Top mistakes of newbies in crypto | Bitcointalksearch.org

xSkylarx

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Quote from: ChiBitCTy on September 26, 2022, 07:24:43 PM

The biggest mistake I see people make with bitcoin, other cryptocurrencies, and or investing just what so ever is the absolute lack of reading and self education I see. The simple fact of the matter is most people refuse to take the time to actually sit down and educate themselves. I always hear people say they just don’t have the time to sit down and learn but that’s just excuse.

Tbh I don't feel bad when I see those kind of newbies lose money in bitcoin and other crypto. Their idea of cryptocurrencies is it's just going up that it doesn't matter to them whatever price they will buy. People like them are always doomed to fail when diving into different investments.

Oilacris

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3. unrealistic expectations

Newbies should really be avoiding this kind of behavior on which they are really that hoping into something which is unrealistic.Its never been good on having these kind of expectations
which would really be resulting into that kind of desperation which would really be resulting into rushed actions without having those proper analysis and thinking.
Once you do able to realize that dealing up with crypto volatility isnt something that easy to handle out, then you would really be saying that
it is really hard to make money which is totally opposite on what you had think or feel initially.

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Quote from: AakZaki on September 27, 2022, 10:42:50 AM

Quote from: qwertyup23 on September 26, 2022, 11:23:39 AM

While flexing on a given profit may seem unrealistic, it is indeed possible to reach those numbers BUT it requires tons of experience, luck, and capital in order to achieve this. I agree with you- people who brag about earning $100k+ profits can be very deceiving especially if you consider the overall factors. Unfortunately, those people aim for clickbait titles in order to garner views which they may capitalize on.

Again, cryptocurrencies are "investments" which means that there is no easy way to profit. If there exists such a way, then everyone would have been rich by now.

Investing in crypto is indeed not an easy way to get rich, there will be many processes that will be passed as well as some risks that will get in the way. Those who want to make a profit of $100k with a capital of $1000 are just bragging. It's not impossible, but it takes time and in-depth knowledge of trading and investing. Not as easy as turning the palm of the hand. Must be more realistic

The only safe investment that has to do with Crypto is in bitcoin, I remember that when I started bitcoin it reached $20k, many investors made a lot of money because they invested in altcoins, but the situation in those years was different from the one we lived in, and depending on how things are going in the world, oil, gold, all kinds of assets that are very relevant and are highly sought after, can fall, but bitcoin will always have the opportunity to gain more price when there are whales that buy bitcoin and They lead to historical highs, and that is something that not even gold has been able to do, gold is stable, but digital gold is a denomination that some experts have cataloged as bitcoin.

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Quote from: qwertyup23 on September 26, 2022, 11:23:39 AM

While flexing on a given profit may seem unrealistic, it is indeed possible to reach those numbers BUT it requires tons of experience, luck, and capital in order to achieve this. I agree with you- people who brag about earning $100k+ profits can be very deceiving especially if you consider the overall factors. Unfortunately, those people aim for clickbait titles in order to garner views which they may capitalize on.

Again, cryptocurrencies are "investments" which means that there is no easy way to profit. If there exists such a way, then everyone would have been rich by now.

Investing in crypto is indeed not an easy way to get rich, there will be many processes that will be passed as well as some risks that will get in the way. Those who want to make a profit of $100k with a capital of $1000 are just bragging. It's not impossible, but it takes time and in-depth knowledge of trading and investing. Not as easy as turning the palm of the hand. Must be more realistic

Japinat

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Quote from: xSkylarx on September 27, 2022, 07:37:34 AM

Quote from: ChiBitCTy on September 26, 2022, 07:24:43 PM

The biggest mistake I see people make with bitcoin, other cryptocurrencies, and or investing just what so ever is the absolute lack of reading and self education I see. The simple fact of the matter is most people refuse to take the time to actually sit down and educate themselves. I always hear people say they just don’t have the time to sit down and learn but that’s just excuse.

Tbh I don't feel bad when I see those kind of newbies lose money in bitcoin and other crypto. Their idea of cryptocurrencies is it's just going up that it doesn't matter to them whatever price they will buy. People like them are always doomed to fail when diving into different investments.

Most of the newbies are not the researcher type who studies the crypto first before making their move and start to invest some coins that they'd see profitable in the future, most of them have just invested blindly without knowing the coin/project first and it's either they know someone who got rich by specific that coin/project or it's just pure trend that's why along the way they lose money because they didn't understand it.

ChiBitCTy

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The biggest mistake I see people make with bitcoin, other cryptocurrencies, and or investing just what so ever is the absolute lack of reading and self education I see. The simple fact of the matter is most people refuse to take the time to actually sit down and educate themselves. I always hear people say they just don’t have the time to sit down and learn but that’s just excuse.

GeorgeJohn

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Some times it's good if you make a caution and it go contrary to the body of the sentence, what i believe is that, what causes the mistake of newbies in cryptocurrency investment is determined by the ability or inability of the the newbies to study every possibility that will lead to comprehend the risks behind bitcoin. Because some of the newbies is not interested to learn. I was supposed to react to this through the body composition of your texts, but i picked your caution to respond and it's best know to me.

Slow death

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Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

1. Hopium

propaganda online is huge. ridiculous price targets of a coin from fake influencers make them feel better about their investment. better not to listen to them and keep a own view of the market.

man this is not for newbies, I'm sorry but I see this happen to people who have been in this market for years, and the reason is greed, just look at those doge cois and XRP investors and so many altcoins that the price is very low as they think, I get scared just by reading or listening to the guy from youtube when he makes such optimistic analyzes and recommends buying these altcoins, at that time even my head hurts

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

2.degen mode

don't buy a coin because someone else advised or made money. when i ask people about their investment in crypto most of them actually don't know any fundamentals of it.
do the proper research or stick to the average results everyone is halving.

since I joined this crypto market, I have always seen people buy coins because other people have told them that it would be a good choice to buy coin X, until a few years ago people went to youtube to follow recommendations from youtube guys, but today there are so many channels of telegram that do this

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

3. unrealistic expectations

Don't get manipulated by profits you see online. 100k profits on a trading account or a sport car. you will never achieve that with your $1000 account. understand that and be real with you.

again, this is the part that most makes people enter this market, who doesn't remember that in 2019 there were many price predictions of 50,000$ and 100,000$ and 500,000$? I even thought that $50,000 was an unrealistic prediction, but we got to $68,000 Cheesy

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Quote from: Sanitough on September 26, 2022, 04:55:39 PM

Quote from: ethereumhunter on September 23, 2022, 09:34:59 AM

Newbies invest in crypto without doing much research and just the following advice from others so they don't really find the right coin to invest in. They tend to only take advice from social media that says coin 1 will fly in a short time even though the coin has not been able to upgrade or is still in the development stage.

Beginners spend big money investing in new projects that end up being scams and we've seen many stories behind this. They don't want to learn more about trading and just buy and sell based on group trading signals. There are still many mistakes from beginners who don't want to learn before investing in crypto.

These newbies are prone to create mistakes because they always think that crypto creates instant huge profits and that crypto is a quick rich scheme. That is why they never take crypto seriously and never learn the hard way. Instead, they just trust other people’s advices who claimed they are good and profitable in crypto, which the truth is they just keep losing in crypto.

that's the usual misconception of newcomers in this market. they thought that this is the path for their get-rich-quick scheme, however, once they understood this market, they will discover that there's more than meets the eyes to finally get those profits. it would take time for them to grasp such reality. but if they won't give up, they will also get the profits, but that is, if they learn something on how to generate those sources of income in crypto.

Sanitough

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Quote from: ethereumhunter on September 23, 2022, 09:34:59 AM

Newbies invest in crypto without doing much research and just the following advice from others so they don't really find the right coin to invest in. They tend to only take advice from social media that says coin 1 will fly in a short time even though the coin has not been able to upgrade or is still in the development stage.

Beginners spend big money investing in new projects that end up being scams and we've seen many stories behind this. They don't want to learn more about trading and just buy and sell based on group trading signals. There are still many mistakes from beginners who don't want to learn before investing in crypto.

These newbies are prone to create mistakes because they always think that crypto creates instant huge profits and that crypto is a quick rich scheme. That is why they never take crypto seriously and never learn the hard way. Instead, they just trust other people’s advices who claimed they are good and profitable in crypto, which the truth is they just keep losing in crypto.

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Quote from: bakasabo on September 26, 2022, 09:53:13 AM

Imo the biggest mistakes newbies can me in crypto is believing in everything or straightforward believing someone else opinion without checking different sources or options

These are the categories of newbies that eventually left everything to be handled by the ones that introduced them to bitcoin not even minding on taking their time in learning and making some personal discoveries about bitcoin, they will later come to the forum after being scammed and cheated to report how they can recover their stolen funds from their bitcoin wallet.

Quote from: bakasabo on September 26, 2022, 09:53:13 AM

Many believe that cryptocurrency is easy and any action they do is correct and in future will bring money. I've seen many times those "I know it better and there is no way I am gonna get scammed" kind of people in crypto.

These are another category set of people that overconfidence is dealing with, they won't calm to learn but believed they've already know it all, the funny aspect is when they got scammed, they won't come out to say it, but they will still be in doubt if it could actually be a scam or not Grin

qwertyup23

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Quote from: blockman on September 22, 2022, 02:38:08 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

3. unrealistic expectations

Don't get manipulated by profits you see online. 100k profits on a trading account or a sport car. you will never achieve that with your $1000 account. understand that and be real with you.

These influencers that are flexing their profits or an individual are showing their profits. But they don't want people to know their losses, I guess a wise person would only believe that person if they're honest with everything which includes the losses.
But, for individuals, it's better not to share any details of what they do especially in profit because they won't know who's trying to catch them personally with those flexing and it could go wrong.

While flexing on a given profit may seem unrealistic, it is indeed possible to reach those numbers BUT it requires tons of experience, luck, and capital in order to achieve this. I agree with you- people who brag about earning $100k+ profits can be very deceiving especially if you consider the overall factors. Unfortunately, those people aim for clickbait titles in order to garner views which they may capitalize on.

Again, cryptocurrencies are "investments" which means that there is no easy way to profit. If there exists such a way, then everyone would have been rich by now.

erep

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Quote from: bakasabo on September 26, 2022, 09:53:13 AM

Imo the biggest mistakes newbies can me in crypto is believing in everything or straightforward believing someone else opinion without checking different sources or options. Many believe that cryptocurrency is easy and any action they do is correct and in future will bring money. I've seen many times those "I know it better and there is no way I am gonna get scammed" kind of people in crypto.

We know the crypto space is very wide of each different characteristics, many typical beginners and greedy want to profit from invalid sources without considering the high risk of loss, I have a newbie friend who has joined the fake crypto signal group and he has bought most of the tokens from his money following the signal group, some of the signals lead to buying scam tokens that have not been listed on the top exchange and he follows them until they experience high losses. So anyone new to crypto must be guided by experienced and trustworthy seniors, even though beginners must have fundamentals about investing to protect themselves from investing mistakes in shitcoins.

bakasabo

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Imo the biggest mistakes newbies can me in crypto is believing in everything or straightforward believing someone else opinion without checking different sources or options. Many believe that cryptocurrency is easy and any action they do is correct and in future will bring money. I've seen many times those "I know it better and there is no way I am gonna get scammed" kind of people in crypto.

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The 4 mistakes you mentioned above aren't the top mistakes of newbies in crypto space. The biggest mistake of most newbies in crypto is bought a shitcoins (altcoins)! that's why they're often face many problem, if they only invest on Bitcoin, they wouldn't face many problem about technical thing.

Invest on shitcoins increase many risk, such as:
1. Rekt, LUNA and UST
2. Scammed by the CEO
3. Security breach and hacker can hack the smart contract
4. Frozen coin, even on your own non custodial wallet
5. Bought a fake coin and many more

If you invest on Bitcoin, you can skip the whole risk I mentioned above.

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Quote from: TelolettOm on September 24, 2022, 06:33:30 PM

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

propaganda online is huge. ridiculous price targets of a coin from fake influencers make them feel better about their investment. better not to listen to them and keep a own view of the market.

As long as newbies don't want to learn and enrich themselves with up-to-date and reliable information about crypto, they will easily fall into this mode. And unfortunately, this is not only happening to newbies but to people who have been in the crypto world for a long time but are too ambitious to get rich suddenly.

And it has happened to many people; unfortunately, they don't learn from previous experiences.
If they can get into the crypto world in time, they can get rich quickly, like a few years ago.
But sadly, few people can get in on time and most of them get into crypto during a bull run so many of them fall into the trap of buying at high prices.
We should avoid that as best we can so that we don't face any problems later and always do analysis before buying a particular coin.

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Quote from: DoublerHunter on September 24, 2022, 04:12:53 PM

Quote from: Raflesia on September 24, 2022, 03:00:43 PM

This is indeed one of the most relevant now, because in fact nowadays especially for beginners sometimes always make the thought that Crypto is the most instant way to earn money and obviously in this case it is actually a mistake because with this kind of hope it indirectly encourages them on the brink because they are always on the lookout for something instant like shitcoins that expect pumps and hype. They think this is the right move but in fact they have been trapped in a false hope.

^Probably they thought that trading in crypto is easy to make money, just execute buy and sell but if fact, they did not know how to predict correctly the market. False hope would be the main problem of the newbie especially when they heard about profit, they don't know the whole mechanics of how it will work, they don't know the right process or in a technical way, and they don't have an idea of how in trading makes money.
Probably that is the reason most them becomes a victim of a pyramid scheme or any double money scheme that give sweet promise to them to double their money in just a matter of time.

This is one of the interests that learning from the beginning is important because there are indeed many who feel cheated by crypto even though this is one of their own who did not study it first and focused on the profits received so that indeed when they practice, especially trade, they will be surprised by expectations. those who turned out to be incompatible with the existing reality.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

propaganda online is huge. ridiculous price targets of a coin from fake influencers make them feel better about their investment. better not to listen to them and keep a own view of the market.

As long as newbies don't want to learn and enrich themselves with up-to-date and reliable information about crypto, they will easily fall into this mode. And unfortunately, this is not only happening to newbies but to people who have been in the crypto world for a long time but are too ambitious to get rich suddenly.

Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

Don't get manipulated by profits you see online. 100k profits on a trading account or a sport car. you will never achieve that with your $1000 account. understand that and be real with you.

Many newbies only see form the successful traders or investors when they say that they become rich because of cyrpto. ANd newbies expect to be like them so much that is why they will do many things to realize. The worse thing is that they will do it even instantly and although the ways actually scam. That is why many newbies are trapped in becoming victims of scam projects because they expect too much instantly. But they don't see the long process by the successful traer or investors in crypto.

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Quote from: Cryptornd on September 22, 2022, 12:00:26 PM

the real wealth in crypto is made only by founders or holders , not by traders. even if you trade for rest of your life , you will never outperform the guy who bought bitcoin and Ethereum 5 years ago. analyze the data and don't be greedy. long term matters.

I totally disagree with your assumptions. Try to think more realistically and learn more. One thing, You can't really be sure long term holders are richer than traders, that's very subjective as short term investors may own more bitcoin than just long term holders. This only depends on your financial strength, so there is no certainty.

Long term investment is more profitable than trading, maybe I can justify this assumption. But going back to the old point, it just depends on who is doing it and how strong you are financially.

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Quote from: lixer on September 24, 2022, 03:59:54 PM

~

Considering their followers are worshipping them, I am not surprised that many of them fall for this. Remember when Elon Musk was really popular in crypto? Yeah, he was like a news in this forum a lot. Many investors went crazy and went all in to whatever coin he was mentioning into his tweets.
Just because someone rich and made a tweet of him investing into something makes his followers think that they are going to end up like him.

Following these rich dudes won't make you rich. Surely they have that dirty secret of being successful which is "by luck".

Topic: Top mistakes of newbies in crypto (Read 723 times)