Topic: Can you declare your crypto asset to family members? (Read 165 times)

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.

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.

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.

       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.

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 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 it's me, I've done this in the past with my annoying friend. He kept on asking me about my holdings and I easily said that I'd sold them all. I only told him just for him to stop following and talking to me about my Bitcoin holdings even in public. And alas, it worked and that friend of mine never bothered me again. I can declare my crypto assets to my immediate family but with other relatives present as I tell it, it's a no for me. This is the reason why many crypto assets are lost forever because of the annoyance they've felt with their families and instead of giving it as inheritance, they chose not to say until they're no longer here anymore.

If it's me, I've done this in the past with my annoying friend. He kept on asking me about my holdings and I easily said that I'd sold them all. I only told him just for him to stop following and talking to me about my Bitcoin holdings even in public. And alas, it worked and that friend of mine never bothered me again. I can declare my crypto assets to my immediate family but with other relatives present as I tell it, it's a no for me. This is the reason why many crypto assets are lost forever because of the annoyance they've felt with their families and instead of giving it as inheritance, they chose not to say until they're no longer here anymore.

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?

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 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 opinion do you have to give in this situation?

You can be different than me in privacy, but I only tell people who are my family members, but are people I intend to give them inheritance of my bitcoin. I don't plan to tell anyone else about my Bitcoin investment and my Bitcoin wallet backups or exchange accounts, if they are not people who will inherit my bitcoin if I have an accident, lose my conciousness or pass away after that.

Family members can do bad things against you too, who knows?

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.

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.