Reasons for newbies loss in bitcoin - page 17.

electronicash

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not just newbies but some knowledgeable people with great careers in real life thought Bitcoin and cryptocurrencies are hedges to inflation and the collapse of fiat. they must have heard of some influencers on youtube who made them decide to invest. they see Bitcoin to be the savior because, since the start of 2021, it's rising.

Quote from: ?? on ??

Most of those in the country, who lost money in the crypto crash of 2021 are small-time crypto traders who find it easy to access trading apps on their mobile phones, but do not have access to the knowledge necessary to crypto trade.

its when they thought that's just how easy to trade. well now they must have realized it's not. using the phone is easy but analyzing markets take a lot of experience.

worle1bm

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Actually I have mentioned some of the points by which people loose their money in common ways like greed and knowing this market also.Crypto scams are some ways on which they don't have control and can lose funds unintentionally like clicking on the wrong link and depositing money on fake exchanges are some other methods of which they might not be aware.But these three are some points which contribute more to the panic sell like making quick money seeing others and getting influenced by others and invest blindly and then sell in same manner also.But they need to keep in mind that it's not that much simple that you invest money and next day you sign papers of luxury penthouse.Know these facts beforehand.

Amejoaquim

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Many newbie are loss because of this because they still dont have enough experience and most of the newbie thinking about being rich just in over night. I think sometimes being scam is a good lesson for us so we can being more carefull and want to increase our knowledge so we can't getting scam again.

JillianTaft

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I think there is one more point, especially for novices. I have a Chinese friend who is also investing in cryptocurrency. We should all understand what China has done recently. The news of China's suppression of virtual currency has been released step by step. My friends choose to sell the tokens in their hands. This kind of market news will affect their emotions, not only for newbies, but also for those who have been in the market for a while. All unknowns in the future can easily affect our judgment.

EvieLannister

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Novices who enter the cryptocurrency market to invest money don’t have to learn cryptographic knowledge well. They invest on their own intuition. Generally, novices will abandon the cryptocurrency market after their first investment failure. FUD controls one's own thoughts.

Nora Olin

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For novices, the first point is that most novices think so. They understand that the cryptocurrency market is rising rapidly, and with the mentality of getting rich overnight, they joined the cryptocurrency market for speculation. They want to get rich overnight, but they underestimate the risks of the crypto market. The profit is high, and the risk is also high. They don't understand the market and don't analyze it. Bitcoin is not a tool they use to get rich overnight.

v3liana

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Quote from: xSkylarx on July 20, 2021, 11:48:10 PM

Quote from: BaeSuzy on July 20, 2021, 09:26:48 PM

Totally agree with that, most of the peoples think when he invested on cryptocurrency they can be rich just in over night. I was one of them when I was first time investing in cryptocurrency, i still lack of experience and so naive at that time. I spend a lot of money on ICO back at 2017 period and i loss a lot of money on that it almost make me crazy and lucky me I am surrounded by people who can support me so i never thought of doing any stupid act (stealing/suicide).

Oh, 2017 is when ICOs are very popular, and there are a lot of scammers, but in 2016, I don't see any scam coins in ICOs, and you could really earn a lot of money after a month or week on that time. Most people believe that they can make quick money, but this is not true; you must work hard to make money. There are some cases where you can become wealthy overnight, but this is extremely rare because cryptocurrency is extremely volatile and we never know what will happen.

Ya i still remember in 2017 most of the ICOs are greedy. Most of the project set a very high target in crowdsale, more than $20m, very diferrent with 2016 ICOs most of the project set very low CAP but they can keep they promise to investor.

There so many dead project from 2017, Universa, Cedex, Airtoken, Spectre and many more project who got a lot of money from crowdsale but right now turn into dead project.

Pandji02

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Agreed. People just buying BTC hoping that they'll be rich within a few weeks. But then it crashes and they selling it in FUD. You need to HODL and accumulate it while you can.

Dread Pirate Roberts

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this happened in my own family. when my brother saw me getting " quite a lot of profit " from holding bitcoin he started to continue saving his fix income into bitcoin and now he said he feels like his saving are losing because of bitcoin price tend to continue falling. At that time, I realized that he actually didn't know much about crypto and thought it was just an investment asset.

UserU

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Quote from: xSkylarx on July 20, 2021, 11:48:10 PM

Oh, 2017 is when ICOs are very popular, and there are a lot of scammers, but in 2016, I don't see any scam coins in ICOs, and you could really earn a lot of money after a month or week on that time. Most people believe that they can make quick money, but this is not true; you must work hard to make money. There are some cases where you can become wealthy overnight, but this is extremely rare because cryptocurrency is extremely volatile and we never know what will happen.

Well, now we're seeing shitcoins as a trend this year so it's more or less the same shit, different smell.

Reatim

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Eloncoin.org - Mars, here we come!

Quote from: worle1bm on July 20, 2021, 03:27:39 AM

1) People think Bitcoin as tool to become rich overnight

This is the stupidest thing for a Long time cryptonians to think , I believe that this is the site of newbies and greed crypto users.

But for old timers? never that this will come to mind because obviously Bitcoin cannot even make 10% growth for an hour (In most times)

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2) People ignore the volatility factor and past Crashes

Ignoring Volatility ? who does ignore such thing? when Volatility is the only reason why this market is still valuable to us investors until now.

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3) Whales manipulation and FUD

Indeed and this is the hardest thing to ignore , FUD is part of the game for the Manipulator to succeed .

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WE ALL NEED TO TAKE INTO CONSIDERATION ALL THE FACTORS BEFORE INVESTING INTO BITCOIN AND HAVE PATIENCE FOR SOME TIME MOST IMPORTANTLY IN THESE DIPS SO THAT IT GET SOME REATAIL SUPPORT.

Thank you for all your input mate and this shows Concerns to all of us.. All the Best.

xSkylarx

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Quote from: BaeSuzy on July 20, 2021, 09:26:48 PM

Totally agree with that, most of the peoples think when he invested on cryptocurrency they can be rich just in over night. I was one of them when I was first time investing in cryptocurrency, i still lack of experience and so naive at that time. I spend a lot of money on ICO back at 2017 period and i loss a lot of money on that it almost make me crazy and lucky me I am surrounded by people who can support me so i never thought of doing any stupid act (stealing/suicide).

Oh, 2017 is when ICOs are very popular, and there are a lot of scammers, but in 2016, I don't see any scam coins in ICOs, and you could really earn a lot of money after a month or week on that time. Most people believe that they can make quick money, but this is not true; you must work hard to make money. There are some cases where you can become wealthy overnight, but this is extremely rare because cryptocurrency is extremely volatile and we never know what will happen.

marine4u

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The final cause is the lack of knowledge, they don't brainstorm to know what is good and right for this space, they don't even know that bitcoin has anything special compared to the rest, don't understand investment and risk management for their assets. They lose their money, their bitcoins by foolishness and ignorance. They expect success with excessive time demands, greed and a lack of knowledge that makes bitcoin no longer a playground for them. The gullible people who believe in the media and fake, fake tricks.

indo1

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most of them want to get rich instantly here, but the fact that I met them is very much at a loss. and lose a lot of assets, it makes them realize this business is indeed the fastest growing industry but has a great risk.

BaeSuzy

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Totally agree with that, most of the peoples think when he invested on cryptocurrency they can be rich just in over night. I was one of them when I was first time investing in cryptocurrency, i still lack of experience and so naive at that time. I spend a lot of money on ICO back at 2017 period and i loss a lot of money on that it almost make me crazy and lucky me I am surrounded by people who can support me so i never thought of doing any stupid act (stealing/suicide).

the rise

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DGbet.fun - Crypto Sportsbook

The first and third points are points that I often see when beginners come to cryptocurrency, they think this business without careful analysis and generate instantaneously, besides the news spread makes them confused to make decisions, not even a few of them lose personal assets just because they want to get rich quickly here.

just_Alice

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I’d like to add a 4th point to your list, which logically sums up what you’ve said, but has a separate and strong impact. That is public opinion. Right now Bitcoin adoption is in a state where everyone knows about it, but not everyone accepts it.

The “tool for getting rich quick”, the “volatility” and the “FUD”, no doubt these all are the key points, but who’s responsible for spreading all this?
We all have families, friends, and other people that surround us, and often newbies aren’t confident enough about Bitcoin, but this gets even worse when this confidence is further shattered by those around them.

It’s one thing to hear about the Bitcoin crash somewhere on the news, but what really gets to people is when everyone is reposting it, commenting on it, you read about that on forums and you hear it from your relatives.

All of this wouldn’t have happened if people didn’t succumb to the herding instinct, could think for themselves, and if those around were less skeptical and more supportive.

Boov

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Newbies and other quick traders ignored all those things that affects our decision making, that's why tendency of losing in bitcoin happens. Wrong mindsetting leads to downfalls which cannot be controlled, and mostly people without proper skills and knowledge really fail. They couldn't manage to handle their funds to sustain, even though there's market volatility.

marilynmanson21

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The 3 reasons above are the main reasons that often happen to beginners, but I add a few things that beginners usually do and this is really fatal if it happens Using fake exchanges and fake wallets. and trade without skills.
but not all beginners can lose and some beginners tend to last longer than some investors who only care about short profits and greed,

nurilham

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Quote from: A62662 on July 20, 2021, 03:39:08 AM

The main reason is greed and stupidity combined with more money than brains.

Can you elaborate on it? I think this needs more explanation.
Remember that the topic specifies for newbies who are investing in Bitcoin.

As they are newbies, we can understand if they still have lack knowledge and experience. But that newbies want to invest in Bitcoin, it is something that we should appreciate. We cannot blame those who want to join Bitcoin investment, it is not a stupid decision. Without newbies, Bitcoin only has old holders. So newbies also has a big role. But to be greedy once you are still a newbie, is surely a bad idea. However, I think not all newbies that being greedy in their first journey in Bitcoin.

Topic: Reasons for newbies loss in bitcoin - page 17. (Read 3618 times)