Bad advices regarding Bitcoin - page 3.

KaliLinux

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Quote from: GreatArkansas on May 01, 2021, 05:20:27 AM

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.

True. I made that mistake once when I was still just getting into crypto. Had some Coins I had some coins in an exchange and left them there for more than a year and didn't even check until after a year or so, logged back into my exchange and the coins where gone, saw the transaction and every thing and I know it wasn't me that did it.

blckhawk

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Quote from: ConnerDalfino on May 01, 2021, 05:17:24 AM

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 bad I received when I just started in this crypto space is to invest in some Ponzi scheme to double my Bitcoins. Not gonna lie it was really effective at first but when you get comfortable with it and you put your trust into them that is the time you wouldn't get your payout. After a time I learned to never invest in Ponzi because it is not effective to earn profit but instead effective from losing your funds. However, I am grateful I did that because of that I gained experience and I learned from my mistake.

cryptomaniac_xxx

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Quote from: ConnerDalfino on May 01, 2021, 05:17:24 AM

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.

Someone advises me to invest on bitcoin doubler, I was relatively new that time, so I invest a little. Actually I did received my first pay and so I just re-invest it and obviously, it was a scam so I lost everything.

But that's it, after that I really study how everything works from private key protection to scam sites. So I make it a point to really exposed these scams whatever method I can.

Bilgent

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Quote from: ConnerDalfino on May 01, 2021, 05:17:24 AM

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.

It's the same here. Grin

It is not even safe so how can someone give such an advice?. I really don't understand. One should keep their sensitive information for a wallet in the safest place possible to prevent it from being stolen.

Sanugarid

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Quote from: ConnerDalfino on May 01, 2021, 05:17:24 AM

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've just taken that advice into consideration when I'm making a decision when it comes to finances but there's nothing such as bad advice since it depends on you if you'll consider and follow it. I don't really know what happens in your story but from what I know, taking pictures of your own seed phrase is prohibited when using the phone. So don blame someone when you were having misfortune due to someone's opinion, it's your choice after all.

dothebeats

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It was during the time when bitcoin was going $400 and under. A lot of people here in the forum advised to short the cryptocurrency to make money as we are in a downtrend anyway. I never did it, one because I never really am knowledgeable enough to engage in trades and another is I believe in bitcoin's come back. It took a year or so before bitcoin came out of a slump and that's when things change. It was also the first time bitcoin crossed the November 2013 ATH and the rest is history from there. Had I really shorted bitcoin and not saved any, I wouldn't really be in a position on where I'm at right now.

acroman08

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didn't really receive any advice since no one around me actually knows bitcoin at the time I found out about it. but the worst advice I've heard was encouraging and enticing someone to invest in bitcoin or other cryptocurrencies just because the price is increasing. I have several friends encouraging some of my and their friends to buy now or they'll be left out.

davis196

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I don't remember taking advise from anyone,when I started using Bitcoin in 2015.
I didn't trust anyone back then and this was the right attitude.Many people were saying "we don't need escrow,send me the bitcoins and I will deliver the service,I'm trusted".I am glad that I didn't send any Bitcoins to anyone without escrow back then. Grin

I made some wrong decisions,when I was a noob,but it was my fault.I wasn't told by someone else to make those decisions.

Lucius

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The worst advice I have received in the real world from some people is not to invest my time and money in crypto because only criminals deal with it, and that it will all fall apart very quickly. Of course that was back in the days when even Bitcoin was quite unknown to the public, a lot has changed since then. No matter who gives us advice, it is still wise to check every piece of information from multiple sources - because there are a lot of bad people who spread misinformation every day.

On the other hand, what I first learned from some experienced members of this forum while I was a beginner is that I need to have complete control over my private keys, and how important it is to keep them safe.

AB de Royse777

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Quote from: ConnerDalfino on May 01, 2021, 05:17:24 AM

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.

No one was around when I started, so I had to learn all by my own, unfortunately. In the past I have lost access of one of my wallet and lost some coins there, but fortunately it was not much. The coins that I need to hold long term I transfer them to either a cold storage wallet or in a multi sig wallet. In my desktop, less secure device - I only have those coins that I use for daily business.

GreatArkansas

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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.

ConnerDalfino

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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.

Topic: Bad advices regarding Bitcoin - page 3. (Read 426 times)