Topic: Can you declare your crypto asset to family members? (Read 596 times)

This is not a normal thing here in my place so I would never be in his shoes. Plus, I already declared to my parents and to my siblings how much I own, so in order to save him from declaring in front of everyone, he can declare the assets to his parents in private or to his siblings too if wanted to.

This is totally their family business I have no judgement to make, it can be easily solved because the person here is dealing with the family and if he doesn't feel comfortable, then only tell those whom he feels comfortable with, like parents or siblings. It is not a big deal as I said. Maybe the person in question holds more BTC than his brother's businesses and he fears that their relatives will think he is going to risk all that money in BTC and that is also a good consideration, therefore, he should show them something they want to see.

Yeah, you're right, because I know very well that making your seed phrase or your key open to your family members, and if they see the worth of BTC or any other coin your wallet, they can contribute to your health to be worse unlike before....so we need to know the gravity of our illness before we can show off our wallet private keys to our families

Your health status will determine if you will disclose your privacy to your siblings, including your children, the first person you should release your private key to, is your wife that have children for you, any other person is not trusted to know your private keys.

Myself like to keep things to myself and do not like it when someone questions me. As such, I would take sides with the guy and find it okay that he doesn't feel right to share his holdings.

If you are independent, you owe no explanation to nobody. Heck, even if you were dependent, pay people their due and you still owe no explanation.


There is wise saying: if you want to keep something secret, do not tell anybody about it, no matter how much you trust the entity, the moment secret has left the tongue, that very moment it stops being a secret.

I like your response to OP but even if you need to declare your asset in bitcoin as a result of health issues, it shouldn't be made known to your family members, there is a need for you to have one person among your family members that you can disclose deep secrets about your life or money to, because if you decide to tell your family members which is not your wife or your children about your asset in bitcoin when you are not in good health conditions, some bad family brothers can even find a way to make you reveal the security to your asset to them incase anything happens to you and you can take because of fear and reveal it to them while they will plan to terminate your life and claim your holdings.
         The world is very cruel now, if it is not your wife, your children or any other person that mean so much to you; there is no need revealing your holdings to your family members because it can even cause more problems or crises within them if anything happens to you in the end.

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.

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.

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

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.

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.

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.

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.

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.

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.
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.

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.

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.

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.

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.

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.

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.

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.


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.

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.

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.

 

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.

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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

 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 .

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

I have seen this movie from a friend that's into crypto too, because his usually home and everyone was worried about him but then he shared a glimpse of what he does with his time and how he earns.. but never spoils himself or invests in his family and people got worried about him   but in reality his worth more than them by far and unfortunately his getting ready to drop the boom as he plans to relocate to the middle east to spend a small fortune and leave the guilt behind.

So with all this that I have seen and read about, can I declare assets to family members...it's a yes and No answer because incase of anything someone needs to atleast inherite this and no is if they know you making good money they will put all their problems on you thinking you are their liberator of problems.

I won't and he made the right decision to not declare his Bitcoin bag. People can get jealous so fast and do some unthinkable things so it's better people don't know much about you then when they know everything. There's no physical business that the profits can be compared to that of Bitcoin when the same amount is invested and for the business, you'll have to invest other things than money like time with your presence needed while with Bitcoin, your money just grows with no efforts. Maybe the security of your bags and that's all.

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.

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.

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.

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.

It is very good not to depend on one wallet truly, it won't be okay. It will be better for us to start having two wallets so that people don't even know the exact amount of money we hold in our wallets. A cold wallet is the best when it will be curious about the amount you have in your wallet, which is even better than that, there is no way people will not be curious about the amount you have as an asset, so you can show them the online wallet just as you said.


It is not even advisable to declare your wallet to anyone this is for security reasons, and it is something you worked for, so involving your family is a thing of choice, and willing is better for them to know exactly what you're worth, but people do not want to agree, and they don't know that it can even put them at risk.

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 I were him, I wouldn’t disclose my assets to my family, not even after the extended family members leave. It doesn’t matter that they see with their own eyes or know the value of my Bitcoin hodlings and the amount I own. It’s enough for one of my close family members who is open to modern technollogy and has even a little experience to know secretly that I have invested my money in Bitcoin.

I value privacy greatly, and such information and investment details should remain personal to the person only, so what would be the person’s position if this information was leaked by one of the extended family members to strangers who might become greedy for what this person owns of Bitcoin and try to target and steal him, or if this information was leaked to people who do not know about Bitcoin from family members,, the person will receive a headache from endless questions and criticisms... So it is better for each person to keep Bitcoin investments secret or for only one of his very close family members to know so that if something urgent happens to the person, he can deal with his Bitcoin investments wisely... Instead of disclosing crypto assets, one could reveal the results after the portfolio grows and generates good profits by showcasing physical businesses, projects, and achievements funded by Bitcoin’s returns.

It is good to invest in Bitcoin and other crypto currencies so as to have good returns in time to come. This funds will be used to accomplish all your dreams and aspirations you have put in place. But it is also very important to also reconsider the fact that you need to also start something tangible to be doing that will be visible for people to see at least a small business that will make family to see that this person is putting in efforts in life and will make them also see that you are divided your streams of income. This will put off most family pressure and some unnecessary questions that may arise in some family meetings and conversations. Even if you are not to stay physically in the business center, just establish it and put someone else there. All you need to do is supervisions. That will only take you there just once in a while.
With this, while your investments in Bitcoin is growing you also have something else doing instead of waiting for your Bitcoin to reach the number of years you want before starting something.

Generally, people have this perception that anyone dealing in cryptocurrency is rich, and I believe that's why his family is interested in his case. At this point, I don't what course of action will be appropriate but one think I know is that your friend is screwed. He wasn't supposed to let anyone know he's hodling Bitcoin at the first place. Telling his family about it poses security risk, and revealing to them the exact amount of Bitcoin he holds makes it even worse, especially if he has a very big bag.

The first thing I want to say is your friend's family is a toxic family. They force a family member to do something that he doesn't even want to do. Your friend is also weird to me, because he makes the easy thing difficult for himself. If it's about security, then there's nothing wrong with him diversifying his crypto assets to a new address at a certain value that he can still be comfortable with showing that value. His actions were like someone who owned 1,000,000 Bitcoins.

it's up to him whether he wants to declare his assets or not, because he is an adult and he has the right to do so, especially if the bitcoin he holds comes from money he earned himself, it seems that whether he wants to declare it or not is entirely his right, and his family members should not have any right to know how much bitcoin he holds. even though they actually only seem worried about him because they may see him not having a physical business like other family members, that is not a reason to justify their actions in forcing him to declare his assets, he has the right to cover it up and his family members have no right to question him further.

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.

It depends on how strong family ties are, and it cannot be generalised because even mothers can be not trustworty in exceptional cases. You know your relatives better, so you should be the only one to decide if a relative deserves trust, the chances of he/she telling it to anyone else, and if it's worth the risk.

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 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.

People who are into cryptocurrency in general should be cautious of their privacy and security but this people are literally your family members who are concerned in what you do and want to know if you are making a headway from it.

It is up to you with your concern about your privacy and safety. The more people know what you are doing, the more risk that your privacy will be leaked more. It can affect your safety too, and if you are worry about privacy and safety of your fund and life, just don't tell anyone about your investment in Bitcoin.

2025 is different than 2009, 2010 and Bitcoin is mentioned widely on media, so if your family members hear about Bitcoin but don't invest in bitcoin, it is because they don't like it, don't believe in future of Bitcoin.

It is up to them for learning about Bitcoin and change their thinking on it.

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?

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?