Bitcoin Forum

The market has started growing up and we are having new friends again, it's imperative to bring to their notice that; having a piece of background knowledge about the good side of cryptocurrency and bad side equally. During my early days, I suffered many losses in the process and while trying to make some transactions. My then app wallet was mistakenly installed which holds some altcoins and a small portion of Bitcoin. Attempt to get my wallet back proof abortive, at a time, my system was compromised and I paid heavily with my Bitcoin.

Therefore, my advice to all newbies is: ensure to write down your password for every account or app you install securely. Keep your private keys safe and secure. Also, passphrase or backups should be noted. When carrying out the transaction, ensure to double-check your outgoing address before sending it.

Cryptocurrency mistakes can be unforgiven when one makes a mistake, it happened to me in my early days in cryptocurrency.

They will start trooping in like soldiers in the line of duty, the good market entices so many "plastic" bitcoiners into the bitcoin network and also to BTT(so many abandoned accounts may start to wake up soon). They are the ones more predisposed to scams because they skip reading and just want to benefit from the rising/growing market, they should be more careful of fake giveaways, that's more like the major modus operandi for scammers today.

Anonymity and irreversible transaction is the advantages for scammers in crypto currencies but as long as the users are clear with what they are doing then there will be no loss from your side.Stop saving anything important in digital which saves you even if your device got compromised.

The worst part of using crypto is the choices of what you have to use it on. The lack of legitimate games and services after more than a decade of development is shockingly disappointing.

 :D you got me laughing @Coyster, you're correct. Many have just been resurrected from the grave just to start the hustling undermining their abscess from the knowledge, these sets will be the target of those scammers to feast on.

You mean, many unbaked bitcoiners are about to wake up to the rising market? What a bad!.

I have to agree. It seems like there were more options before the late 2017 boom, and unfortunately the large run up and subsequent correction killed off the momentum. I think it will be a long time before we see any vast improvements in this. The most likely scenario is someone with a fat wallet decides to do more to drive adoption and operates an online marketplace that can compete with pricing.
Unfortunately it takes people who are interested in furthering the agenda and not necessarily their own personal wealth. I think we are a long way off, I've essentially been reduced to using crytpo as a means to avoid fees between USD/CAD.

I think more people need to play around with their wallets/apps and with transactions in general. Sure there is a cost but getting used to actually sending a transaction and choosing a fee are valuable learning experiences. Then download a dummy wallet and practice what ifs, like lost password or restoring on another device in case of hardware failure. I not long ago had to restore my ADA wallet as my antivirus program thought part of it was unnecessary. These things can be nerve racking if you haven't done them before, so might was well try it out with little to no real loss/cost.

Newbies should also know the risk of cryptocurrency beside that some technical side.
Like the risk of  buying some cryptocurrencies. Like buying anything cheap, like they hope it will have huge returns in the future, shitcoin always be a shitcoin.
Additional, checking some transaction fees first before confirming the transaction, because some time of the day there are some time the fee is high.

What wallet have you stuck up your bitcoins? It seems that you also fall on your own mistake. But that's alright and I'm pretty sure already learned from it.This is already happening. I noticed our Local board after the Yobit campaign ended becomes a ghost town leaving only real users and commoners there. Then after the market started to grow slowly, and now btc is above 10k. New names and users become active. Just hoping they could be active this time and not just a joiners on freedrops and campaigns.

So far my usage for crypto still benefiting me in my work and life.  Is that so? still lack some development maybe on bitcoin part but some altcoin started to gain traction and innovative method for real use cases.

What surprises me is, many of them will not ever want to get the needed knowledge first before engaging the community. All they think about is how they will get money from the system underrating the consequences surrounding what they are into. There are things oone need to learn from this industry before talking of investment, because this will save their investment from hackers and possible scammers. Learning is the foundation of cryptocurrency, absence of this will always bring the worst part of cryptocurrency to such investors.

There's someone that just posted that he has a friend that forgot the recovery phrases of his wallet that was installed on his smartphone. It's phenomenal that newbies should be aware of putting down the private keys somewhere secured and not open to others.

Backup storage through listing it on a plain paper or using a txt format file with encrypted password(I remember somebody suggested this).

The problem is they don't realize how having enough understanding will help them as they invest their funds. They keep risking their own money without even thinking the outcomes of their decisions and its mostly the reason why they end up regretting. They don't make some time and effort learning how investment works and the possible problems they may encounter as they continue their investing journey. They never learn until they end up being on the same situation and even if sometimes they already experience it they still do the same mistake because most of them never acquire the lesson from their own mistakes. I just hope investors will be aware of such things particularly these days that hackers and scammers will always look for an opportunity to deceive and take advantage of their funds and assets.

It beats my imagination how people even do this, if someone wants to earn by posting in this forum, then they should also be ready to post even when they are not actually earning as of then. The yobit campaign was a blessing to those ghost users, since they were accepted without any criteria, so they just go to sleep after such opportunities end as they are sure no BM would accept an inactive user.
They make so many mistakes, I read about a newbie who send funds to a wrong address unknowingly, they need to forget about the bull run and concentrate on how to stay safe, or else even if they are successful making ROI in the bull run, they will still end up losing it.

Sincerely speaking, we cannot run away from humans who's intentions are always negative, they tend to always create negative games and services, even in the real world things still look disappointing and later turn to be best. The very best of cryptocurrency will soon surface due to it development.


That's true, a friend of mine had once challenged me about the transaction fees of cryptocurrency, although before then, I was not with the right answer until I read something like this. As for now I do check the transaction fee before executing anything to my detriment, like getting stock with fees.

Learning all the pitfalls of crypto is not a matter of a single thread, there's a huge chunk of information that must be learned, and what's worse is that it's all very fragmented. Basically, there are many topics that need to be learned - security, scam detection, fundamentals of cryptocurrency, basics of trading, a bit of cryptography, crypto wallets. You can learn many of it by reading some good book, like Mastering Bitcoin, but it's important to keep learning even after it - this board has some very decent threads, fro example. I'd also suggest to avoid learning from crypto news sites or some no-name bloggers, they often are clueless themselves and can give poor advises and introduce a lot of misunderstandings.

That is why when things happen to them during giving trial without a good knowledge about cryptocurrency. To me greatest worries on this forum, despite there are series of warning threads all around the forum, many still fall woefully to some avoidable scams. Many are so tired and lazy to read some exposed scams around the forum not to fall to them. For me, those scammers understand that many if  these guys (victims) don't read and never care about reading | learning. At least one should have a background knowledge of the business he or she want to venture into and not just ignorant of the technology behind the business.

Writing down private keys, mnemonic seeds, passphrase is not enough to save you and your money.

You can make mistakes when writing them down, so to be truly safe, please make sure that what you write down is right.

How to check? Try to recover your wallets with what you backup. If you can successfully recover your wallets with backup files, ok let's move forwards to secure your backups safely.

I know there are some methods, and services that can help you to find out the right words among your mnemonic seeds in case you write some of them down incorrectly. Nevertheless, it is always better to make sure (by checking) you don't make mistakes with your backup.
Please see that guide: How to lose your Bitcoins with CTRL-C CTRL-V (https://bitcointalk.org/index.php?topic=5190776.0)

For me the worst part about cryptocurrency is its volatility, it definitely needs commitment and investing not only money but also time on it, i always loses a fair amount of money when i sleep, because the price always change and you will lose profit if you don't analyze the chart well, and the scams but i learn a lot of lessons through my mistakes and through the mistakes of others, you're right keep your private keys always and backup them. and my only tips to the others is don't stop learning and don't stop taking risk.

You guys totally forgot or did not leave a very important reminder:

- Regularly check websites, social media channels of projects you invest in as well as official announcements of exchanges on which you create your accounts and store your money at (that you should never do, exchanges are always the riskiest place to store your money).

If you don't regularly do operational checkups, you might miss vital swaps (then when the swap period is over, you will lose your coins); or the window time before exchanges finally shut down (then you won't be able to withdraw your capital).

Making a mistake is part of your learning experience. As they always say, "You will not learn if you don't experience mistakes". The most important is that you are learning with the mistakes you've experienced in the past and not doing it again. Doing some research too will help you to prevent making more mistakes.

This phrases are the most common advises that some can say but unfortunately, it isn't done by most of them especially those newbies. Well, we can't blame them for being lazy but being lazy can sometimes lead you to losses of money :). Research is the key as always.

There are various reminders that should newbies know first before they are using cryptocurrency.

Choosing a wallet for storing your cryptocurrency is very important. And now, when it comes to storing your fund newbies should know how to choose the right wallet. I mean, if you didn't have your own private key it means the cryptocurrency you'd store is not yours.
That is only one example that probably newbies make the worst part upon adopting crypto, it needs for you to spend more time exploring in a crypto world and know those possible risk that might you encounter.

I may suggest to newbie before accepting or even investing in crypto, just Do Your Own Research first. (DYOR)

The use of an open source password manager is in my opinion the best option. Passwords can be generated more securely with automation and you don't need to worry about remembering or not making any typos.

I would add keep your wallet offline(like usb flash drive) and use the second authentication factor.

That's a biggest since of a crypto user. Pass phrases is an essential to us so keeping it is already a protocol to do and forgeting it is not an accepted or forgiven mistake. We or newbies should know their responsibility and one mistake could result to a huge loss of funds.


But the problem here is youll still need to input it or stored it somewhere which still vulnerable to breach and hack isnt it? With regards to keeping password I think the better is the one youve memorized and never can be fall on others hand.

Worst part in crypto is its strange movement or very volatile aspect which changes the mood of investors in just a minute due to its bipolar movement.

i lost my backup details of My volentix wallet. unfortunately, i can't access this wallet. i am lost and my funds are in there. this was as a result of too many wallet details. i have decided to open a document mainly for passwords, paraphase, files and full details of my wallets. i don't want to suffer again.

^ Sometimes we need to learn from our mistakes in order for us to know what is right and wrong.
Reading is also important as a newbie. I suggest for the newbies to at least read one post each day in Bitcoin discussion, Development & Technical Discussion board and Bitcoin Technical Support board about bitcoin wallet and keep learning. I may consider myself a pioneer but I don't stop learning. Losses are also part of the learning process. Its just that, when you read you might avoid bigger losses and learn from the pioneer's mistakes. We don't have to be pedantic here. But newbies must know how to play the game by at least reading advice from the pioneers. I can tell the beginners today are luckier than our generation of users. They have access to forums built by us so they can exactly learn almost anything. When I was a newbie, learning in bitcoin is quite costly.

Do you mean an electronic document!? You should never do that. At least make sure the file is encrypted and make as many copies as possible.
It's also not advised to save all your passwords/seeds at the same place. If the document gets compromised you will lose everything.

Don't store all of your documents on one device and in one place. If your device is compromised, you will lose all of your money (on all wallets, all exchange accounts or bank accounts as well).

Back up is good but how to store backups is another thing to practice, that in turn will decide your safety.

If you have one device to store your backup, and wallet, don't bring it around (to coffee, restaurant, and public places). There are always risks of your device being stolen. Try to keep it as safely as possible and don't expose it to any threats.

One of my best option in storing my wallet details in cryptocurrency is through hardcopy which I keep under my personal drawer. Sometimes, I do keep some of those wallet details with my wife because of some unforseen circumstances which can happen anytime in human life. Am very cautions of my digital wealth because i have heard many complaints from different categories of investors and traders who lost their entire wealth because of negligence.

As you rightly said the use of cryptocurrency is considered as the worst aspect for beginners Newcomers may not know much in the beginning because they are more vulnerable to crypto That's why we don't have our password in a file. The best thing to do is to write it down and have no chance of being hacked When I first came to crypto I hacked passwords and took some dollars In that case I now follow the method of writing thank you so much for giving me advice on newcomers.