Share your top mistakes in crypto - learning from others experiences! - page 4.

bluebit25

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

For me, the biggest stupidity I have ever faced is losing faith in bitcoin during difficult times. I knew about this market quite early for many people at that time when bitcoin was mostly seen as the scam of the century and most of it appeared with shady practices and was not as popular and accepted as it is now in.

I sold some of my bitcoin just to pay for partying, and now I find it worth it because I realize it's not too late to choose to trust bitcoins.

Remember one thing: you sell bitcoin when you think you have achieved some goal, but then you realize that if you don't sell it, it won't affect your life and you just keep it won.

Stalker22

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I used to obsessively watch the charts and make trades based on rumors I saw online. Total recipe for getting rekt. Id freak out whenever prices swung wildly. Now I know volatility is just part of the game.

Also, I almost fell victim to a phishing scam once. Some fake site almost got me to enter my private key and drain my wallet. Those days of newbie mistakes were sweaty and stressful, but at least I learned a few good lessons about personal security.

eightdots

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

The biggest mistake is to rush. Even though I knew that the investment would reach the price I targeted, I was impatient when I first started investing. As I spent time in the market, I learned that the mistakes I made before became my experience. Of course, we cannot always make perfect choices when investing, but learning from our mistakes always takes us forward.

As we hear or read about mistakes made by others, we can be cautious not to make those mistakes. In the crypto market, new things can happen and experiences can be gained every day.

coolcoinz

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My biggest mistake was trying to buy different shitcoins hoping that they'll rise more than bitcoin, not recognizing the true value behing bitcoin and its relation to altcoins.

If you're looking for stories like losing money to hackers, thieves, bankrupt exchanges, nothing like that happened to me. I also didn't panic sell my bitcoin since I first heard about it.

bittraffic

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Quote from: MeGold666 on May 10, 2024, 04:12:01 AM

Seeing how people still hold their coins on CEX, I doubt it's possible to learn from other people mistakes.

Most people need to get burned to learn.

Can't share any cryptocurrency mistake as I never did one, I don't trust people and check everything for it's validity.

Just like the kid who has to touch the hot surface in the kitchen to finally learn it is hot and will not touch that surface again. But this is for the storing of the BTC in the exchanges.

If we are talking about people who trade all the time then having their BTC on the exchanges is very understandable. One mistake I did not learn from the start is not selling them all when the price hits overbought.

GxSTxV

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To be honest, I don't understand how some people claim to have made no mistakes from since joining the crypto field. It's not that they're necessarily lying, but if they have never made a mistake in crypto, it means they have invested, succeeded, and made a fortune. Anyways, Here are some of my mistakes from which I have learned good lessons from them:
1- not caring about my assets security, I have got hacked twice because of downloading and installing some programs from unofficial sources (unfortunately I can’t have a cold wallet).
2-spending my bitcoin when I joined early on when the price were so cheap (about 400$)
3- trading bitcoin with brokers that allows higher leverage ratio, ending up losing my capital several time due to the market volatility.
4- trusting random people to deal with them, for example purchasing items using bitcoin from untrusted users.
5- when it comes to holding bitcoin or any other cryptocurrency, don’t let your emotions effect your decisions.

MeGold666

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Getting rich is the easy part, staying rich is much harder.
By rich I assume not having to work for the rest of your life, but different people - different thresholds and views on being "rich".

I think most of this people who will become "rich", who didn't invest into technology but in "the number goes up" - will lose it all (and then some) very quickly.

This can be observed with lottery winners, who end up poorer than they were before winning and many times with debt and jail time.

All because they spend a lot of money on things they can't afford to maintain, like big house, expensive car, taxes for all of it, etc.

So that's another thing to consider, I've seen it too many times with my own eyes how people lost everything due to failing businesses and not adjusting their life style to the amount they earn.

The truth is, there is no safe zone. You will always need to work for your money because money only works for you when you do the research and this is very hard work as there are many traps.

If you think you'll be able to forever do nothing because you have invested in Bitcoin, you will have a very hard landing to the reality.
(sorry for bad English - it's not my home language, I'm a bit busy and don't have time to correct myself.)

yazher

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My mistake is not having enough patient to hold because I sold my biggest amount of bitcoins too early before the bull runs last time and I made a goal after it for these days and also making enough money for our essential needs to prevent myself from making the same mistakes again. people always rush whenever they see the price of bitcoins increasing at an exciting rate and I was one of them back then, you just can't help yourself whenever you witness such a scenario because you are in the middle of excitement and hype. Whenever I think about it, I just don't mind anymore because at the end of the day I got decent amount of income which wasn't the case for others at that time.

0t3p0t

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Quote from: Helena Yu on May 10, 2024, 04:24:05 AM

These weren't my mistakes, but it happened on other people:

1. Hold your coins in centralized exchanges, if the CEX got hacked, they lost all of their coins.
2. Buy shitcoins, instead of making money, they're in loss.
3. Privacy, people didn't mind to publicizing themselves if they own Bitcoin, until they being targeted by $5 wrench attack
4. Buy Bitcoin by relying on someone else advise and use emergency funds, it make them can't hold for long term and might sell in loss.
5. Thinking Bitcoin will make them rich, if they didn't have money, they can't even buy Bitcoin.

1. I did never hodl my coins in exchange for long unless I do trading.
2. Yeah recently this is what I doing and I have lost more or less $1,000 from shitcoins alone.
3. Here in my area few only knew what I did online especially crypto but I am not posting anything crypto related on my social media account.
4. Never did on this one instead I converted my Bitcoins to Altcoins and that's where I lost most of my money.
5. Yeah this is most common problem for some people because they are still interested in "get rich quick schemes" which I am not a fan of especially in crypto because I know the consequences already. .

Queentoshi

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Quote from: Helena Yu on May 10, 2024, 04:24:05 AM

4. Buy Bitcoin by relying on someone else advice and use emergency funds, it makes them can't hold for long term and might sell in loss.

In my own situation I did not rely on someone's advice to buy a Bitcoin else I would not have regretted it, but I relied on someone's advice and bought a lot of shitcoins that I didn't do my research on simply because I believe these people to be able to give better investment advice.

Another mistake that I've seen people making but not a personal mistake is that they make one time investment in Bitcoin and consider it enough to make them rich. People who benefit best from bitcoins are those that have been dedicated to long-term investing regularly, not just investing very small amount of money once and expecting it to multiply enough to make you rich.

Kelward

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My first mistake in the crypto space was when I created my first wallet, and some Bitcoin were being sent to it, after many months when I wanted to send some to another wallet, that was when I realized that I've misplaced my passwords. It was because I casually created the wallet that I didn't remember the password, I saw where I wrote the seed phrase on a different paper, and when I imported the wallet, it kept telling me that I misspelled a word. I tried different combinations to change the words of the seed phrase, but it didn't work, so I got frustrated and abandoned it, my Bitcoin is still in that coinomi wallet till date. A big price to pay for my ignorance in my newbie days.

o48o

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Quote from: testenan on May 10, 2024, 03:41:09 AM

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

1: Listening to any maximalists or influencers, be it for bitcoin or altcoin.
2. Not having a seperate wallet that i would just keep filling, not ever withdrawing. For my kids.
3. Not doing enough research beforehand, but fomoing in. Because fomoing in easily usually means that it's not only greed that affects you a lot. It's also the fear during the bear. Research about the basics of the tech and about markets in general, could have helped me with the exit plan.
4. Saying to anyone that i was buying. People can be jealous and it's not like it's their business what i have.
5. Setting a plan for myself and not following it, but changing it because of frustration.

HEWRA

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That is a nice thread, even tho I would say ( like many others before ) that you have to feel it on your own skin to really learn from the experience.

I think my biggest mistake was being "ignorant" when it comes to bitcoin and crypto in general. I've heard about BTC somewhere around 2015 I believe, and since I was always curious about it and wanted to know more, but never enough to dive deep in the world. Had this feeling before, but now it is even stronger: that if instead of getting my head wrapped about gambling with crypto's and trading , I could be really experienced but I just never really had a motivation except the financial aspect: which is very dumb out of me.

There would be more mistakes for sure but I feel like I am going to be eaten alive here Cheesy

tabas

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1. The importance of having your own hardware wallet. Most newbies believe that exchanges are safe, let's say that they do but not for keeping your assets.
2. If you are an investor, you need to be patient at all times and this comes about the importance of DYOR before you invest.
3. There is no other people to blame with our mistakes but ourselves.
4. Even in crypto, there is no easy money.
5. Don't believe about too good to be true investment schemes.

Alone055

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As far as I can think, I believe FOMOing into an altcoin was the biggest mistake I made in my journey because it cost me a lot of money. I wasn't a complete newbie but I wasn't too experienced as well.

So one day when I was checking the market, I noticed that a coin within the gainers list has gone pretty high and it's still going, getting greedy seeing that, I FOMOed and made an entry, and guess what? The price started dropping significantly right after that. Grin

I waited too long for it to recover, but it didn't, and I knew it's not worth it anymore, so I sold them at a loss.

SamReomo

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I have done only one mistake in crypto and that was to be not active on this forum for sometime. I guess that's the biggest mistake anyone can do, this forum is the place where you learn everything about crypto from the most professional users and as long as you're part of this forum then you won't make many mistakes.

By the way, it's always better to learn from others mistakes instead of doing some mistakes yourself. In crypto world the biggest mistake that most people do is not to learn about the market before getting into it. It's always better to learn about the market first and then start your crypto journey as that would help to be safe from many issues that may arise because of lack of knowledge regarding the market.

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I made many a mistake when starting out, but they were more of phases in the learning process than mistakes made. If I'm to advice someone who's just getting in it would be to;

• Take your security very serious and d not assume your memory is good enough. Write down anything which is important, seedphrases, log in details, passwords etc.
• Don't be in a hurry to put money into anything.
• Don't invest because others are doing it. Convince yourself of any investment you want to make.
• If you have other skills you can market in the crypto space, contribute to the community and earn from your service.
• Don't react to market volatility.

MeGold666

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Quote from: Shamm on May 10, 2024, 10:48:30 AM

I don't think that we don't have mistakes in our journey in crypto and i think that the common mistakes of every investors is greediness...

I agree that greed (combined with the lack of patience) is one of the sources of bad decisions.

For me money is just a highscore number like in every other game, I like to increase it but I hate materialism and don't care how much who have.
I don't have much emotion for it when it comes down or up, I'm a long-term investor and I'm not in a hurry as I already have enough.

Maybe that's why my decisions are more calculated, than just throwing money in X project and hoping for the best.

Shamm

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Quote from: MeGold666 on May 10, 2024, 04:51:21 AM

Quote from: btc78 on May 10, 2024, 04:37:13 AM

...You are telling me you never regretted at least one small thing all throughout your crypto journey?

Nope. I read a lot before investing and go after the source of information then check again if it's not a lie.

I don't follow other people, I don't get "influenced" by other people and I don't buy into promises of future development and use cases.

I also know how to handle critical stuff safely, encrypting everything and using cold wallets on dedicated machine.

This are basic 101 stuff but seems it overwhelms a lot of people due to greed and buying into the "next big thing" etc.

I don't think that we don't have mistakes in our journey in crypto and i think that the common mistakes of every investors is greediness cause once it takes our emotions and we lost out of control then we sell our coins even though the price is too low. but without knowing that there's a perfect timing that we can have a good profit in the long term of our investment, so the main point here is we need to be careful and we don't need to be greedy cause there's a perfect timing for everything.

MeGold666

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Quote from: Ben Barubal on May 10, 2024, 10:30:52 AM

You can't blame others when they hold coins on Cex platforms because it's their choice and they trust the exchange especially if it has a high reputation in the market here in the crypto space. the difficult thing is if you are new to the crypto business industry. But if it's like Okx, Binance, Bybit and others, I think it's fine.

but there are others who hold their crypto assets in Dex, as long as each holder knows what they are doing, I don't think I see any problem.

I don't blame anyone doing this, I just think it's not smart (to say it nicely) for holding your coins even on a reputable exchange.

BTW. Binance is far from reputable. It has popularity, but it's a septic tank controlled by criminals.

Topic: Share your top mistakes in crypto - learning from others experiences! - page 4. (Read 584 times)