Topic: Buying and Losing My First Bitcoin (Read 610 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.

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

I don’t quite get it when you talk about investing using fiat money with Payza or Perfect Money systems. Where they not the same platform, I mean like, the supposed Ponzi that your Bitcoin investments was lost in?
How is it that, you lose with Bitcoin and not fiat because, my thoughts is that, if you were able to withdraw on the same platform using fiat options, you also should have been able to have an instantaneous withdrawal option using Bitcoin or other offered cryptocurrency as well.
Just want to know the mechanisms they used to archive a Bitcoin lose and not fiat though.

I’m the end, they always teach us a lesson, these Ponzi schemes and this lesson isn’t just about what happens on Ponzi schemes but the fact that, coins on centralized systems are never yours until it’s in a non custodian wallet.

I should say greed and excitement mixed up the first time I invested in bitcoin. That's why when my first losses came, I was really depressed by that time. Until I realized that losses are actually inevitable in any type of investment most especially in a high risk investment like bitcoin. Although my first loss was not that huge but knowing I've used my hard-earned money, that part made me feel a bit of frustration and quite depressed.

I learned about Bitcoin through so-called revenue-sharing sites when I was a beginner. That time, I wasn't aware that revenue-sharing sites were just Ponzi schemes. However, there was a Bitcoin payment system from which I was interested and learned about Bitcoin. So yes, surprisingly, I also lost my first Bitcoin investment as well. Though I wasn't a loser when I invested through fiat like Payza or Perfect Money, I was just lost when I started investing through Bitcoin, and I learned they were actually scammers. So I left all kinds of Ponzi investments and started learning about cryptocurrency.

I got to know Bitcoin that early or mid-2017 ,there were several of these high reward promising scam sites around that 2017 that offered attractive return on investment, and it was a trap for beginners then, they will pay for some months and before you could know it they are gone, As newbie in crypto space you can't totally avoid those newbie mistakes, and most times we learn from those mistakes, My friend and I even lost our Bitcoin in that 2017 as a result of this scam site, mine was around $75 worth of Bitcoin and my friend that introduced me lost about $95.

I'm glad that your initial Bitcoin investment provided tangible benefits for you and your family and you've found an alternative source of Bitcoin through a signature campaign. Wishing you continued success in your cryptocurrency journey! I hope more folks out there find their way, just like you did, when the crypto journey gets a bit rough.

Being involved in crypto for a long time would help you know and be aware of Bitcoin's existence. At first, the thinking of investing in Bitcoin comes with a plan that, doesn't mean that you have the money you would go straight invest your money, so I did my research first and found answers to any question that came to my mind about Bitcoin such as how is the process of simply buying and selling, where could I convert money things like that. It is really hard to explore things that are not popular or widely known in your country, so there would be times there's a doubt that is it a good thing to study Bitcoin and invest. I started with a small amount, and don't have any idea if I'm on the right path, I did not lose it but I sold it early cause it just a little profit it's already a big deal for me.

Actually the main purpose of my asking this question is, everyone in some way in his life first comes into contact with Bitcoin and buys Bitcoin. Also invests somewhere to make some profit. As I didn't understand at first, buying bitcoins means my money is invested. So I lost my first bitcoin by investing in a hype site to get some profit. So I asked to know if this has happened to anyone else.

If Bitcoin is illegal in your country then it's not safe for to hold or trade it, if you must then it'll be at a great risk, so you'll have to be very careful with your decisions, or you can relocate to a crypto friendly country.

Most hyped projects on social media are scams, you'd have to carry out a thorough research before you invest your hard earned money, I guess you already knows that from your experience.

I lost the wallet address of my first Bitcoin, I never memorized it, and when I tried to access it from another wallet, it said that I misspelled a word in the seed phrase. I was sure that it's the correct seed phrase, perhaps an error from coinomi wallet. The Bitcoin is still in that wallet till today and I might not be able to send it forever.

Third party hype site means, If I send the dollars I have to their wallet through their website, they will pay me $1.75 per day for 30 consecutive days. Buying my bitcoins was a bit of a hassle. First I bought PAYZA dollars with my country's money. I bought $25 worth of bitcoins with those PAYZA dollars. The hype site paid me $1.75 for three days, then stopped paying and was never found. They closed that website.

That's why education is the ultimate armor in the Bitcoin arena. By understanding concepts like blockchain technology, market volatility, and risk management, investors can transform from impulsive gamblers to calculated strategists. Knowing when to buy becomes an art form, a dance between reading market signals and understanding personal risk tolerance.

But it's not just about self-education. Responsible advice becomes paramount when guiding others towards this volatile frontier. It's not enough to simply say "Bitcoin! Big money!" We have a duty to paint a realistic picture, highlighting the potential pitfalls just as readily as the glittering peaks. Transparency about price fluctuations, potential scams, and the ever-evolving landscape is crucial.

Well I told myself before that "I am now a certified Bitcoin investor." But contrary to what had happened to your investment, I did not lose my first Bitcoin investmemt instead I used it for me and my family's needs. It was strange at first and I am a bit worried about the risk but the outcome of that investment was great. Unfortunately my trading journey was nothing but a mess that is why I only buy and hodl. 😆 But recently, since I was enrolled in a signature campaign, there is no need fo me to buy Bitcoin. 😁

My first bitcoin was bought way back when a Bitcoin cost about $300+ .... I then saw a online site selling a necklace with a real dead Butterfly that was set in Gold, so I bought it as a gift for my mother. (She loved the whole back story about the butterfly and how they donated funds from these butterflies that died due to natural causes to save other species that was endangered)

We later found out that it was a huge scam and that no money went to nature conservation and that the Gold was fake. It was a very expensive lesson, but my mother really enjoyed the gift. 

I have never lost my investment to any silly site or scamming site because I wasn't that greedy of looking for a cheap site to double my money the main reason why people usually lost money to scam site is because they want to seat out there or sleeping while those site keeps generating money for them. What is killing most of us is that we don't want to go for information and do our researches concerning any site we are putting our money or if that you remained stick to bitcoin I am not sure you would have lost your investment and come to think this, $25 worth of bitcoin at 2017 could have been a reasonable investment by today compared with the current price of bitcoin today.

Don’t beat yourself too much about it. It is these experiences that actually make you. We all have different experiences, mine was investing in a project I hoped will be massive only to figure out that it was a scam the whole time. I felt really bad because I had so much hope. But the decisions I make today is based off on events like that. About Bitcoin being illegal in your country, I won’t say you should go against the law but maybe you can have a friend who resides in a country where it is legal purchase some for you. Because Bitcoin will still keep growing.

My first Bitcoin was bought out of curiosity, I was told about Bitcoin by a group of persons at a seminar they organized in my locality sometimes around 2020 so I was told how profitable it can be and the fact that it decentralized so you reserve much control over your portfolio, these and more were been mentioned to me then so I became curious as to how profitable this investment can be and still gives me the full control over it , after the seminar I approached one of the organizers who helped me through on how to purchase my first bit coin and I invested $50 for a trial with the hope that upon exponential appreciation I will increase my portfolio size, my portfolio did increased and I was glad I did ceased that opportunity.

Few months down the line I contacted one of the seminar organisers who stood in as a mentor and he advised I allow by portfolio grow awhile again which I did, and when I was ready to harvest the proceeds he did helped me through again how to sell off my Bitcoin and make profit, it was the proceeds from my Bitcoin I use to establish a small business in my locality which today has grown into a bigger establishment. I didn't regret ever investing in Bitcoin.

That is sad to hear but i am hoping that you picked yourself up and continued with your chin held high it is really a waste to fall victim to these kind of things but once you have fallen into it all you can do is bounce from it and learn from it

Meanwhile I remember investing into bitcoin with a few money i saved it was just little amount but seeing how it was growing made me excited and happy and to be honest this might sound a little corny but during hard times i just think about the fact that i hold some bitcoin now it makes me feel a little better and more secured i guess

It was a bad experience that should be an important lesson for the future and there are probably many people who didn't have a good moment at the start of their involvement in bitcoin. But experience teaches us how every mistake must be corrected and with this experience we can learn to be more responsible for the investments we make in bitcoin. If you look at the age of your involvement in bitcoin, it should be more mature because we have known about bitcoin for so long and maybe there is a lot of experience that we can find.

Hopefully next year will be better, especially for those of us who have been in investment for a long time because only in this way can we gain financial freedom independently. Bitcoin can provide a good path and bitcoin is a sure step if invested correctly, you just need to be patient and continue to collect responsibly.

In fact, I lost my taste when I first got to know Bitcoin and my first investment didn't go well, even though the number of buyers wasn't too big. But over time I realized that investing in Bitcoin requires the right knowledge if you don't want to experience losses.

Well, it's unfortunate to hear that bitcoin in your country is still illegal, but I think most of the country's bitcoin is illegal, but still, we can own them and access them. What's illegal about bitcoin is that you can't use it like a regular currency when buying something; hence, some establishments and businesses are starting to adopt it and accept crypto currency payments, mainly bitcoin. Well, it can't be helped that in your first investment in bitcoin you will sell it or, like you said, you will use it with a third party, which is not a good idea. But I think you've learned your lesson from those happenings. It's not too late. You can still invest in bitcoin now. It's up to you how much you will invest because any amount is acceptable. It's up to you how you will grow that small investment. Do DCA so you can accumulate a lot of bitcoin in no time.

I bought Bitcoins only to gamble. I was completely new to the gambling world. I knew about gambling but was newbie at that time. I was too shy to go to offline gambling centres or casinos to gamble. Hence I thought of gambling online and introduced to crypto gambling. We had the option to remain anonymous in the casino and that’s why I chose crypto gambling. I bought the Bitcoins and made some good money by gambling it. I don’t remember exactly how I spent the profits or Bitcoins at that time.

Those feelings and impressions received from the first purchase of bitcoin for each bitcoiner will remain irreplaceable, even if they were purchased for $25 or so. It is something like the delight of touching a wonderful technology, hitherto unfamiliar. Indeed, it is impressive and there is a certain magic in it. You remember that expression that says that any developed technology is indistinguishable from magic?

Any loss, be it bitcoin or regular money, leaves an unpleasant feeling. This is a common occurrence for bitcoiners, dating back to the early years of bitcoin, when bitcoin were lost in one way or another. Almost everyone who has owned a particle of a bitcoin has had this unpleasant experience.

I think you made a mistake by trusting a third party for which you lost your invested bitcoins. However my first bitcoin investment was a different feeling because I invested in bitcoin with my earnings which was only five dollars. But I have invested bitcoins very carefully because if a third party finds out about bitcoins, I can lose bitcoins.
 All Bitcoin investors should keep their invested Bitcoins extremely safe and secure.

I'm just curious as to how you plan on losing whatever money you may have put in bitcoin. Anything that is deemed touted requires more scrutiny than you may think, as many people have fallen victim to fraudulent schemes using these projects. When you invested in bitcoin in 2017, the price was approximately $19,000. And I'm sure you won't fall for a scam like that again because losing that money to one of them has opened your eyes. Many people have lost a significant amount of money in these schemes, but more and more people are becoming aware of the need to invest in anything they see.

The third-party hype site may provide information on a bonzi scheme whereby you deposit $25 and receive x3 or x10 of your investment in a matter of weeks. This is a common practice among ponzi operators, and it makes people even more excited since they believe they can become wealthy overnight. If you wish to hold onto your bitcoin after purchasing it, it is best to store it in a more secure wallet. And since it has a private key and may have been negligently disclosed, the onus should be on the individual if anything should still happen to it. When investing in bitcoin, you shouldn't believe everything you see.



Anything like this can happen to anyone, but he has already learnt that in the case of bitcoin, anything involving a third party should be avoided at all costs since that third party could be the devil himself, meaning they could steal your bitcoin. We are aware of the fascination surrounding bitcoin, but given how rotten the banking system is, it is impossible to completely eradicate it. The best course of action is to conduct research before investing any money because it will protect us from many risks, particularly scammers.

Wow! I can only imagine how that must have felt for you. Trying to take a first huge and big move although $25 might not be much but, I can’t say what it meant to you at the time nor it’s worth in your locality but, having yo make this investment out of a friendly advice and getting to lose it is something that cuts dip.

Still, the mistake here is in the step as you now acknowledge. It’s why, wallets are preached better than these third party sites or exchanges. These guys directly becomes custodians of your coins and what affects them directly affects you. That wasn’t the purpose for the Bitcoin innovation. It’s Sulla decentralized currency and that means, you get sole custody of your funds.

The Goodnews is, the event is in the wind and your still here. Hope you learned from your mistake and isn’t ready to give up on Bitcoin just yet. It’s an investment for a future, don’t lose with a negative experience.

If you are not careful enough then there's a chance that you will lose your bitcoin and it would be very hard especially if your country banned the use of crypto. There's nothing you can do if your country banned crypto and the only thing you can do is to keep using it without getting caught and need to be very careful about it. Well, I don't know the reason why your country banned bitcoin but I am sure they have reason for doing it and my guess is that they can't control bitcoin unlike fiat money where your government have full control.

Nothing much really. For the most part I knew little bout bitcoin way back then and only invested in it cause I heard that it could give me some monetary gains nothing crazy, but when I saw just how much it has grown in value over the years I fell into the realization that bitcoin isn't your dime a dozen crypto or investment venture for that matter. It's too powerful if I do say so myself. When I first bought it (Actually earned it since I didn't really buy bitcoin and only got it from working in a signature campaign in the past), I didn't really think that it would shoot up this magnificently in value and in importance, but yeah I quickly lost it too, lost all my crypto assets in just three years and took me a long while before I got back in the crypto business with a newly-envigored passion for money and a brand new perspective about cryptocurrencies. If you lost your first bitcoin and you could still earn some, don't fret and actually work on getting your losses back instead of being mopey and sad about it.

Also sorry about you not being able to buy bitcoin nor hold it cause of you country's bylaws. Please understand that your country has their reasons to ban it, perhaps they don't know how to tax bitcoin just yet or they are afraid of how powerful it will be in the hands of people who does Money Laundering for business. It's a bummer but there is a method to their madness.

Surprisingly this is the most method that people used to lose their Bitcoin in the early days of Bitcoin investment. I have heard many stories of people who bought reasonable amount of Bitcoin when bitcoin was first created and they all lost to those coins because they registered in third party application in the name of trading and to multiply their Bitcoin. Little did they know that what they needed was not to multiply their Bitcoin, no that they had more than enough bitcoin to sustain them in the whole life. We are just looking at the fiat equivalent of that bitcoin as of them and they wanted to multiply it. That was required of them was to hold till the coin appreciated. Many people who bought then and who did not also lose them to third party applications could not recover their bitcoin because they did not know the value of what they bought and hence they did not save it well.

The majority of the lost bitcoin was from the early days of bitcoin. But till today, I still see people patronising and their party apps to multiply their coins. What a folly!

$25 is an amount of money that I think is valuable for you to learn something useful. I myself have missed many opportunities and in the past I have seen my own stupidity when I sold bitcoin at too low a price, but until now. Now, after many experiences that I think are quite useful, I have realized that with bitcoin, people always have many opportunities to develop and achieve their goals. There are stupidities that I find quite humorous in myself. I once accidentally transferred bitcoin to an address that did not belong to me and through small mistakes I was able to recover and try more to learn the ever-changing knowledge surrounding bitcoin, from equipping protection skills, analysis, capital management,... yep, remember one thing, we will all taste the taste of the goal for which we have strived.

I invested in bitcoin only when I had gathered a lot of knowledge from the forum about it. I didn’t fall any scandal of any kind of scam project yet and I don’t hope too with the necessary knowledge I have acquired from this forum all the time I have being here. What happened in your case was lack of knowledge about bitcoin, buying $25 worth of bitcoin in 2017 is a big value with the current price of bitcoin now. If you had the right knowledge then, you wouldn’t have gambled with your first bitcoin investment. A lesson has been learnt and I’m certain such mistake won’t come again. Investing in bitcoin is one of the best feeling you can have knowing that you’ve invested in the right coin and remaining optimistic of the positive outcome of it that awaits you.

Bitcoin is a valuable investment. Anyone who sees losing bitcoin might probably be in deep regrets wishing he had secured more his bitcoin so that he won' suffer from losing it. Regardless of the amount of capital, as long as you value your bitcoin, losing it is always hard to accept. Not only in bitcoin, but even in all types of investments, losing is certainly hard to ignore. Hence, if we can secure our investments first before rushing to invest more, that would be the best decision. Greed will only lead you to losses, so never ever fall on it.

Your experience is a very bad one but it's no longer new here because so many members has encountered lost of funds either by investing in ponzi scheme or scammers taking their funds but at the end they learn and become very cautious and protective of their investment.

You have already made the mistake but you have to stand up and not get discouraged by the mistake you made in the past but this time, learn to ask questions and do your own research before investing into Bitcoin.

I don't really understand what the point of what you are asking is, perhaps some users have the tendency to think that bitcoins are not spent, but, at some point they have to be sold or invested, some even use it for trivial things like buying things , or bet.

Now losing them has never happened to me, but I don't think it's the idea in your context, because some lose their keys, or some hacking of an exchange or even their own wallet, that is very sad, but any of the others mentioned in my first paragraph, they happen and should not be considered lost.

Well, I haven't invested in Bitcoin yet because I'm not earning for now, but soon I will be investing a huge amount that might cover up the DCA that I wish to do since I knew about Bitcoin. I'm also happy that I learned about Bitcoin. Though the learning continues, I know for sure that I won't regret my actions because I know the risks, pros, and cons of Bitcoin investment and would not make the mistake of investing in shitcoins that will end up putting me in regret.

It was hard to accept your statement,but you can try another way to use the cryptocurrency in your country.If you had hold that bitcoin for now,it value will be huge then you had expected.Many traders get into the cryptocurrency trading as like you after 2017.It was very happy to see you guys and this will increase the demand of the bitcoin in the market.So the price of bitcoin will increased to good value as you expected it as of now.But still you can increase your bitcoin portfolio by buying the bitcoin with the periodic investment in the bitcoin.It help you to buy the bitcoin at various prices,the final result will be good because you can able to come across next halves in 2024.


It was the fact to buy the bitcoin at the various price as of now,because bitcoin is the decentralised cryptocurrency.The various prices will give them many chances to get profit at every bull run in the price of bitcoin in long run.The loss is over,but you can do the new bitcoin trading along with this 2024 new year.

If you ask me about my feelings when I first invested in Bitcoin, of course I felt quite happy even though I didn't express my joy to everyone when I first invested in Bitcoin. But what people who have invested in Bitcoin have seen for a long time is that it is a very normal thing and they have even made it a routine job where they don't have to feel like doing it because they are so used to it. But for people who have just tried it, it is certainly very common to have feelings of joy in their hearts when they are able to invest in Bitcoin.

You still had time to buy it back if you had it in 2017. You may feel like an unlucky person who missed a chance, but really you had so many opportunities to join the party in 2018, 2019 and 2020... That's the real sham, not that you lost bitcoin in 2017 because many of us lost or spent our coins in the early days getting next to nothing for it, but that you did not try to get it back, or at least that's how I understand the regret in your post. Losing $25 is nothing, but losing cheap bitcoin that you could have profited 1000% on is something.

Well, when it comes to losses in crypto, I believe we've all had our fair share of it, I also lost my first bitcoin investment to ponzi scheme, when I bought my first bitcoin, I was actually expecting it to start going up, but unfortunately, the reverse was the case, the price of bitcoin started goin down instead, being new to bitcoin, panic set in and i withdrew the money and invested it in a ponzi scheme hoping to cash out big, then I will invest part of the money back into bitcoin, but unfortunately, I lost the money, it was actually a very devastating experience back then, since I was relatively new to the internet, I was also new to ponzi back then, didn't even knew what ponzi meant until after my experience.

But I am happy that, All those are in the past now, things have changed and right now, I know what is truth and what if false, I hardly will lose my bitcoin ever again.

Normally when you have not understand the concepts of bitcoin at first you be rush to invest in bitcoin but when you study the concepts very well you will know the good time to invest in bitcoin and secondly, before someone or you advice any person to invest try to educate the person the falling and rising of bitcoin, and again theirs some certain things you are supposed to know concerning bitcoin, the thing is that the time to buy so that you will make profit and time not to buy bitcoin, so I believe that is what put some people into trouble from my understanding

I didn't invest per se. My first couple of satoshis were gotten from faucets sites back when faucets were still a thing. As you can imagine, the amount wasn't big (a couple of 200-1k sats per site here and there). Anyway, I gathered what I had and poured all of it into a ponzi scheme called MMMUnited. At the time, I barely knew about ponzi schemes. It was until the site was no longer operational that I learnt my lesson.



At the time, there was barely useful resources about Bitcoin. One could barely tell the difference between what was legit and what was ponzi scheme scam. It's easier these days.

Losing your first bitcoin investment is really frustrating, most especially if you use your hard-earned money just to buy that bitcoin. But no worries, all investments are actually tested at first and once you have learned your lesson, that's the time that you will be more capable to invest and gain more promising profits. People lost their bitcoin probably because of scam due to lack of security or its just that the investor itself is not knowledgeable enough to secure his bitcoin.

Whatever the reason, that will teach you to be more cautious and more careful every time you decide to invest. And once you start taking investments, be responsible to provide high security of your coins so you won't end up regretting due to lost bitcoins.

I was mislead by the first sentence " Bitcoin is completely illegal in my country.." I'm not sure if you are referring to it as now or in 2017 but I'm pretty sure it wasn't banned that year, not even a single country would ban it coz it is powerless, I could say, that time not until it exploded that year as well. Buying my first bitcoin got me a giggle, it is memorable how the bitcoin stored in your wallet. I remember using a local e-wallet that stores bitcoin that time, and it really felt like you are ahead of the majority of people coz you are storing a money on different form and it is not a 'digital' or 'wired money.

I have never experienced losing bitcoin because I am always careful with unclear investment sites, so I think it's normal for the first time you lose but from all that you get valuable lessons to secure assets better.

My feeling is that the first time I invested in bitcoin I only kept it in my personal wallet and did not make any investments in various specific platforms, maybe if trading spot or futures would be considered natural to lose because the first time is definitely not the way to take advantage in terms of analysis.

I'm sure people will experience the same thing even bigger lost bitcoins now have to be careful again because for bitcoin just keep it in your personal wallet your assets will remain safe.

It's great to receive notifications indicating that Bitcoin has entered your wallet.
Losing Bitcoin because you don't know how to save it. For beginners, losing Bitcoin is due to various mistakes caused by not knowing how to store and maintain it.

I didn't immediately enter the world of Bitcoin investment even though someone told me about Bitcoin on one occasion. I learned slowly what I had to do before I entered it.
The first thing I learned was about wallets and their security. If I have a lot of money and can afford to buy Bitcoin, if I don't know how to store and maintain it, then I think it will be a waste. And for me, when I was still a beginner, learning about wallets and their security was the foundation for starting activities in Bitcoin and other coins.

Nice experienced for the future how most important about place or exchange for purchasing bitcoin, you make investment around $25 on 2017 and likely earn much profitable right now if keep hold it but loss assets due wrong third place for purchasing bitcoin after becoming scam. I has the same experienced with you last several year ago invested in bitcoin around 0.1 btc with values $100.
But long time not active yet in online forum and not update about bitcoin or exchange website are place for saving my bitcoin suddenly when I check with my bitcoin have gone because that website exchange have close operation.
Its very important before investing in bitcoin check how trust with place or third party for saving fund our bitcoin.

Maybe he meant third-party hype sites are ponzi schemes or scam exchanges? If they store in a non-custodial wallet then they will never lose unless the seed phrase is lost because there will be no more access to the bitcoins they have but if they bet on a site that is not trusted it will definitely be lost.

Usually the first person to lose because it is too tantalizing with the offer of ROI from other sites, so it is easier to be deceived than the reality, from that experience they can learn and be more careful again, but now OP already understands how to secure bitcoin properly.

Your story is one of many. If you had managed to hodl the bitcoins till date, it would have been a good ROI in your portfolio. I believe many bitcoin investors lost a good chunk of their investment to high yield investment programs and altcoins. You may not want to hear this but I think you’re fortunate that you lost only $25. Back then, the notion was that Bitcoin was a ponzi and people were looking for quick ways to get rich, that made them a easy target for scammers.

Lol don't worry about it — you mostly need to lose your coins before you learn how to protect them, may it be from scams, from overtrading, trading shitcoins, and the like. What important is that you've learned your lesson so you don't experience something similar and lose your coins once again.

You have a point but it depends on the illegality level of Bitcoin in the OP geographical local. It may be illegal for institutional banking to provide services for it and I'm sure the OP already understands the gravity of getting involved in BTC investment.

There are many ways to benefit from Bitcoin even when from a restricted region and the P2P trading of BTC is there to solve issues like this. I remember when I traveled to a country where BTC is illegal I had to sell my BTC p2p and the buyer sent funds to me through WU.

My story and yours are somehow related because I also lost some BTC due to naive understanding when I joined MMM Japan.


Guys beware of this malicious link

What new ignorant investors don't know is that you don't invest in bitcoin through a third party, in real sense bitcoin was created to eliminate anything third party involvement in our transactions. Cutting off the middle man who's the evil behind traditional banking system.  It's hard to bear losing our money but at least you have learnt through experience however, make sure to be doing your own research in this industry it will save you from further loss out if ignorance. Like they said if you think knowledge is too costly to attain then try ignorance.

What do you mean by third party hype site? And if you are investing in Bitcoin why would you make such moves, all you need is a private wallet where you store the Bitcoin you bought. It's that easy.
Most people who lose their Bitcoin do it because they made ignorant moves, firstly never trust anything until you have proven it to be true that's the way forward
.

This story is very common among early Bitcoin adopters. Many of them never believed that Bitcoin would be this big so they handled the Investment carelessly. I don't also blame them because Bitcoin was a radical shift from the status quo and it will take more than faith and determination to believe that something good will come out of the cryptocurrency. Many of them lost the investment because they misplaced their wallet password or seed phrase. While others were driven by greed and were enticed to invest in a get-rich-quick scheme. These scam projects promised great returns from Investment and many people lost their funds.

But the good news is that there is still a great opportunity to still invest in Bitcoin because it is still in its infant stage. There is no need to dwell on regrets but we have to focus on raising funds that can facilitate our Investing in Bitcoin because the price will keep increasing in the future.

Bitcoin is a virtual currency where a person has a dream to invest. Since you lost your first bitcoin purchase in your life only to buy from a third party site, it was the biggest sorrow and pain since your first investment. But when I first invested, I had a gut feeling that I would grow money from Bitcoin. And when a person invests, only positive aspects are always influenced within him.

Sometimes it is a good thing when we have experience like this losing little amount of Bitcoin in a Ponzi scheme or third party web sites.
This things happens to many of us that first invested in Bitcoin in 2017, that year there are numerous third party websites that claims to double our Bitcoin if we bring referrals that would join us to create privileges and opportunity for others too. Many people lost their assets that worth more than $80 million to Ponzi schemes.

If Bitcoin is illegal to your country then I don’t think investing on it is still advisable because you can lose everything your investment including paying some fine when you get caught. Also there’s no way for you to benefit on this because you can’t convert it to fiat without having a risk of exposing your identity even with P2P transactions.


My first time to acquire Bitcoin is not through purchase but rather by doing faucet and PTC site that pay Bitcoin but small fiat value that time. I invested a lot of my time grinding my Bitcoin that time but I’m feeling optimistic that the price will boom.

Due to my greediness, just like you I lose my very first Bitcoin by investing it on MLM and doubler which is popular during my time. It’s really a painful experience because I spend a lot of time grinding it. But this teach me important lesson to avoid scam until now.

First experiences are always different. You made the first investment of your life with $25 but you still remember that investment. Those who have a long time dream of one day investing in bitcoins and for that purpose get a lot of peace of mind when they manage money and invest in a stage of money management. I have heard many stories on forums who have struggled and invested in bitcoins. You started investing with $25 and of course you have invested a lot of money over this long period and sold your investments but still you show the beginning of your investment and want to know how other people's beginning was. The initial phase on your part is as exciting as it is for most investors and a lot of fun.

The first mistake you made was not doing your own research before to know more about scams. The second mistake followed when you trusted some third party with your holdings. You should always not trust anyone who approaches you with an investment doubling offer because there is no investment anywhere in the background of that discussion.
 
The last mistake you might make is that if you use it because of how you lost your bitcoin and stop accumulating, then that might put you in a state of regret, looking at how the price has moved over the years since you first invested in it.
 
My first contact with bitcoin was amazing, and I was lucky enough to learn things I needed to know before getting involved in it. I have not lost my investment to anyone, although I made some buying and selling choices, but that was what prepared me for where I'm right now.

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

How did it feel when you first invested in Bitcoin?