Topic: What is the biggest issue for beginners ? - page 4. (Read 1689 times)

Also people need to understand that some people will just scam in the name of help. Newbies should be careful with that. I know many people who want to invest money in bitcoin but since they do not know anything about bitcoins, they take help from people and those people rather then helping try to scam them.

Thank You NotFuzzyWarm
Especially for not just ridiculing me for my lack of understanding, as I have spent hours and days reading and researching.
I am just horribly confused.
Your info is very helpful, and I just need to keep learning I guess.

I still can't figure out what my private keys are exactly so I am fearful of doing anything at all because I may accidentally give them out.

As a side note I am amazed how people who think Bitcoin will become the currency of the future cannot see the obvious reason it will not.
Because it is so complicated to use, but more importantly, the complexity it creates causes real fear of losing everything with one wrong click.
The fear is the reason.

My case has to do with my emotions, apart from the early days, I don't get the urge to engage in ponzi related scheme as 90% of Investors from my regions does but the fact that I still want to participate in every new trend in the industry is killing me. I would had been better off just holding my bitcoin and maybe today I would had own some good number of bitcoin but I keep making the mistakes of investing into alts that burns me yearly. The issue isn't that I'm not gaining (I do in USD) but I'm lossing my bitcoins in the process.

I can remember trading most of my bitcoins holdings for Ethereum in anticipation for the upgrade but today I have lost more bitcoin than I have gained US dollars profit. My emotions still has a strong influence in my decision making which is why I had to take some break from trading. Also had similar experience with DeFi, with time though I know I'll overcome but it is killing me currently which isn't just cool.

here are I think issues for beginners in crypto

1. they are excited - being excited is okay but since you are eager to jump right into, you forget that you are there to earn money and just buy everything without even doing research.

2. You don't know how to control your emotion since you just started and bought a promising coin may be, the price started to go down with that you panic and don't know correction in crypto, after a few days it gone up 20x and you regret it, never follow emotions in trading.

3. Buying coins that promise a good profit, this happens in me before.

4. Holding coins too long your money just sleeping and doing nothing in your wallet, you miss a great opportunity holding to something that never really has a future.

I guess this is some newbies are the biggest issue, you can correct me if I'm wrong in my statements,

If you are referring to the pinned message here, no it is not a scam. More of a poor choice of words.

AFAIK it means: Using your wallet software  be it Core, Electrum or whatrever- that only YOU have the private keys to - create a wallet then have the wallet generate a signed BTC address. You post that newly created signed BTC address - NOT your private keys!

That way if something happens with access to your account it allows admins to recover your control of it by having you send them another signed message FROM THE SAME WALLET to prove who you are.

As for what a wallet actually is... All blockchains are a ledger. that ledger holds a history of all transfers ever done on the blockchain. Refer to this Wikipedia entry about what a blockchain is.

Start with that a crypto coin network be it Bitcoin, ETH, whatever, is housing a series of scripts that are all linked together in a chain - the Blockchain. Those scripts assign encrypted values to anything be it money, documents, hog belly futures, whatever, that all uniquely identify and refer to an originator of a transaction. The owner of the wallet that created the address & transaction is assigned a set of private keys. Your wallet software uses the private keys to create the tx/rcv addresses so the addresses uniquely point only to the address you created and in turn, the wallet that created the address.

The main points to all that are:
1) KEEP YOUR PRIVATE KEYS PRIVATE!
2) Use your wallet software to generate a Recovery Phrase for your Private Keys!
Keep copies of that recovery phrase(s) somewhere very safe and NOT on any computer! If you somehow lose your data those Recovery Phrase(s) will allow you  - or anyone else who has access to them - to re-create your wallets.

edit: All of that applies to using software wallets ran on a PC. In the case of webwallets - like Coinbase.com or Blockchain.com et al you do NOT have Private keys - only the website has them so there is no fear you of accidentally revealing your Private keys. HOWEVER - they DO provide you with a Recovery Seed Phrase that if needed can be used to regain control of your account. Treat that Recovery Seed Phrase the same as Private Keys because anyone who gets access to that seed can take over the account!

oops I'm sorry I guess I misunderstood the initial question.

I thought it referred to beginners with bitcoin. Maybe it is beginners with the forum

The biggest issue with the forum is I can't find simple answers to simple questions without being contradictory.

Example:
#1) I bought bitcoin on coinbase. Where are they?
answer: they don't actually exist, they are just numbers.

#2) how do I keep my bitcoin safe?
answer: put "them" in a wallet (contradicts #1 answer)

#3) Am I supposed to keep my private key secret?
answer: usually yes

Why then is there a post on this website asking newbies to sign their posts with their private key?
Is it a scam post to scam newbies?
unanswered

The biggest issue regarding the bitcointalk forum for beginners: Learning that not all crypto coins are Bitcoin! Bitcoin is NOT a generic term for crypto coins. Would you call any off-road capable vehicle a Jeep? No. Would you call Chinese or Japanese, etc money a "Dollar"? No.

Only Bitcoin is BTC, all others are altcoins that have nothing to do with Bitcoin. Doesn't mean that they don't have value, some do rather well. But - they are not Bitcoin. They are XRP. Eth, Dodge, etc.

PROBABLY GET BANNED FOR THIS LONG POST BUT I AM AT MY WITS END TO FIGURE OUT BASICS  HELP!!!
The biggest issue is that bitcoin and the whole crypto world is just too confusing for regular average people.
There is all this prediction that it will be the currency of the future but is just way too complicated. Also too time consuming.
People get impatient when they wait 20 seconds for the card reader at the store! Do you really think they are going to wait MINIMUM 10 minutes for a bitcoin transaction?
I have spent hours per day for 3 weeks and have a fair but very low understanding of crypto currency.
I feel like I need a degree in computer science though just to start to use it!
Most people on these sites seem to think everyone is on their level but I am a carpenter and I don't use a computer much.
Okay I am below average with computer skills but if everyone wants 100% participation in crypto for the future you need to see that 50% of the population is "below average"

Where can i find info on how to actually do all of this?

Please don't tell me to just google it because I have, and I get confusing and contradictory answers.
The thing that is probably holding millions of people back is the fear of losing their money.
Google fear of losing money on bitcoin and all the answers are about risk management, investment strategy, etc.
I am talking about the massive complexity of just a transfer, sending my bitcoin into space.
I managed somehow to buy bitcoin on coinbase and thought I had a wallet there but managed to send some to Bittrex but to do it again I don't think I can figure it out as I am literally terrified of using the wrong number.
I was given a 12 word code which appears to most people as just a massive heard attempt at making it easy for people to "lose" their bitcoins but obviously the exchange wallet still has them.
I think I am supposed to have a public address and a private address but there are palces to put just "address"
Is this my public address or private address and I don't even know which is which
and where is my private key? Is it the 12 words? Hardly a secret since coinbase had me enter them to make the transfer to bittrex.
And further contradictions are that my key is supposed to be my own secret key but there is even a post on here where they say to sign the post with my private key. Doesn't even make sense.

I'm sorry this is probably too many questions and I just don't know where to ask them.

The biggest issue facing me in crypto is getting to understand where different wallet addresses fall like erc-20, trc-20 and the likes.
Is a tron address also under the ethereum network or it has a network of it's own and why are they not as simple as Bitcoin wallet network?

Some of the issues I encountered as a beginner in crypto sphere are:

1: Inability to organized my files in a secured and arranged manner such as; my usernames, passwords, etc used in various websites and Apps.

2: Jumping into any project I come across without first of all  going through the projects white paper for proper understanding of its roadmap.

3: Unable to exercise patience where and when it is required

I've faced many difficulties and I'm still currently facing few. One one the major problem I've faced is the private key issue.  I was thinking it is like normal password that could easily be recovered through e-mail or cell digits. Thank God the lost amount is not more than $50. Another problem I've faced is the issue of taking trade (buying /selling) from exchanges, the figures are just too much for me to comprehend. Now my major problem is passwords. I have different passwords for different accounts, to be able to know more than 30 passwords is becoming a problem. You will probably be thinking I should save it somewhere right? I usually work on phone, system and others. I Stan more security risks if I should store in on them

As a beginner back then, the biggest problem i had was distinguishing of cryptocurrency wallets around the crypto space. It was hard for me to understand the differences between the ERC20 and others, also, the BEP2 among others until some few years back. Till now some other beginners are still finding it difficult and still be involved into differentiating of these types of wallets.

If anyone isn't so careful about security in Crypto then he will face the biggest issue because all of his funds can be hacked.
So I will suggest all beginners to be careful and secure your funds that you earned by hardworking.

Beginner's problems come in several factors because they come from various aspects. Sometimes beginners get the wrong starters because of an inviter who teaches the wrong way. We can see an example in this forum where the jump in the number of newbies is increasing, of the many beginners only a few are involved in discussions looking for useful information in the future. The rest is to follow the campaigns all their life without a sufficient knowledge base. As a result, beginners are often disappointed after hard work.

Personally, it is the confusion of where and when to begin. As a non-technical beginner, I find it difficult to understand simple terms relevant to cryptocurrency. As cryptocurrency has a wide range and variety of subjects, it caused a mind full of thoughts and questions. At that moment, I have realized that I should not push myself to understand everything in a specific time frame. For that reason, I have gained some knowledge as time passes by. I start little by little, from its definition, words associated, crypto wallets, exchanges and etc. Thankfully, there’s a forum that exchanges ideas regarding cryptocurrency, which helped me enhance my understanding in the past years.

If we talk about crypto, it is very complex and many things are related to crypto. If you are a beginner then I think set the goals you want to achieve in crypto. As far as you know, want to be a trader, or a developer, or something. After determining that, it will be easier for you to achieve your goals because it doesn't cover common problems in crypto anymore. Besides that reading is the key to success for beginners, the advantages of this discussion space here are a lot of knowledge written by experienced experts, therefore read diligently.

The biggest issue I experienced when I was a beginner regarding the crypto sphere:
- Difficulty understanding the term cryptocurrency.
- Confused about technology issues related to cryptocurrency.
- How to differentiate between real and fake projects, several times I have experienced investing in scam projects.

The biggest issue regarding the bitcointalk forum for beginners:
- Using the features available on this forum at first I had a hard time.
- Confused understanding the merit system according to the forum rules.

My biggest issue was a fact that I was scared to ask questions. Most of the time I was sent to google.

For example when I ask what is a bitcoin and what is it used for? I got answers like "Are you banned in google?", "Use search" or etc. So I had to do self-education.

This is very common to bitcointalk forum. While some say that forum is dying coz there is no fresh blood, others saying "use search, that was already discussed thousand times here" and "you are here only for the money, go away, shoo-shoo stupid noob".

Of course the world of technology is different compared to the traditional or old system where fiat currency does involve.

Surely there are many things to get through and this digital currency is new especially to those who are not updated with the new trends. There are many things that can get confuse with the new comers of this digital currency technology. These are some technical terms that cannot be easily understand.

1. Blockchain
2. digital currency addresses
3. digital wallet
4. digital signatures
5. encrypted messages
6. crypto mining
7. digital transactions
8. and etc.

It is difficult at first but once you familiarize all of these then it could be done easily the next time around.

Well stated.  One of my biggest issues as a newcomer in the industry is what is the specific coin "about" and does it logically fit within the crypto industry, or another industry where they are trying to make crypto relevant.  Sometimes I feel that I am overthinking it, but then again, I'm putting my hard earned money into a "coin" with the hope that either the adoption will occur or that another "coin" will see that specific need within their own realm.

In the end, even with all the information, it can still be so overwhelming.