Topic: Every possible wrong crypto advices (Read 403 times)

This one always choke many may see it as joke but it has course many failure to invest who think investment on crypto is by jumping into it without knowledge. The worst advice is to tell investor to sell off it asset when is few days to the bull run secondly telling a holder to withdraw all his investment when there is ATL thirdly advising a trader without knowledge to avoid mornitoring the trade as the profit will accumulate without been mornitored.

That's why this has a topic named " Every possible wrong crypto advice's", you are a newbie and you can tell the difference, so this thread is working after all.

There will only be One for me but this is the most important thing every newbie must understand and that is what?


You can be an instant Millionaire if you invest even smaller amount


this is what a stupid advise or Sentence we can ever hear from someone just to lure us to invest (I know that this is exaggerated but this is true) hope that no one will fall from this .

Lol. This one for me is really the worst among the list.
Funny but this is true, a lot of people do this and are trapped on this advice because most of them end up bankrupt and broke plus they end up having loans with interest and start to have difficulty paying it.

Almost all the wrong advise I have heard in bitcoin has been shared from the Op down to the last poster and so I believe there is no need to rephrase what has been said already.

Additionally I think @Zlantan has the best I have ever heard so far, especially the part where people claim that bitcoin is demonic and how it related to devils currency, I think it's the biggest wrong assumption about bitcoin I have heard in the history of bitcoin.

I thought as much, obviously there's nothing wrong if someone dream of being rich,  moreover this dream can only come through depending on how hard working you're. there are some people who always dream big meanwhile they're very lazy, our dreams can only come through if we work towards it. Actually i think you're right that's for those people who don't have any idea about how bitcoin investment works, most of them see bitcoin investment as a get rich quick scheme, This is why we need to acquire the knowledge about how Crypto investment works before looking out to invest.

I didn't mean Poor poor, the actual poor so-called someone living from pay check to pay check, who are the one has the dream of becoming rich there is nothing wrong with that but they don't know that it takes time, they want things to change overnight that is why we often see people lost their money in crypto/bitcoin even when bitcoin always on the growing side of every cycle which makes it obvious that they invest but only for short term and doing exact opposite of making profits by entering at peak of bull and lose confidence at bear market.

4. Telegram wallets is the best wallets, lol. I never saw that coming. How can a centralized social media network that knows your activity and your personal details help secure your funds better. The big picture arrives when your account gets banned after being reported for what you know nothing about and your Telegram wallets gets invalid with money in it.

5. Just investing in a new launch project is not the best things, there’s no certainty in this crypto space, it is better not to attempt on what you’re not sure of and attempt and failed or feel regretful. Some new projects are mostly click baits, so you’vet to be careful when looking for one to invest in.


The biggest lie and this has made more people join the bitcoin community with such mindset. The trust is that reality always tell with time, and when it does, they become pitiful souls and looks hopeless. You can’t become rich overnight or in few years without proper planning.

All these advices can be taken by people that don’t want to learn and are looking for easy ways to become part of cryptocurrency. If one wants to join crypto and Bitcoin, he/she need to do deep research to differentiate between some of these terms you mentioned like custodial and non custodial, difference between centralized exchanges and decentralized exchanges; they should also learn about the importance of their privacy so that they can know how to control their wealth and that is when they will know the exact meaning of centralized system Bitcoin gives us.

The worst advice someone gave me about crypto trading was that I do not need to have any other basic knowledge to trade as long as I practice copy trading. If you are a newbie wanting to earn from crypto through trading, never you limit yourself with copy trading. Learn alot, explore as much as you can. You will never be a professional if you only rely on copy trading.

The poor cannot invest, they will be too busy looking for means to feed. What a poor man needs is a job and a stable source of income, he can then think of investing some of the money in crypto if he wishes. Investments are for the future, poor people might be tempted to withdraw their investments to take care of urgent needs.

It would have been better if the OP to this thread would have taken his time in replying promptly as everyone has posted, because saying all these are nothing to learn from or help improve on for other people to take as a lesson, we are not expected to portray the negatives, instead, we can help the situation by projecting what is right and helpful to others as well as saying the good things about it.

That's really funny how can bitcoin help the poor, moreover bitcoin can only be of help to those people who have capital to invest in bitcoin, actually bitcoin is not a manna that always fall down from heaven. i think the days of manna has even ended, i have not heard about manna falling in any country for the past few years now. bitcoin is not a charitable something if you really want bitcoin to help you then you need to work so heard to get a capital to start up bitcoin investment that's the only way bitcoin can be of help to us.

Another subtle one that we come across many time which is Bitcoin is made to help the poor which isn't exactly true, it's just a form of money so if you're poor you will still be poor even if bitcoin becomes the mainstream payment but it gives an opportunity to escape from the inflation which is different and that's often people confuse with one another.

Buying hardware from the authentic seller is no problem either its available nearby or you have to import from different country.

It’s just for fun and you call it wrong crypto advice, but the worst one that I will never do is take a loan to invest in crypto, it is a very dangerous risk to take out a loan from any bank or someone to invest, because you don’t know what will happen at the end, before investing bitcoin you have to understand that it is an unpredicted investment that you don’t know what will happen, don’t think when you heard that bitcoin is an unpredictable investment and you thinks it’s a scam, bitcoin good investment but it is an investment that the price go down and come up at any time and any investment that you don’t knows the actual time the price can change that is why is an unpredictable investment.

Taking a loan to invest can make you end up in jail because when the time you are supposed to pay back comes and you don’t have any money with you or if you sell the coin and the money is not up to what you invested it will put you in trouble, I have seen many people who have been arrested because of loan and it will better to get your own hard-earned money to invest than take out a loan from people or any bank to invest.

1. This is same as storing the asset in CEX itself as we can hold them responsible in case of any untoward incident.

2. Invest in coins under $1 as it has chances of giving higher profit than Bitcoin.

3. One can get rich real quick in crypto trading and future trading is the easiest way to become rich.

4. Buy memecoins and hodl it for long term (even for Altcoins)

5. Bitcoin's is a bubble waiting to be bursted

You are right. They are the ones who come for advice, they think we know something good, and the advice we give must be 100% true. One should not say much about what is not known. If you don't know, it's better not to do it. He should not be misled by the wrong information. I have seen many people suffer losses and destroy everything by making the wrong decisions. For this, it should be said about the very sensitive issues, which will be good. Do not endanger yourself with the wrong information.

The worse advice I received as a beginner in the cryptocurrency industry. I met bitcoin while it was at the range of $8k, I was told that bitcoin was too expensive that I should buy altcoins instead. I would have been able to acquire .3 or .4 BTC then but I was discouraged.

But this is not a lie, it is true. Just that if you are willing to take the risk and invest in the right meme coin. I might not use the word 'invest', but rather 'gamble'.

This is exactly what people always said about bitcoin, but as a cryptocurrency enthusiasm you can not allow such their philosophy or philosophical exclamation or theories to deceive you, so many people who is into organs of government is cryptocurrency haters and they always frame a negative information to cryptocurrency mostly Bitcoin so that you may not have the interest in cryptocurrency and especially bitcoin...cryptocurrency has became the top chart base on it adoption in society despite that many people have known the important of cryptocurrency and its adoption.

Knowledge is important and learning never stops, always looking for activities to enrolled round. Investors should bend down and understand the system because it comes with surprising news which will become headache for most of these investors. I've come acrossed so many ugly incidents in the system, but we should stay low because hitting enormous profits requires silent and discreet momentum.

From all you have written, how many of these rules have you been following.
I know that sometime it is very easy to advise people but it could be very hard to follow the advise.
One need to understand what it takes to follow all these rules you have written especially when the fund is not that sufficient.
People are passing through shit and we don't expect others to do things the way we are doing the thing.
We need to be wise and take every step at a time before moving to the next one.

This one is absolutely one of the reasons why some investors are really finding it hard to profit in crypto, either they withdraw there money when they are not supposed to, or they invest when they are not supposed to invest, meanwhile they are supposed to understand the basic knowledge before involving themselves into crypto, that will help them to be more careful and do things at the right time and also learn how to be more patient.

Actually is not that they are giving wrong information in the platform the topic is caption every possible wrong crypto advices is just like fun op don't intend to mislead anyone with this topic. though I don't blame you for saying that because not everyone that will understand, those people who are still new in this platform most of them can see it the other way round, of course wrong information can be a danger to anyone, because most people will be confused after reading this thread.

While giving advice to someone when we are 100% sure about certain matter and when we have full understanding about that matter then we should advise other on that matter otherwise if we give wrong advice to other he may get confused. We cannot be given wrong information while proving how much we know, because wrong information can be a danger to anyone on such a platform.

A little strange about this question... Well I could be way off base with this advice. Lol

1. There is no need to worry about storing assets on the exchange because it is clearly safe because you verify it.
2. Why buy an expensive hardware wallet, there are free wallets, just use Trustwallet - open source.
3. Bitcoin is already too expensive, choose an altcoin with a low MC with a possible upside potential.
4. Use any money to buy altcoins.
5. Meme coins can you get rich quick than bitcoin.

I don't see anything wrong on this one. There are local stores that are affiliated with the manufacturers. For example with Trezor, they have accredited resellers locally for every country: https://trezor.io/resellers
What's wrong is when you buy it locally and it's not with an accredited reseller and there's already a preloaded seeds or a generated recovery phrases already.

Here's mine,

1. Bitcoin is a scam, do not invest on them, only invest on shitcoin and memecoin
2. Blockchain can be altered
3. Borrow money and invest it on crypto (others might disagree with me here)
4. Saved your private key, mnemonic phrase in the cloud or email
5. Don't back up your private key and mnemonic phrase

So there's a lot of misconceptions and if you are a beginner, you might have encountered most of it already.

1. The government will seize all cryptocurrencies, so it is better to sell your coins to avoid losing them in the future.
2. All cryptocurrencies are the same, so you can buy anyone and make a profit from it.
3. Bitcoin is demonic and will be a single currency that will be used by the devil at the end of time.
4. Bitcoin can make you rich within a short period, so you can sell your properties, take loans, or borrow to invest in it.
5. Bitcoin is anonymous.

My views about these misconceptions.

1. The government can't control the crypto space because coins like Bitcoin are decentralized.
2. All cryptos are not the same; that's why we need to do our research about these coins.
3. There is no religious proof that Bitcoin is connected to any satanic project.
4. Bitcoin is not a get-rich-quick scheme, so investors should have a long-term approach.
5. Bitcoin is pseudonymous, but you can make it anonymous through the help of some privacy tools.

1. Bitcoin is an extremely profitable investment so you should invest money you cannot afford to lose if you want to double or triple it.

2. there is no point in learning how to properly trade bitcoin, you can easily join a group and then the "experts" in that group advise you on what to do or follow the strategy that they are doing.

3. you should take advantage of the Bitcoin doubler you see online, especially if a well-known person is the one hosting it.

4. Quickly sell your Bitcoin if the price is suddenly dropping fast if you want to save your money.

5. as Luzin has already mentioned, Craig Wright is the creator of Bitcoin, anyone who says otherwise is a moron.

Is that a really popularly admitted wrong crypto advice? Because I read it day in and day out in the forum, and I feel a little bad every time I have to remember that the price increase or even the repetition of the cycle are not sure things, because for some it is little less than blasphemy.

Although there are worse ones. An acquaintance has the habit of saying that in the short term the price will go up or down, with complete certainty (derived from his ignorance) which means a potential disaster for those who pay attention to him.

1. Don't invest in bitcoin because it has a high level of risk to avoid losing your money.

2. Invest in memecoin instead of bitcoin because is very good for long term holding.

3. Invest heavily in memecoin so as to get a huge profit in return.

4. Telegram wallet is the most reliable and secured wallet to store our assets.

5. Invest in a newly launch project so that you will be the first to get profited.

1. You can probably hodl until the next bull run, you don't have enough bitcoin to sell during the current bull run so make sure that you should take the greedy route.

2. Jump right into trading, don't learn the basics because "experience" is the best teacher, don't do demo trades because it's a waste of your time.

3. Never question any advice that's given to you by people that have been in cryptocurrency game longer than you.

4. A crypto project that's got a good standing in the community is probably not a likely cause for worry that they might scam people and pull the rug under the people that trusted them.

5. The haters of bitcoin is wrong, all of them don't make a valid point, bitcoin when used as a tool is a never do wrong.

1. You don't need knowledge before you start trading, you can even make profit while you have no trading knowledge.

2. Once you invest in Bitcoin today, be rest assured that you are a future billionaire.

3. All cryptocurrency investors hate banks,this is because they don't save money in the banks.

4. All cryptocurrency investors are scammers that's why they are always hiding their portfolios.

5. You don't need to hide your seed phrase, even if someone else has access to it, they can't do anything to your funds.

I see that most investors are greatly enticed and scammed by advice that contains phrases like quick profits, guaranteed returns, multiplying capital by 100X, achieving the dream of wealth, and countless other illogical pieces of advice. Of course, it is the responsibility of every beginner to gain the necessary experience and conduct his research to determine whether the advice or recommendation he is listening to from someone is trustworthy or is just a trick to steal his funds and put him at risk.

Naturally, not all people who offer crypto advice to their followers and communities have good intentions; one of these influencers and analysts may promote one of the platforms or illegal currencies just because he received marketing fees from their teams, and it does not matter the fate of the people who listened to him and implemented what he advised, so every person must be sufficiently aware and cautious because not all the advice they will find will be in their favor.

this is the most misleading advice in crypto, because taking out a loan to invest in crypto is reckless, since one could possibly lose the value of their investment in crypto and they would most likely not be able to pay back their loan. that's why people need to avoid borrowing money from banks or other people just to be able to make a profit from the crypto market because it is very risky.

There are many wrong crypto advice that most people are giving especially to newbies, but here are the 5 ones that just came to my mind.

1. Invest all of your money in one basket. Even you're a Bitcoin maximalist, I don't recommend doing this AT ALL.
2. Follow the herd. Sometimes, following the herd can lead you to losses. Sometimes, being a contrarian is the way to go.
3. Don't do research and just follow what these crypto influencers are recommending.
4. Store your assets on a CEX because putting it there will give you an opportunity to earn more through staking (basically not the actual staking, but you can really earn when you put assets on CEX).
5. Invest on a project because they will give "GUARANTEED" returns. In the world of investing, there's no such thing as guaranteed especially in cryptocurrency.

I know that there are many more, but one advice that I can give is that, beware of the advices that you're hearing especially online. Some might help you, but some might be the reason for you to lose money.

• Bitcoin is only used by criminals
• It’s too late to buy Bitcoins, invest in altcoins.
• Borrow money to buy Bitcoins.
• Save your private keys on your email.
• Bitcoin is a scam.

The key in education for newbies, children as empty brains, is to teach them doing right things.

What you do here is oppositely. I don't say you are teaching them to do bad things but it's better if you start with advice to do right things first.

What you are doing here, is to ask them using their brains, extrapolate your posts and other wrong advises, and do oppositely. What if newbies, children do bad extrapolations so that they will not be able to do right things.

Remember all bad things are overwhelming, isn't it?

1) Bitcoin is not a good store of value
2) Sell your properties to invest in Bitcoin
3) Understand the whole concept of Bitcoin before you buy.
4) Sell immediately you starts losing your asset.
5) Keep your seed phrase in one location.

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1. Craig Wright is Satoshi Nakamoto the creator of Bitcoin.
2. Keep all assets in one wallet.
3. Don't keep your private keys.
4. Let others keep your seed wallet.
5. Never control your emotions in trading
6. Buy coins using all the money you have.

There will be more, but I think friends on the forum will mention better. CMIIW

2. This depends on the wallet you’re using, using a hot wallet you’re definitely risking everything if they are on the same wallet in fact even if they are on different wallet but on same device then there is still no too much difference. But a cold wallet like hardware wallet could still be much safer even if you have multi-coins on them. You cannot because of you want to split your coins into different wallet have some portion in hot wallets, except those on hot wallet are not that big. If you must use too different wallet then it should be cold wallets and not same device that’s more secure.

3. This actually has been a debate but agree that not taking profits is definitely a huge risk of it, there is never a loss when you take profit. But still there are coins that you have great conviction or narrative about that they will pump in future example is bitcoin so why not take out your capital and some little profits from it. If it rugs you will still be on advantage


No matter how huge the potential of bitcoin increasing in future Is and how long a loan repayment time is, never take loan to invest in a volatile asset. The possibility of it growing in profit is still a probability just as much as the risk too

I almost said that this thread does not worth discussing because it could lead to speculations of wrongful implications but I also think the otherwise that yeah, it Worth discussing because they are crypto investors whom had wrongly orientated newly investors.
So, taking notes of such related advices would help others to defeat such misleading scenarios.

But on this course, I am not going to disclose any of the wrong advices instead I would stand against them so that the newbies could as well have a comparison so as to make their choices with all clarity of positive and negative knowledges.


There is no one to hold responsible when you have your assets lost on the centralized exchange so don't get fooled.
It is always easier to say than to do so, Save your assets on the decentralized and non-custodial wallets and save your energy of those stresses of chasing a legal means to be compensated. Be aware that the centralized jurisdiction can deny you such files of holding the authorities responsible for your lost funds.
Remember your inability to take 100% security conciousness of your security gadgets can be a response possibilities to your lost funds which your appeals can be ignored. So with an easier awareness, stay off the risks.


On the contrast of cutting the cost of custom and shipping fees, be aware that the local store dealers may have added those costs to the price. So if you may be attentive enough, you would found it out that buying your hardware wallets online maybe cheaper than the local stores only that the online fees are scary which could be on almost same price range with the local stores if we should sum it all up.

Als remember there are high risks of buying in the locality because some unqualified hardware producers could venture of developing insecured wallets that may have your funds at risk also be aware that there are illegal dealers who may have malicious intensions of compromising your Wallet privacies unlike on-line that is periodically genuine, authorized in operating with certified licenses to be authenticated.

So, have your assets funds more valued that cutting costs of the customs and shipping fees


To my little knowledge to this because I find them all good investments but while I would say Bitcoin is better than the rest mentioned is that Bitcoin is highily liquified digital assets which you can digitally hold your asset while the technology volatile nature of it revolves around the determinant of your assets value and also the fact that it is a program operating on decentralized policies.

Much interesting part of Bitcoin is that it is secured from any nature of crisis such as the natural disasters unlike the the Bitcoin gold and the Golds which are bound to be effected destructively when such disasters rocks and also the its centralized potentials that the governments would always have to deploy their selfish interests surrounding the golds markets.


There is a much risk in storing your Bitcoin in a custodial wallet because you would not be in total charge of having your private keys all by yourself and it is certain as to be said "Not your Keys, so also Not you Coins" because there is always a third party accessible to your custodial wallet having your assets at the pace of risks.

While non-custodial is a wallet platform that has you the privileges to have your private keys all by yourself there is obviously to say that "Your Keys, Your Funds". You are at all right to govern your assets by yourself at your Privacies having your assets a stronger security Blockchain.


At some points OP, I consider some sense out of this because if you can loan from an understanding body who may ask give you a more convenient time to pay back, then I don't see anything wrong here. Bitcoin is not a get rich quick to venture into loaning to Invest under pressures of paying back in a short time otherwise, there is a succeeding faith to be prosperous on loaning to venture on crytop investment.
This is just about understanding but it would be a failed attempt when the investor dares to take loan invest crypto conditionally on paying back in a short time.

1. Give your private details to a company when they send you an email asking you to log in to your account, there is nothing like a phishing scam.

2. Inform your friends about your investment, you know there is love in sharing.

3. Believe in social media influencers and crypto giveaways  they are all genuine, there is no such thing as a pyramid scheme.

4. Don't be scared to invest even if you don't know anything about cryptocurrency. It's a quick way to make money, or do you want to miss out.

5. Make your private key visible People need to know it, just like they need to know your cell number.

1. Invest in Bitcoin now and you will get rich in a few years.

2. Use a single, multi-coin wallet for all your crypto holdings because it is more convenient to have them all in one place.

3. Don't sell any of your assets no matter how high the market may go because it will always go higher in the future.

4. Sell your property, invest the money in cryptocurrencies, and buy it again when you get profits.

5. Some altcoins are better than Bitcoin.

This will be fun, drop you 5 wrong crypto advice you can think of, I will go first.


1. You should store your crypto assets on centralized exchanges, the bigger they are the better, so if they lose your assets you will be able to hold them responsible.

2. Buy your hardware wallets from local stores nearby, you will save a lot on custom fees and shipping fees.

3. The cheaper the better, Bitcoin Cash and Bitcoin gold are better than Bitcoin.

4. There is no difference between a custodial and a non-custodial crypto wallet.

5. You can become rich by taking a loan to invest in crypto.