Topic: What is the single worst piece of advice you ever received relative to Bitcoin? (Read 485 times)

The worst advice I received, and this will be unpopular here, is to ignore competing blockchains such as Ethereum and Cardano. Thankfully, I did not take the advice of only investing in bitcoin. I believe there will be multiple winning blockchains in the future.

Frankly, no one ever advised me anything regarding bitcoin or you can say I never really paid heed to any if given. I never even thought of investing in bitcoin; neither do I have such plans. Trading bitcoin works more than just good for me and so I am going to do that for the rest of my career.

The worst advice I received from a friend who is a businessman whose job is to be the General Manager of PVC plastics is never to invest in BTC because it is a financial bubble that will burst at any moment like tulips and that will become a scam. Of course this was told to me by an older person, the Lord is 65 years old and I respect what he told me, but since I am an irreverent person who does not believe in what others say, I never followed his advice, and although I have not I have never had the privilege of having 1BTC but fractions of BTC I always try to gather little by little until I reach 1BTC, that makes it much more exciting.

I also get many suggestions like that from some friends but I never take my chance to go to the stock market because I feel that is more complicated to see the chart changing many times. I feel that is too difficult to learn the analysis because the stock will be related to the real conditions in the real life. So I still decide to stay at the crypto and try my best to earn more money from crypto. Later, they are not trying to suggest I go for the stock market because they see what I get from crypto while they still struggle to analyze, even using software that they claim can help them.

The worst advice and I regret it until now is, when my friend from abroad suggested buying 1 or 2 Bitcoins in 2020, when the price is $6000, wait 1 or 2 years, that's the worst advice for me, because I didn't buy and I regret it.

So, for now I'm not going to ignore my friend's advice anymore and I have to do it, not wanting any further advice about Bitcoin to get any worse and worse.

My friend suggested good, but bad for me because of my selfishness and distrust, that's what happened.

I cant forget these words "Dont invest in BTC, instead go for stock market" came from a friend who dont believe about Bitcoin because he is a stock market investor and thinking BTC is just a scam like any other money making opportunity online.

But everything changed when Bitcoin drastically increase. He was then convinced that investing in BTC is profitable as well.

It's the same advice I received two times: first time back in late 2013/early 2014 and then again in 2017, and it was people saying that it's too late to buy Bitcoin now.

So, first time I heard about bitcoin, I naturally wanted to buy some but couldn't afford one whole bitcoin. On top of that, several people around me told me that it's way too late now to invest in bitcoin and that I should have done done when price is was at the 2 digit number. Since I was inexperienced, I ended up buying bunch of shitcoins instead, which naturally didn't end up well.

Fast forward to 2017 when I came back to crypto after 2 years break. And again listening to the same thing, that it's way too late to invest in bitcoin (at the time it was BTC was between 1-2k USD) . This time I had more experience so instead loading up on the worthless altcoins I focused on BTC. Best decision ever.

Interesting question, there were a few things I thought was a tip and ended up hurting me. One of the biggest mistakes I made because of recommendations from others was to sell my bitcoins and move into alt coins. The coin I switched into lost 50% while bitcoins made a few hundred percent. Its always hard to follow a tip and see the market move against me. After that I realised that even the best tip is no guarantee for success. Should be a good summary of things to avoid for beginners.

That was a terrible one. Bad advices are those coming from those people who lack of knowledge but even think they are knowledgeable as legends. And if you follow them, that's when you end up losing. As for me, i was advised before to never invest in bitcoin as it was a ponzi scheme, so i doubted it at first. But when i started seeing my friend's investments growing because of bitcoin, that's when i realized that bitcoin isn't a big scam after all. Now i'm starting to enjoy all my profits in bitcoin and main altcoins and that's because i never believed those negative advices from bitcoin haters.

There was bad advice I once heard from a friend of mine about Bitcoin, and I still remember it to this day. My friend once said that I should sell
all the assets I have to buy Bitcoin, he convinced me that Bitcoin would make me rich if it was a big investment. At that time I didn't really understand
how Bitcoin worked, so I believed what my friend said. And finally I decided to sell my girlfriend's car to be able to buy Bitcoin, because at that time
I didn't have any assets to sell. Then because I still lacked knowledge, I panicked when the Bitcoin price fell deep enough and I decided to sell
the Bitcoin that I have at a loss. The bad advice my friend gave me, made me have a big debt, because I had to replace my girlfriend's car.

The worst that I have heard was that come from one of my friends. When bitcoin dropped the price too much he said not to hold and sell all bitcoin.
Fortunately, I did not listen to him instead I split it and sell the 30% on it and the rest I hold until it reach $30k which is when I asked him he was so regretted it. He does not have patient at all and decided to sell his bitcoin.

There are a lot of advice I have heard before, there's a bad and negative but before you will listen to them just think it first.

I feel like shedding tears seeing this thread. I have Bitcoin worth a lot of money before the Covid19 pandemic started and I decided to join a paid signal group to make profit from daily trading. I have not recovered till date from selling out my Bitcoin during the pandemic bear market because the owner of the signal group said we should all sell off reason being bitcoin will crash to $100.

“You can sell Bitcoin at the right time, and remember to stop the loss when the price of cryptocurrency drops.”
 I don't think it is correct to sell Bitcoin. Should keep holding.

Aha!!! Now this reminds me of my early days when getting involved in Bitcoin. Although none of my family members and relatives have made a comment about me getting involved to BTC back then, but I got the worse advice coming from a “mentor” of a team that I belong back then in the network marketing world.

He just said that BTC is a ponzi scam as there are a lot who were scammed of that coin and advice me to stop getting involved in Bitcoin. I know that he is misinformed about Bitcoin, so I choose to stick with it as I don’t have much results as a network marketer before.

Yes he is earning millions in Philippine pesos every month, but I don’t care because he personally doesn’t help me grow anyway, so I have to change direction as I realized that this is not my true calling. So yeah, I’ve got no respect to his character and attitude despite earning millions.

In my early days as I keep sharing about BTC and cryptocurrencies, that “mentor” unfriended me (but his wife didn’t until now). And worst thing of all, he spreads the word to his co-mentors and their respective teams that I am now promoting Bitcoin and should avoid getting connected with me. And yes, I’ve experienced getting lots of unfriends and my reputation to them was no longer good because of misunderstooding the basics of Bitcoin.

They started to ignore me, so it was a great test to be honest. However, as the old saying goes, “Whenever a door closes, another one opens”. I’ve opened that new door and made even more friends than before. Not just a new breed of friends here in the Philippines, but overseas as well. As I kept my faith on Bitcoin and cryptocurrency and the value grew so many folds, I was blessed and thankful that I got the results that I’ve wanted.

I paid my debts, treating my family, traveling a lot within the Philippines and a few countries, becoming a crypto keynote speaker, part of the crypto companies as ambassador and now enjoying my career as a crypto Youtuber while under the COVID-19 pandemic.

Now those people who have bullied, doubted and criticized me before about BTC, are either just being silent or eating their own words, or some have started to jump on board and getting some guidance from me.

In 2014, fellow developers said that it was a ponzi and a means for the darknet. Since then, I don't communicate with them anymore) In 2017, it was also said a lot that it was a ponzi and it was necessary to sell it, I was still hodl and hodl. I will sell when needed, I do not like it when they advise what they don’t understand.

that's what people who may have known the crypto market more often say than us. but stay focused on your planning. if you have bitcoin, just keep it. even if the price goes down, but everyone has faith, bitcoin will return the price.
I have experienced the same thing. sell all assets when the market is in correction, based on people's advice. but after that, of course, regret. I experienced it all myself, and I regret it.

A lot of people around me who use exchanges for their hold coins and are not interested in hardware wallets who have to buy them first.
Then my friend once told me to sell your bitcoins now before losing more. Looks like he doesn't want to lose himself if what he's done is just a panic sell

not me personally but circa 2012

My brother was explaining to a friend about Bitcoin and wondering if they should
get into it, the friend said: "really, you want to give a complete stranger money
and they will send you TOKENS, sounds like a scam to me"

"Buy now when Bitcoin is pumping so you don't miss out"
Worst advice ever. There are a lot of experts in Bitcoin Twitter giving crypto advice many are trash but newbies won't know. I bought the ATH and Bitcoin came crashing down. I was new and naive then. Worse five months of my life I know now to buy the dump and sell the pump.

To hodl. Jk, that would be the best. The worst would be that going all in on Bitcoin with credit cards. I thought that was a bit extreme. I'm all for some extreme and borrowing small sums of money from people you can trust and pay back slowly, but I wouldn't freaking max out any credit cards or line of credits. That is a bit much.