Topic: Bitcoin Mistakes?? (Read 393 times)

I wouldn't recommend to trade with borrowed money, too. If your trade gamble doesn't play out well, you're in trouble.
Be also careful with leverage trading. You should very well know what you're doing and should do it only with money you can afford to loose completely.



You should always try to investigate or understand where the money comes from for advertises profits of crypto coin/token offers. If it sounds too good, it's usually some sort of scam.



Kinda agree with this, but I'd be fine if someone only wants to invest in Bitcoin. Anyway, don't put all your eggs into one single basket.



More precisely I'd say: do not try to rely only on your human memory. Human memory is a tricky beast. You will forget things that are only in your bio memory. To verify you didn't forget or remember something correctly, you'd need a reliable and safe physical copy anyway.

Document wallet creation time/date/purpose/derivation path(s), wallet encryption passphrases, mnemonic recovery words and optional mnemonic passphrases only offline on physical media like paper and/or metal. No exceptions, period!
Do not make digital copies of those things on online devices, period!



Always carefully verify all output addresses of a transaction before you sign and broadcast it! Never omit this step also with a hardware wallet. A hardware wallet is basically worthless without an independent own display that must not be under any control of the connected computer or mobile device. Checking all transaction details on a hardware wallet's own display is your last line of defense against a potentially infected online device that "speaks" to your hardware wallet.

I recommend to use a decent hardware wallet (stay away from Ledger crap) and/or keep private keys on an airgapped device (watch-only hot wallet in conjunction with an airgapped cold wallet).



Try to do your crypto coin/token/wallet stuff on a dedicated device that is NOT used for your daily internet shit (Linux recommended, avoid main malware target OS like Windows).

 Do not allow your emotions, to control you to make very quick decisions without exactly correct research or careful study, because of many times required to FOMO or FUD.
Do not trade beyond the normal,or with a lot of capital greatly reduce resources and rise up the risk of very important losses.
Not wanting to do proper research on cryptocurrencies and project before investing in other for you to understand the fundamentals and possible risk.
Do not be impatience, wanting immediate and not able to see things the way they really are.
Do not put all your investments into one single cryptocurrency or asset for is a big mistake.
Do not forget your password or seed phrase.
Do not put a wrong wallet address.
Do not use strategy that is hard to understand.
Do not ignore security, ignoring them means no implementation of strong security measures for your Bitcoin holdings.
Do not avoid knowledge,by reading gives you more ideas about Bitcoin and crypto investment and cryptocurrency at large .
Do not allow your emotions to control you when trading by being fearful or greedy. 

Invest wisely to see if you are good in that investment before you can increase your investment in the future because, there are some newbies who will not exercise patience to learn from their mentor before investing that huge amount of money that will make them to feel the world has come to an end when they lost because they didn't invest what they can afford to lose.

The day you share your details to your friends on social media, be rest and sure that they will surely have access to your money some day, but if you can be able to keep your details well without sharing them with your family or Friends, nobody will touch your money for any reason.

This is very useful information, much appreciated

What you need to avoid is the influence of other people with your decision making. Whether you wanna buy or sell, it should be you that must have the last decision. It's okay to gather and survey people what they're up to when you have something in your mind that you aren't sure of. That's a normal thing to canvas people and ask for their opinion about what you are unsure of or with a topic or thing that you haven't understand clearly. But even with that, never ever let someone influence you just because they've said something good or bad with that. Always verify the answers and opinion of people or contemplate before you follow those guides that have been given to you especially on this market that's all about investing and your money.

The biggest mistakes I made and I wouldn't make anymore if I can walk backwards through the time are;

• Buying during the bull run: when I newly joined the industry, I bought at the climax of 2021 bull run and the market crashed on me[/quote]
  

• Converting my BTC to stable coin because of volatility and fear of investing what I am not able to lose. All those are craps, if you meet BTC at low, go in huge and smile years later

I have seen scam stories and worst experience relating to phishing links, airdrop, and with the mindset of earning free money, this is more popular in the crypto space if I'm not mistaken and such mistakes victims are to blamed. It's best to avoid unnecessary stress and focus more on Prioritizing privacy, sometimes people usually say airdrops can be beneficial with the one that went viral on X, I still don't believe all this false information, information like this will always go viral because people searching for free money are just too much.

Op you're welcome to the forum, and this is the right place to be. Learning and gathering information is one vital part we should miss as humans, the more you learn the more you begin to gain exposure to solving life problems. As a newbie I recommend that you start your investment journey with Bitcoin, even if you have an altcoin you've spotted for investment, just let go and focus on Bitcoin because, it will give you enough insight on what to expect when you start trading on altcoins. Before you use a wallet for holding of Bitcoin first make proper research about the wallet than after downloading it write down your seed phrase, uninstall the application, install again and put in your seed phrase to confirm if it's correct or not, and that will give you a clue on how to recover your wallet should in case your device got stolen or affect due to natural disasters. Also ensure to keep your seed phrase in a water proof safe so that you'll be free from emergencies like natural disasters (flood).

Always look for information, in the cryptocurrency world, the winner is the one who finds out the information first. Therefore, subscribe on Twitter (X) to all the projects in which you have invested in order to receive changes promptly. Use only good wallets for storing bitcoin and altcoins, this is very important! For example, once I failed to keep track of the fact that Jaxx became an unreliable wallet, and $600 was stolen from me. I recommend using the Trust Wallet or Exodus now. Also I advice to use a two-factor authentication on exchanges.

First of all, there is nothing like too much information and too much knowledge, you need to never stop learning in this space, there are many things you will get to know if you don't stop learning.

The first mistake I made as a newbie was the crypto wallet I used, you need to understand that non-custodial wallet is what you need, make sure you read about the differences just to have better understanding,  open -source wallets that are non-custodial are the best.

Don't rush to invest, unless you are here for Bitcoin only, you can easily do research about bitcoin and chose the best bitcoin wallet for you and start buying and sending bitcoin into your wallet, but if you want more you must relax and learn even more, there are many things that you must know to avoid getting into the wrong hands.

Avoid social media that's all about crypto, like Facebook and Twitter, they are filled with bad actors, impersonators, people that will pretend to have your best interest in mind, avoid strangers, nobody cares about anybody in this crypto space, if they come seeking for your attention it's for their selfish interest.

Learn and learn and learn again, never stop learning, because this is what will make you a better crypto investor someday, every corners in crypto space is unsafe for newbies, this is why you need to take learning very serious here, it's the only tool you can use against any possible mistakes in crypto space.

These area I totally agree with you,  it's  were many failure lies quick to get rich in the crypto system by new investor, most time the scam we here people is as a result this believe of getting rich quick , the system can make one rich but not as speed of light as many new investor pursue after the fast making of income and profit.

Learning is very important and we need to know what we are doing so that we can make money either from trading or investing in cryptocurrency. For us to keep making money in the market, we need to know what we are doing and make sure we put our money in something that is going to benefit us and give us result that would determine what we would be making in the market. Cryptocurrency has bigger opportunities for us if we know how to invest and take money from cryptocurrency based on the experience we have gathered to help us make consistent profits from the market. We either learn or unlearn which is two we need to make decisions on.

Learning is the basic fundamental that you need, for you to take learning as your first step, you will achieve success along the way because learning and getting the appropriate information before starting anything is good especially in the digital world.

Take every information you will get here in this forum serious, people in this forum always share the right information and any news or information you get outside here and you are doubting the information, you can bring it up here for further discussion with experts and experience users.

I will just give very fundamental advice, "Don't buy anything what you don't know" including bitcoin, if you don't know bitcoin, how it works, how it can benefit you, how your bitcoin is safe then never buy if you don't know it, that is the basic thinking you should have before doing anything, if you insist you will become a gambler and if the price is not what you expect then you will think bitcoin is a SCAM and you will curse Bitcoin, when you just don't know what you are buying and how it can benefit you sir.

Some things have been given by forum friends, but I want to emphasize that you should never think that you can get rich from bitcoin, I think it's enough to concern your mind about bitcoin.

I agree with you new people who want to invest in cryptocurrencies should learn about the market and the risks first. If you trade too much and expect to make money quickly you could lose a lot like the others did. Before investing it's really important to understand things like wallets and other parts of cryptocurrencies to avoid making big mistakes. Being patient and careful is really important when dealing with cryptocurrencies.

Never invest what you can't afford to lose.

Never share your private keys to anyone.

Never get hype with what the market is showing you. The most patient people earns the reward later on.

Invest on the things that you're able to do research.

Not everyone that you see on social media is real.

Never panic when you see Bitcoin plunging as it is normal whether we're in a bull market or not.

Never be too public with your Bitcoin investments because you might be a target of those scammers and physical attacks like a $5 wrench attack.

After entering the cryptocurrency world, new crypto investors think they can make quick profits and become rich overnight, but this is the biggest mistake new crypto investors make. I wasn't out of it either, I lost my bitcoins by overtrading and I will probably have this regret for the rest of my life. So don't over trade hoping for quick profits if you want to do well in crypto, I made this mistake I know how painful it is.

Many crypto users face various problems after they start their crypto journey due to little knowledge about wallets, hence crypto users make mistakes in selecting wallets and lose their precious bitcoins by overtrading in hopes of quick profit. So these mistakes should be avoided for a safe crypto journey.

For me, not too many mistakes I've made aside from the couple of times I sold my crypto investments too early, for example, in 2020, I sold all my Ethereum (about 30 of them) for $250 each, and just about 5 to 6 months after, Ethereum made it to a price of around or above $4000 in the 2020/2021 bull run, I was pretty naive at the time and this action is one I've never stopped regretting over, as I missed completely on all the gains I should or would have made from that bull run.

And as a newbie, another important thing you must learn is to always know that "not your keys, not your crypto", which simply means that if you do not have access to the private keys of a wallet where you store your crypto, then ultimately know that your crypto is in the hands of whoever has the keys to that wallet, and you are at their mercy, so, to always be in control, make sure to always store your crypto on wallet where you control the keys.

And another important thing again is to try as much as possible to be open minded in crypto, crave for new knowledge for there is a lot to learn, learning never stops, as long as its crypto we are talking about.

I think you should be doing more of studies form other threads on the forum although there are some knowledge some persons will be kind enough to share under this thread of yours but then you can further invest in knowledge from other platforms and you can be sure to still get the required information you will need to succeed as an investor which you are aspiring to be in the nearest furniture.

The world of cryptocurrency is such a broad one and very versatile that you can choose a niche and investing more knowledge there you get to do much more better than trying to know every and anything all at Once on the platform, explore the various niches available, pick one and make it your area of expertise and then you are going to do just fine as an investor.

After reading your previous post, I think I might have a fair idea of where you are in your bitcoin journey. These notes will be of help to you and other newbies:

Do's:
- Store your seed phrase offline (you can write in down on paper, use washers or engrave them on metal). Store in a location that is safe from theft, fire and water.
- Buy a hardware wallet if your hodlings are up to $1000 and above.
- When it comes to crypto investments, DYOR and trust your gut regardless of what everyone else is doing.
 
Dont's:
- Don’t rely on your memory for your seed phrase. Make sure you have a physical backup.
- Don't invest what you can't afford to lose.
- Don't trade futures if you are not a professional trader.
- Don’t be eager to diversify your portfolio as a beginner, altcoins can be tricky. It’s safer to hodl Bitcoin for long term.
- Don’t invest your money in trading bots or signals.