Can you declare your crypto asset to family members?

[Questat]

This is invading his personal's privacy. This would be the real scenario when your family members do not understand completely the nature of bitcoin, and how it works for long term. But don't fall for their trap. You hold your own bitcoin, you decide on your own to protect your investment. At the end of the day, even if they know your total net investment, the fact that it's not in physical form, they will still be hesitant to believe on what you're saying.

[GeorgeJohn]

I'm responding to these base on the subject..the only way I can declare my bitcoin to my family members is the process whereby I'm not in good health condition, or my family have a challenge that will take the life of someone in my family, except that I can not declare my bitcoin to any of my family members, knowing that family problems doesn't come to an end as we may think, family problems is a continuous process that can never finish...so if I invest on Bitcoin I know very well that it will yield positively to me, and that's the reason why I invested on bitcoin, so my investment can not be a feast to my family unexpectedly.

[JiiBs]

This is invading his personal's privacy. This would be the real scenario when your family members do not understand completely the nature of bitcoin, and how it works for long term.

I wouldn’t really see it for a privacy invasion but, for brothers who is dutiful to their brother and are concerned about his growth. Having some growth in their lives and trying to find out why you aren’t showing the same growth with the intentions to help, isn’t an invasion, it’s care!

Meanwhile, you don’t need to declare nothing. They aren’t the government or responsible for collecting taxes. You’re entitled to how you choose to make and handle your investment. So, you might as well appreciate their concerns and let them know, your doing just as fine.

Something cryptocurrency investors should understand, you don’t have to look shabby because you’re holding. You don’t have to ignore your health and deprive yourself all the good things in life. You live for the good life and that’s why you invest. Having to use some of that for your well being is still a positive to go about your investment.

[DYING_S0UL]

Honestly, it's up to you whether to declare or not, and what kind of family you belong to, or how they will perceive these things, negatively or positively. 

In my case, I have told them as much as I could but not everything. They aren't aware of the details, or how much I hold, or where they are located, or how all of this works. You see, they are not from this technical era, so their knowledge in these realms is limited. They are aware of the fact that I am involved with something called Crypto, that's all. One thing I have ensured to tell them is that it's not some bad money, nor any shady business idea, like theft, scams, money laundering, or anything of the sort,  that crypto isn't a bad thing. And they believed me. About showing progress, yes, there are some progresses, and they are convinced by that. They are happy with the fact that their son is trying. Tbh, we have other fiat related businesses, so there is no pressure for me.

OP, lastly extending the information to your outer family... nope! I am very against it. They won't understand and make something else of this. People fear what they don't understand. And when they see you are making money out of thin air, they'll get jealous of it. Boy, how is he making this much cash sitting all day at home? These kinds of thoughts are harmful, which leads to bad consequences. In my case, only my own family knows, my distant family and my neighbor, none are aware. And I prefer it that way.

 

[Publictalk792]

I understand why your friend family is worried but he also has right to keep his financial business private. Telling them about his crypto assets could be security risk especially if others find out. His financial plans are his own and he should not feel forced to share them. Your friend might have good reasons for holding onto his bitcoins but his family might not understand. Maybe he can have honest talk with his closest family members about his financial goals without sharing too much which could help calm their worries while keeping his finances private.

[Dzwaafu11]

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.

He should be the one to explain it to them. Contented or not contented that is not a big deal in my opinion, even if they are disturbing on what he’s doing to make money or they think his misusing his funds, after showing them the wallet in which there is no much coins is still fair and they suppose to believe him since his not earning compare to them. They earn more than him, so he can tell them he used some of the funds to meet his needs and necessary things that he needs to do.

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?

Exactly. What we need to understand here is that no one will declare all their assets to the family members, and that is why I said it doesn’t matter whether they think he misused his money or not; what matters is that he shows some part of his holding, and that is enough to say he has something in his wallet; you are right. They also did not show all they have to the family members.

[Rockstarguy]

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 this person is an adult which I think his decision is his rules. For me I don't think it is proper for his family members to request for him to declare his asset to them because it might not be really comfortable him. Let just say he declares his asset to his family members and they see what is there, as something reasonable,  who knows he can be pressure by the family to sell his bitcoin to fiat and won't be able to achieve his targets and plans. Bitcoin hodling is a personal investment which do not make sense to showcase it to people be it family members. 

I don't think he is doing the wrong thing, aside bitcoin, if it were to be a saving in fiat and he decides not to tell his family members how much so far he has been able to save, I don't think it is wrong too so far as he is an adult.

[DYING_S0UL]

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.

This is actually a good idea. Why didn't I think of that before, lol?! Tbh, disclosing the whole portfolio is a bad practice when the amount is just too big. If it's a couple thousand bucks (depending on where you live), then I wouldn't worry much. Some might say, Man, they are your own family members. What's there to fear? But family members can also backstab, what if they demand you give them cash, for instance, your brothers and sisters? What if they ask you for unnecessary loans knowing you can give them that? What if they pressurize you to cash in your crypto into fiat to fulfil their needs? When you are poor, you can't expect to live a luxurious life, nor anybody will expect anything from ypu. But when you are rich and your brothers and sisters knows that, they might wanna spend it to fulfill their desires, they wanna live a more luxurious life. Of course their rich brother would pay for everything. You get my point right? It's nothing new. I'm not saying it's a bad thing to spend money on your family. But when you have a dream/aim these unnecessary distractions/expenses can hamper your progresses. And the thing about having multiple wallets, cold storage, etc., I think everyone has that. I could have just shown them a portion of my assets that is stored in my "other wallet" and hidden the main ones.

[hd49728]

This is actually a good idea. Why didn't I think of that before, lol?! Tbh, disclosing the whole portfolio is a bad practice when the amount is just too big. If it's a couple thousand bucks (depending on where you live), then I wouldn't worry much. Some might say, Man, they are your own family members.

No advice to store all your big capital in a single wallet or account.

The advice is always decentralizing your capital storage, and "Don't put all eggs in one basket" that is correct and usable with Bitcoin and cryptocurrency storage too. Decentralizing it more by choosing different wallet brands, softwares, hardware wallets for example to store your cryptocurrencies.

With family members, who you can trust and want them to access your cryptocurrencies if you unfortunately pass away or have serious accident, you can tell them part of your capital. Make sure you reserve something for yourself privately, just in case your family members betray you and steal your money.

[DYING_S0UL]

This is actually a good idea. Why didn't I think of that before, lol?! Tbh, disclosing the whole portfolio is a bad practice when the amount is just too big. If it's a couple thousand bucks (depending on where you live), then I wouldn't worry much. Some might say, Man, they are your own family members.

No advice to store all your big capital in a single wallet or account.

The advice is always decentralizing your capital storage, and "Don't put all eggs in one basket" that is correct and usable with Bitcoin and cryptocurrency storage too. Decentralizing it more by choosing different wallet brands, softwares, hardware wallets for example to store your cryptocurrencies.

With family members, who you can trust and want them to access your cryptocurrencies if you unfortunately pass away or have serious accident, you can tell them part of your capital. Make sure you reserve something for yourself privately, just in case your family members betray you and steal your money.

I don't, and I certainly don't have everything in one single basket! Everything is scattered across different universes with different seeds, addresses, DEXs, and so on. What I meant by portfolio is how I keep a record of my total holdings and not show that to anyone. Btw, I use CMC to make the list and track everything, BTC, altcoins, and so on.

I am thinking about the timelock feature of Bitcoin. I don't remember what it was. Afaik, even if I tell them and get into an accident and they have total access, they won't be able to spend it carelessly until the timer runs out or a certain block height is reached. They won't be able to cash it.

[Asuspawer09]

I've actually done it to my family, but I'm not gonna do it to extended family not gonna go there, I wouldn't really recommend declaring your assets unless it is someone like your spouse, instead you could just say that you are investing on cryptocurrency something like Bitcoin, but declaring its value is gonna be different because its money, you might get a different treatment if your going to do that. I never tell even my family how much I have in cryptocurrency but they are well aware that I do Bitcoin investment, just in case I did think about it a long time ago when I was just getting started in my cryptocurrency journey, and it is always a topic here in the forum, what will happen if you die what will happen to your Bitcoin,the answer is it's gonna be loose unless you have your family or someone else that can recover it know its password something like that. So I have a notebook where all of my accounts are written in there, and my family is aware of it, that if something happened to me that is where all of the information that they needed in order to access my account.

[Doan9269]

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?

When it comes to decisions like this, we cant be one sided, because this man own his asset and can decide on whatsoever decision he has come up with, because he owns the bitcoin in his portfolio, secondly, we may also consider the fact that as long as the extended family members were also involved in such meeting, he may not want to open up and expose everything, because life is cruel in some times, we only know about our own self and don't know about others intentions towards us.

[Ojima-ojo]

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.

Does it make any sense, to try to hide or cover up for what is bo body business, what I would like to know is the level of the bitcoin holder's responsibility, is he responsible and laying his bills or does he still rely on his brothers for help with bills even though he claims to have bitcoin investment, Becassine I don't see any reason or right for his family members trying to interfere in his personal life.

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?

The only person I can declare everything to is someone like my next of kin this is because if I am not accessible, he or she could trace and recover my Bitcoin holdings.


Apart from that, my asset is my business and I have no obligation to declare them to any family member, for any reason, something is wrong with the guy in question and he should know that it is not right that give his family members such impression of being irresponsible to the point that if asking him to show them his proclaimed investment.

[Callido]

They actually crossed the line, they did not respect him as an adult before going to call other relatives, despite the relationship it does not comply with altering his privacy just to fill the space of satisfaction on what does not belongs to them. He did well by not allowing all they said go  through and made him open up what he had, if he has been living okay but not too fancy as his other siblings then fine, sometimes it takes longer and differs from one to the other to make a well established visible progress.

Bitcoin will give him that progress, the market is already setting for an all time high and whatever time he decides to sell along he can still make lot's of profits that can speak for the years he never touched it.

[Different patterns]

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?

Decision he made, that's the best, he shouldn't declare his asset to anyone because that's his privacy, holding Bitcoin that's the best and he won't regret it, family may see that he's not progressing but he has that believes that he's progressing,  because the secret of holding is believe, once you believe something big will follow, and the family will surprise.
            Holding Bitcoin will never give regrets, just believe and hold.

[fullhdpixel]

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 would definitely not be comfortable declaring my assets or holdings in front of anyone who I don't believe. If it's family members that you trust and know that they are of no harm and they only wish for you to have a better life and a good future, then you can declare it to them and show them what you hold so that they can trust you and believe in your words, but I don't see any necessary involvement for extended family in this.

If I was in his shoes, I would refuse as well, and say it clearly that I don't want to declare anything in front of everyone and that I don't feel comfortable. Sometimes in life, you need to be straightforward and say things without hesitation to avoid any sort of problems later on. If you can't stand for yourself, no one will stand for you. It's a life lesson I have learned.

[Yucky]

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.

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?

Yes, there is a saying that goes "don't have all your egg in one basket". You know the nature of crypto that it can be hard convincing people about crypto if they've not seen evidence on you. So diversify your portfolio, you can have like two so it's safer when someone needs to see anything and you are not confident showing them your major portfolio, you can show them the lesser one.

But I would not be comfortable telling family and extended family it's not safe, it's not wise someone can calculate it and even know that you have certain amount of money but you are claiming not to have money you know issues, jealousy, envy might start from there and you might just be having unnecessary issue that you can you could have avoided if you just kept things to yourself.

[Ruttoshi]

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.

And so what....let them say whatever they like or are you trying to impress anyone.

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.

Why it's not advisable is that your family members can start pressuring you to sell your bitcoin, especially when there's a huge dip that bitcoin is crashing and if you refuse, they will start calling you a fool and different names. Family members can make you not hodli as longer to your expected timeline, and many can discourage you.

It's better that you follow your heart and carry out a healthy investment practice without anyone telling you what to do or monitoring your bitcoin investment for you.

[CryptopreneurBrainboss]

Apart from that, my asset is my business and I have no obligation to declare them to any family member, for any reason, something is wrong with the guy in question and he should know that it is not right that give his family members such impression of being irresponsible to the point that if asking him to show them his proclaimed investment.

Probably the family members were just doubting him and that's why they wanted him to prove them wrong but since it's Bitcoin we're taking about here, there's no point of proving to the family members that he hodls a certain quantity because he isn't planning on selling them soon. Telling them would just put more pressure on him to liquidate his assets to assist the family when they're in need because it's when people know that you're rich that they begin to have sudden problems that requires your financial assistance. Keeping them in the dark was the decision but he should also put his life together so his family members don't have doubts about his financial capabilities. Because it might had just being, his family were concerned about him and only looking after his wellbeing.

[Franctoshi]

Anything that concerns my funds is entitled to me alone to know because when it comes to money, I barely trust anyone, as even the ones you trust can change when it involves a certain amount that would benefit them or change their lives ; However, I make provisions on how to gain access to those vital information about my funds in case of an emergency, such as critical health condition or of sudden death but God forbid. However, things can change in the future regarding this decision and base on situations or conditions.