Five common mistakes made by Bitcoin users - page 13.

berrymenalo

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Quote from: aardvark15 on August 31, 2017, 04:27:32 PM

Quote from: defined on August 31, 2017, 03:54:07 PM

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

6. Waste time on faucets (we all did)
7. Collect dust and pay high fees on it
8. Leave coins in an exchange
9. Trust the wrong people and get scammed
10. Panic at a price correction

I've done 4, 6, 7, 8, and 10. I also did "Panic Buy" which is not on the list. What I mean is buy after the price jumps up because you think you are going to miss out, then the price drops.

I'm sure most of us have made a lot of mistakes in the past. The best thing is to learn from them and try to make the best of it going forward. And you can still make a profit even if you lose money on mistakes as long as you keep working on it.

The panic buy is a pain in the ass Cheesy

I've definitely fallen for it once or twice. Always tends to be okay in the long run though. Number 4 and 10 are definitely the two that have gotten me.

Dreamchaser21

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Quote from: dewi91 on January 07, 2018, 12:32:36 PM

I also made mistake sell based on feelings but from that I learn how to be patience and how to do not panic when bitcoin price goes down, I should believe if the price goes down just temporary and bitcoin price will increase again..

We all made a mistakes but the good thing is we learn from it and chances are we can still do better. We trade with zero knowledge, invest without studying and so on but hey keep on learning because in this kind of market mistakes can brings you so much loss so better no to waste this great opportunity to make money.

BossMacko

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Those that are listed are common to a new users, I was like that when i was still new in Bitcoin because what i want only is to be able to participate without knowing the importance of those. But as soon as my wallet getting fat i was able to realize that i need to secure it very well to prevent getting hack.

brontosaurus

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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 do agree these are some really common mistakes that bitcoin users make. Out of all 1st one is common among all. I've seen people from 2010 who have more thousands of bitcoins in their wallet but have forgotten those 12 magical words. The 4th point is yet another common thing. I have seen most of people in loss because they do such things. They even sell their alts at high losses when BTC climbs up instead of waiting for a day or two. Panic is the main culprit out here.

dewi91

full member

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I also made mistake sell based on feelings but from that I learn how to be patience and how to do not panic when bitcoin price goes down, I should believe if the price goes down just temporary and bitcoin price will increase again..

reymartH

member

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Being unaware of or inability to identify phishing and phishing attackers. Attacker impersonates reputable sources to lure victims to give money, or give access or data the attacker should not have. It is common on Slack and other cryptocurrency platforms and messaging services.

michkima

hero member

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As a newbie, the mistakes I've done is not checking the address I sometimes send to and placing the wrong fees that would cause my transaction to get stuck (though back then I was able to accelerate them using the free accelerators but they don't work nowadays). I think most newbies will experience this. The use of bitcoins has a steep learning curve especially for people that don't have much know-how in using it, so it is expected.

cizatext

member

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Well is quiet unfortunate that we where all once newbies in bitcoin and hard made several mistake as you have listed some above, but the one that is not clear to me is the # 5 leaving money in electronic money floor, what do you really mean by that. And the point I want to add to it is wasting time doing faucets, getting scam due to our quest to get rich quick and storing our bitcoin in a wallet then loosing the wallet seed, panic selling as we are seeing now and our inability to carry out research about a cryptocurrency before selling our bitcoin to invest in it and at the end the coin turn out to be scam.

signaturecoin

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Just sell their money because they are afraid of what is probably going to happen.

Or just use exchange wallets instead of using a paper wallet or a hardware one.,

rathaha10

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io.ezystayz.com

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 did not do these mistakes, because i think about every step i am going to do. If you do that you will make less or no mistakes at all. I also research before investing in something, because sometimes your feelings can hurt you.

nwahshearthiad

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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 can totally relate to theses except to number 5. I always forget my electronic wallet password. I dont also have back up for my wallet, and in addition to that I always forget to reach to requitements of the signature campaigns I am in.

Victorycoin

hero member

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Quote from: erre on August 31, 2017, 03:26:00 PM

You missed the most important:

#1 leave your money on an exchanger

You were right, leaving one's coins in an exchange should not have missed that list because it is a situation till date that have been killing bitcoiners softly both newbies and the experienced alike. One was going to think it was all going to end with Mt. Gox, but how wrong one turned out to be. As at today, there is not one cryptocurrency exchange site that is safe and anyone still using them for services other than for exchanges is at great risk of losing months, if not years of efforts in one swipe.

winteroxalis

newbie

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Yes! I agree always make sure to backup your entire bitcoin wallet early and often. In case of a computer failure, a history of regular backups may be the only way to recover the currency in the digital wallet. Make sure to backup all the wallet.dat files and then store the backup at multiple secure locations like on a USB, on the hard drive

BTCeminjas

member

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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

In number 1 encountered that problem when i was creating my ethereum wallet I've lost my phone together with my private key i did not put an back up so they LOST together, and have tokens and ethereum balance worth of $500 i think. So that was my big mistake, then i feel that number 5 that leave my money in the electronic money floor. I have my address but i can't open it if i do scan in etherscan.io my balance was still there, the i was knocking on my head and say (WTF) Grin

Zertoshi

newbie

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One more mistake: buying something with no intrinsic value at 30x the price it quoted two years ago.

sclmte

member

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Merit: 10

Quote from: defined on August 31, 2017, 03:54:07 PM

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

6. Waste time on faucets (we all did)
7. Collect dust and pay high fees on it
8. Leave coins in an exchange
9. Trust the wrong people and get scammed
10. Panic at a price correction

This is all absolutely true. And one more thing, investing in different sites without knowing or checking any background if its legit or not. Doing a panic selling is also one of the biggest mistake for some of bitcoin user. Patience is a key element of success. Always remember the best things in life comes to those who wait patiently.

terzy

newbie

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Don’t start mining expecting big profit and always use 2-factor authentication on their exchange accounts. When trade people usually try to win back their losses by over-extending on bad trades!

imdabest239

full member

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The most important mistake that most of them make, is just that they do not protect their wallets, they just forget about it and maybe their private key will get leaked & they will lose all their coins.

Nana_Marini

full member

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Usually I am forget in your list number one. Wallet and private key is really long numeric. So I am back up it on three different places

I hope many brother and sister always be carefull although just fill the form

ubanx

newbie

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Quote from: erre on August 31, 2017, 03:26:00 PM

You missed the most important:

#1 leave your money on an exchanger

Totally agree. Also Panic with a price correction. I happened several times but people still panic

Topic: Five common mistakes made by Bitcoin users - page 13. (Read 4200 times)