What is the single worst piece of advice you ever received relative to Bitcoin? - page 2.

worle1bm

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Quote from: acroman08 on December 10, 2021, 08:59:15 PM

not really a piece of advice that was said to me and I don't really remember the name of the thread but I've seen/read a thread here in the forum advising people that they should take a screenshot of their seed phrase or save it on their email so they could have an extra backup in case they needed to use it.

These types of threads are not advice but more of attempt to scam people Grin

like seriously is this how you backup the seed phrase? God knows how many could have believed it but still can say some might be thinking it to be true.Screenshots are the first thing which should be avoided.

There are lot of worst advice but i don't care them as those who are giving such advices are the one which accepts btc or lost them later on.So be your own decision maker.

josephdd1

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

I don't like when people recommend me to sell Bitcoin as I truly believe in it and I am going to hodl it at least 5 years more so when there is a crash, I don't think that it is reason to sell this fundamental currency. It is better to get rid of altcoins and accumulate stable coins so as to buy more Bitcoin when it is a full dip. One more bad piece of advise is to stake Bitcoin on some platforms. I had better leave it in my wallet than I trust it to any defi-project.

btc78

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

"KEEP HOLDING " this is for me the worst advise that i followed through out this year and made me regret .

Because the volatility of market is an advantage specially in Bitcoin , because the mere fact that Bitcoin can grow so much high and dump so much low in a span of months , in which made me realized that if i sell when the price going to dump and buy when the price starts to climb is advantageous than keeping the holding.

yazher

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

The worst piece of advice that I received was from those promoters on NFT on youtube where they themselves are investors and they talk about the project as if they were true to their speech but in reality, they were just creating false hype to cover their investment. Poor people often listen to them because most of their viewers are ignorant of the volatility of the crypto market and they only found about it when it's too late. the price has already dropped and there is no way to recover their capital.

Olayinka2225

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Series of advises from people that doesn't really know much about bitcoin. Mine was that, crypto or btc is a get rich instantly investment. You invest now and in a twinkle of an eye, you're rich. Worst advise ever.

sheenshane

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There is random advice that I've heard since I'm in crypto especially in Bitcoin.
And until now I've been regretting it because I sold my Bitcoin way back in 2018 when Bitcoin started to drop and some of my colleagues advised me to sell all my Bitcoin because the price will not rise up again.

That day my mind wasn't mature when it comes to crypto, I'm pretty new in the crypto field so I didn't hesitate and sell all my holdings including some altcoins. But now, upon looking at my wallet on my previous transactions, it seems I supposedly gain in how many folds with the Bitcoin that I sold earlier.

Lesson to learn; take the advice but don't take any action first, think first before you will act.

Rabi3

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

since you said the worse, I am going to tell you the absolute worst someone told me which from one of my friends "bitcoin and crypto is a scam and you'regoing to ende up sooner or later with nothing" and that was back in 2016, thank god I didn't listen to him and I kept grinding and investing in crypto, I started talking to him about it and few days later he told me, jokes on him though for not listening to me, he's been taking crypto seriously only last year, I think it's the worst advice anyone could give you.

sunsilk

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

Sell bitcoin and buy shiba.

That's from someone I know personally who's just new to cryptocurrencies. He thought that he's good enough already and I've just asked him what's he's invested with cryptocurrencies since I've seen his wall which is full of crypto posts.

I didn't give him an idea that I've been holding for so long and just told him that I hold a few bitcoins which is approximately 0.002 BTC.

What I've told him that I might consider that but I don't want to tell him a feedback because it might hurt his ego.

GeorgeJohn

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I believe everyone have notice that nothing like delay on investment platforms of any coin invested, my advice is that immediately investment profit reflect don't hesitate not to cash out, because i noticed that what make some people not make a profit and also adventure into lost is because of greediness and delay, someone has made a huge of point buying saying that no time you purchase bitcoin is wrong, actually i strongly believe on that conception, no matter when you purchase bitcoin you definitely make your profit.

Ziskinberg

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

I don't think if all of their advice's are the worst as they simply give me the warning to be careful about Bitcoin, they just call it "scam" before. But for now, as they saw what happens to me, they now believe that I was right and they are definitely wrong. They now going to believe what I see but still, their doubts sometimes exist especially when hearing some bad news talking about scamming issues and even hacking. And then someone tells me that "I need to share some of my Bitcoin with them"...I think, this is it.

dark1234

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

The worst advice that has ever been and has often been told to me so far is that bitcoin is haram, bitcoin is a fraud scheme created by several people but I am still confident in my decision to stay here because I know bitcoin is not like that

Rengga Jati

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Here is mine and I am so sorry about this:
- Hold this coin because this project is very promising, I am sure enough that one month later, the token price will be back to its higher price again. I am also still holding them so far. Their team is exactly great and they have a good roadmap to follow.
And a few days later, the project wallet was hacked and the price of the token dropped -60% and until today, the price still cannot be back to its early price when I was suggesting. And this is not only once, but third times. Others were because the prices keep dropping and there are still no altcoin seasons
That is greediness. I really regret about this and learn so much that we must set a target at least to take profits at first to back the capital.

DoublerHunter

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

^ Unfortunately I did not listen to them and continue my interest in BTC and other cryptocurrencies and that time.
The negative piece of advice that I have received is that (that is a scam don't invest, you will regret it) but I know this is not because I already understand the system because I am here in the forum for quite a few months before they told me. And now, who is regretting? THEM.
If I listen to them I did not have financial freedom, because of BTC there is a lot of improvements that come in my life.

freedomgo

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Quote from: TheNineClub on December 11, 2021, 03:04:46 PM

''You're too late''. Thank God I didn't follow up on that, but I can only imagine how many people heard that from crypto casuals and just backed off. Such a shame. But as crypto is progressing, more and more people are realizing that there is no such thing as too late. I think more and more bad advice is being fleshed out as time goes on.

Right. No one is late in any investment particularly with bitcoin that is still in its progressive phase. Well, for me its not really a good advice but definitely the opposite of it. One of my friends had told me before there's no where i can go with bitcoin but a huge mess in the end because bitcoin is a scam. So as expected, i never believed on him because i know i have more experiences than him. And to think that i'm already making profits from it before he knew it, so i think he's the real scam. People like them don't really know that bitcoin is already staying for good.

terrorJR

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In the past, when I was just starting to jump into bitcoin, a lot of people told me to sell their assets even though I was in a loss state with words that knocked me down by saying that they would not come back again and became a scam.
it's happened since a few years ago and the proof is now they are talking scam not bicoin Cheesy

TheNineClub

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''You're too late''. Thank God I didn't follow up on that, but I can only imagine how many people heard that from crypto casuals and just backed off. Such a shame. But as crypto is progressing, more and more people are realizing that there is no such thing as too late. I think more and more bad advice is being fleshed out as time goes on.

Lanatsa

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Quote from: dothebeats on December 10, 2021, 06:59:11 PM

"Keep your funds in exchanges. They are far more secure than keeping your coins yourself."

I was just starting back then, and stumbled upon the bitcoin IRC channel (idk if it still exists to this day). There was this discussion about personal wallets vs exchange wallets. One guy insists that exchanges invests hundreds of thousands of dollars for the security of their platform, so how would they be hacked? Initially, I thought it makes sense, not until I stumbled upon an article regarding Mt. Gox. Since then, I just tell myself, "third-party bad, own wallet good" and has been an advice I'm giving newbies ever since.

Actually seen this one too and I did really laugh just myself on telling on my mind on how the heck these people do realize on what they are saying?

Trying out to reverse on whats been commonly be suggested when it comes to those positive recommendations and when I do hear out this line

then I do start to chuckles and telling for myself that what would be their reaction if that certain exchange would be hacked?
This is where people starts to learn when its already too late.

romero121

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I never consider it an advice, but it always stands in my mind. I was briefing about bitcoin to a brother and I showed the growth of it with time. By the time mentioned of making some profit through trading. When I said, out of the fluctuation it is possible to make an earning. The fluctuation might be in large scale or minor fluctuation. All the sudden he said, ohh this is gambling. I tried the best, but he wasn't able to understand it and adviced me try to take away the invested funds and stay safe.

Shasha80

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Quote from: 95Bolu on December 10, 2021, 06:14:13 PM

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

Probably the worst piece of advice I've ever heard is to use bank loan money to invest in Bitcoin. Even though I have a steady income from my job,
it is still very risky to use borrowed money to buy Bitcoin. We sometimes have to think about the worst that will happen if we insist on using
borrowed money to invest in Bitcoin. What if we suddenly lose our jobs and the price of Bitcoin drops, we will find it difficult to pay our debt
installments. Always invest money that we can afford to lose, that's what we should do. So buy Bitcoin according to our respective financial
capabilities, it's much better than forcing ourselves to borrow money to be able to invest in large amounts.

uneng

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Quote from: Lucius on December 11, 2021, 10:10:56 AM

The worst advice I have unfortunately listened to is that Bitcoin reached its maximum when it crossed $1000, and that it will never be worth nearly as much again. What to say, I was very inexperienced and the price was around $200, it seemed that those voices were right - I sold most of the BTC I had bought until then with little profit. A few years later, I realized I had made a bad move - and that Tim Draper was right when he said in 2014, "Bitcoin will be worth $10 000 in 3 years.".

The lesson of the story is that we listen to our reason, and maybe sometimes a smart person who still has some results behind him that give him the right to give advice - in other words, it is not wise to listen to random people on the Internet Wink

That was also my case, with the difference I wasn't advised by random people on the internet, but by my own family. I've sold some decent amount of bitcoin for 300$ or 400$ that would worth nowadays 5000$. It was a big mistake to not believe in bitcoin's potential due to others opinion and that is why it's very important to have our own personality and conviction very well consolidated.
Anyway, I think somehow it had a positive impact on me, because I learned a lesson from this mistake that I don't want to commit again futurely.

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