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Wealth Protection through crypto

Anything related to bitcoin, crypto, blockchain

Kevin88660

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Crypto is a new asset class that is not controlled by regulators and government. My question is this. How feasible is it to use crypto to protect/hide your wealth when someone could be facing financial liability from creditors or ex-wives?

I have not read in the news about anyone doing this. But assuming someone who buys crypto using cash (not through exchange) and secured his wallet. It is almost impossible for another party to know the existence of this wealth.
 
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Kusneak

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First of all: Yes, you can easy hide your money in Crypto an even if they know you have this Coins nobody on earth could steel them aslong as your privatekey is safe.
The question is where you want to buy Crypto with Cash in large sums and trustfull? Local Bitcoins maybe? 2nd the Crypto market is very very volatile ( you know that, i think) so your fortune can easy loose 50% or more within days. (unlikely at the time i think but crypto is a crazy market you never know)

If you have so much cash, why you just dont hide this, do it like Pablo Escobar:)
 

Kevin88660

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First of all: Yes, you can easy hide your money in Crypto an even if they know you have this Coins nobody on earth could steel them aslong as your privatekey is safe.
The question is where you want to buy Crypto with Cash in large sums and trustfull? Local Bitcoins maybe? 2nd the Crypto market is very very volatile ( you know that, i think) so your fortune can easy loose 50% or more within days.
Thanks for your input. I got this question because I saw in youtube a crypto trader says the reason why crypto revolutionary is profound because this is first time in history that truly a “private property” exists. Anything that you have such as property, stocks or money in bank is subjected at mercy of a higher power that can take it away from you.

I am not really sure about that and if he is correct this means crypto’s main application in the developed economy on the future could be just about hiding one’s wealth. Losing 50 percent due to market fluctuation is still better than losing 100 percent to your creditor or ex-wife.
 

Kusneak

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Losing 50 percent due to market fluctuation is still better than losing 100 percent to your creditor or ex-wife.
haha thats for sure.;)
this is why Crypto is so interessting for me. No FBI;CIA... can take it from you or freeze your funds. On an exchange, this would be possibile, so i really recommend you to save your coins on a paper wallet, online Wallet like Electrum or a hardware wallet like Ledger Nano.
The most important thing is KEEP YOUR PRIVATEKEY OR PASPHARE SAFE, if you loose it you too have no access to your funds anymore. No chance. The rule is: He who controls the Privatekey controls the coins. And please dont save your privatekey on an online PC or as a Smartphone pic, safe it offline on a pice of paper and hide it like its worth millions of $ (maybe it is). Just to make sure i was mainly speaking here about Bitcoin.
 
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GlobalWealth

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Maybe not a great discussion for a public forum.
 

Kevin88660

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Entire a theoretical and hypothetical question. I am no married and have no creditor.

It is to discover what crypto can do.
 

WinYourself

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buy crypto in cash, transfer it to several hardware wallets, store them in safe haven countries or another solution, hedge volatility on non KYC exchanges (this part is a weak link though).
 
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GlobalWealth

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buy crypto in cash, transfer it to several hardware wallets, store them in safe haven countries or another solution, hedge volatility on non KYC exchanges (this part is a weak link though).
Fiat exchanges will always be the weak link.

This requires a bank connection and banks require full kyc thus any transaction can be traced.

The only way to be completely anonymous with crypto is use privacy coins like ZEN and don't convert to fiat.
 

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