuck to other people except my nuclear family, I don't mind if other family think I'm a loser and can't succeed just because I didn't show anything to them.

[FatFork]

I think it's a strange family dynamic going on there.  If I were in his shoes, I wouldn't know how to handle it either.  But he's an adult and its his money, so no one else should really have a say in what he does with it and  that's his personal business. 

If his family is pressuring him to disclose his crypto investments, that doesn't seem right.  Those are his personal financial decisions to make and he's entitled to his privacy regarding them.  I dont think he should feel obligated to declare anything he doesn't want to.

[tvplus006]

...If you were in his shoes, can you declare your crypto asset to your family? Or do you think he should have declared it to them after the extended family members must have left and even if he did, the information can still leak to the extended family and from there it can escalate to other people. What opinion do you have to give in this situation?

I believe that you should have at least one trusted family member who should know about the existence of your crypto wallets. And not just to know about their existence, but also how to use the coins on the wallet, including the Seed phrase. It must be remembered that human life is not eternal and it can end at any moment, and therefore it is necessary to take care in advance that your family members can use the money after your death.