We get it: talking about crypto in general and about your crypto holdings in particular can be tempting, sometimes. It’s not as if numerous people haven’t done it before, and isn’t it about “spreading the word,” after all? So, should you tell friends, family, and strangers about crypto? There’s no definitive answer to that, but we have some considerations ahead.
Why Many Crypto Users Stay Quiet
We’re gonna answer this with a couple of real stories. In 2017, a man we’ll call “John Doe” shared with a friend, Louis Meza, that he had a lot of saved Ether (ETH). It probably came as something natural, as an investment opportunity you’d share with any buddy. Meza didn’t take it like that, though. Instead of going to buy his own ETH portion, he joined forces with two members of a Bronx biker gang to kidnap and threaten John Doe to get his private keys. They stole around $1.8 million this way.
Luckily for John Doe, authorities arrested the culprits in 2018 and recovered the funds. Now let’s examine another episode, in 2023. This one is about the crypto streamer Ivan Bianco, who was on a live stream with his community on YouTube, attempting to log into a gaming account. He found his gaming password in the same text file where he wrote his private keys… and everyone saw them. Live. One of the viewers didn’t wait to empty around $60k from his wallet.
https://youtube.com/shorts/MIJF4pf_CPo?si=0cMFC_zrhbLixXdp&embedable=true
These are only a couple of the numerous cautionary tales. So, the answer to our first question (should you share?) is most likely no, you shouldn’t tell friends, let alone strangers, about your crypto holdings. Financial information has always been sensitive, and cryptocurrency introduces a few extra wrinkles. Transactions are immutable (irreversible), and criminals know how valuable crypto can be, how fast it can be transferred.
This doesn’t mean crypto ownership needs to become a secret mission worthy of a spy movie. It simply means that broadcasting wallet balances or discussing large holdings offers little benefit. Of course, there are nuances.
When to Talk About Crypto
A legitimate reason to share your holdings with someone else is a potential inheritance and a last will. Many crypto users have passed away without addressing this issue, even if they had wanted to do so while they were alive. As a result, their coins became practically unusable, since no one can access them without the private keys. Even in centralized exchanges, coins may rest there indefinitely if no one claims them. It’s important to talk to your lawyer and family about this.
A solution to avoid losing access, in case something happens to you, is setting up a multisignature wallet. In Obyte, you can easily create one with several devices and signers. This way, if most signers are still there, they can recover the funds without problems.
Another reason to talk about crypto is education for beginners, or even shared experiences with experts. However, in these cases, you should never focus on specific numbers or addresses. Instead, stay on the general knowledge side. You can discuss guides, lessons learned, security practices, common mistakes, or anecdotes with everyone. The key is to spark curiosity without revealing sensitive financial information.
And remember: talking about the crypto world and talking about personal finances are two separate decisions. The more privacy you have, the safer you will be.
Featured Vector Image by Magnific