Can you declare your crypto asset to family members?

[WhoYouCantKill]

Well it’s always a crucial matter when family is involved. Permit me to come from this aspect: family is integral meaning it is an important aspect of everyone’s life however when it comes to showing off one’s investment in bitcoin, I don’t support doing it publicly to EVERY MEMBER of the family. There is always a buddy even in family that’s why I advise that to choose just someone with the knowledge of digital investment to confide in as opening up to everyone might also foster or lead to high expectation and incessant pressure in terms of funds.

[Bryan jessy]

Like you said, for some security reasons, I do not think is right to declare your crypto assets to anyone, you can give them a hint of what you do if they are so concerned about you engaging in physical business, but not the assets kind of disclosure. Not all family members would want your progress, just follow your heart and do the right thing.

And even when you want to disclose such issues, it should be with a every close relative, that is if there is a need to.

[ultrloa]

Like you said, for some security reasons, I do not think is right to declare your crypto assets to anyone, you can give them a hint of what you do if they are so concerned about you engaging in physical business, but not the assets kind of disclosure. Not all family members would want your progress, just follow your heart and do the right thing.

And even when you want to disclose such issues, it should be with a every close relative, that is if there is a need to.

But for sure you know what will happen to your asset if something bad happen to you right? So to make sure that your asset is accessible if you can't access it due to some accident or death(hopefully it will not happen) We better declare that we have Bitcoin or crypto asset stored in our hardware or computer.

Just make sure the person you told those important information is trusted and I'm sure you trust your wife or mother right? So I guess they are the perfect people to know these secret things you hide from your online activities.

I understand the risk about telling it that's why we only tell it to limited trusted people.

[Alone055]

But for sure you know what will happen to your asset if something bad happen to you right? So to make sure that your asset is accessible if you can't access it due to some accident or death(hopefully it will not happen) We better declare that we have Bitcoin or crypto asset stored in our hardware or computer.

Just make sure the person you told those important information is trusted and I'm sure you trust your wife or mother right? So I guess they are the perfect people to know these secret things you hide from your online activities.

I understand the risk about telling it that's why we only tell it to limited trusted people.

The mother is probably the safest option considering how marriages are becoming more of a reason to get money out of a person from women these days. I don't blame all women, of course, but I often see people getting married and then the wife filing for divorce and asking for a share in whatever the person owns. So, it doesn't seem to be a very safe option to me unless the wife is extremely loyal and has been with the person for a while already without showing any red flags.

Most people also do this using the will they write where they mention everything about what they own and who should get what, etc. A person can write about their cryptocurrency holdings and where they have kept them in the will and keep it with a lawyer, but again, the person needs to make sure that the lawyer is trusted and in no way can do anything evil with the information.

It's a cruel world, we need to be careful with everyone these days.

[sunsilk]

Like you said, for some security reasons, I do not think is right to declare your crypto assets to anyone, you can give them a hint of what you do if they are so concerned about you engaging in physical business, but not the assets kind of disclosure. Not all family members would want your progress, just follow your heart and do the right thing.

That's something that some families are experiencing and they don't want some of their family members to excel. I think it's best to remain private and keep your privacy at its best when you don't trust who you are talking to.

And even when you want to disclose such issues, it should be with a every close relative, that is if there is a need to.

That's how it should be because you cannot trust everyone. There will be others that will tell your story to the others that you don't trust, so you choose wisely you get to talk about your secret holdings.

[Cryptoprincess101]

The mother is probably the safest option considering how marriages are becoming more of a reason to get money out of a person from women these days. I don't blame all women, of course, but I often see people getting married and then the wife filing for divorce and asking for a share in whatever the person owns. So, it doesn't seem to be a very safe option to me unless the wife is extremely loyal and has been with the person for a while already without showing any red flags.

The truth is just that nobody is to be trusted because even your mom can also betray you even when we least expected betrayals from our parents but the way the world is now, anyone can betray you so what i will just say is that if you trust your wife and she already has children with you, you can reveal your asset to her because if anything happens to you, she will be the one to take care of the children without any help from your family members but if your mother is the only person that knows about your wealth, if anything happens to you she may not reveal it to your wife because she will feel that your wife might run away with your money and probably marry another husband thereby it can lead to your children and your wife suffering when you are no longer there.

[odunybiz]

The mother is probably the safest option considering how marriages are becoming more of a reason to get money out of a person from women these days. I don't blame all women, of course, but I often see people getting married and then the wife filing for divorce and asking for a share in whatever the person owns. So, it doesn't seem to be a very safe option to me unless the wife is extremely loyal and has been with the person for a while already without showing any red flags.

The truth is just that nobody is to be trusted because even your mom can also betray you even when we least expected betrayals from our parents but the way the world is now, anyone can betray you so what i will just say is that if you trust your wife and she already has children with you, you can reveal your asset to her because if anything happens to you, she will be the one to take care of the children without any help from your family members but if your mother is the only person that knows about your wealth, if anything happens to you she may not reveal it to your wife because she will feel that your wife might run away with your money and probably marry another husband thereby it can lead to your children and your wife suffering when you are no longer there.

We leave in a more complex life were no one can be easily trusted. Don't be surprised if your mum or wife betray you. That a woman has children for you doesn't guarantee she can't betray you. What if the children you think is for you is for another man. Some greedy wife may even decide to kill their man just to become the direct owner of it all. I would rather make her know I have some crypto asset but would never disclose it's worth. So if anything happens to me she will be able to know I have an asset somewhere which she can now easily access.

[Brutalmen]

Nah, my parents would definitely not get it if I started talking to them about crypto, tokens, or the projects I’m into. I’d rather not share this info with them, honestly. On the other hand, there are a few people in my family who are interested, but I don’t want to talk to them about crypto earnings for my own safety. So yeah, my family is not the place for those kinds of conversations. And crypto income isn’t huge right now anyway. I’m in the earnm/stormx imo project, where the income is genuinely passive, just from monetizing simple online activity. It’s small, but stable, and that matters more to me than the amount. If you're looking for something simple and easy to understand, check out the official website or tg channel.

[CryptopreneurBrainboss]

We leave in a more complex life were no one can be easily trusted. Don't be surprised if your mum or wife betray you. That a woman has children for you doesn't guarantee she can't betray you. What if the children you think is for you is for another man. Some greedy wife may even decide to kill their man just to become the direct owner of it all. I would rather make her know I have some crypto asset but would never disclose it's worth. So if anything happens to me she will be able to know I have an asset somewhere which she can now easily access.

In some cases, it isn't their voluntary intention to betray/hurt you but they might have been force as they found themselves in a tight corner, so don't trust anybody as people do different things these days because of money.

Declaring your crypto assets can bring more bad then good things into your life. You can be judge as being rude or arrogant because you're rich even when you had no intention of such behaviour.

People that are living a free life yet they can afford anything they want are the rich and anonymous and that's what having Bitcoin offers. Don't be one of those people that want everybody to know their business and then have no privacy.

Stay hidden/anonymous and enjoy your wealth without feeling like you owe it to anybody to share your money with them. (Do it out of freewill and not because of family pressure or anything).

[Zoomic]

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?

Everything here became a issue because your friend was still living like someone who is suffering financially, when in reality he might even be earning more than his brothers who are carrying his financial burdens on their shoulders. Imagine if he had something else doing to earn a living for the main time, who would bother about how much bitcoins he owns to his name?

This is why I always advice that anyone who intends to invest in bitcoin should have something else doing to pay his bills so he doesn't have to strain himself financially during the investment period.  Your friend should deal with the situation because I sense betrayal coming from someone who didn't plan adequately before investing but chose to be a burden to others.

I won't put myself in a situation where I'll be forced to declare my assets against my will. I will only declare my assets at the right time just for inheritance purpose. I must be busy earning money somewhere while  I  hodl. No one would even know I own bitcoins.

[CageMabok]

Like you said, for some security reasons, I do not think is right to declare your crypto assets to anyone, you can give them a hint of what you do if they are so concerned about you engaging in physical business, but not the assets kind of disclosure. Not all family members would want your progress, just follow your heart and do the right thing.

And even when you want to disclose such issues, it should be with a every close relative, that is if there is a need to.

People who are mature enough and also mature enough to see the attitude and condition of each of their close relatives and their own family, of course they will understand enough to disclose something important to them because it is true that not all of our close relatives or our own family can be happy enough with the progress we have now so some of them don't need to know about what we've been doing all this time. But for those who understand and respect us enough as part of an important family member, I think it's okay to introduce them to Bitcoin and also the crypto market in order to make them smart in the crypto space and be able to find a field to earn their own income there.

[Btcdeybodi]

This is why I always advice that anyone who intends to invest in bitcoin should have something else doing to pay his bills so he doesn't have to strain himself financially during the investment period.  Your friend should deal with the situation because I sense betrayal coming from someone who didn't plan adequately before investing but chose to be a burden to others.

Like i said in OP, he earns in bitcoin so it's not like he is using money from any other source to invest, what he literally does is to sell some part of his earning in bitcoin whenever he receives his income and the amount he sells from bitcoin actually takes care of his primary needs and he is a core bitcoiner that all he does is to earn bitcoins. It's not like he doesn't plan to invest his money on other things but he is holding it for future benefits such that he can use part of his money to invest on real life projects and business maybe at a time when he feels he has made a lot of profits from his investment in bitcoin. He is not a burden to anyone just that his brothers are concerned that he is not doing well simply because he doesn't show off or own assets that will stand as proofs that he is making money from his earnings in bitcoin.

[GiftedMAN]

Why should anyone care to this extend I mean inviting other relatives just because they want the person in question to disclose his bitcoin portfolio. I will not try doing such else that’s the starting point for scammers and if care is not taken your friend might face the consequences knowing fully well bitcoin investment is a valuable investment secondly scammers always practice different skills although I’m not calling his relatives scammers but, concerning general matters as such we must be careful most especially stay safe. If I may ask how did everyone came to find out his source of income or asset, it’s totally wrong spreading information concerning private matters.

From the first statement of the op you could see the foolishness in the guy who earns in Bitcoin, he was so stupid to have allowed his family members to know that he earns in Bitcoin I think he should go ahead and disclose to them the number of Bitcoin he has accumulated so far because they wouldn't stop asking until he reveals how much Bitcoin he has in his portfolio to them. Aside facing the risk of scam I think his life will be in danger because since they are aware of him holding Bitcoin they already believe he's got millions of dollars as savings who knows the if the next plan will be to kidnap and get access to his wallet they eliminate him. Before exposing yourself as a Bitcoin investor people should consider their life and privacy.

[Zoomic]

This is why I always advice that anyone who intends to invest in bitcoin should have something else doing to pay his bills so he doesn't have to strain himself financially during the investment period.  Your friend should deal with the situation because I sense betrayal coming from someone who didn't plan adequately before investing but chose to be a burden to others.

Like i said in OP, he earns in bitcoin so it's not like he is using money from any other source to invest, what he literally does is to sell some part of his earning in bitcoin whenever he receives his income and the amount he sells from bitcoin actually takes care of his primary needs and he is a core bitcoiner that all he does is to earn bitcoins. It's not like he doesn't plan to invest his money on other things but he is holding it for future benefits such that he can use part of his money to invest on real life projects and business maybe at a time when he feels he has made a lot of profits from his investment in bitcoin. He is not a burden to anyone just that his brothers are concerned that he is not doing well simply because he doesn't show off or own assets that will stand as proofs that he is making money from his earnings in bitcoin.

Okay, thanks for the clarity. I don't know how old he is and what would prompt the family to be worried over his financial status when he can obviously take care of his basic needs. Maybe his family sees him as some lazy guy who earns money through illegal means. Him having a part time job while he invests would have been a very good distraction. All this would have been avoided if he didn't make mention of bitcoin in the first place.  Anyway, if he must let them know how much he earns, then he should declare a false figure. There should always be a way out.

[hd49728]

I don't know how old he is and what would prompt the family to be worried over his financial status when he can obviously take care of his basic needs. Maybe his family sees him as some lazy guy who earns money through illegal means. Him having a part time job while he invests would have been a very good distraction. All this would have been avoided if he didn't make mention of bitcoin in the first place.  Anyway, if he must let them know how much he earns, then he should declare a false figure. There should always be a way out.

The purposes of declaration of a personal income and source of income relelates to privacy that matters for everyone.

Nobody has rights to ask you to disclose your personal information and income, source of income is part of your private information. Purposes of self declaration about your income and its source, depends on you, and very differently in cases if you intend doing this for inheritance of your family members, make impression that you are able to work and earn salary and can contribute to your family spendings; or it's other reasons.

If you don't want any family member to inherit your bitcoin, don't diclose private information about your work, investment and private keys.
If you don't want your family members to be angry with you, make sure you contribute part of your earnings to family spending weekly or monthly. It's fair and responsible contribution when you are a family member.

If you don't contribute to your family spending, they will have big questions and concern that you are lazy, don't work, and are irresponsible with the whole family.

[Proty]

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?

Well from what you just explained it seems the young man is still depending on his family for his daily up keep and I think he is old enough to be fending for himself and the family is now seeing as liability. You can't be holding bitcoin when someone else is catering for your up Keep it looks some how. Assuming the young man was able to foot his bills there is no way the family will want to know about his bitcoin investment. You can not be holding bitcoin when you can not cover your expenses, and that while  is always  advisable to invest from our discretionary income.

[aylabadia05]

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?

Sorry it's too long, so I'll just start from the title and here.
Each of their choices are different and for them the choice they made was in accordance with what they thought and there were also risks.

If what I understand about this topic is correct then the opinion is that Bitcoin is very easy including how to decide on managing it. Multisign as we know is often used by companies. This is based on trust that does not fluctuate.

[Tmoonz]

There is no direct answer to this question because it depends on a lot of factors such as if such person is our next of kin or someone you trust or it could depend on what the reason for such declarations will be. The discussion about disclosing our bitcoin portfolio to people of trust have been an ongoing discussion and what is generally accepted to be true is the fact that every holder must find a way of relating the information to people that might need to inherit the wealth to avoid loss of bitcoin if anything should happen to them. Different methods were suggested in some of the threads I visited but for me, I am considering the option of telling my children about everything but protecting the bitcoin from them until them come of age.

You made mentioned of your children, the question is what about those that doesn't have children yet? Honestly I usually say that there should be that one family member among others we could at least have certain level of trust on and disclose our asset to at some point it is very necessary, but most importantly we really have to consider the kind of person we are disclosing our asset to, yeah because those that doesn't know the value of such assets can misuse such privilege. Our crypto asset can be an inheritance to our family members.