Topic: Wrong Moves With Your Bitcoin - page 3. (Read 1029 times)

That's a mistake that a lot of people made back in the day. Though I didn't have the same mindset and my situation was different, I lived through the phase where people didn't believe in Bitcoin and thought it was something bad and not worth any attention and at that time, the price of Bitcoin was around $400 or something. I still remember, that international media used to call Bitcoin a terrorist coin because it promotes anonymity and decentralization, and people used to call it a bubble.

Throughout this time, I always knew Bitcoin was something magnificent and it would be huge in the future, however, I was a student back then and didn't have the funds to be able to purchase any.

I wouldn't really call this a mistake because back then I was poor as shit and solely relies upon my crypto payments from a previous odd job, but here goes.

Back in 2018-2020 I was working for this guy as a community moderator and his resident copywriter, who would provide me payments in cold, hard BTC. Given the fact that I had no job back then as I got laid off on my old work I had to depend upon crypto and bitcoin throughout those years. If I hadn't lazed my ass off and actually looked for a job while I keep the odd job that I have with this particular person so I can keep getting a foot on the crypto door, I would've had a pretty sizable addition to my crypto portfolio but instead I used it to fund my living expenses, which still isn't bad cause at the end of the day I didn't use the money for anything stupid but every now and again I wake up in a cold sweat thinking about how much my portfolio would've grown had I kept those bitcoins intact and not spent when the coin's just around 10k.

A costly mistake I suppose, but then again it's one that allowed me to open my eyes to just how powerful this industry is. I was able to fund myself and not die of starvation for 3 years approximately, while some of us here use and see crypto as an investment venture, which isn't so bad either. Not particularly negative, but goddamn do I wish I still kept those coins lol.

The price of Bitcoin fluctuates greatly. During my learning phase, I made many mistakes. I bought Bitcoin at $37,000, but when it dropped to $25,000, I sold it at a loss. Later, the market dipped below $20,000. However, after one month, the market surged and reached $38,000. I felt very depressed that I sold my Bitcoin at such a low price. This was a mistake I regret.

Falling in love with my Bitcoins.
That doesn't mean I got literally in love with Bitcoins. What I mean is that I held them so much that I forgot to take profit when needed.

Investing is all about entering and exiting at the best time possible, and I forgot exiting in 2021 when the market is at it's highest. Instead of selling all of my tokens including Bitcoin, I chose to just watch the market and hold all of it. A few months later, the market started to go downwards. I immediately regretted my decision because if only I sold all of my holdings, I might've used some of it to buy some things or pay at least and keep a huge portion of it to re-invest when the bear market started which eventually started a year after.

Making the mistake once is still ok, but doing it twice then there's a problem with you. That's how I think that's why when the bull run starts, I will immediately sell all of my holdings and might keep some for the long-term (maybe around 0.001 BTC ). All of us make wrong moves when it comes to Bitcoin, and investment in general. What matters most is that, we learn from all of it.

Bitcoin Journey Nothing has happened to me in my long or short Bitcoin journey that I regret. There are many incidents that may have happened in many people's lives and mentioned by many. For those who have a lot going on with Bitcoin in their lives, it's best to ignore those events and reframe the dream. Because cryptocurrency is a system with no forethought, almost everyone has made mistakes here that they now regret. But if I have ever wronged myself, I will certainly express that regret here.

My experience with bitcoin investing has, I think has shown that it was a bad decision because the price of the cryptocurrency has dropped significantly. When I notice that, I begin to worry about my investment and opt to cash out since I believe it is better to protect any value I may be able to recover. But a few days after I sell my investment, the market becomes more optimistic, and the price of bitcoin begins to increase once again.
As a result of cashing out at a lower price, I believe I made a mistake and missed the chance to profit from the subsequent increase in the price of bitcoin. I believe that if I had hung onto my investment, the price increase would have resulted in large gains. I think that my irrational decision-making was driven by fear or anxiety over temporary losses.

would be more greedy, but we don't know what the altcoins we intend to hodl would yield in the future.
In one way or another, a lot of us have sold bitcoin for a low price and regretted our terrible decisions. Even though we still feel regret sometimes, we have moved on since life always offers us another opportunity to right our wrongs. We dont intend to "stop accumulating bitcoin" at any point in the near future, as the majority of us have been doing for some time.

Ah yes, I'm sorry that you did this OP but we shall live and learn, EH? HODLing is no easy task especially in the bear but when you make it to the other end it is surely glorious. There is a lot more time you can still buy back BTC!!

Well one of the mistakes I made about bitcoin was that I was unable to believe it,study it and adapt myself and be conversant with the
bitcoin features.I would say that I am also one of the people that got scared on adopting or engaging in bitcoin.
  But at some point,I was able to deal with the fears and uncertainties i had about bitcoin because I realized that I needed to grow and experience another level of understanding and for financial upgrade.
  Honestly,one needs to be in the right frame of mind to accept things like bitcoin.If I had continued listening to people's opinions and predictions,I wouldn't be able to engage myself in something productive like bitcoin.

Stories like yours happen a lot in this market. I believe anyone who has been in this market for a while has experienced the same situation - exchanging gold for trash. We are often lured by MM or scam project creators to take our Bitcoins in exchange for their tokens printed out of thin air. Projects are continuously drawn up during the bullrun season and these are traps that we easily fall into because of their attractive price increases. Holding Bitcoin during the bullrun season and watching other Altcoins grow tens or hundreds of times is too difficult to resist.
Scam projects or MM teams know that clearly, so they always create greedy traps to take away all the Bitcoin we have. I myself have made this mistake many times. Not only that, being mentally weak while holding Bitcoin also caused me to lose a lot of quantity when trying to outsmart the market, but every time I decided to sell Bitcoin to optimize quantity, immediately followed by strong growth of Bitcoin, and I had to buy it back at a higher price than I sold it.

Well for those who've been around long enough, I think it's important for those whom haven't to understand what we've been though.  There was and still isn't a guarantee that bitcoin is going to blast off and continue with its climb up north.  So for many of us, selling our bitcoin when we've been up a few thousand percentage points, not knowing what the future holds, you can't really blame yourself.

Same thing goes with Laszlo and his 10k btc pizza.

There were times when I regret selling my Bitcoin for less amount of money and few months later it surged massively, the thing that calm my mind was me thinking how I will solve the problem I had then if I don't sell that bitcoin.

The reason why life is fun is the adventure we battle while striving, I don't regret selling that Bitcoin after deeply thinking about it, I got it in the first place to beat the hard times and it did, I later did well in my life since then.

No one can predict what will happen tomorrow but it's a must to keep taking risks like investing, this is a good way to be successful in life, it's good to hold your Bitcoin for the long term, but if a reason comes for you to spend it do not think about it too much, you will get it back, remember, even our lives are not guaranteed.

Psychology and past experiences can really have a huge impact:

For example:

1) In the dotcom bubble around 2000 plenty of IT stocks went sky high and then within a year they were worth pennies and never recovered.

After this kind of experience you are very tempted to realize profits with Bitcoin too early , than waiting too long....

2) If you use money you save yourself for an investment, you are always worried to lose it and watch every move of the market with a lot of concern.

If you made already a healthy profit from earlier investments, and invest some of the profits for example in Bitcoin, then things get more relaxed, because your own capital is not at risk....

I would say a good course of action is if you have made already a healthy profit to sell and get your original investment back, and then let the rest untouched for longer.
In case the longterm investment goes bad, at least you still have you original capital for the next try....

This is how I see things now.....

Unlike you guys, I haven’t had to buy a single Bitcoin at all but I hope to buy some day, maybe when am really satisfied in my mind to take up the investment and fine better means to secure it. I have come to see people talk about a best time to buy and sell but, where does that place me being ignorant about it and how it actually operates and not having to lose them after I only just bought them.
Isn’t it better late than sorry?

I think this is one of the most common situations, we have all been there and this is absolutely normal because when we start our journey we don’t know much. Now the best strategy is accumulation because in the long run it is always more profitable than waiting for drops and buying cheaper.
Holders who have been holding their funds for years are already in good profit, but this does not work with many altcoins as they lose value faster and are more dependent on the market and news and are more suitable for traders to quickly take profits.

Hold will basically be just like that, but I would choose another word, I think boring is a little wrong. Because I can see the balance of my portfolio and see how it is growing, it’s not boring, it inspires me, I understand that I’m doing everything right and all I need to achieve a good result is just waiting for the goals. So hold is correct and not so difficult if you understand what you are doing.

Yes, because of my past experience, I have become interested in learning about cryptocurrency. I do not want to repeat the same mistake I made before. From that experience, I learned the dos and don'ts of investment, which made me more patient and better able to avoid or control FOMO.

It may sound odd, but I have heard that reason to stop holding or trading an asset many times on the past, and this show us those people have no clue about what they are doing, the main goal we must have when investing is to multiply our capital, being boring should not be a factor at all and if anything that should be a plus, since if you can buy an asset and a few years later sell it for a price much higher than its purchase price then that is great, as you can make money without exerting too much effort.

That's why learning is so valuable because in the end things like this will always happen if we don't learn from our mistakes and don't understand your true purpose for being in bitcoin because the focus is only a short profit without knowing that it will actually make yourself feel very bad.
This needs to be a good lesson because after all when you still continue to do that even though it has been proven that selling when the price drops and hoping it will go even lower so you can buy is a reckless act and this always happens to those who are new to bitcoin.

Currently the most important condition is not how capable you can buy and sell but the real test is how strong we are in holding bitcoin when something like that happens.

What exactly is a mistake? Selling bitcoin because you dont want to buy something else with the fiat money? Or because you dont want to trade your bitcoin? For every person there is a right decision depending on their life situation and this can also be to sell something. It also depends on the age of the person who owns the bitcoin, maybe the owner cant give it away and is now thinking about doing something with it. The mistakes can also be quite simple, such as trusting a clound mining company and sending your bitcoin there, which has happened to many people in recent years.