What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.
Bad advice about bitcoin is that when bitcoin has gone up dramatically, many people suggest to me to buy after the price goes up. even though it was wrong because of the risk, but I did that and almost suffered a loss due to being trapped in a correction, I continued that and I was able to get a profit. it is very annoying and bad, because they advise but in the way of bitcoin uptrend is not good 
Topic: Bad advices regarding Bitcoin - page 2. (Read 426 times)
What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.
When my family found out I was involved with bitcoin, many advised me to leave because they said it was "dangerous" and "bullshit". I had my doubts and stopped for a while because I didn't adapt well so I didn't get much profit at that time. but because I want to get additional income from the internet, I stay here. until finally I met a lot of people, learned a lot, kept trying until I could find the best way to get a profit.it's great to read your experiences. really a valuable experience from many points of view. Regarding investment, I was also caught in the ICO scam because of Fomo from my friends on Facebook. haha ... at that time I just joined in doing the analysis.
Taking photos of the wallet seed is a serious mistake. Fortunately, I didn't get bad advice when I first started crypto. I would advise crypto beginners to be disciplined and to keep their passwords, private keys, and seeds in a safe place.
Take a notebook and a pencil and keep all the information you need and also keep it in a safe place. I would make two copies avoiding any loss, living in crypto is not for lazy people.
Take a notebook and a pencil and keep all the information you need and also keep it in a safe place. I would make two copies avoiding any loss, living in crypto is not for lazy people.
Investing in a fake website recommended of one of my classmate before, it is an investing website that offers to double my money in just one day, he is not also an expert in terms of the crypto world and he also doesn't have any good experience yet in the crypto world but still, I trust him because he is my classmate, I am also a beginner that time so I am not bothered about getting scammed. It is not like advice but we can still somehow considered as advice because he told me to invest.
What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.
I'm sorry but I don't think that's a totally bad advice, especially if you are using a passphrase with your BIP39 seed. Because a seed written on a paper is generally more at risk of being lost, destroyed or discovered by an evil maid than a file online. If people are using cloud storage that's because it's more convenient and safer than paper. And a picture is safer than a text file because it can't be easily parsed by bots and monitoring malwares. Worst advice I received was people telling me to not invest in bitcoin, because the internet is full os scams and thieves. This kind of advice made me fearful, so to avoid being scammed I sold many coins when bitcoin's price was still low. Next, I told people around I was able to cash out the bitcoins and turn it into fiat profit. But it wasn't enough yet to make them change their minds.
If I had received the correct advice on that time, today I would hold more coins and if people around me had done the same and followed my intuition, they would be much better financially. But as we can't change the past I prefer to not think too much about it.
Same mate, I've always heard a lot before telling bitcoin is not real and people behind it are scammers. I've been interested in bitcoin before but got scared to try because what people told about it. Until I meet people who educate me well about this thing and I decided why not to give a try. If I met that people before maybe I am better financially now. But like you I just not think it too much. I focus right now to be better in what I'm doing now and be more financially successful someday. If I had received the correct advice on that time, today I would hold more coins and if people around me had done the same and followed my intuition, they would be much better financially. But as we can't change the past I prefer to not think too much about it.
I received similar advice to the one you described, but, perhaps, even dumber. To write down the password, seed phrase, and other data about the wallet in the notes. Turned out really bad for me.
The other advice wasn't general, but it was rather casting doubts and putting pressure on me so that I will sell my crypto at a time when the market is bearish. Many of my relatives don't trust cryptocurrency and every single time the price starts dropping I hear the good old "I told you so" and the panic, that this will be the end of Bitcoin, sell now or lose everything you have
The other advice wasn't general, but it was rather casting doubts and putting pressure on me so that I will sell my crypto at a time when the market is bearish. Many of my relatives don't trust cryptocurrency and every single time the price starts dropping I hear the good old "I told you so" and the panic, that this will be the end of Bitcoin, sell now or lose everything you have
Buy this or that coin because it will moon or Mars.
The worse advice I received when I started my cryptocurrency journey is joining the MMM Japan crypto ROI investment with my BTC holding then and also asking a friend to help create a wallet which later landed me into trouble but it all good though.
Mistake makes lesson learned.
Mistake makes lesson learned.
What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.
Not only advice but there was a guy who selling trick in gambling dice. I think that is my worst experience to believe there is a trick in gambling and i bought it. What the end is same, i lose in gambling and then not want to believe it again. Never get any problem about wallet, exchanges beside keep lose in trading and i avoid any kinds of HYIP/ Ponzi scheme. 
Worst advice I received was people telling me to not invest in bitcoin, because the internet is full os scams and thieves. This kind of advice made me fearful, so to avoid being scammed I sold many coins when bitcoin's price was still low. Next, I told people around I was able to cash out the bitcoins and turn it into fiat profit. But it wasn't enough yet to make them change their minds.
If I had received the correct advice on that time, today I would hold more coins and if people around me had done the same and followed my intuition, they would be much better financially. But as we can't change the past I prefer to not think too much about it.
If I had received the correct advice on that time, today I would hold more coins and if people around me had done the same and followed my intuition, they would be much better financially. But as we can't change the past I prefer to not think too much about it.
TyI haven't any bad pieces of advice regarding Bitcoin but have a big problem dealing with bitcoin that our government restricted it yet and there are no chances to accept it soon. So it is my big and bad experience in Bitcoin.
The worst advice for Bitcoin and cryptocurrencies came from my parents when they watched the news on TV and they advised me to get rid of Bitcoin and cryptocurrencies as they are scams.
It took me a long time to show them my beliefs were correct. Even though I lost my Bitcoin trading, each Bitcoin is worth up to $ 55k right now. That proves my beliefs were correct. Right now my parents don't have any complaints about what I'm doing with crypto because they know I'm right.
It took me a long time to show them my beliefs were correct. Even though I lost my Bitcoin trading, each Bitcoin is worth up to $ 55k right now. That proves my beliefs were correct. Right now my parents don't have any complaints about what I'm doing with crypto because they know I'm right.
What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.
The worst advice I've recieved ever since was to sell as soon as I see that the value of bitcoin increase. It made me limit myself into selling to the lowest possible price of bitcoin when in fact, it can go a lot more further if I would wait a bit more instead of selling right away. It was the old me actually, the one who always listened to the instructions given to those who have been here for a long time without taking consideration on researching about it. I now learned that holding my bitcoin is much more complicated than I ever imagined before, it takes a lot of courage and patience to achieve the price I percieved the bitcoin could make. 
What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.
I did not really recieved a worst advice when I started to invest in cryptocurrency. But when started with stock market I received the worst advice to "buy the dip". Every time I bought the dip, it gets deeper and deeper. Those I decided to study about timing like reading the graph etc. 
What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.
For me the worst advice was given by one of my acquaintance back in 2017 to "cash out after the crash" because the market will not witness any further growth afterwards.But more worse part was me making the mistake of selling on his advice as I was new to trading and have little funds in bitcoin only.But afterwards I realised my mistake and that lesson gave me experience that listen to all but make your own decision.Many people will give you advices which can turn both positive and negative for you but it is you who has to make choice based on your experience.
Well, my friend brought me into crypto and didn't give any bad advices. I'm glad i have smart folks and can think of my own too haha.
Only heard from colleagues that "crypto is bullshit" and i don't need to invest there.
Only heard from colleagues that "crypto is bullshit" and i don't need to invest there.
What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.
I had some advise and fortunately , they were good ones. They were advises meant to guide, not to lose my invested coins. Unlike yours that you were told to take snapshot (which are default advise from the wallet apps), I was doubtful of that because it maybe easily misplaced but I choose that of writing my passphrase somewhere. I think that is better and you can store or write them down even in the email. So that has been working for me and till date, I have not lost password to access the wallet.
Bad advice? Well, for me is to invest into someone who's trading into cryptocurrency, and I know the risk and how Bitcoin and crypto works before. They even offer 200% return every week.
So, to make things short that was the worst someone in my local's advice. It became even worse because I was into Bitcoin way before these scams appeared using crypto has been rampant.
So, to make things short that was the worst someone in my local's advice. It became even worse because I was into Bitcoin way before these scams appeared using crypto has been rampant.
Using centralized exchanges for storing your Bitcoin, especially you using it as your personal wallet, for long-term hodling.
Aside from using centralized exchanges, using also custodial wallets for holding your Bitcoin, which for me it is very bad advice at all, even there are some advantage of using it, overall, bad for me.
Aside from using centralized exchanges, using also custodial wallets for holding your Bitcoin, which for me it is very bad advice at all, even there are some advantage of using it, overall, bad for me.
Back in time it was obvious that people shouldn't hold their cryptos in any cex. Those were very risky, sketchy and most of them were exit scamming sooner or later. Only handful of them are even left.
But i would say that if you are not wanted by government, these days you can pretty much trust some of them almost as much as you trust banks. Bearing in mind that they aren't backed by governments and hackers are constantly after them. I still think that they can keep your money safer then most of newbies can themselves. For example i personally would keep my gold for example in the bank vault rather then guarding that myself, or try to build bank vault infrastructure with guards in my home.
Sure, exchanges can mess up too but they hire experts to prevent that and most of newbies buying cryptos aren't experts. Lot of them aren't tech-savvy at all.
But what comes to OP's question. My worst advice was to blindly listen to any influencer, most of them are maximalists and tribalists. I lost my change buying eth at the start because i listened to bitcoin maximalists. I wonder if i had seen the potential if i only bothered to look myself.
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