Bitcoin Forum

Are you new at crytpo and you seem to be making mistakes left and right?

Not to worry. A big part of the learning experience are the mistakes we make as newbies while still finding our feet.

Some are hilarious while others can have devastating consequences. But, all these common mistakes can be easily avoided with a little research.

Here are a few of those:

1. Lost Keys

It is different from forgetting your password or your pin where you can request to reset your pin or have it sent to your email address. There is no customer care for the blockchain and no way to recover your key if you lose it. Be sure to keep this secure at all times.

2. Keeping Coins in Online Wallets

Most newbies after signing up with an exchange service and purchasing their first cryptocurrencies neglect to take them out of the exchanger’s website. Again, this is another case of ignorance, laziness or a combination of both. Be on the look out for this.

3. Not Keeping Hard Copies of Important Information

Very simple yet very effective. Make sure to keep hard copies of everything.

4. Fat-finger Error

Fat-finger error can be defined as a human error that occurs when the wrong key is pressed on a computer (or smartphone) keyboard. Some of the most calamitous trading errors ever recorded in the financial market has been due to fat-finger errors. So type very very carefully.

So there you have it.  Be sure to take a good read and be aware of these easily avoidable common mistakes.

Cryptocurrency transactions are irreversible and as such, the onus is on the user to carry out due diligence before carrying out any transaction.

Thanks i might do the 3rd one.... To have a hard copy of my accounts.

Yes that's right! That is so simple yet many of us fail to do the basics. So make sure to keep hard copies at all times.  :)

I just wanna let yall know that I suggest trading rather than buying to those exchanges. I suggest you guys use Paxful.com

Yes I am, but as beginners I want to learn and explore more about bitcoin crypto currency in fact that we can earn extra income or profit in this even though it is a online transaction.

 :( i made mistake #5 and lost 100 usd. So silly

Point #2: It's good to use hardware wallets and paper wallets not just desktop, mobile, or online wallets to store your crypto.

The 4th one is a common one but I also recommend doing the 3rd one which is backing up hard copies for security and longevity

i can trade?

Keeping the coins on the exchanges is the biggest mistake. If your coins are kept on the exchange then they can disappear anytime. Always withdraw the coins after buying it on the exchanges. This is not good if you want to day trade but beginners shoudn't day trade anyway.

The crypto world is all about decentralization and we are responsible for what we do, there is no one to blame so take the decisions with extreme caution is the single best tip I received when I was a beginner that helped me to take the right decisions in the crypto. Even today, I consider myself as a beginner and that helps me to learn more about any concept and it works in crypto industry resulting in high level of prevention from scams/negligence.

The most important point in this post is holding your coins in your own wallet and not in some exchange wallet. As time has shown again and again no matter how good an exchange is there is a high chance that it could get hacked.

you should pay attention on your security code, and aware of fishing attaks> sites copies

Nothing's worse than a newbie with fat fingers: https://www.rt.com/business/409177-ethereum-error-money-parity-cryptocurrency/

Summer Wylie

Yup! That is very good advice. The fact that we have all this technology around us sometimes tend to make us forget that there are much simpler solutions to all the complex problems that we have.

ive made mistake #4 a couple times, i now triple check things lol, as for hard copies i do have bits and pieces of my info sitting around on different spots but i feel quite safe all my wallets are 2FA + email authing so i feel quite secure.

I do want to know more about bitcoin that makes me earn money like an extra income that can be easily done as a student.

I walked into the cryptocurrency market earlier this year. I hope to have potential and effective investment opportunities. At the same time, I want to accumulate more work opportunities to earn more in bounty campaigns. I think that is the thought of so many people here...

when I just started trading, I wrongly put a price and it really makes me lose .. it's a bit of my experience, hopefully the bitcoiner or the traders do not experience the same thing ..

thank you

I wouldn't say im a beginner but im far from knowing everything there is to know about crypto space. It is so fast paced and ever evolving and seems to change by the minute. I've been fortunate so far and haven't lost any keys or had major unrecoverable loses. Most i just chalk up to learning experience and move on. I have however feel victim to exchange theft  with the recent xrb mess. ALWAYS hold your own keys!

I hope you are fine sir. Hopefully this incident will not happen again to you, me and other beginners.

Thank you man for the tips, 2 out of 4 errors already did, but it's in fact one error because i accidentally deleted metamask extension and all my not saved keys go to hell :o

Thanks for the tips and guidelines. Though i already been informed about these i still have to be reminded. Sometimes human limited capabilities forgets and it is a serious matter to be neglected. Imagine you’ve work for 2-3 months and waited to get paid or invest your hard earned money and just lost them because of negligence.   

im beginner learning to invesment in some coin can make good profit, need to know what best website review about crypto ?

I have never made mistakes on crypto before as i do much research before initiating anything...

With pleasure! Hoping this article will help a lot more beginners as we can never be too careful. And it doesn't hurt to get constant reminders as well.

As a beginner i can relate to the first one

thanks will keep this in mind :)

I am also a Newbie, here security plays a very important role. Therefore, to start buying crypto currency, you first need to know how to protect it and protect yourself.
I very much regret that I did not learn about the Crypto currency in 2013-2016.

I usually do not do enough steps above thank you ;D ;D

which wallet is more suitable and easy to store coins?

https://www.myetherwallet.com/

Is it safe to store my tokens on metamask or should i put it on mew? I kinda like the convinience on metamask

Appreciate the responses we get here. If you have any other helpful tips, please feel free to add to this.

Thanks your details information for the beginner, I think maybe help all beginner this post.

it's very helpful, thanks for your information

Though making some mistakes is part of the learning curve, I believe, being informed is also the best way to learn.

I just lost my Qbic coin in my window wallet but I don't know why reason. Someone  entered my wallet and sent all my coin out.  :-[ :-[

Hello may i know what is the best and secured wallet to use as a beginner?

I'm newbie, for now i'm using Metamask and MEW for ETH and ERC20 tokens, they're good and used by milion people. You can try, also get a good antivirus app to protect yourself. Don't get fish.

Good points!  #4 got me once, luckily I caught it quick  :D

a very useful warning for a beginners, i like a number 2 : Keeping coin in online wallet. but the risk if we put our coin in own harddisk/ wallet is when hardisk is gone or stolen. so the risk is depend how we save it carefully

Nice thread. This is a good guide for a newbie like me. Thank you.

I've had several people admitting to being guilty of #3.

I guess it should have been the most important rule of all. Back up everything you have always and all the time.

I'm a beginner, I just started this year at the end of the last major bull market.

One thing I leaned was anyone can present themselves to be an expert in a bull market and most of their predictions will pan out well, but then in a bear market it seems like everyone is just throwing darts blindfolded hoping to hit a winner.

Thank you for your heads-up. This is really helpful to us beginners. I am sure that as a beginner, I am still going to commit a lot of mistake in cryptocurrency. However, this experience will really teach me a lot and might even share it to other people for awareness.

I am really having a hard time securing my cryptocurrency, and this thread really helps because it helps beginners get tips from experienced people.

These are really great advises for the newbies. I would like to add another one in the list.
- Always use 2FA for authentication on any exchange site you are holding your coins.

Also, as suggested by others, it is desirable to transfer your coins to your private wallet instead of exchanges if you are not trading frequently.

thanks this review very help me as a  newbies

No problem at all and we are glad this helps. If anyone else out there have anything to add, or share a helpful experience, please feel free to add below.

I'm new here, and will certainly do these things, thanks for this info :)

Yes i am, but as a new beginner i really wish to know more and put more interest .

Thank you for the tips & guide.  Very helpful and informative.

Hi Guys, What do you think of the Pools before ICOs?

No worries at all, hoping we get more tips from the others who would like to share as well.

Thanks for sharing your thoughts. I have some ideas in this forum. I think this is so important for me.

Good thing you write this, now I can learn and not make mistakes.

Defenitely gonna make hard copies. Thank you for the heads up :)

well, I recently engaged in cryptocurrency market. I'm looking to understand and exchange of experience before investing.

#3 actually is a very important tip.  despite of everything being online, digital, it is for the security and safety purpose that hard copies still come in very helpful and relevant for us.

Thanks for the tip, beginners like me have a lot of things to learn in crypto. This information will be a good foundation for me.

Yes I myself have only known the world of cryptocurrency since I saw the ads on the internet.

It's better to go with the third option that is keeping hard copies of your important things to avoid losing them

IT’S EXTENDED!!   

We’re running an intriguing survey on our Reddit thread about the major problems in the cryptocurrency markets today. Would love to hear your thoughts. We will be sharing the results of this survey after a week on our reddit page. If you’re not yet subscribed, please do so in order to have quick access on the results.

Here is the link: https://www.reddit.com/r/fundyourselfnow/comments/85r2tp/survey_on_the_major_problems_in_the/major_problems_in_the_cryptocurrency_market_survey/

I think it's also good thing to remember that some ICOs today are just scam and even if you are a Newbie, you need to crosscheck the ICO's team first, the concept of their project, the product, the whitepaper, and the community involve. It's better to do your investigation than just jumping in on the ICO and waste your money and time.

Don't forget to join our survey on our Reddit thread! We'd love to hear your thoughts about the major problems in the cryptocurrency markets today.
View the survey here: https://www.reddit.com/r/fundyourselfnow/comments/85r2tp/survey_on_the_major_problems_in_the/major_problems_in_the_cryptocurrency_market_survey/

This is very helpful for beginner like me. thank you for writing.

hi you can also check out this article for further awareness:  https://www.investing.com/analysis/whats-behind-the-lower-number-of-icos-200299877

I am pretty new to this world, thank you very much for these great advises!  :)

Thank for post!) :)

Though these are the most common behavior/mistakes that newbies are doing, these are also the most frustrating errors anybody can make. Like #3, storing your Private keys on your computer instead of writing it down on a paper or storing it on a hardware/paper wallet. When your computer got infected by a virus the corrupting your files and all you gotta do is reformat your PC, I mean say byebye to your crypto portfolio. And that really hurts that you would wish better lose a finger  ;D

My mistake is to have bought btc in the wrong moment and now I don't know if one day I will have profits :'(

Yes, I am a crypto beginner,  thanks for giving a valuable information.

The most important point in this post is holding your coins in your own wallet and not in some exchange wallet. If your coins are kept on the exchange then they can disappear anytime.

I leave my coin on exchange, is there any problem for that?

Depends on the exchange; they are many trusted ones out there but some are just plain crappy.  To be on the safest side,  use a generic wallet.

When in doubt, just HODL it. ;D

Yes i am a crypto beginner. Actually i just joined last feb. Good luck !

Good advice for cryptocurrency beginners, I stole my wawes recovery key in the past day with some tokens, Now I know how important of this key when day to day using it. Keep tokens in exchanges  only for trading and buying some new tokens

Yes,i am also a beginner,and thank you for that information!I want to learn more!

Thank you for the noticed.   :D :D :D

I as newbie here in the world of crypto much of the experience that i get on this forum is extraordinary

yeh, nr 3. is very important, is ur life :)