Topic: Some Common Mistakes Made by New Crypto Investors (Read 710 times)

I believe that expecting too much or having unreasonable expectations that they will get wealthy through cryptocurrency investing is the biggest error new investors or novices make.
Before making any investment, it's critical to do your research, thoroughly examine the market, and only then should you decide to invest based on logic and not feelings or expectations.
Internet security is of course always crucial, but you should also have a detailed investment plan and a crystal-clear exit strategy.
The issue with cryptocurrency is that there are many inexperienced, young investors who are unaware of the considerable risk involved.

Many people new to the world of crypto make simple silly mistakes almost on a daily basis, for example, someone new to crypto shares their private key instead of their public address that's giving up their coins to strangers.

Others new to decentralized exchanges /centralized exchanges have sold huge sums of BTC for literally peanuts because they were experimenting with how to go about with using the exchange. With all such misfortunes happening, I think we need to tell ourselves it's okay to ask for help if we don't understand something because hands on experience will cost us more than we intend to lose.

Keeping Crypto in online wallets is a common problem among the old and new traders. Because maximum traders use Centralized exchanges so that they can't ignore this problem. They have to use Centralized wallets. But I will suggest if you aren't a daily traders or a holder then hold crypto assets to a decentralized wallet.

I am quite sad to see the mindset of newbie crypto investors who still have little knowledge, they think crypto is a gamble that can change fate overnight. it takes quite a hard process to become an investor who makes a profit in crypto, so it's still learning and looking for new insights in the world of crypto that is important because only laziness can make someone lose. I also really agree with what you wrote above, internet security is very important because fraud - hacking - theft will continue to threaten.

Anyone can fall prey to fraudsters because they are continually coming up with new strategies and these scammers mainly target beginners because they are  can be easily manipulated due to their lack of knowledge of Cryptocurrency. Your first point is the main reason why newbie usually fall victim to scams. Anyone with proper knowledge of Crypto should know the dos and don'ts of Crypto and how to avoid it.

The most important thing is for beginners, because if you forget or lose the seed phrase/private key, all assets will also be lost. Save it in a cold wallet, laminate the key phrase card, store it in a safe place
although it does not guarantee 100% safety, it minimizes risk exposure in the cruel crypto world.

Apart from that, it's a mistake as a beginner, most of the coins are already profitable, they don't sell, hoping to go up, but the ones that are there keep going down so that they are lost. Stay away from being greedy, learn to be grateful for the advantages that already exist.

Indeed, Not only newbies, but we are those who have been in the crypto business also make some mistakes. But, we must understand how to overcome and take lessons from our mistakes. And we must also see what kind of mistakes it is. Sometimes, there are some mistakes that can be avoided earlier moreover if we are very new to something. And sometimes, we can avoid some mistakes if we listen to someone's advice. But sometimes, there are many also newbies that believe more in someone new that promises that they will get very high profits and multiple money if they are investing in such new projects. Even if they know nothing about crypto or about the projects. Basically, if we have at least learned at first about cryptocurrency, investment, and many things about the crypto business, we may be able to avoid some big mistakes. And whatever the mistakes, we may be able to overcome or at least take the lessons. but, if we have big mistakes without any learning process at first, it means that we start it wrongly. 

It is a common thing among we human, always looking for the easiest way to get rich, when you have that mentality then you are in the wrong way, investing in crypto doesn't guarantee over night riches, it is a matter of patients and you most always study the market very well, you cannot just jump into what you don't understand, it is like you going into business you know nothing about. So the mistake most people make is not understanding or having no knowledge of what they about to go into.

On some exchanges there are trading pairs that can be bought without fees, as for example on binance you can buy bitcoin for usdt with zero fees, this is very convenient.

There are always inevitable losses in any investment that you wish to venture. Most particularly if you have no experience with that kind of investment, expect that there will be more losses than gains. But the good thing about it is that mistakes and losses are good motivation to hone our knowledge and skills so we can see improvement in our investment. And by that time, positive mindset will also be develop as it’s also vital in making our investment successful.

Basic knowledge must be understood before investing because crypto investing is different from other investments and price fluctuation factors will easily influence the decision to end the investment even though it has to cut losses because you are speculating to avoid high losses even though market movements are still normal, so it is necessary for newbies to increase their knowledge and there is no need to rush invest first before you know how the crypto market moves.

Without basic knowledge, there’s always high chances to fall and losing them everything in the end. Because the fact that you are not aware on how to work on your investment, and how to make it successful, then you will always bound to create mistakes and failures which will eventually cause your investment to collapse. That is why if an investor is still clueless and has no gained ideas on how to make it work, better not to pursue on investing.

Losses are made inother to learn out mistakes, we all that are top pro in the market once started as a newbie in the space with absolutely no formation on how to strike the market to gain profits, struggling up and down with unimaginably stress that results in heavy losses and liquidation. Making mistakes is lesson but repeating it is ignorance and greed. Mistakes are triggered and corrected for the purpose of growth in the space.

As a newbie, you cannot avoid losses and mistakes, I am 100% sure that everyone, the rest of the investors in today's market, makes mistakes as a newbie. But if you listen to the advice of your predecessors, you can minimize your losses. Sometimes the loss will help us to learn valuable lessons, but if the loss is too great, it will be a shock to newcomers, easily making them discouraged and giving up. As a newbie, do not rush to think about profits but find ways to limit losses to the lowest level.

Sometimes, it’s mostly our curiosity and greed that put us into a bad scenario, like clicking some strange links that promise us good profits. And if we are weak enough, we will certainly fall from all the hidden traps of scammers. That is why as much as possible we should be wary and cautious never to click strange links and disclose our private information. That way, we will lessen the risk of being scammed and protect our funds in our wallet.

That's an excellent work you just did @ O.P on this thread, because those are actually some of the big mistakes newbie crypto investors make on a daily basis, which means if only we could promote the awareness of these key facts, I'm sure we will have a safe free crypto environment. But another vital mistake I have notice most newbie make on this forum is focusing on bounty fo their first 2 to 3months, while ignoring the most important thing which brought them to the forum,  (i.e Bitcoin and how it works) and strive to grow, but rather comfortable promoting a bounty that they could barely earn a dollar, because I once did it and I know how frustrating it could feel.

that's on a beginner's mind, cryptocurrency is a trade. they come to the exchange, create an account, deposit money, and buy some shitcoins that they feel will make the pump.
they don't think how big Bitcoin would be if they studied more.
it doesn't matter, everyone comes to the crypto market with their own goals. and you get your experience, it is quite valuable if you take lessons from your experience. a friend always said to me, every beginner, learn Bitcoin, trade Bitcoin, and Invest in Bitcoin.

Basic knowledge of cryptocurrencies is the main key.
The rest will go easier if the individual can control himself and keep learning.
Most beginners rush because sometimes they are too tempted by other people's profits and success.
Sometimes some beginners take things for granted, are too confident and have too high expectations.
They think it will be easy to just buy a few coins and then they will make a profit.
Without thinking long and without having clear goals, only thinking about profit without being accompanied by the basic knowledge that must be possessed.

I admit that I was a beginner who was too hasty by buying some shitcoins because of a suggestion from a colleague at my work.
Without doing research and clear goals I immediately bought and the results were not as beautiful as expected.
Luckily my friend directed me to this forum, here I learned a lot of tips and basic knowledge about cryptocurrencies.
But I think sometimes beginners may have to experience mistakes so they can improve themselves and their mindset to be better.

The common mistakes you mentioned will all be fixed after you have the knowledge, so knowledge is the only thing a newbie needs. As a newbie shouldn't be in a hurry to buy bitcoin or invest without any knowledge of it or through someone else, what they need is to read some basic information about the market. Once you have the basic concepts, go slowly step by step, then newbies will have their own initial knowledge and experience. Investing is a long journey, never think it's too late to invest or miss an opportunity, the opportunity will always be there as long as bitcoin remains.

Several times I observed my friend who was just about to join. The error the OP wrote is correct. But one that doesn't exist, they don't want to survive. Those who asked for help against me didn't seem to continue to trade. They took off after feeling at a loss. Whereas trading must have the courage to lose and continue to persevere and learn.

I think whoever he is if he just comes in should be ready to lose money. In addition they do not train much to trade with technical, fundamentals. They don't have a strong desire because they have a main job that has a definite result.

What newbie trying to adopt are those risky decisions to invest without even thinking about what they are doing since they believe that this is easy get rich scheme for them that's why they flop and lost there money instantly. If newbie should research all necessary things needed especially basic information about crypto for sure they can minimize the risk about it and also they also need to learn how ponzi schemes works so that they can avoid such different types method exist to avoid get scam by random scammers.

Sometimes, people gets over excited when they hear about the benefits a friend gets from the crypto investments and forgets to ask about the pros and cons that person went through before he got that achievement. This can lead to loss of capitals to scammers or maybe investing at the wrong season. it's best for them to learn from their mistakes as it will give them new ideas on how to go about trading or investment.


And to add to your points stated, most newbies don't really know the right persons to get advice from. Anyone can feed them with wrong ideas or information which will mislead them when making decisions.


And yes, newbies sometimes don't wait to read some important terms and conditions before hitting the confirmation or accept buttons. They just assume that those many things are not important or too much for them to read.

You've made an excellent point here that newbies should avoid at all costs. Many people have lost their life savings in the cryptocurrency market as a result of a hack or attack on the online wallets and exchanges where they kept their money. This has only fueled negative sentiment toward cryptocurrency and deterred people from investing in it. However, this should only deter the uninformed. To avoid loss, it is best to keep your funds in an offline wallet, as was the case with the FTX bankruptcy scandal.



In terms of cryptocurrency, no risk or warning information is insignificant. The one you ignore could be the one who causes you to make the biggest mistake or regret of your life. As you suggested, no newbie should dismiss any detail as insignificant and should treat any red flag with urgency in order to avoid any type of loss or regret in the cryptocurrency market.

I think newbies do not actually gain much knowledge in the beginning, because they prefer to experience first and when their investments have turn into losses, that’s the time they will start gaining basic knowledge and understand how crypto will become profitable. Although I am not against about it as experience will always be the best teacher, but if they can be more knowledgeable and knows the value of crypto investment in the first place, then they can avoid much losses in the investment process.

You have a good point. Newbies are motivated to invest because of the wrong mindset that crypto can make them real quick rich. That’s why they put all their hard-earned money thinking that it will double or triple overnight. But that’s not how crypto works. It is more of a long term investment so you have to put all your knowledge and patience hodling it to avoid end up making wrong decision that you will regret in the end. And as always, if you plan to invest in the market, always know your investment first and understand how it works. That way, you can focus on your goal and set plans on how to achieve it.

Exactly, I agree with your statement. No expectation mentor who doesn't get paid anything responsible for the loss of his protege when they don't listen to directions at all. Not at all, you don't need to be responsible for their losses and greed, and they should know what the risks are. Only stupid people don't realize their mistakes, while smart people hear what their directions are (unless they mislead).

Several common mistakes have been known, all of which are natural due to the ignorance of investors about the risks of their investments. There is no single investment without risk, and they should also really know that the risk of investing in crypto is even higher than other physical investments.

Some speculate that money in the crypto space can be multiplied several times over a short period of time, which can give an investor higher returns over time. Many people think that the return on investment in this platform is very high. Many new investors are misled by wrong information which later causes them huge losses. I think an investor should come up with a long term investment plan otherwise he will be at risk. I consider excessive greed as a common and big mistake as the new investors. Another big mistake is that some new investors invest in this platform without having proper knowledge.

Depends on the initial agreement, but most people will not be responsible for someone else's failure to cause financial loss.
Therefore giving a "DWYOR" warning is very important so that no one complains when someone fails because of our suggestions.

Failure due to follow other people's advice will be a valuable lesson, don't trust too much before doing your research first.
most new investors only think about profits, and they forget that cryptocurrencies are very risky, Losses will come anytime and don't look at anyone.

Without proper knowledge plus greed and stubbornness is just fast road to failure. I'm sure you don't look like you want to manage those people at all, just give them knowledge - but only fail because of their greed and trivial attitude about the risks behind the sweet promises.

I don't think we are responsible for other people's failures, but it might be good to get them to become more knowledgeable at something they are not completely good at. But this will only give them experience that might be useful in the future.

Here, you should've added "greed" too. Lack of crypto knowledge can be adjusted where the level of greed of the noob is under check. Sometimes investors get carried away by the ROI or APY promised without reading between the lines to discover the hidden scam. Last year I had to do an intense sensitization to some members of my church who were getting into a so-called BTCs mining site. I saw the format for registration on the site and knew it was not right. How do you ask people to do a KYC with passports and all that while the site had not debuted. I told my brethren it was going to end in tears. Did they listen to me? No! They were all carried away by the promises made by their uplines. Imagine turning crypto investment into an MLM 😂

It's true that using exchanges and online wallets are easier because on how they're being marketed, that's why everyone seems to be confident and comfortable using them because of how accessible they are and ease of access.

But, the truth has to be said and usage of it will determine on how knowledgeable you are with these type of keeping of your assets.

If you're not too careful and don't do researches then, your confidence will stay on them and when they're hacked there is a possibility that your funds might be gone forever and they have to reason out that no refunds will be made.

The path to success is always paved with knowledge. If you don't know how to do what you want to do, you will undoubtedly fail. To avoid losing everything losing, we therefore need the fundamental knowledge that will serve as our guide, particularly in the cryptocurrency industry. As you mentioned, a lot of people simply enter the cryptocurrency industry with the intention of making money. I believe that their the set of people who were duped into investing in shitcoin and losing every penny they had invested in it made the crypto industry look like a ponzi scheme and discouraged others from entering it.it hard to be successful without knowledge.
Anyone can become a victim of scammers because they are always coming up with new, unique tactics, but they rarely have the chance to take advantage of experienced cryptocurrency industry professionals because of the knowledge they have, so these scammers are primarily targeting newcomers.but it will not be also easy to scam those newbies who are not aiming to get quick money from Crypto industry because all mostly this scammers are using big turn found  format to convince newbies.

You should talk more about custodial wallets vs non custodial wallets, online wallets are mostly custodial wallets, meaning that the team are the ones in charge of your security keys e.g private keys or recovery seed, any wallet that failed to give private keys or recovery seeds to their users are custodial wallets.

Also, even if the crypto wallet is non-custodial, you still have to make sure that its open source, because if the wallet is a closed source you won't know how transparent they are, they can give users access to their wallet keys, and the wallet devs still have access to users' wallets themselves.

Most crimes happened online and it will occur in the least you expect it. Ive been hearing a lot of hacks and scam everywhere where their asset was transferred or stolen. Yeah this is happening on non custodial wallet so its kinda bit scary. It does mean that someone connect to a malicious link or application resulting to his compromise wallet. This should be wary by all the categories above since it could really happen at you. So avoid these links that you arent familiar and always check the site 3x or more cause you could be deceive by just a letter error or typo.

I categorize everything in this first one; basic knowledge is the key to every success; if a beginner waits patiently and learns the basic knowledge and experience about anything, it will be easier and the losses will be minimal because he/she will know the right and wrong things involved, as well as the risks involved. Furthermore, the new knowledgeable investor would need to learn about keys and addresses, as well as how to keep his or her private key safe.

Investors are never advised to keep all their investment assets on exchanges, and of course offline wallets are much more recommended. It's not just about their financial privacy, but of course more about the safety of their assets in the long term. This means looking after all those investment assets is the most important thing to consider rather than entrusting all budgets to a centralized exchange. The risks are obvious of course, not your keys, so not your assets.

Maybe it will be different from traders, they can keep some budget on the exchange to make trading easier. However, when not actively trading, withdrawing money from the wallet must also be considered. Until now I believed in exchanging for certain amount, that's only in the amount you can afford to lose - of course.

For me, this is a common mistake for new people entering the cryptocurrency world.
While this is a MUST-HAVE thing to have when you are in cryptocurrency. Basics will help you to be safe, smart, and profitable whenever which path you will pursue in the world of cryptocurrencies especially in investing.

It is lack of knowledge that would make one think that giving away the responsibility of hodling their coins to someone else is the easy way to store it. The moment you decide to use Bitcoin, you must have as well taken the decision to be your own bank and be responsible for the safety of your funds. It is pretty easy to use wallets that you own the seed phrase/private keys, and if anyone finds it difficult to do, then they prolly shouldn't use Bitcoin until they are ready to be their own bank.
Being inquisitive means you want to learn/understand something, thus greed/avarice doesn't make one inquisitive, what it does is actually the opposite, as it makes the person entirely focused on accruing profit/making money without learning or understanding how things work actually.

I think everyone made this mistake once. I used to keep my assets in exchanges and in mobile wallet where I didn't had the control of my own coins. But later I lost some coins form my exchange and they told everyone that there exchange was hacked. I know it can truly be hacked by others or simply they just removing balance from the users and label it as hacked.

Online wallets and exchanges are easy to use compared to wallets where you have the private key or seed phrase. For the advertisement and easy to use reason newbies keep their coins at online wallets.

It starts with this.
It's a simple basic knowledge but it's very important to acquire if you are new as a crypto investor.  If you're fully aware of possible scams, getting lost your wallet seed and etc. that result in your Bitcoin loss is just because of the knowledge.

Another factor could be greediness.
Last year, we heard people has been scammed because of double Bitcoin on Twitter or even on Youtube, hoping that the amount they will invest get doubled.

Obviously greediness will make you to be inquisitive, so it's obvious that greediness is one of the major factors that makes our investors to lose during investment, and take many people a lot to detect or notice they are getting greedy over the market or investment, what i really understand or capture in some person's kind of investment, is that they don't have take precautions in any of their investment, so most of lacks of ability or knowledge lures some investors to the negative side of investment.

Yes you are right, I recently read a post on the forum about someone who got scammed trying to invest to get high APY from an unknown Exchange called hantec. He was scammed. I wonder if he never heard of Binance, MEXC Global, Coinbase and others. These are very popular exchanges with good reputations. But he ignored them for fast money. He learnt his lesson.

I'd say it is due most especially to greed/avarice, not techically that they are inquisitive to get something.
People shouldn't even trade with strange people except they are taking the necessary precautions of doing it through an exchange. And in other cases for example, if you are approached by someone to send BTC in order to receive more BTC or anything else, then you are about to get scammed. People shouldn't trust, but verify.
I don't think that's the predominant reason why people use Bitcoin to scam, i think they do so because if the scammer is very smart and is very careful of the exchange they send the stolen funds to, it will be very difficult to trace or link the stolen funds to them because the network is decentralized.

This is really a common mistake by most newbies. They think that it's fine to keep their assets in online wallets or exchanges where they are trusting most. They do trust the exchange but they don't know what's the importance of holding their own keys.

The result isn't great at all because we know that this is an important fact being in here. If you don't hold the keys, it means that you don't hold your crypto. And that's the same with the assets being kept in exchanges, you're just seeing your deposited asset but it's no longer you that owns it while it's there.

Just want to emphasize on the aspect of scamming, people can be scam with cryptocurrency due to they are inquisitive to get something, and that is while it's meaningful and necessary to ensure that you are wise in any aspect of your transaction with a strange person. While many people use Bitcoin to scam, it's because the payment procession doesn't take time for confirmation, and secondly more stress will not be attached to it. Compare to the stress of banking system, so any business transaction negotiations that comes along with Bitcoin we have to be watchful.

People's failure to educate themselves about crypto is their first and most significant mistake. Many initially believed that cryptocurrency was a relatively high way to gain money quickly. The truth is very different. Even novices lack the knowledge important to protect their assets. The main issue is that people get greedy and fall victim to various cryptocurrency scams. After losing money, they do study and learn. Hence, we ought to learn as much as we can. We will be safe once we have a comprehensive understanding of crypto.

Most newbies entering into cryptocurrency currently don't really have any knowledge about bitcoin, most of them do hear from their friends and family that they are making money from bitcoin and they will also decide to join, Bitcoin is always over hyped to them which at the end if they don't get what they were expecting they are always getting discouraged, and some might endup falling for ponzi scheme thinking it's also crypto.
Most people don't really know how to properly store their private key and incase if you lose your private key, then you are losing your wallet and incase if scammer have access to your private key, then he/she can easily import your private key into his/her device and send out all your funds. If you are storing your private key, make sure it is stored in a place where their is no internet connection and it will be better if you can carve your private key on a steal.
One of the greatest mistake that can happen is leaving your coin on exchange, if your coin is in exchange, just assume that the coin those not belong to you, incase if anything happen to the exchange then your money is gone already. Newbies think leaving coin on exchange is really better because it can easily be accessible, but most of them those not really know the risk associated with it. If you leave a coin in exchange, then you don't have full control over the money, it's the exchange that's securing your money for you.
Some newbies that are scammed in Cryptocurrency just have to blame themselves for that, some of them are busy looking for free money online, some might endup connecting their wallet to different websites, some of them might endup invest in ponzi scheme thinking it's cryptocurrency, they are looking for fast and easy money. I believe if newbies really understand what cryptocurrency is really about, I believe the leave at which people are scammed will reduce.

Every crypto newbie is bound to make one or more mistakes; I've made mine 😉, and others have as well, and topics like this have been created to inform crypto newbies, but I know some may not get the right information, and as a result, they will continue to make mistakes. It is normal to make mistakes and learn from them (experience is a good teacher); if they can't learn to get a good knowledge of cryptocurrency before venturing into it, then experience will teach them better. OP, talking about the common mistake crypto newbies make, your first point has it all, because having basic crypto knowledge means you should know about security, which comprises keeping seed phrases secure and also how to avoid some possible scam activities, as well as how to store your coin in a wallet and not on a CEX.

This is the most important aspect of cryptocurrency that everyone must understand in order to begin investing here. People's good stories and achievements may be the most compelling reasons for joining cryptocurrency, but they are insufficient to persuade those without prior knowledge of the cryptocurrency market. Many people have come and gone because they had high expectations that were not met. Without this fundamental crypto knowledge, all other market information will be useless to them.

-Inadequate password and seed phrase storage
-Ignoring Fees
-Keeping Crypto in Online Wallets
-Getting Scammed
All these aforementioned can be avoided when a person has the basic crypto knowledge before he/she joins the crypto market.

I guess losing your private keys or seeds and getting scammed is the one that really hurts when you're into this business, you are left on your own the decision are all yours on how to proceed, and you have to choose who and what to trust and how to protect yourself.
Honestly little knowledge is very dangerous in the Crypto world, no knowledge is adequate you must always update your knowledge and always if what you know about security is still relevant in the Crypto world.

Mistakes due to a lack of basic knowledge are the cause of all the mistakes mentioned. When beginners only know about crypto but do not understand what basic crypto knowledge actually is, they will only assume crypto does not have a big risk and only capitalize on their instincts can get a lot of profit. But that is the beginning of all the losses that will be experienced.

People store passwords or phrases carelessly and carelessly because they don't know how to keep phrases properly to prevent them from being stolen by others.
Ignoring fees without any research will give a large fee when making transactions.
About wallet security needs basic knowledge of how to avoid malware etc. to avoid being hacked and deceived because there is no research on the new project to be followed. It all depends on how much knowledge you have about crypto and others. Learning from scratch and understanding basic knowledge will be very influential for a beginner's journey in crypto. I have even experienced all these mistakes.

Seriously many new investors see cryptocurrencies as a quick get rich scheme and I sometimes blame it more on the orientation they receive. In my locality after the massive bull run in 2018 where many early holders gain huge profit. And With the emergence of new coins and airdrops where they were cashouts people see it as place where they could just earn lots. Some went ahead to invest their entire saving and later regretted it.

It is even a norm now that when you tell people you’re into cryptocurrency they label you as some one rich.
When we educate people about crypto we should inform them that does gaining massive profits now were long time holders or people who gamble with shitcoins which is a huge risk

You are valid in all your stated points, and thanks for putting the newbies through to knowing what to do. It would be carelessness and an expensive mistake for any adult to venture into something new without fully being aware of it. In money-related dealing like crypto, many had learned the hard way, you don't rush in, one must first verify the genuity, safety and mode of operation to avoid mistakes and being scammed.

But about your points on wallets, one should not primarily trust the centralised exchange and any custodial wallets. The non-custodial wallets with open source are the best for true ownership of one's coin. The idea of totally condemning online wallets is not cool to me, some are safe to a high degree, except offline wallets are safer. Only people with a reasonable number of coins and long-term holders would opt for that.

I think the biggest mistake new crypto investors or beginners make is too high or unrealistic expectations that they will get rich overnight through crypto investing.
It's important to be well informed about everything before any investment, analyze the market in detail and only then make a rational investment decision based on facts and not emotions or expectations.
Of course, it is always important to take care of Internet security, but you should also have a concrete investment plan and a clear exit strategy.
The problem with crypto is a lot of young and uneducated investors who don't understand the high risk of crypto investing.

Investing in cryptocurrency can be thrilling, but many inexperienced investors make basic errors because they are so excited about the profit people make from trading cryptocurrencies that they believe they can ignore the small precautions and guidelines, resulting in the loss of some or all of their assets. So this post aims to increase knowledge among crypto novices so as to prepare and prevent them from repeating the same errors that have been made previously. The mistakes are as follows:

-Lack of Basic Crypto Knowledge: Some people are drawn to cryptocurrency because of the excitement and profits associated with it. As a result, people become obsessed with making money and fail to understand how it works. Without the proper understanding, you run the risk of losing your assets quickly.

-Inadequate password and seed phrase storage: A backup phrase known as the seed phrase is necessary to gain access to digital wallets where cryptocurrency is stored. These backup phrases must be correctly maintained since if they are lost or forgotten, you will be unable to access your assets or recover your bitcoin. To prevent asset theft, keep them in a location that only you have access to and that is not too hidden so that you can readily find them. You can preserve your seed phrase physically so you don't lose it or forget where it is.

-Ignoring Fees: Many people who are new to using crypto exchanges have no understanding how the gas fee works, they simply purchase it and end up losing a significant amount of money over time. You can save money by discovering the lowest-cost exchange and selecting the most effective method of purchasing cryptocurrency. While looking for exchange that offers low fees it is also important to consider the reputation of the exchange. Sometimes it’s better to use exchange with good reputation even when fee is high.

-Keeping Crypto in Online Wallets: Keeping your cryptocurrency in exchanges or online wallets does not provide complete protection and is easily compromised. Because online wallets do not provide the same level of security as offline wallets, it is preferable to keep your valuables in an offline wallet.

-Getting Scammed: Cryptocurrency users have now become a target for cyber criminals and scammers, the rate at which people are conned online is getting out of hand. These criminals employ a variety of strategies, so I urge everyone especially newcomers to use caution when interacting with others online and avoid falling for their cunning tricks and fake promises. Never share any personal information and never connect your crypto wallet to any untrusted applications.

Finally, I advise my fellow newbies to never overlook minor details that they may believe are insignificant, as they may be the deciding factor in their crypto adventure's success or failure.