Topic: Buying and Losing My First Bitcoin - page 2. (Read 610 times)

When I first invested in Bitcoin, I was mainly introduced to Bitcoin through trading. I got some profit from trading in the past and I withdraw that profit from the exchange and keep it in the trust wallet. Now I transact that bitcoin again, bring it to the electron wallet. Because I made a post to jayJuanGee he said that all eggs should not be kept in a single jar. So currently I keep my investments in different places. I am successful now with my bitcoins.

Atimes when i look back the way i lost my first btc investment, it was introduced to me by my friend and all my believe is that in few years  i will be rich, not knowing i have being scammed, not all of the third party are scammer but many of them are?
Eventually i reclaim some of my money back but i learned by lesson. 

Is it illegal for both digital asset and payment tool?
If it is only illegal for payment tool, I don't think it is a big problem. In my country, it is also illegal to use Bitcoin for paying any goods or services. But if it is used for the digital investment, it is no problem.

What do you mean? Where you put your Bitcoin?
I think you are better to put the Bitcoin in segwit wallet to hardware wallets. So, it is legal someday, you can easily use your Bitcoin.

It was amazing to have the Bitcoin for the first time. I got my Bitcoin by selling altcoins got from bounties. I followed some bounties at that time, I got some altcoins as the payment. I sold all the altcoins, I spent the money to Bitcoin. How do you get your first Bitcoin? If it is illegal, how can you buy the Bitcoin?

Well, there's nothing we can do but to moved on because when we are still noob we are really that prone to lots of mistakes due to lack of knowledge and since you have said that you have lost up your bitcoin
specially your first investment then now you've seen that the price is already that high then you would really be having those kind of regret. Yes, it might really be that $25 only  but it doesnt really give out that best feeling.
How much more if you do able to lose up even more bigger amount? Pretty sure that you would really be doing your very best on trying out to find those coins back. There's no assurance that it would be something that you could be getting it back. This is why its always that important that even with basic knowledge you would really be able to do so. This is why it would be always best on having that at least.

If the price of bitcoin when you first bought it was still below $1000, losing bitcoin wouldn't be too painful, especially if you bought bitcoin worth 25 dollars at that time.
But it would be different if you bought bitcoin at $30,000 and lost the bitcoin because you invested on a hype site, that would hurt.
Many of us lost our bitcoins during our initial investment, but from there, we tried to get back up to have more bitcoins.
You are not alone because many of us have had the same experience and now we still have the opportunity to buy bitcoin even though the price is now above $40,000.
Hopefully, the country can legalize bitcoin so you are no longer afraid to store bitcoin.

Bitcoin is also completely illegal in the country I live in. I have been using bitcoins very well even though bitcoins are completely illegal. My Bitcoin journey started in 2023. I am currently earning fairly well from here and investing. I loved it when I first invest at Bitcoin. I used to invest in DCA method but now my investments have increased a lot and I am starting to like it more. I will hold my investment until the new ATH of Bitcoin is formed. Now I feel very lucky to invest in bitcoins.

Yup as it won't help but it can only make things worse. Our experiences can make us, if we will learn with it and try harder next time. We have different experiences, in a way that we venture different fields but all are the same who can experience to fall and some/most can recover and be stronger next time.

It's sad to know if BTC is illegal on his country but we can only hope that it will become legal soon. For now he can do your suggestion but there is a risk on it because what if our friend can ran with our money? Or they take some of it and we are not only aware? This is why to have a patience of simply waiting for BTC to get legalized in our country is much better.

I have mostly earned bitcoin but I have lost some when I ran a lending business and it did hurt but eventually time healed those wounds.

I am currently using the bitcoin to invest in some casinos that have bankroll investment and am very enthusiastic about the returns. Dont be disheartened by some losses on HYIP sites, learn from then and dont repeat the same mistake. Instead make sure to increase your total in the coming years.

With increased mainstream coverage of crypto we are going to see great highs, so be prepared and the best time to start that is now.

Losing a small portion of Bitcoin when you first get to know Bitcoin is normal and losses can occur in various cases, but this will all be a lesson so we have to be more careful, especially with third parties. At that time we could only study Bitcoin and develop it ourselves and I am grateful to be able to enter and know this forum. Because this forum makes me better than before and I learn a lot here, the important thing is not to be lazy in reading and looking for what we need.
And the first time I invested in Bitcoin was very fun and a new and profitable thing that made me love Bitcoin, and I would be very sorry if I didn't know Bitcoin and this forum.

when you are greed enough to accept that reality then you will never do the same thing at least? investing in bitcoin then turns into 3rd party hype site?
you have gone wrong because of your greediness that results to that wrong investment , how i wish that in time you will never do the same way as how you deal in the past.
my first bitcoin is gone because of gambling and like you I am greed as well.

Well, losing $25 in Bitcoin investment doesn't sound much of a heartache for a price to pay to acquire experience. Now that you've that experience, you're better situated to direct and advise others aright. Sadly, most people don't like adhering to warning until it hits them. Some of us have worse experiences occasioned by our ignorance in this industry starting up.

It felt really good when I did. Incidentally, it was Bitcoin I made on this forum that I invested in certain IDO project in 2017. That didn't turn out well. It was one of those sad experiences I've had.

I'm sorry to hear that your first bitcoin investment was with a scammer. But you can use your valuable time later especially since your first investment was a loss so you must be careful while investing later.
But like you my first investment did not go in vain but I got profit from my first investment. But my investment was of small amount like yours. I made my first investment in litecoin and probably made like $30 profit from my first investment.

I shared similar fate. Mine happened some years ago, then I was just a naive dude looking for how to make money online and I stumbled on a pyramid scheme. I purchased and invested my first Bitcoin in the scheme and that was how I kissed my Bitcoin goodbye. I usually feel bad whenever I sign on to the online wallet and look at the worth of the Bitcoin. But as the saying goes, no pain, no gain. I've learnt my lessons, I've gained more knowledge and I've been purchasing and hodling at every opportunity I get.

My first Investment was exciting but it was also a gamble at the time. No one knew where Bitcoin was going and that it would come as far as it has today. I have always found various ways to work for Bitcoin instead of investing and buying it with my own money. I think that makes things easier, especially if the market isn't moving the way you want and you don't need that money for something essential.

First things first, how are you buying and selling Bitcoins if it's completely illegal in your country? How are the exchanges allowing you to do that or you have used decentralized exchanges for that purpose? What if authorities come to know about your involvement? I guess your financial accounts will be frozen and the funds will be confiscated because in countries where cryptocurrencies are illegal, financial institutions don't allow their customers to make transactions that involve cryptocurrency either directly or indirectly.

Secondly, I believe all of us were victims of those HYIPs and Pyramid schemes when we first joined the cryptocurrency industry. I still remember the time when I first joined, there used to be Bitcoin doubler scams all around the industry, they used to double your Bitcoin if you sent them a small amount, and once you sent a bigger amount, you wouldn't get anything in return.

Bitcoin is not generally adopted in all countries but I may say that majority of the countries accept Bitcoin and also regulate it but they have not legalized it, so bitcoin have become popular to the extent that many people have known that bitcoin is into existence and it will stay long time before it can be abolish if possible, so buying bitcoin and lose it has been the culture of existence of bitcoin but the thing is that we should know exactly when to buy bitcoin so that we shall not experience lose

I also felt happy when I first invested in bitcoin because it was always one of my big dream after finding out about it, I couldn’t wait to get my first investment in bitcoin and it all felt nice throughout that time.
You have fumble too much in the past and I hope you’ve learnt a big lesson that will guide you when making investment choices in the future. Nothing is for free here and anyone that promise you anything free will just want to cheat you and run away with your money. The third party hyped site you invested in wouldn’t have happened if you had known about bitcoin in-depth or came across an informative platform like this to guide you. So sorry for the loss back then, but losses and disappointments are part of success stories in life.


He was still a novice and had no knowledge about bitcoin yet, he might have just invested willingly not for any purpose or maybe to just feel among people that own some bitcoin at the time. Everyone loves free money and they can easily be compelled to do some weird things to get that money, such is the case of the hyped website he invested in hoping to have double of his investment within a short time. As it has been said before and people keep reiterating it here; if it looks too good to be true, you should avoid it by all means. He has learnt a lesson and never will he make such mistake in his lifetime unless the lesson wasn’t thoughtful to him.

here you have made a big mistake, why should you invest the bitcoins that you have ^{(worth of $25)} in HYIP.  You have to understand that when you entrust your money to a third party then your chance of losing that money reaches 100%, there is no best way to earn bitcoins except by investing, working for bitcoin, taking part in contests, gambling at crypto casinos and trading.  anyway, you are still lucky because the value of the money you lose tends to be small, i can't help but think that if the nominal value was very large, you would definitely be very stressed, the next thing you have to do is refuse to believe third parties who claim to be able to double the bitcoins you have, it's all a bullshit.

I think many have the same experience as yours losing their very first Bitcoin investment because of HYIP.

Way back then, those things were like a thing and they've been popular and many were naïve enough to get fooled by them.

My feeling was just, "let's get it on and see where it heads". Nothing unusual but I've just realized it that it was a nice decision when I see it pumping.

Mistakes can indeed be valuable lessons if we can take them. It's not easy for us to start investing in Bitcoin, especially if we live in a country that doesn't legalize Bitcoin. In my opinion, that is a pretty brave and good first step. However, if there is a mistake like that, it might mean that we were not initially ready for the investment... or we felt that we were not mentally ready if the price of Bitcoin could actually drop very much. or sometimes we are not committed to investing in Bitcoin and are instead attracted by FOMO from hype coins. This often makes us take wrong steps. That's why, from here, we need to learn properly from our experience and become better prepared.

My first investment was not enough and it was a purchase from bounty money. It was a lot of fun but only lasted a short time. ha ha ha