Five common mistakes made by Bitcoin users - page 16.

coynedterm

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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

Yeah this is the truth of every newbie in this field because they thought that it is like the Facebook account where to recover the password us a easy way to recovery of ACCOUNT .
Second thing is a big factor that i think that most of people about 60%+ are not using because this is that option where we can recover the wallet event if we lost the wallet password and identifier .
But if anyone not made these things aware then it is more better option for him to get private key of his wallet and then print out at paper and store in offline and also he can save in the online because saving private key is not a big option but puting at bettet place is a better option should be recruired .
Here i am shocked that no one 1-2 years old bitcoiners in my network knows about the bitcoin private key because they were using to store and withdrawal direct Wallet and they are not making research on new service (line 3rd of the OP post ) .

Hexah

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As you exemplified on the common mistakes made by bitcoin users, I think the one who can relate to these are those who are careless and do not really want some security on their account or wallet. But I don't really understand what you said in the 4th and 5th common mistakes made by bitcoin users, I think even your a newbie that has interest really in bitcoin wouldn't really do that, I wouldn't buy or sell based on my feelings but I think I would probably use or base it in my intellectual ability and some knowledge about it. Hopefully I don't encounter those one and if anyone ask me about security on bitcoins probably I will tell them use always 2 Factor Authentication and always remember and back-up passwords.

jualidbitmixer

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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 laughed on the number 6 because it's trully right. Almost people that still new about bitcoin always feel that number 6 and even do it full time in 1 week. I also have one, people that still new about bitcoin always think they can earn bitcoin easily but in reality it's not easy as you think and you need to work or do something to earn bitcoin.

defined

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Quote from: erre on September 02, 2017, 04:46:29 AM

I don' t think that using faucet should be considered an error. I made made 0.1 btc over the years with freebitco.in (and I have very few referrals). Look at my personal message if you didn't know this faucet, and please use my referral.

'Over the years' you made 0.1 btc when it was worth about $40? Instead, you could have bought 0.1 btc for $40 and used the time to do real work.

Quote from: DevilSlayer on September 02, 2017, 05:39:27 AM

Most of the common mistakes of bitcoin holders are they always do panic selling. Most of the bitcoin holders are panicking if the price of the bitcoin is going down. They will sell immediately their bitcoin because they see that the price of the bitcoin is going down. I can say that that is a bad idea.

Most of the bitcoin holders hold, the traders sell for a quick profit.

DevilSlayer

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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

Most of the common mistakes of bitcoin holders are they always do panic selling. Most of the bitcoin holders are panicking if the price of the bitcoin is going down. They will sell immediately their bitcoin because they see that the price of the bitcoin is going down. I can say that that is a bad idea.

audaciousbeing

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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

All these you have mentioned is actually not compulsory that its to be made because of the checklist, I am actually guilty of say 1 and that was during my early days of trying to get my feet in the crypto world in which I regret greatly but for others I didn't wait to make the mistake before I learn it.

Exotica111

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Quote from: wearepoor on September 01, 2017, 02:53:49 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

LOL, agreed with sixth one. We all have wasted so much time on these faucets to collect the small fraction of bitcoins. This is how everyone started and learned after experiencing these mistakes.

Yes faucet is a waste of time. We are claiming small amount of btc and they gain a so much time before we are able to withdraw it. I must prefer to trade than claiming into a faucet because trading is also need a lot of time to learn but it can help you to produce a huge profit in the future than faucet even you spend a lot of time there is no changes in the amount of every claims.

erre

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I don' t think that using faucet should be considered an error. I made made 0.1 btc over the years with freebitco.in (and I have very few referrals). Look at my personal message if you didn't know this faucet, and please use my referral.

wearepoor

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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

LOL, agreed with sixth one. We all have wasted so much time on these faucets to collect the small fraction of bitcoins. This is how everyone started and learned after experiencing these mistakes.

iamTom123

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Quote from: Harlot on August 30, 2017, 08:19:50 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

Luckily the mistakes you said by newbies are done early on as you are only losing a few amount of Bitcoin. If you could imagine this happening to a man with a lot of Bitcoin it could end up eating all of their Bitcoin. The good thing about this is you can learn from your mistakes and avoid it later on. Also the most hardest thing to learn is about trading because there is no 100% accurate forecast about the price prediction of Bitcoin all you can do is prepare for the trend.

Wisdom can always be gained from the many mistakes we made and maybe some more mistakes we can commit. I also lost some coins and tokens because I got victimized by phishing in the MEW wallet...I can still feel the pain right now but I have to move on otherwise it can make me weak and crazy.

All of the 5 tips above are so timely as we are now in the digital currency age and we have to upgrade the things we know and the way we do things if we are serious in becoming a player in the cryptocurrency market.

gabmen

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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

Good list. I've been a year now dealing with bitcoins and i still am guilty of two things in this list. Though nothing's bad happened yet and hopefully none will. Pretty much nbr 2and 3 are the ones i haven't yet accomplished.

defined

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Quote from: maeusi on August 31, 2017, 04:04:22 PM

11. Did not take chance to buy Bitcoin cheap.

Maybe in 20 years new Bitcoin users say it was a mistake they did not take chance to buy Bitcoin at $100000.

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

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.

Try to learn from the mistakes made by other people. Read about it.
I have not lost a large amount to hacks (knock on wood). In the past I was lucky, now my security is improved to make it less likely.

orions.belt19

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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

Well, we all make mistakes especially as newbies. I wouldn't be where I am today if I hadn't make some of those mistakes. The best part about is learning from it. This is a good way of educating the bitcoin users, and I think this applies to all not only the newbies - experience is the best teacher. This should be a reminder for everyone as well, and no matter how long you've been using bitcoin, its always to good to keep learning.

I'm definitely guilty of number 6 and I regret wasting so much time on it. It's one of the reasons why I got discouraged and lost interest on Bitcoin some years back.

serjent05

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Cool reminders on things that we should avoid. Among those the hardest is on the emotion thing. No matter how long we have been trading majority of our fault is due to emotional factor. Anyway thanks for the list of stuff to be rembered and avoided during our stay in Bitcoin world. This is a great start up knowledge for everyone that wanted to deal with bitcoins. Kudos to all contributors.

Dudeperfect

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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 have lost my 100% capital in my initial days of trading but fortunately, I used to trade in a micro amount so that loss never caused a big hole in my wallet.

Completely agree with your list of mistakes and I can confirm that I have committed last 3 of them. However, I think that awareness is the only option to help newbies to learn more about it and to avoid the possibility of loss.

gabbie2010

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I think of all the mistakes backing up the electronic password is important I have as far as documenting my password in a secured booklet and kept in a secret place, this very important because I have seen people who lost their password and looking for every avenues to rescue or recalled their password which has proved futile.

Pettuh4

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Quote from: KingdomHearts on September 01, 2017, 02:36:46 AM

Quote from: Harlot on August 30, 2017, 08:19:50 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

Luckily the mistakes you said by newbies are done early on as you are only losing a few amount of Bitcoin. If you could imagine this happening to a man with a lot of Bitcoin it could end up eating all of their Bitcoin. The good thing about this is you can learn from your mistakes and avoid it later on. Also the most hardest thing to learn is about trading because there is no 100% accurate forecast about the price prediction of Bitcoin all you can do is prepare for the trend.

There will hardly be anyone on this earth who would wish to commit such mistakes which will result in losing his own money. All such sort of mistakes are committed due to lack pf understanding and learning about Bitcoin. You need to learn and learn well before putting your head in it.

Exactly, these are fundamental made by Bitcoin newbies but not old Bitcoin users because nobody will deliberately want to jeopardize his/her Bitcoins by making such elements errors which hitherto was doing as a newbie. We live and learn and as we grow in Bitcoin these mistakes become a thing of the past.

KingdomHearts

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Quote from: Harlot on August 30, 2017, 08:19:50 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

Luckily the mistakes you said by newbies are done early on as you are only losing a few amount of Bitcoin. If you could imagine this happening to a man with a lot of Bitcoin it could end up eating all of their Bitcoin. The good thing about this is you can learn from your mistakes and avoid it later on. Also the most hardest thing to learn is about trading because there is no 100% accurate forecast about the price prediction of Bitcoin all you can do is prepare for the trend.

There will hardly be anyone on this earth who would wish to commit such mistakes which will result in losing his own money. All such sort of mistakes are committed due to lack pf understanding and learning about Bitcoin. You need to learn and learn well before putting your head in it.

erre

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Almost any error have the same root: be sure to store your own private key, and you should be ok

Seansky

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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

What you said in your post OP is quite true but if i were to add one most common mistake made by bitcoin users, it is investing their bitcoins into some shitty ICO's that only wants to scam people in the end. Even veterans do this with the hopes of multiplying their bitcoin. I dont say it generally for all ICO but most of them are purely just schemes to gather money with dev only profiting or with only dev and early adopters profiting from their investments.

Topic: Five common mistakes made by Bitcoin users - page 16. (Read 4200 times)