Topic: Bitcoin Mistakes?? - page 2. (Read 393 times)

You are still a newbie and you want to invest, which is not a bad idea, but the thing is that you need the knowledge first; don’t think about how to earn at the moment. You need to learn before you start earning. As everyone has said, try and gather the knowledge of the investment, then later think of how you can be a successful investor in the crypto space. Although I haven’t made any mistakes that I can tell you much about, I’ll advise you to avoid any news that doesn’t have a source. The crypto space is full of different information, and you won’t even know which one you will follow because you are still a newbie, so what will favor you is that you should always be sure of what you are doing, and that’s why you need to learn first.

Another thing you should do is, while making the decision to invest in bitcoin or any other cryptocurrency, make sure you invest the amount you can afford to lose. Don’t follow the market; the cryptocurrency market is volatile and unpredictable; furthermore, don’t follow the current market you see now and invest a huge amount of money thinking that the bull is near. Just make sure you invest the amount you can afford to lose because the investment carries different types of risk, of which you need to be aware. 

Only those that haven't undergone through the normal procedures for learning about bitcoin will be the type to get involved in making mistakes that could cost them loss of assets, but you're already on the right path because you're interested in learning first before you also fall into same category as others have been when they started without learning.


Avoid been greedy or too desperate for making money, then make sure you maintain a continuous learning process although your cryptocurrency period.

People think once they make it to the world of cryptocurrency they can now earn like others with easy money one of the newbie mistakes is they keep joining with different investments, get caught up in the promise of different projects, get a honey pot and lose their money, if you see that the investment is too good to be true better to avoid this kind of projects, people earn here in the crypto with their hard work and knowledge, its just an opportunity to have the crypto space still you must work on it.

Also invest in your security if you have an asset to invest, invest too with your device security, like hardware wallet, antivirus for your device safety, and more to prevent having a loss of asset due to this people keep an attacks just to steal your money.

My mistakes in my beginning of my Bitcoin journey: didn't really know how wallets worked, didn't know about UTXO transaction model, didn't know how to redundantly and safely secure my wallets (back in 2011 that was basically file backups of wallet.dat files), didn't separate my crypto wallet usage from my daily usage computer, didn't know a lot of the technical stuff how Bitcoin works, didn't aks enough where the money comes from in new crypto stuff projects. (This list is not exhaustive...)

Do not store and handle substantial amounts of crypto coins in wallets with your mobile phone that you use for your daily mobile phone shit. Too easy to loose, get stolen, get compromised by unsafe or malicious apps unless you're a mobile phone security expert (and those won't do it anyway).

After some bumpy experiences where I also lost some of my bitcoins (including a tough recovery procedure due to a failing harddrive), I had to go a lot of steps further to avoid more desasters. Learning and understanding deeply how Bitcoin works, how hot wallets are not safe, how hardware wallets are a lot safer and how to spot scams.

Avoid chilling on (a)social media, Youtube or similar and everyone who pretends to show you a way to get rich quick. It's a trap...

I have been fortunate throughout my bitcoin journey, I found bitcointalk early. Newbies are often victims, they are always yearning for more, the forum was a place to learn and correct the misinformation I was getting elsewhere. For example, in the beginning I was attending a lot of crypto seminars and events, most of these events were sponsored by exchanges, so I could have easily fallen into the web of fully trusting and storing my coins in crypto exchanges if I was not a member of BTT.

First try to know what catch up your interest so that you can determine for yourself on what are important to consider and focus with it. Since if you apply all random suggestion while you don't know anything about bitcoin then there's a chance that you get confuse and get tired with it.

There are lots of suggestion here then see what catch your attention then try to learn from it although having multiple knowledge is really great but sometimes it creates a lots of confusion that's why its better you experience first so that you can learn from it also you are in realistic means sine you fully experience it.
Just to make it simple since there's a lot of good suggestion already posted here, Don't invest on a individual or platform that gives to good to be true profit and they don't have any proof of legitimacy since as expected this is just a scam operated by people who's greedy to earn money in bad way.

I quite agreed with all you said in the whole of this post of yours, except the one that has got to do with airdrop. We know that this industry is hype infected. Airdrop is the rave of the moment and most projects are utilizing that route now to attract users to themselves. What I normally suggest is that anyone getting on airdrops or any crypto reward that they aren't paying for should create burner wallets for them. Don't use your main wallets for airdrops. It's a recipe for disaster. As for airdrops, they're turning to a cashcow ATM in this industry and I think those who are very careful and circumspect should take advantage of that. It happened in 2017/18 and it's repeating itself now. People are cashing out big from airdrops.

Make learning a habit it will really help you from making so many mistakes,  don't be too fast to invest or trade , gain knowledge first . I believe if you gain the right information in doing your own research and also learning from the experience of other people it will really help you. Let your target be to gain knowledge because you need knowledge to survive in bitcoin,  it will keep you going.

One of my mistakes is to believe that there was no difference between Bitcoin and altcoins. Some folks invited me and my friends to a so-called Bitcoin seminar. We were brainwashed that there is no difference between Bitcoin and others so we were deceived to buy a worthless shitcoin. The lesson is that don't be deceived, Bitcoin has no duplicate or substitute.

I have a friend who downloaded an online wallet and forgot to write down and keep the seed phrase safe. He lost his phone and eventually lost the funds he put in his wallet. Ensure your seed phrase is written down, laminated, and kept in a safe place.

There will always be negative news about Bitcoin which can lead to FUD. I want to advise you to seek information from verified sources and also follow your investment plan. Don't be scared by the negative news in the media because they are just distractions.

I guess my first mistake was choosing a crypto exchange as a wallet. Just like some others, I also thought that Coinbase, Binance, and Kucoin were crypto wallets which are not. These are centralized exchanges and are not good for holding your coins. They enable disable their deposit/withdrawal multiple times during the bull run and the bear market as well.

Another mistake I made was re-using passwords on different platforms. You should always use different passwords for each of your accounts online. Use two wallets for two purposes. Use one wallet for holding and another for regular use.

Everyone has made mistakes in their life, learning from mistakes can help you avoid regrets and at the same time teach you to see a better future from various points of view and always think positively. Always make failure the most valuable experience in your life. Experience does not only come through success, failure and mistakes can also give you the most valuable experience in life to correct all the mistakes you have made in the past.
Now you can take the opportunity to increase your knowledge after being here, use failure as inspiration to achieve success in the future. There is so much knowledge that you can gain here, by learning something that is still very limited at your level of knowledge, you can turn mistakes into a bridge to success.

My biggest mistake is using leverages to trade my Bitcoin and lose it so my warning for you is Don't do this.

Don't trade with Leverage, Margin, Futures trading types. You will get loss rather than get profit as you hope.

Hold your bitcoin will help you get profit and also more important, get more time to do other meaningful things for your life.

Invest in Bitcoin with DCA strategy.
https://costavg.com/

1. FOMO (Fear of Missing Out) - Just because your trusted friends are investing in one coin does not mean that you also need to invest on that coin without sufficient research.
2. Emotion-based investment - do not rely on your emotions, it is not a good indicator.  Always rely on facts and research and your probability of earning (and not losing) will sky rocket.

These are the two (2) of my common mistakes when I am just starting . (Actually, I still even make the same mistakes sometimes hence I need to remind myself always).

If you want to invest in the market, you don't have to come here and tell us about your intentions.
It is better your keep your plan to yourself because there had been lots of people coming here telling us of so many things we don't even have idea and at the end, it might be a big lie. Please always know that the market is very volatile and you might not understand now untill you lose money.

Do: Learn
Don't: Don't be a smarty pants

There are a lot people that can give explanation if Bitcoin is decentralized and no one can control it, but if you ask where they store their coins, they will answer Binance. Holding your Bitcoin in Binance ruins the decentralization of Bitcoin.

Another example is when they get asked where to trade Bitcoin via P2P, they will answer Binance P2P, Paxful, or other centralized exchanges instead of Agoradesk, Robosats etc.

Welcome to the forum OP.
You should not see trading as a means to make quick profit, because there is a high possibility that you must run at lost.
Make sure that you write your seed phrase on a piece of paper, and back it up in three different place, and make sure you keep it safe from third party, except a trusted one.
Cross check the address that you want send your bitcoin to over, and over again, to make sure that it is the right address because of clipboard malware.
Do your own research before you go into conclusions on any information that you hear, so you don't be misled.

I'll start with the biggest mistake I've ever made regarding crypto, that is being skeptical by not being one of the early investors in Bitcoin, I was told about it but just like many people I thought that it was a scam.

Don't hodle your crypto coins in centralized exchanges, because they can be hacked and you'd lose your funds, it's said that if it's not your keys, it's not your coins, the safest place to hodle your crypto coins is in a none custodial wallet.

All that glitters is not gold, there are more scam projects than legit ones in the crypto market, so carry out a thorough research before investing in any crypto coin, I can only advice you to start with a reputable crypto like Bitcoin.

Well first off is avoid investment if youre a beginner yet. Of course you wanna invest and make money right away but you must also study on which project or why should you invest on particular project right? Crypto is quite dangerous sometimes it could ruin your life by being dragged with so much loss and negative portfolio. Investing is risky which you should alway remember first.

Good position. Learning from the mistakes of others will lead you to a more secure path. But you didn’t tell us how high your level of knowledge is. We can talk endlessly about the correct saving of the seed phrase, about errors during transactions when copy-paste is used, about the unreliability of storing your funds on exchanges, and so on. It would be easier if you began to independently learn, step by step, the various subtleties of use and then periodically asked what you didn’t understand.
One topic will contain a lot of advice, but it is always better to focus on what is important so as not to turn it into one of the similar ones for beginners.

Even more things to DO:
Start with Bitcoin, not with Altcoins.  You will thank me later.
Learn as much as you can about storing Bitcoin properly and safely.
If you plan to invest a lot of money and are scared of losing it or improperly storing it.  Purchase a Hardware Wallet, but avoid ANY non Open Source one and avoid Ledger in particular.
Once you invest, pretend that money is gone forever.

Even more things NOT to do:
Do not believe any 'giveaway'.  9.9 times out of 10 it is a BIG SCAM.  No body will make you Rich for free.  No body will double your Bitcoin.  No stranger will take your money to give you more back.  Act with strangers as if you were a kid and a stranger knocked on the door.
Do not save your Seed in Cloud storage, in your Photos software, on your E-mail or any thing of the likes.  There have been cases of people whose Seed has been stolen from Google Drive.
Do not pretend you are going to be amazing at Trading.  Seems easy until you realize it is not and you lose a big chunk of money within seconds or minutes.
Do not pretend you know the best.  Any question you have, ask it.  Any thing you are not sure about, ask.
Do not fall into the Altcoins trap.  Altcoins will pump like crazy once in a while.  Do not jump in that boat.  You will more than likely lose a LOT of money.

Good luck.