We often hear about 'buying the dip' and 'HODL', but we rarely discuss what happens when your investments tank by 50% or even 99%, especially with altcoins and tokens.
If you’ve taken a hit, chances are you’ve been keeping it from your partner. It’s time to come clean. Yeah, the price might recover if you picked a solid altcoin, but the worry won’t go away until you’re upfront about it.
Investing is altcoins should be considered as gambling, most especially the memecoins, since there have been records none recovery after each dip, most never recovered and closing their door on their investors, but if you buy bitcoin then what you should do is to spend the time to wait for the market to recover before you exchange your assets.
The truth is that if you are either too scared or unable to communicate the risks associated with investing in unstable crypto currencies to your loved ones, then you should not even consider "investing" at all! The quickest way to destroy your life is to hide your losses from your spouse. You may believe you are doing your spouse a favor by protecting them from the stress of your losses; however, what you are actually doing is tearing apart the foundation of your relationship. That is a very toxic way to live! While your portfolio can likely recover, your trust may not be able to recover as easily.
If what you invested into cryptocurrency is what you can afford to HODL, you will not have much problems at a time like now where the market is bleeding. you know that you cannot say you lost until you have sold and now is not the best time to sell because you will be losing money. So, as long as you have not sold, the family should only be aware you made some investments somewhere and you intent to keep that investment for years ahead. This way you will not be under any pressure to sell.
There is nothing wrong in losing but if you loss more than you should have lost then you should take it normal and also discuss with people about it, but while you discuss it should be noted that crypto is risk and more like a gamble and since bitcoin has now exempted from this crypto, altcoins are now the cryptos that will be risky and considered a gamble like bitcoin used to be called in its early stage.
No. I never hide this problem from my partner. Because before making a decision, he's the best place to share and discuss various considerations.
So, when it turns out the decision doesn't work out and you lose money, just say:
"Sorry, honey, it's not successful yet. Let's do it much better later."
After all, if it's Bitcoin, then as long as we're still patient to hold it, it's not lost yet. So, the point here is:
Openness between partnersDecisions made together based on the best possible situationCommunications that remain calm and don't cause panicFurther discussions for the future based on evaluation
It will only be a big loss if all of the holdings you've got are those meme coins and the altcoins that are out of the sense of the people, the unusual and unknown ones.
But if you're holding with the likes of Bitcoin, Ethereum and other top altcoins, you'll recover soon enough by just waiting and holding it.
And if you're hiding your investments from your wife, you're doing it wrong. Let your wife know the risks that you've taken and see if she approves of what you're doing.
I've only done this a couple of times and it's always easier said than done as it's a very difficult thing to do. The few times I did, the experience wasn't a bad one although their advice on why I was taking on more risks only made me angry because I was taking the risks for them and not for myself alone
Honesty is the best policy. If your wife knows you are investing in cryptocurrency with the hope of a better future, you should also tell her about the risks involved.
You don't have to stress yourself with the market crash because it will eventually recover in due time, but you need to be honest about where you put your money, because your money is her money too, remember it's a conjugal property.
This is the situation where you will say that you should have invested in Bitcoin instead of meme coins or new coins that just launched, because the possibility of recovery is almost zero
You should still be confident: if it's one of the top 20 in the market, your wife will be angry not at your losses but at your hiding your investment; she will think you do not trust her enough to let her know about your money.
First, do they know you are into crypto? If not, and it will only result in a quarrel, then dont, especially if they are not affected financially. But if they know you are into crypto and are asking about it, I think being open about it isnt bad, especially if they are not affected by your losses. Its the same with gambling, only use what you can afford to lose. Also, they have the right to know, especially your spouse, when it comes to finances. It will only become a problem if your finances are affected by your losses.
How to tell your family you lost money in crypto ? JUST TELL EM that you made a mistake. Its hard but you need to tell the truth.
Especially if you use a family member or money and Investing in new altcoin is considerable a high risk nowadays just before this post I made a short paragraph why there is no altseason, simply there are a ton of altcoin and altseason is done.
After you tell your family now you need to reevaluate your invest strategy before made new move.
If you've already told them you're going to HODL, there's no point in telling them about your portfolio's condition during a bear market. Instead, they won't stop blaming you for not understanding. Even in an environment with virtually no social distancing, you might be blamed by more people than you've told.
If you decide to tell someone, don't be too nudish. This will save you even more stress.
Just tell the truth, if you lost it in altcoin with no chance of recovery then you lost it.
If you're just having unrealized loss from holding bitcoin, I don't think it's a big deal. Just hold it longer and hoping the price will go back, as long as the loss isn't realized you're gonna be fine.
Anyway, a good family is family that disclose the investment and doesn't keep secret since it involves the family's financial condition,or at least disclose it to your spouse. What's the use of hiding it?
Whether it is a profit or a loss talking openly with your family gives you peace of mind. But if you remain silent when you lose it increases your stress. Even if it is a loss admitting it is also a part of the investment journey. Learning from mistakes and transparency are both the biggest assets in the long term.
There's a very important rule in the world of investing
Never invest money you can't afford to lose.
This rule is precisely so that when someone loses money and tells everyone else about it, it doesn't become a problem because the person invested an amount that doesn't affect their life in the real world. Finally, when making any investment, it's important to immediately tell your closest relatives so they know and can follow along. This way, in the event of the investor's death, the relatives will know what to do with the invested money.
Altcoin who lost it's value for over than 50% will be hard to bounce back that's why if you were invest at those altcoins and your family know about it i think nothing you can do unless to tell the truth to them and maybe you can ask the suggestion to your family whether decide to cut loss or still hold with small possibility to bounce back although you made the mistakes by investing at wrong coins i think if you were explain the situation with very well i am sure your family will understand about it especially if they know crypto is high risk investment and the worst thing is people can lost their money anytime without any warning
Altcoins are always risky, you should know that yourself before entering. Before you make plans to buy any Altcoin, either you have the discussion with your family or only use an amount that can be forgotten, if the market drops and refuses to recover in the long run, you don't have to worry too much because the amount can easily be forgotten, secretes are not good for a family that wants to progress.
If you are open minded to your wife about your financial life, it wouldn't be a problem to tell your wife when you're on losses. However, that's what altcoins represent losses upon losses. It was in the early crypto day like in 2014 that you will make good profits from altcoins but nowadays, majority of them were created to scam people.
me personally its never time to speck up until you actually know for sure if the money is gone. why cause the trouble and arguments if bitcoin is just at a dip best to just wait till you know for definite. deal with the stress alone before dealing with more stress from your family. a dip dosnt mean gone it just means it gone for now not forever.