Topic: Buying and Losing My First Bitcoin (Read 556 times)

A friend of mine came to meet me around the middle of last year, actually, we are not really close friends. He was complaining to me that he bought some bitcoin around 2014, and it was stored on a website. He doesn’t even remember the website name, but he has some reasonable amount of bitcoin on the site, so he was asking me if there was any way the bitcoin could be gotten back, but I told him no. How will you recover your bitcoin when you don’t even know the site where it is stored? He said he never took bitcoin serious then, and he backed up all his information on his phone, but later the phone was stolen. The guy was really serious, trying to even remember the website, but even if he remembers the website, I don’t think the site will still be functional, so I told him not to waste his time, and he can start accumulating another bitcoin that shouldn’t be stored online. I told him to take his time to read about wallet security and the best place to store bitcoin.

Good thing in all of this is you've learned something about your first investment, people experience that kind of failure when they're invested tons of dollars already so you got off relatively free from scams, they didn't get a lot out of you which is nice because you've known better.

I was came into crypto by introduction from a youtube video and started investing in altcoin, and then i was thinking of bitcoin as: this coin have highest price and this doesn't move more than 5%.
I doesn't knew anything about crypto and what this technology is.. , just speculating on different coins mostly altcoin and investing on them because they move more than 10% daily.
then was bull market made good profit on my first trade, and started dreaming wow 10% a day. I will going to be rich but after some days bitcoin dumped and from that time bear market started.
that was good old days,

I mean, to be honest, it was really more of learning since when I invested in Bitcoin and cryptocurrency I didn't really know a lot of things, i just invested since i already know how to learn a lot of things here in the forum and tried it invest since the hype was so big that time, it was most of the time when the market price skyrocket we know the hype of the market could really get a lot of investors to invest on Bitcoin and that includes a lot of newbies and beginner in cryptocurrency.

To be honest it really feels like it was a good decision something like you going to be rich for sure since this Bitcoin investment is going to be huge in just a small amount of time, without really knowing how risky this could get or how patient you needed to hold in order to have a good amount of profit in the end. I mean most of my trades and investments weren't a loss at least I did make some profit on them, and probably it was actually a huge one, especially as a student I didn't really imagine that I was going to be able to earn that amount here in Bitcoin or cryptocurrency so it was really great. But for sure I will be able to make even more if I am just patient and Hold my investment longer.

The reason maybe because even if he gets mad it will not change anything or the situation, instead he just happy he is now onboard,
my first investment was early 2016 but I'm just playing during those time and never though that the price will be this expensive but life goes on and continue to learn and invest on other coins and have a small part of bitcoin.

If it is illegal, I seriously would suggest not using it, or investing into it. I understand that it may not feel like it would be easy to watch something that could make you rich, and not be able to invest into it, and miss on the chance to get richer.

However, it is also worse if you do something illegal, the consequences could be a lot worse and you should avoid it. There are levels of illegality, some are just cash fines, some are as hard as going to jail, depends on what your nations punishment for bitcoin is, but I would highly suggest you to avoid it as much as you possibly could. I get that it is not that simple, but you should try it nevertheless, it will definitely make it better for you to be ready for that.

I am just thinking how you were able to tolerate with the situations if I who came Into the system lately could feel so mad at myself and regretting why I wasn't  earlier to participate at the earlier run I learnt about Bitcoin.
Now talking about you loosing your Bitcoin to a hype site with such about of money and also refers to the value of Bitcoin then is some kind of unbearable emotional broken when coming to withnessed what the value of Bitcoin is today comparing at the 2017.
That is certainly a historical incident that is unforgettable.

My first time of investing in the Bitcoin has been cool with me because I already learnt about the potentials and its volatiles and because I have a reputable role model in the Bitcoin industry, so I was able to o maintain a stable positive thought doing away with the emotional breakdowns at when the market is biased.

more or less the same as you. Of course, in 2017, I also initially entered Bitcoin. That year, I was still excited about the 24-hour investment site that would return 2x more money, which they said was a Ponzi. Most of my money was spent there, but I didn't look away, even now there is still an opportunity to collect Bitcoins even from other small coins. at least it collects a lot quicker. all we have to do is be patient for it and be ready for the coin that we hold the hype for in its time will of course become a big income just like bitcoin is rising at that time.

we all have different stories surrounding our first experience of owning a bitcoin, some are heartbroken experiences while others are a cheerful one. First time ever I heard about cryptocurrency was in 2013 though it was on a surface level at the time. I remember very well that my junior sibling invested through a proxy (though I don't know the exact coin he invested on) that was helping him manage the account because by then we had completely no knowledge about what cryptocurrency was/is. Story short, years later when cryptocurrency gained much popularity and I decided to invest in bitcoin particularly I reached out to him inquiring about the coins he bought years back, his reply was, "they couldn't account for it that the coin they invested in got dumped". It was later on I realized he didn't invest in bitcoin but altcoin because if it was bitcoin the investment would have been a profitable one and not dump.

I learnt from the worst experiences of person's around me that invested in cryptocurrencies before me and it was their experiences that gave me some few awareness about mistakes to avoid when about to invest in crypto which also gave me the luxury of doing my own research of a couple of things I am in doubt and ignorant about. In this industry it is a two way thing, it's either you learn from the loss of your first investments or you learn form the loss of persons close to you and build on that knowledge. The most important thing is that we should always do our research before taking action in any investment.

Do you plan to buy Bitcoin even after the halving and when it reaches ATH? Have you thought about how this will affect your average purchase price, or is this not important to you and you plan to buy constantly but do not plan to sell Bitcoin?

DCA is good, but only if you have an initial plan that can bring you good profits. After all, if you buy constantly at all levels, then in the end the profit may be too small and the result from all your work will not be as good as if you were able to achieve a low purchase price, and sell at a high price on the bullrun.

All this requires a preliminary plan and its adherence, otherwise the result will be unpredictable, and hoping that Bitcoin will one day cost a million is also not worth it, because we need to be honest, it looks doubtful.

In the past, I was not serious about investing in bitcoin and just traded it every day quickly. But then I realized that I also had to have bitcoins to keep for the long term. So I decided to start buying bitcoin not for trading but for long-term investment. Well that's a wonderful thing. I bought it and immediately sent it to a private special wallet. And I continue to do it regularly every time I have a profit from my trade. So I don't remember my first purchase (I forget). but I remember my first purchase for long term investment with the DCA method. And I still hold it to this day and will probably continue to hold it even past the halving. But plans can change. Because I might be tempted when Bitcoin makes a new ATH. 

What you need to know about Bitcoin is that when it comes to wallet to be use to store Bitcoin you don't have to share it with anyone.  Any investment you are making and third party is involve,  you just have to know that you are already making a mistake.  Before you start your bitcoin investment,  first of all you need to make a research about a good wallet which only you have have access to the seesphrase, with this it is very sure that your investment is on a safe side that nobody will have any access to tamper with it.

If you can secure your wallet well, then you don't have any problem,  all you just need to do to make profit from your investment is just for you to hodl bitcoin,  which you need patience to achieve this.

Have you still can't move on OP?
Well, not really have the same story as how I started crypto investment but because I studied how crypto works before investing that saved me from losing my first investment. In your case, you failed to choose the right and trusted platform to use as you fell into scam sites which normally happens especially when we have no knowledge about crypto and of course, when we trust someone who promises to guide us but in the end, they guide us to the wrong direction. Not a good experience but kinda be a lesson to learn that you will be careful next time.

When I first read about bitcoin I was really excited and I bought some just a few days after it, so I was excited about the whole thing, however I did not really thought too deeply about its potential as an investment at the beginning, if I did I would have way more bitcoin than what I have now, but as I read more about it the bigger its potential became on my eyes, and while I lost some bitcoin like most investors, I still kept most of it safe until this day.

I invested when Bitcoin was already high, so the feeling was never great but neutral since I knew I wasn't going to make such a huge amount from it as though I had started the investment in 2013 or thereabout. But now, I have started feeling nice about it as Bitcoin is getting me excited with its bullish performance in recent times.

But you never told us your country, maybe we can ship in the advice that will help you bypass the governments' restriction the more. We have many citizens of countries where Bitcoin is banned, yet they are investing in the coin without any issues. That is the beauty of the privacy and the decriminalisation of Bitcoin, you might want to continue to own it too for your own good. Also, it is nice that you are now in this forum, you will know better how to handle your coin by yourself henceforth if you are the type that pays attention to reading. It is a very bad idea to go through a third party, not even a custodial arrangement is advised.

When you're a newbie, you really can easily get attracted by these HYIPs (High Yield Investment Program) back in the years.

I didn't do what you did back in 2017. I didn't buy any Bitcoin at that time because I was getting them for free through faucets. I'm spending hours getting those free Bitcoins on different websites while watching our store. I mean it's free money at that time, right? Just imagine if I continued doing that until maybe 2020, and kept those Bitcoins. Anyway, all of the Bitcoins that I got for free at that time went on a cloud mining website where you need Bitcoin to generate power which will give you free Bitcoins through mining. Turns out it's a scam. I didn't lose my own money though, but I lost my time.

None TBH.
I tried investing my own money (I think around 10$), and put it into trading. As a newbie, I knew I would lose all of it, and that's what happens .

Bitcoin is not illegal in many countries.
https://coin.dance/poli/legality

It can be illegal as a mean of exchange but if you buy it, store it as your asset, you won't be sent into jails. Depends on laws and regulations in your nations, you can do appropriate things with your bitcoins.

There are no KYC exchanges to use to Bitcoin purchase or seling too.
https://kycnot.me/?type=exchange

I'm just happy with my first investment because the Bitcoin I bought is still in my wallet like I think it was around 2017-2018, I bought some Bitcoins from my fiat and what I did is store it immediately in my personal wallet so I can assure that I can't easily use it if it's only in the exchange, it's safe from converting it to some altcoins which the mistakes I commonly did when I just first being introduced in Bitcoin and altcoins before.

For bitcoin transaction its obvious that bitcoin is illegal in the most of the countries and I believe that for bitcoin to be illegal in the most countries the transaction will be difficult and it will also be illegal but I thankgod that bitcoin transaction correctly will continue to have another shape of increment if the adoption continues to be massive, why some people lose for bitcoin investment is due to they don't research before investing, I will say that anyone that loses bitcoin should be as result of the person's fault or error, so therefore I will like people to research very before they can invest.

Well, in cryptocurrency at large, we know you can’t trust anyone but then, there are still people that maybe we break our rules for or should I say people who are above the margin. I’m not saying you should trust anyone but, most of us have that one person who is actually honest and trustworthy. If he’s one of such people, he can ask the friend to purchase and send to his bitcoin wallet and then he will have his keys. In this case he isn’t transacting the Bitcoin but is simply holding the keys to it. It all depends on how the law was passed in OPs country, and yes, the friend. As for the amount, of course he’ll know what amount he’ll be getting. Even if it isn’t exact, it can’t be a suspicious gap between what is expected to what he actually gets.