Five common mistakes made by Bitcoin users

syamster

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Quote from: Labay on October 11, 2018, 09:34:12 AM

Quote from: Mr. Tan on August 30, 2017, 08:07:08 PM

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

I think it is common to the user and to the person who has experience on it because we are not too young if we understand bitcoin so it is common sense that we forget to do that. You can realize your post when you experience a lot on this forum and you can ask yourself on why you do that.

Yup you are right a lot of things are here that we need to keep in our mind, one of them is bitcoin wallet private key, because it gives you confidence that your bitcoin is safe and no one can take it away, the other mistake according to me is selling in panic and not to wait for the market to be green, because they value their own feeling while feeling and emotions has no concern with bitcoin earning.

Labay

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Quote from: Mr. Tan on August 30, 2017, 08:07:08 PM

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

I think it is common to the user and to the person who has experience on it because we are not too young if we understand bitcoin so it is common sense that we forget to do that. You can realize your post when you experience a lot on this forum and you can ask yourself on why you do that.

trimulia

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Also panic when they see cryptocurrency market in coinmarketcap.com, they sell of them and regret after 1 month, newbie always do that

Sama517

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Quote from: Mr. Tan on August 30, 2017, 08:07:08 PM

5. Leave your money in the electronic money floor

Please what do you mean in #5 by 'Leave your money in the electronic money floor'. Could you please throw more light on this? But I think the other mistakes you listed are quite real.

nickwen

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When I first started to know bitcoin and cryptocurrency, I forgot my private key. But luckily I just lost a bit of bitcoin in it. It was an experience that newbies should avoid. What makes me so upset is that investing in bitcoin will bring in a lot of income. Making money is not as easy as you think. Be smart in your way of making money.

Layers318

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CurioInvest [IEO Live]

Quote from: Mr. Tan on August 30, 2017, 08:07:08 PM

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

Mistakes have caused several Bitcoin investors to lose great deal of money which most people regret till date. Another common mistake comes from impatience. This is where investors sell off their Bitcoin at cheap price due to a slight dip in price of Bitcoin. Bitcoin price shoot up later and these investor regret.

jcarlo

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Quote from: Mr. Tan on August 30, 2017, 08:07:08 PM

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

This mistake always happen. We should back up our wallet because we can recover it when we lose it. We should make not only 1 back up, at least i am made 3 back up in different storage

ronics

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I've done some of them well. for all the mistakes I did was the panic selling at prices that in fact I did not know that bitcoin was much higher than that, if I had to wait for a short time and my mistakes would be now Just think it's my waste of time with the companions. well im searching for other new services you get today, and now I have a wide variety of cryptocoins. and of course I'm earning it.

satriagedhe

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Merit: 10

another mistake ,
1.hold too long , and lose the momment to sell
2. being greedy , after get profit , their still keep it and hoping more profit , and ended up with loss
and i do that all , lel

MNtrio

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Quote from: Mr. Tan on August 30, 2017, 08:07:08 PM

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

As I observed the most common mistakes that we committed is trusting a person whom we dont even know yet.Because this is the reason why directly fall to someone which the reason is to make our life worst.

richmcrich

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Quote from: joelou on September 13, 2018, 06:07:23 AM

Quote from: Persiontateneis on September 13, 2018, 04:55:43 AM

A lot of users in cryptocurrency are always failed when they are starting to use the bitcoin. So, I better research and asked first to the veterans in cryptocurrency before I started to click. I better look on how the process even the important things to be kept like back up files because I want to assure that everything I will do is right.

I agree if you are newbie the first thing to do is to read and research about cryptocurrency. And Good thing to ask a person have experience here.

New bees have more difficulties than those who have spent some time here as it is the first attempt they have in the crypto market and those who have spent time have practical experience of it and have understanding with market situations. So almost all the mistakes are made by new bees and the most common mistake they made is the making of Bitcoin investment as short term by taking immediate actions and sell quickly for small profit.

Hunusubuturi

newbie

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They panic when there is a dip that they tend to do panic sell due to the fears, uncertainties and doubts. Because of that they will also missed the opportunity to buy more at a lesser price. It would have a domino effect on the actions they will take and the results that they will eventually have.

Helpme_please

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Quote from: wahyu wida on September 13, 2018, 06:58:56 AM

Quote from: gowobonyok on September 13, 2018, 06:53:40 AM

I don't agree with point number 4. that feeling can also be very useful when investing in bitcoin. just like gambling, analysis is not enough, it must be accompanied by a good feeling.

right, with a good feeling we will be able to think clearly and not be careless in making decisions. and is expected to have pleasant results. although not the same as gambling, but the luck factor also affects

Sometimes lucky factor is needed when market move opposite with our hope.but dont depend on it or we could suffering big loss in future.when we make some analisys, make sure that our mind was in good condition , so we could take an objective decision.

wahyu wida

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Quote from: gowobonyok on September 13, 2018, 06:53:40 AM

I don't agree with point number 4. that feeling can also be very useful when investing in bitcoin. just like gambling, analysis is not enough, it must be accompanied by a good feeling.

right, with a good feeling we will be able to think clearly and not be careless in making decisions. and is expected to have pleasant results. although not the same as gambling, but the luck factor also affects

gowobonyok

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I don't agree with point number 4. that feeling can also be very useful when investing in bitcoin. just like gambling, analysis is not enough, it must be accompanied by a good feeling.

nokat

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The common mistakes I have realized is people selling out of panic thinking that they might lose totally and market will take much longer time to revive.

[email protected]

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Number 1 and number 2 are very common with those that are not frequently logging into the ir wallet because the more more you login frequently the more you get use to your password. Backing up will help in this kind of problem.

joelou

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Quote from: Persiontateneis on September 13, 2018, 04:55:43 AM

A lot of users in cryptocurrency are always failed when they are starting to use the bitcoin. So, I better research and asked first to the veterans in cryptocurrency before I started to click. I better look on how the process even the important things to be kept like back up files because I want to assure that everything I will do is right.

I agree if you are newbie the first thing to do is to read and research about cryptocurrency. And Good thing to ask a person have experience here.

Persiontateneis

newbie

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A lot of users in cryptocurrency are always failed when they are starting to use the bitcoin. So, I better research and asked first to the veterans in cryptocurrency before I started to click. I better look on how the process even the important things to be kept like back up files because I want to assure that everything I will do is right.

fishball

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Activity: 336

Merit: 10

Quote from: Mr. Tan on August 30, 2017, 08:07:08 PM

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

For tge newcomers here, you should really educate yourselves or else you will not survive. It is good to be dependent on someone who is really an exoert here but try to handle things firsthand and you will learn the most.

Topic: Five common mistakes made by Bitcoin users (Read 4200 times)