Topic: 10 main mistakes of Bitcoin newbies - page 11. (Read 20931 times)

Yes i dont realize it recently and then i just get it that a satoshi is different from bitcoin and mbtc is something that all newbies need to understand about the bitcoin because they will be confused in this topic.

In my opinion, the first mistake that I notice that newbies make is that they think they still can earn with mining. They ask questions, make topics that are already done or meaning have been answered already. It's very easy to think that you can do that but you just have to read first in order to see that there is something that can be done with bitcoin and you could try to explain it to them how it works, over and over again. They have to know what the basics are first.

Yep. Newbies are more excited to earn bitcoin rather than educating themselves first. Some earn bitcoin but later on they will realize that they have been wasting their time with faucets who pay a little actually which they don't know and there are things which pay more so in the end they just regret wasting their time and energy which they can use it in a much profitable way. So it is important to do some research first. to learn and educate yourself before proceeding to anything.

I would say that trading or gambling are no bad for the Newbie to start with bitcoin in the case if they have enough money to spend for it and can afford to loose it.
If they can invest only money they need for everyday life, food, bills etc. than I don't recommend it.
In such case, it's much better if they collect free faucets or join signature campaign.
In the mean time, they should learn about bitcoin.

This is a good read, though I would say that it is quite hard to read as there is not much formatting that would make the read easy on the eyes. Anyway, about content though, it is nice to read as it warns newbies about mistakes they are about to take. I had done most of these and would have avoided it if I was able to read this.

Not a noob anymore, but at some point in time, I can honestly say that I've made each one of the mistakes outlined in the article that the OP posted, except for keeping my coins in a hot wallet. I was introduced to bitcoin by a friend who made it certain that it was absolutely imperative that I don't store my coins in a wallet online, so I listened.

Even after acquiring some btc, I entered the faucet world, and started trading for shitcoins... I did fairly well with following the altcoin threads here, and listening to the technology behind an announced coin, and I thought I knew when the right time to buy was. I thought I was making a killing on the short sales, but when I tallied up my profit over the week, and averaged out the hours that I put into monitoring my buys and sells, it was well under what I make from my "day job", if you will.

I got fucked with doublers and HYIPs; won't ever take that risk again.

Gambling, I'm still down 4.4BTC from it. So fuck gambling and dice-rolling ha.

Bitcoin is fun because it's so new, and especially because it's gone up almost 7x since I got in. The growth is fun to track, and at a certain point in time, I was hellbent on creating a website where I could teach newbies how to acquire Bitcoin for free, and how to maximize it's earnings for itself. The problem is that I started so late, with such low volume, that Bitcoin never became an alternative to my real life work.

Faucets or gambling are no bad for the Newbie to start with bitcoin but the thing which almost every Newbie misses here is that theydo not pay attention on learning on how to earn bitcoins and try to experiment. If they first focus on learning , even from you tube videos etc, they can save themselves from a lot of scams being run online via bitcoins.

You should consider first a constructive good quality post I think that is the first time you need to keep in mind because if you are not considering it good paying signature campaign will not accept you, and your post should be on topic because there are moderators that will delete your post or give you a warning for posting in the wrong topic page.

I agree, I'm also a newbie that doesn't have enough money to buy my own bitcoin. If only I have enough money or other source of income, I will sure buy bitcoin and then keep it until the right moment. But for now, I'm just earning bitcoin through signature campaigns and making my rank higher so that I will earn bitcoin a lot more better.

Yes don't try faucet and mining because even faucet is free, it will take a lot of time from you to just earn at least 100k satoshi while mining will cost you a lot of money to provide the things you need like mining rigs and other a lot more like expensive electricity bills and ventilation for the hardwares. It is best to just buy and hold bitcoin while you are studying the best source of income.

This was really a helpful article, I gained a lot of useful information on this one. I was thinking about doing mining and trying faucets but when I read this, I totally understand that I shouldn't, because after reading the part where it stated about mining and faucets, the odds will not favor me. I will just waste my time trying new things cause I lack some essentials that are required to be successful in that specific area.

Haha! I have been guilty of ALL of these things! Add a 11. Buying old miners 'cheap' when drunk and not thinking of ROI.

It was informative. And I will put down a list of 10 main mistakes, from my perspective:

1. Wasting your coins in margin trading
2. Losing the private keys to your wallet
3. Investing your coins in ponzi schemes
4. Not enabling 2FA in your online wallet
5. Storing your coins in exchange sites
6. Investing your BTC in alts
7. Not making backups of your wallet
8. Accessing your wallet from a public computer
9. Converting your coins to fiat
10. Gambling

This is very specific, but can turn into a nightmare if we don't be careful.
This depends on the wallet being used. I believe Core and Electrum use a new change address every time, while Multibit Classic returns the change to one of the existing addresses. (I may be wrong)

Interesting point to note.

I'd say one of the weirdest things on Bitcoin for someone that was new, and this is a story of myself at one point, was the point where you're able to set the amount of money you pay for the TX fee and you don't really know what you're doing so you may fuck this up and set it low. Unknowing to you, if you do set it low your transaction could never be confirmed and then you have to figure out how to reset it and such.

Kinda weird, though I do hope new people are using web wallets (I know less secure) as they're promoted to set payment for tx fees based on how quick they want it to go through.

Scamming is also pretty high on here relating to newbs as they're so used to using currencies that they can get back in a worst case scenario kind of thing.

They are just a newbie, they don't have the money to buy bitcoins, I mean, most of the newbie here don't have the money to buy one, that is why they want to know bitcoin to earn money through it. But it would be better if you are going to buy bitcoin and hold it in your wallet 'till the right time comes when you could withdraw it.

We've been all there, when we were just earning bitcoin through FAUCETS, and other HYIPs out there, we didn't know this Forum that time that is why, so, we don't have to blame the newbies if they do FAUCETS.

True i just getting started and my friend do a transaction for me and i was so frustrated for the receiving message that take almost 6hours i thought that i already get scam by my friend with that problem.

I think gambling is not the problem, the problem is on those people who use it in a wrong way and those people who abuse it. Gambling is for entertainment and also for profitable activities( if you have enough luck).

Great article. Tho i am not sure that all of this are the most common mistake for a newbie. But yeah most of it hurt mh butt haha realizing that i was doing this things before when i started

At the beginning every user has the same thinking of making big money through bitcoin in the form of gambling wins, trading, investment and so on. This makes them get trapped into such cloud investment gateways that quote big profit on their investment which is not at a possible one as quoted above.