Topic: Beginner’s Mistakes and how to avoid them (Read 71 times)
In addition to what you just said, another mistake I go like chok mouth into na the area wey some people go get money wey dey wan invest in Bitcoin, but are waiting for the right time. Because the truth about Bitcoin be say there is no right time to invest, if you have money today, just invest, while you strive to accumulate via using the dollar cost averaging method, rather than keeping your money at hand and waiting for the right time, or wait when you have millions. Because one good thing about Bitcoin this days be say even with the least $2 you fit still invest in Bitcoin through the used of crypto exchange like "Remitano" , which is one of the most reliable crypto exchange in Nigeria.
Do your own research
if you do your own research as a starter in the crypto space, e go hard before you go fall into a lot of the mistakes when new people when just de start their investment journey de make. most times wetin de happen be say na after some newbies don fall victim finish and them don either invest into the wrong coin or them don expose their key to the wrong source or do one thing or the other when don implicate them na that time there eyes de open enough to come de do research. Now on a serious note, make we always Dey extremely careful for this crypto space as a lot of things Dey happen especially with regards to scams because these scammers Dey very updated even more than the innocent and their intended targets most times.
If you ask me, I go say, since you’re a member of this forum, whenever you come across anything wey Dey you confusing as long as internet is concerned and not just cryptocurrency, just carry an come the forum come ask people, I believe say you go find people wey know the thing or don get personal knowledge of the matter and you go get direct response from real life persons and not just google compiled informations
All these points are very valid, actually they are the main basics for which a beginner will be able to strat off fine if they are careful to follow up with this mentioned things to do, I actually want to focus more on the aspect of the fact that we need to invest what we can afford to loose but then it's funny how many others are not able to keep to this because they feel they can actually still get it back and may never get to completely loose all of their investments capital but I see that as a very key and crucial advise newbies should always try to put to consideration.
Do your own research
if you do your own research as a starter in the crypto space, e go hard before you go fall into a lot of the mistakes when new people when just de start their investment journey de make. most times wetin de happen be say na after some newbies don fall victim finish and them don either invest into the wrong coin or them don expose their key to the wrong source or do one thing or the other when don implicate them na that time there eyes de open enough to come de do research. some people de of the opinion say you fit invest first before learning and doing some basic research and normally when you look am well, you go know say na better fuck up be that, how you go start to de invest when you never know some baisc? e get some story when you go hear as a starter when go gide you such that you no go ever fit fall into that kind thing. researching in almost as important as investing in bitcoin or any crypto itslef.
The public key is your normal wallet address.
Your Public key undergoes hash and encoding procedure to become your address so that’s why you’re not paying to a public key but a public key hash when you generate a Segwit wallet address type which is P2WPKH or a legacy which is P2PKH.
P2WPKH- Pay-to -witness public hash- as you can see you’re paying to a public key hash and not directly to a public key and same goes to P2PKH - pay-to public key hash..
Hence, it’s actually possible to pay-to public-key(P2PK) directly but instead of the public-key undergoing an hash it only gets encoded..
I hope you got this basic explanation
My guy, honestly you have spoken well, all that you said here is right, and it would be quite ok for a beginner to start with, but their are few things I just want to add to what you have already said, which are;
* Never store your asset in an exchange: this is one major thing most beginner fall prey to, they don't know that if anything happens to the exchange they store their coin, all their money is gone, because in an exchange your asset is exposed to hack or internal theft by the developers of that exchange, so this is one major thing all beginner need to avoid, in other not to regret later.
* Make sure you first of all check the minimum deposit of any exchange you want to transfer btc to, in other to avoid had I know, because some exchange btc minimum deposit is as high as $30 worth of Bitcoin, so anything less than that is a lost to you, so look before you leap.
* Never store your asset in an exchange: this is one major thing most beginner fall prey to, they don't know that if anything happens to the exchange they store their coin, all their money is gone, because in an exchange your asset is exposed to hack or internal theft by the developers of that exchange, so this is one major thing all beginner need to avoid, in other not to regret later.
* Make sure you first of all check the minimum deposit of any exchange you want to transfer btc to, in other to avoid had I know, because some exchange btc minimum deposit is as high as $30 worth of Bitcoin, so anything less than that is a lost to you, so look before you leap.
Everyone of us has started in crypto and if you made a mistake that could have been avoided, I’m sure you wish to had this knowledge before. That's why I listed the best-known beginner’s mistakes here, if you have more, you can write them in the comments.
Don’t confuse private keys and public keys
The public key is your normal wallet address. It is necessary to know it, if you want to send coins to other people. Or you have to give the public key to other people if they want to send coins to you.
In opposite, the private key is like a password that gives you access to your funds on the address. If a stranger has your private keys he can access your wallet and steal your coins.
So please never confuse the two, the public key is always much shorter than the private key.
This could be a public key: 1b5fGK8uhK287FfZN8dk2s41x8nnu8H
This could be a private key: 5sKH4d12d5TfF45BNgf64LgdUTdES5d4HgDJdfHCr55NfKgGDkfH9D6d2hs
Never share your private keys with anyone
As a result of the point above, this is also important. The private keys are the only access to your coins. If you give away your private key that works like a password, the person who knows your public key and private key has access to your coins and can transfer them to another wallet. So, share never your private key! Also not to friends and other people if they turn out as untrusted.
Don't fall for scams.
There are lots of platforms offering 1% profit per day or more. However, these platforms are all scams, as such high profits cannot be earned. In most cases it’s a so-called Ponzi, collecting money from new investors to pay old ones but finally there is no real product and the website will be shut down quickly and the owners take your money. The most famous Ponzi was Bitconnect, crashed in January 2018.
Therefore, if someone promises you high profits, it is very likely that it is a scam, so be careful and only invest money if you are definitely sure that it is not a scam and you know how profits are made. Don’t trust empty promises without proof.
Don't get phished
If you log in into a website (exchange, wallet or Bitcointalk) make sure that you are not on a phishing site. A phishing site is a very close copy of the original website, but from scammers and if you enter your username and password, the scammers have them and will steal your coins or accounts, because they have now access. So, make sure, you are not on a phishing Website by checking the URL on the top before your login.
The only one you can trust is yourself
This is maybe the most important point in crypto space. If you follow this and are always skeptical, if you spent your money, you can avoid losses due to scammers. There are lots of scammers offering shady deals to scam Newbies.
And if someone offers you to do a great deal, be carefully. Never send first. A serious partner will send you first or doing this deal via escrow.
Do your own research
If you want to invest your money in coins, especially unknown Altcoins or ICOs it’s important to do your own research. Don’t trust YouTube videos or article / blog posts from third parties. In most cases this content is paid or from bounty participants. Never base your investment only on this content, it’s required to check the original information about the company by doing a detailed analysis about the project.
Use first hand information, read website and whitepaper and ask yourself if the solution offered by this ICO would be necessary or is it another copy of existing projects. The market for ICOs and existing Altcoins is very hard now and you need a good idea to exist. In addition, you can ask questions in the Telegram or via mail if you have concerns. An honest team will answer you.
Only use content posted by third parties as additional information but not for an investment recommendation.
And please be carefully by looking at ICO-rating-platforms. It's no secret some are involved in a shady business getting better ratings for projects if they pay rating platforms.
Don't invest more you can afford to lose
If you have done your own research and decided to invest in something, it could be wise to have your own risk management. Think about the worst case, it’s every time possible a project fails or cryptocurrency market enters a bear market.
There are stories about people who took a loan and invested in cryptocurrency. They might have now a big loss and problems to pay back the loan. Sad to see his losses: https://www.newsbtc.com/2018/08/15/cryptohomie-who-spent-almost-150000-on-altcoins-sees-85-loss/
So, don’t invest money you need for everyday life if you speculate in crypto and don't take loans.
If you have something to add you can leave a comment. Best luck to your coins!
Don’t confuse private keys and public keys
The public key is your normal wallet address. It is necessary to know it, if you want to send coins to other people. Or you have to give the public key to other people if they want to send coins to you.
In opposite, the private key is like a password that gives you access to your funds on the address. If a stranger has your private keys he can access your wallet and steal your coins.
So please never confuse the two, the public key is always much shorter than the private key.
This could be a public key: 1b5fGK8uhK287FfZN8dk2s41x8nnu8H
This could be a private key: 5sKH4d12d5TfF45BNgf64LgdUTdES5d4HgDJdfHCr55NfKgGDkfH9D6d2hs
Never share your private keys with anyone
As a result of the point above, this is also important. The private keys are the only access to your coins. If you give away your private key that works like a password, the person who knows your public key and private key has access to your coins and can transfer them to another wallet. So, share never your private key! Also not to friends and other people if they turn out as untrusted.
Don't fall for scams.
There are lots of platforms offering 1% profit per day or more. However, these platforms are all scams, as such high profits cannot be earned. In most cases it’s a so-called Ponzi, collecting money from new investors to pay old ones but finally there is no real product and the website will be shut down quickly and the owners take your money. The most famous Ponzi was Bitconnect, crashed in January 2018.
Therefore, if someone promises you high profits, it is very likely that it is a scam, so be careful and only invest money if you are definitely sure that it is not a scam and you know how profits are made. Don’t trust empty promises without proof.
Don't get phished
If you log in into a website (exchange, wallet or Bitcointalk) make sure that you are not on a phishing site. A phishing site is a very close copy of the original website, but from scammers and if you enter your username and password, the scammers have them and will steal your coins or accounts, because they have now access. So, make sure, you are not on a phishing Website by checking the URL on the top before your login.
The only one you can trust is yourself
This is maybe the most important point in crypto space. If you follow this and are always skeptical, if you spent your money, you can avoid losses due to scammers. There are lots of scammers offering shady deals to scam Newbies.
And if someone offers you to do a great deal, be carefully. Never send first. A serious partner will send you first or doing this deal via escrow.
Do your own research
If you want to invest your money in coins, especially unknown Altcoins or ICOs it’s important to do your own research. Don’t trust YouTube videos or article / blog posts from third parties. In most cases this content is paid or from bounty participants. Never base your investment only on this content, it’s required to check the original information about the company by doing a detailed analysis about the project.
Use first hand information, read website and whitepaper and ask yourself if the solution offered by this ICO would be necessary or is it another copy of existing projects. The market for ICOs and existing Altcoins is very hard now and you need a good idea to exist. In addition, you can ask questions in the Telegram or via mail if you have concerns. An honest team will answer you.
Only use content posted by third parties as additional information but not for an investment recommendation.
And please be carefully by looking at ICO-rating-platforms. It's no secret some are involved in a shady business getting better ratings for projects if they pay rating platforms.
Don't invest more you can afford to lose
If you have done your own research and decided to invest in something, it could be wise to have your own risk management. Think about the worst case, it’s every time possible a project fails or cryptocurrency market enters a bear market.
There are stories about people who took a loan and invested in cryptocurrency. They might have now a big loss and problems to pay back the loan. Sad to see his losses: https://www.newsbtc.com/2018/08/15/cryptohomie-who-spent-almost-150000-on-altcoins-sees-85-loss/
So, don’t invest money you need for everyday life if you speculate in crypto and don't take loans.
If you have something to add you can leave a comment. Best luck to your coins!
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