Bitcoin Forum

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

Seeing how people still hold their coins on CEX, I doubt it's possible to learn from other people mistakes.

Most people need to get burned to learn.

Can't share any cryptocurrency mistake as I never did one, I don't trust people and check everything for it's validity.

These weren't my mistakes, but it happened on other people:

1. Hold your coins in centralized exchanges, if the CEX got hacked, they lost all of their coins.
2. Buy shitcoins, instead of making money, they're in loss.
3. Privacy, people didn't mind to publicizing themselves if they own Bitcoin, until they being targeted by $5 wrench attack
4. Buy Bitcoin by relying on someone else advise and use emergency funds, it make them can't hold for long term and might sell in loss.
5. Thinking Bitcoin will make them rich, if they didn't have money, they can't even buy Bitcoin.

The biggest mistake that I've done is I didn't sold a lot of cryptocurrencies that I should've sold and I've sold some so early that I've regretted because the spike after selling is just too much. I've learned to do my research and make sure to keep some of them in the case that it might pump in prices especially now that I'm active with airdrops, I got to make sure that I wouldn't miss out or sell on a bad timing.

That’s definitely a bold claim and of course there’s absolutely nothing we can do to verify that.

Though I really do believe that no one is perfect and as flawless as not making any kind of mistake in their life. There are different kinds of mistakes you could have made even if you were the most careful man on earth. You are telling me you never regretted at least one small thing all throughout your crypto journey?

1: All of us have learnt one lesson or the other while engaging with cryptocurrency,  but the highest mistake I made was to sell off my jackpot winning from stake, I one time won about 0.03 in sport bet on stake.com but back then the price of Bitcoin was extremely low instead waiting for the market to recover I went on to sell it off and in few days after that the price of Bitcoin skyrocket ushering in the bull run.

2: Secondly is when I failed to check the receiving address there by sending a good amount pf my bitcoin to a wrong wallet address.

3: investing in coins that were solely based on hypes,  this time I lost almost all the investment and that thought me a great lessons that I will not repeat same mistakes again.

4: buying Bitcoin with the hopes that the price will skyrocket in the next minute, not knowing that bitcoin investment is a long term investment

5: storing my bitcoin on exchange that fold up, this thought me the importance of self custody.

1. Never pay in up front in cryptocurrencies (for goods or services) unless you are confident in the reliability of the receiving party or in the absence of guarantees to ensure the successful completion of the transaction.

2. Buy bitcoin as soon as you first learn about it. Don't wait for the best moment to buy, otherwise you will miss the favorable moments and will regret the missed moments years later.

There is a downside to this. Most often, people learn about cryptocurrencies during the hype thanks to the media and news. During this period, it is better to refrain from investing.

3. Avoid investing in shitcoins and most altcoins, otherwise you will lose your money.


People learn poorly from the mistakes of others, and only their own mistakes with financial losses force them not to repeat the mistakes. And even then, not always.

Staking is not something that makes your portfolio grow quickly, I thought POS coins would perform better long term but I soon found that their value against the dollar was declining, no matter how much monthly return you were getting.
Do not sell Bitcoin unless you have a need, and do not believe analyzes that tell you that the price will rise more or fall more.

Nope. I read a lot before investing and go after the source of information then check again if it's not a lie.

I don't follow other people, I don't get "influenced" by other people and I don't buy into promises of future development and use cases.

I also know how to handle critical stuff safely, encrypting everything and using cold wallets on dedicated machine.

This are basic 101 stuff but seems it overwhelms a lot of people due to greed and buying into the "next big thing" etc.

I almost released my coins to a Centralized Exchange Vendor without seen my money because he told me that he has made payment so I showed released the coins and I almost did that but my mine told me to stay calm and see the alert first and unknown to me he has not paid it was when I told him that I have not seen the alert he told me to send him another account details and he paid to the new account and I released the coins for him. So when you are trading be careful because those vendors most of them are scammers.

Then another mistake I made was keeping coins in Centralized Exchange and when government crackdown the exchange I almost lost the coin. I kept it in the period when the fee was high though the coins were for spending and I immediately transferred them to another exchange and sold them.

I'm just starting to get envious :D. But for me, there is always a warning that says that it’s not scary to be confident; it’s scary to be very self-confident. You say that you don’t follow people, but you learned everything you know and can do from people (it’s not the gods who burn the pots). Nevertheless, my mistakes, as m2017 writes, are that I knew about Bitcoin from its first days, but I didn’t buy it at that time and didn’t listen to the advice, which, of course, was not enough. Another mistake is believing in altcoins, but I think many people make this mistake. But what you, MeGold666, say about the deafness of people holding funds on centralized exchanges is absolutely true. They need their own experience, and here the saying about self-confidence is appropriate. It is always better to gain experience from the mistakes of others.

Following and learning from other people are two different things, following (at least for me) means you blindly accept the knowledge without checking facts.

I have respect for few people in crypto space like ArticMine, but I would never say I follow him or others.

Sharing mistakes is a good idea, as long as it's done not to ridicule others, but to support each other and learn.
One mistake I've made early on was to trust a custodial Ethereum wallet, which ended up performing an exit scam (or was hacked, that remains unknown).
Another was feeling greedy when the fees were around $15 per transaction at the end of 2017 and not selling any BTC at that point, while ending up selling later at a much lower price.
And I'd also name believing in the potential of altcoins and investing in them as a mistake.

My biggest mistake was before I started investing in bitcoins, not now that I am a member, and I am grateful for this forum for that. I was not keeping up with information while my peers were doing so, and so I missed the opportunity to be one of the early investors in bitcoins as some of my friends are. It took a while for me to ask the right questions, what was the step to wealth? And one of these my friends mentioned investing in bitcoins.

My lesson from my experience gingers me now to always stay informed.

maybe this is some of my mistakes in crypto

• Buy at a high price then FOMO sell it when the market corrects.
• buying and holding shitcoins for too long until they are worthless.
• left the crypto world and this forum for more than 2 years.

Maybe that's all I can say for now, maybe everyone has experienced it, especially number 1.

     You can't blame others when they hold coins on Cex platforms because it's their choice and they trust the exchange especially if it has a high reputation in the market here in the crypto space. the difficult thing is if you are new to the crypto business industry. But if it's like Okx, Binance, Bybit and others, I think it's fine.

     but there are others who hold their crypto assets in Dex, as long as each holder knows what they are doing, I don't think I see any problem.

I don't blame anyone doing this, I just think it's not smart (to say it nicely) for holding your coins even on a reputable exchange.

BTW. Binance is far from reputable. It has popularity, but it's a septic tank controlled by criminals.

 
I don't think  that we don't have mistakes in our journey in crypto and i think that  the common mistakes of every investors is greediness cause once it takes our emotions and we lost out of control then we sell our coins even though the price is too low. but without knowing that there's a perfect timing that we can have a good profit in the long term of our investment, so the main point here is we need to be careful and we don't need to be greedy cause there's a perfect timing for everything.

I agree that greed (combined with the lack of patience) is one of the sources of bad decisions.

For me money is just a highscore number like in every other game, I like to increase it but I hate materialism and don't care how much who have.
I don't have much emotion for it when it comes down or up, I'm a long-term investor and I'm not in a hurry as I already have enough.

Maybe that's why my decisions are more calculated, than just throwing money in X project and hoping for the best.

I made many a mistake when starting out, but they were more of phases in the learning process than mistakes made. If I'm to advice someone who's just getting in it would be to;

• Take your security very serious and d not assume your memory is good enough. Write down anything which is important, seedphrases, log in details, passwords etc.
• Don't be in a hurry to put money into anything.
• Don't invest because others are doing it. Convince yourself of any investment you want to make.
• If you have other skills you can market in the crypto space, contribute to the community and earn from your service.
• Don't react to market volatility.

I have done only one mistake in crypto and that was to be not active on this forum for sometime. I guess that's the biggest mistake anyone can do, this forum is the place where you learn everything about crypto from the most professional users and as long as you're part of this forum then you won't make many mistakes.

By the way, it's always better to learn from others mistakes instead of doing some mistakes yourself. In crypto world the biggest mistake that most people do is not to learn about the market before getting into it. It's always better to learn about the market first and then start your crypto journey as that would help to be safe from many issues that may arise because of lack of knowledge regarding the market.

As far as I can think, I believe FOMOing into an altcoin was the biggest mistake I made in my journey because it cost me a lot of money. I wasn't a complete newbie but I wasn't too experienced as well.

So one day when I was checking the market, I noticed that a coin within the gainers list has gone pretty high and it's still going, getting greedy seeing that, I FOMOed and made an entry, and guess what? The price started dropping significantly right after that.  ;D

I waited too long for it to recover, but it didn't, and I knew it's not worth it anymore, so I sold them at a loss.

1. The importance of having your own hardware wallet. Most newbies believe that exchanges are safe, let's say that they do but not for keeping your assets.
2. If you are an investor, you need to be patient at all times and this comes about the importance of DYOR before you invest.
3. There is no other people to blame with our mistakes but ourselves.
4. Even in crypto, there is no easy money.
5. Don't believe about too good to be true investment schemes.

That is a nice thread, even tho I would say ( like many others before ) that you have to feel it on your own skin to really learn from the experience.

I think my biggest mistake was being "ignorant" when it comes to bitcoin and crypto in general. I've heard about BTC somewhere around 2015 I believe, and since I was always curious about it and wanted to know more, but never enough to dive deep in the world. Had this feeling before, but now it is even stronger: that if instead of getting my head wrapped about gambling with crypto's and trading , I could be really experienced but I just never really had a motivation except the financial aspect: which is very dumb out of me.

There would be more mistakes for sure but I feel like I am going to be eaten alive here :D

1: Listening to any maximalists or influencers, be it for bitcoin or altcoin.
2. Not having a seperate wallet that i would just keep filling, not ever withdrawing. For my kids.
3. Not doing enough research beforehand, but fomoing in. Because fomoing in easily usually means that it's not only greed that affects you a lot. It's also the fear during the bear. Research about the basics of the tech and about markets in general, could have helped me with the exit plan.
4. Saying to anyone that i was buying. People can be jealous and it's not like it's their business what i have.
5. Setting a plan for myself and not following it, but changing it because of frustration.

My first mistake in the crypto space was when I created my first wallet, and some Bitcoin were being sent to it, after many months when I wanted to send some to another wallet, that was when I realized that I've misplaced my passwords. It was because I casually created the wallet that I didn't remember the password, I saw where I wrote the seed phrase on a different paper, and when I imported the wallet, it kept telling me that I misspelled a word. I tried different combinations to change the words of the seed phrase, but it didn't work, so I got frustrated and abandoned it, my Bitcoin is still in that coinomi wallet till date. A big price to pay for my ignorance in my newbie days.

In my own situation I did not rely on someone's advice to buy a Bitcoin else I would not have regretted it, but I relied on someone's advice and bought a lot of shitcoins that I didn't do my research on simply because I believe these people to be able to give better investment advice.

Another mistake that I've seen people making but not a personal mistake is that they make one time investment in Bitcoin and consider it enough to make them rich. People who benefit best from bitcoins are those that have been dedicated to long-term investing regularly, not just investing very small amount of money once and expecting it to multiply enough to make you rich.

1. I did never hodl my coins in exchange for long unless I do trading.
2. Yeah recently this is what I doing and I have lost more or less $1,000 from shitcoins alone.
3. Here in my area few only knew what I did online especially crypto but I am not posting anything crypto related on my social media account.
4. Never did on this one instead I converted my Bitcoins to Altcoins and that's where I lost most of my money.
5. Yeah this is most common problem for some people because they are still interested in "get rich quick schemes" which I am not a fan of especially in crypto because I know the consequences already. .

My mistake is not having enough patient to hold because I sold my biggest amount of bitcoins too early before the bull runs last time and I made a goal after it for these days and also making enough money for our essential needs to prevent myself from making the same mistakes again. people always rush whenever they see the price of bitcoins increasing at an exciting rate and I was one of them back then, you just can't help yourself whenever you witness such a scenario because you are in the middle of excitement and hype. Whenever I think about it, I just don't mind anymore because at the end of the day I got decent amount of income which wasn't the case for others at that time.

Getting rich is the easy part, staying rich is much harder.
By rich I assume not having to work for the rest of your life, but different people - different thresholds and views on being "rich".

I think most of this people who will become "rich", who didn't invest into technology but in "the number goes up" - will lose it all (and then some) very quickly.

This can be observed with lottery winners, who end up poorer than they were before winning and many times with debt and jail time.

All because they spend a lot of money on things they can't afford to maintain, like big house, expensive car, taxes for all of it, etc.

So that's another thing to consider, I've seen it too many times with my own eyes how people lost everything due to failing businesses and not adjusting their life style to the amount they earn.

The truth is, there is no safe zone. You will always need to work for your money because money only works for you when you do the research and this is very hard work as there are many traps.

If you think you'll be able to forever do nothing because you have invested in Bitcoin, you will have a very hard landing to the reality.
(sorry for bad English - it's not my home language, I'm a bit busy and don't have time to correct myself.)

To be honest, I don't understand how some people claim to have made no mistakes from since joining the crypto field. It's not that they're necessarily lying, but if they have never made a mistake in crypto, it means they have invested, succeeded, and made a fortune. Anyways, Here are some of my mistakes from which I have learned good lessons from them:
1- not caring about my assets security, I have got hacked twice because of downloading and installing some programs from unofficial sources (unfortunately I can’t have a cold wallet).
2-spending my bitcoin when I joined early on when the price were so cheap (about 400$)
3- trading bitcoin with brokers that allows higher leverage ratio, ending up losing my capital several time due to the market volatility.
4- trusting random people to deal with them, for example purchasing items using bitcoin from untrusted users.
5- when it comes to holding bitcoin or any other cryptocurrency, don’t let your emotions effect your decisions.

Just like the kid who has to touch the hot surface in the kitchen to finally learn it is hot and will not touch that surface again. But this is for the storing of the BTC in the exchanges.

If we are talking about people who trade all the time then having their BTC on the exchanges is very understandable. One mistake I did not learn from the start is not selling them all when the price hits overbought.

My biggest mistake was trying to buy different shitcoins hoping that they'll rise more than bitcoin, not recognizing the true value behing bitcoin and its relation to altcoins.

If you're looking for stories like losing money to hackers, thieves, bankrupt exchanges, nothing like that happened to me. I also didn't panic sell my bitcoin since I first heard about it.

The biggest mistake is to rush. Even though I knew that the investment would reach the price I targeted, I was impatient when I first started investing. As I spent time in the market, I learned that the mistakes I made before became my experience. Of course, we cannot always make perfect choices when investing, but learning from our mistakes always takes us forward.

As we hear or read about mistakes made by others, we can be cautious not to make those mistakes. In the crypto market, new things can happen and experiences can be gained every day.

I used to obsessively watch the charts and make trades based on rumors I saw online.  Total recipe for getting rekt.  Id freak out whenever prices swung wildly.  Now I know volatility is just part of the game. 

Also, I almost fell victim to a phishing scam once. Some fake site almost got me to enter my private key and drain my wallet.  Those days of newbie mistakes were sweaty and stressful, but at least I learned a few good lessons about personal security.

For me, the biggest stupidity I have ever faced is losing faith in bitcoin during difficult times. I knew about this market quite early for many people at that time when bitcoin was mostly seen as the scam of the century and most of it appeared with shady practices and was not as popular and accepted as it is now in.

I sold some of my bitcoin just to pay for partying, and now I find it worth it because I realize it's not too late to choose to trust bitcoins.

Remember one thing: you sell bitcoin when you think you have achieved some goal, but then you realize that if you don't sell it, it won't affect your life and you just keep it won.

Honestly, I'm sure I have several. However, what made me really miss the moment to get high profits and enjoy it, so that in the end I didn't get any money until now was because:
Desire for a price target that is too high.
Greed..

Yes, that's the point, I was too greedy at that time. Because they want the price of these coins or tokens to rise again and again, without any tactics to take profits first. So in the end, I actually lost the moment because the market often changed direction very quickly and significantly. So what actually happened was that I couldn't use that moment to make a profit, instead I lost that moment. In the end, I still keep many assets in my wallet. In fact, many of these assets this season seem to no longer have a price, aka they have become shit coins.

My biggest mistake so far was, losing my private key.
I used that wallet to hold and track some of my savings/investment from from my salary, I want to separate my earnings in crypto to my actual investment/savings.
Luckily I knew that I lost access to that wallet, before sending out funds again.
And because of that incident, all of my private keys now have a back up copy.

Three important things I've learnt first hand over the years in this industry. The first is never to sell all no matter how ridiculous you think the token will become or how a great ROI you think it has given you. Always leave a moon bag. Yes, take profit but remember to leave some behind. I learnt that in 2018 or so after I sold all my 270 BNB at once with what I thought was a huge profit. I sold around $3 or so.

Secondly, take out your capital once your investment sees profit. Don't be too confident that the market won't later turn against you. This industry is speculative and highly  volatile. Anything can happen at any time. Safeguard yourself by taking out your capital and some profit and then allow the rest roll on in profit.

Thirdly, never borrow funds to invest in cryptocurrencies. It's a bad idea that can unsettle you once there's a dump in the market.

During my sophomore year in the university, after learning little about crypto, without having any source of income aside the allowance i recieve from my parents, i quickly jumped into investing, thinking i might get to buy a ride before my final year. That choice led me into anxiety and depression for i thought it will come fast, after time spent in the crypto world, i realized that i need to have a job which i can use to fund my account, ever since then, i'm rather excited than anxious about the thought of the future.
Cryptocurrency is a secondary market where digital transactions are carried out, so therefore, to become successful in the crypto world, one have to have a primary market experience too, (i.e you need to partake in the three dimensional market too).

I once had the impression that most of the newly listed coins on exchanges were the best way to make quick money from crypto during my early days, which landed me in taking some great risks that were not worth it. Most times, I end up losing almost everything that I had invested in a particular coin due to the error of not thinking twice before investing. 

I can remember one altcoin, which was my last mistake. Just immediately, I bought the coin from pancakeswap. The same day, there was some pump on the token, but out of greed, I couldn't cash out of it. I was trying to hold on for a long to take a larger profit, but I ended up being a victim of rug-pull.

The bitcointalk forum offers the most legit information when it comes to bitcoin and its crypto space, so not knowing in it or taking a break before deciding to invest will really make a big difference unlike if you are always active in the forum. You might end up getting hooked on a new project where you think it has high potentials to succeed later on, not knowing that it has been the subject of scam being discussed in the forum. That way, you miss being informed that turns you become a new victim of it.

However, on my part, I guess one mistake that I’ve done before that until now I still can’t forget is when I believe bitcoin is a get rich quick that I’ve invested a lot of my earnings, only to find out that it takes years to profit in bitcoin, and if you rely on bitcoin profits alone, you will definitely end up starving to death.

Yes, very true, I believe it was 2017-18 when there was an exchange where I used to trade coins and let some coins for staking. They had their announcement thread on this forum and the users who were using that exchange gave their opinion about that exchange time after time.

Suddenly that exchange got shut and the owner came up with so many lame excuses. I had invested around $1000 worth of funds on that site which were stuck there, and I was not sure what to do.

So I actively read their announcement thread to see for updates and when finally the site got functions after so many weeks then I successfully withdrawn some of my funds from that site.

After that event, I never traded on that site, and I was fortunate enough to get some of my funds because that site is no where on internet now.

I think that after several years, what you mention is a very poor philosophy for cryptocurrencies, perhaps in other areas it applies well, such as something "operational", a job on machinery, etc. But with bitcoin, the mistakes that are made can have such a personal root that they are useless for others. I think the main idea is to inform yourself well, check what you do wrong, and correct, to do that you can't wait to hear the mistakes of others, which by the way, a mistake in another individual does not necessarily mean that it has to have the same fate for you, I hope you understand the intrapersonal point of your question.

In conclusion, the mistakes made by other users in the crypto world do not have to be a guide for you, at least not always.

Oh, I've definitely made some mistakes in crypto before! One time, I invested in a cryptocurrency without doing enough research and ended up losing some money. It was a valuable lesson though, and now I always make sure to thoroughly research before making any investment decisions. It's important to learn from our mistakes and keep growing!

Hmmm I would definitely say that just trying to make money with other altcoins was a waste of time and money, I should have just stuck with Bitcoin the whole way through. But in hindsight I also secretly wished that I had gotten a come up with one of those meme coins. Thats the problem with all the other coins except for Bitcoin, they're all risky! Also using Ledger was a huge mistake, nobody could have foreseen that tho. Hmmm lets see when Binance changed to US and Non-US version I accidently sent a small amount of funds to my old non-US address and they kept all of that. Ledger also was a little shit when I transferred all of my assets off there they kept .01 BTC of mine! Those bastards. I also had to try like 20 times to get my stuff off of there thee Nano hardware was failing lol I would say buying any Yogg cards were a mistake, also not buying enough of Bitcoin and some other physical coins when I had the chance. Hmmmm, and also selling some Bitcoin, I definitely regret that lol

Research is the most important thing in crypto coin selection because there are thousands of coins but we know only a few coins among them. Our knowledge about the coins is necessary because if we choose the wrong coin then we may lose money and also will also not believe in crypto investment in future that it will give us profit.

The wise person always learns from their mistakes and if you have learned from your mistakes instead of losing investment due to fear of loss so it is also a greatest lesson for you and other crypto individuals. Every individual makes mistakes and is common but those who leave a successful platform by just a single mistake can never be successful in future.

Buying and accumulating your desired coins are okay but I think we should not hold any coin so long that they go down forever and we miss the chance of making money from it. Everyone thinks that if they hold more they will earn more but I think holding should not be more than the time when the price is pumped to offer us profit.

Don't do what other people are doing because they have different minds than ours and also their reason behind their investment is not matching our goals. So do your own research and don't follow the strategies and investment plans of others as copying sometimes becomes hazardous for us.

Hodling forever is certainly an exaggeration. In fact, it’s even hard already to hold your coins even within a year or two due to the pressures cause by high volatility, so I don’t really believe that someone is capable to hold his coins forever without attempting to sell most especially when the coins hit their all time high.

However, you were right here, do your own research and not copy what others are doing. Each of us has different goals and plans with our investments so do what you think is right based from your own research and analysis.

I think for those who are trading, this can't be help since they have to put their funds on the exchanges in order to put a buy wall or a sell wall.  But we should keep our fund out of the exchange if we are not trading and never use exchanges as banks.

With regard to exchange, I did make a mistakes by not activating security features such as 2fa that lead to my funds being hacked.


Not entirely true, there are instances that shitcoins gives a person a better profit than Bitcoin.  What shouldn't be done is holding shitcoins because it often ends up worthless.  My experience on this is when holding shitcoins one must be always updated and monitored since one missed opportunity will lead us to hold worthless tokens.  I have a stash of 3k shit token that were priced at most $20 each during the token's hype but failed to sell them because I failed to monitor the market and did not sell when the price was profitable and later the shit token become worthless because it was abandoned by the developer wich makes me end up holding worthless token.

I personally cannot recall any mistake I’ve made since I started my journey on crypto. I always learn from the mistake of others and that has made me avoid many mistakes that would have cost me a lot in my crypto journey. The FTX saga was the one that I scared the most about cryptocurrency and how it is not reliable to depend on centralized exchanges with your funds. I felt I was in those people’s place that loss all of their savings, it was very relatable and understandable on how they’ll be feeling in those trying terms. I hope a repeat of that never happens again because it’ll only make people lose interest in crypto. It’s also note Worthing that all that happened is a huge sign to correct ourselves on where we keep our crypto assets for safety. Centralized exchanges are not dependable, so use a non-custodial wallet for your savings.

Here are some:

1. Sending to the wrong wallet address
2. Betting bigger than I can afford to lose
3. Pushing my luck too much
4. Betting without analyzing the match up
5. Betting to the opposing bias

Well, there are too many to mention but I guess we do all have our own mistakes inside and outside gambling. Bottomline is, you should be reflecting to learn and avoid not doing the same mistake again. Money is on the line and most of the time, it is just own fault why such things haappened and will regret it afterwards.

Selling when there's really no need to sell is my worst mistake, never should've sold at some point and I would've enjoyed more profit out of the bitcoin that I've hodl in that long time that I was invested in bitcoin. Another mistake is not taking a chill pill whenever I get large sums of money, I immediately invest those money to bitcoin no matter how high the price is, at the end of the day, I end up regretting because the price suddenly goes down and now I'm at a loss, that's in the past now though, through the use of DCA, I'm able to portion the money that I invest and I maximize my profits because I don't lack the money because I didn't go all in quickly. The last thing that I think a lot of people forgets is that you can also enjoy life outside of bitcoin, don't be obsessed on it, there's other things that you can still do besides that, meet new people, enjoy the outdoors and more. Don't box yourself in bitcoin when there are other things that you can do, you might regret it when you're in your deathbed.

For me, the fear of having my coins stolen from my wallet by hackers or scammers or even the exchange itself crashing, has made me sell or withdraw too quick, when I would have been able to DCA properly seeing that I have actually studied how the DCA strategy of investment would fit my meager income.

I also made a mistake in not paying attention and practicing the steps taught to us during a free cryptocurrency trading class a colleague of mine organized during my old working days. Perhaps by now, I would have outgrown the fear of trading and losing my funds, instead I would have been more focused on trading and investment strategies to earn me better income.

I'm also investing quite a bit in altcoins but I have to say, other than bitcoin, none of the altcoins are worth the risk of holding long term. We should not ignore altcoins as their returns outperform bitcoin when bull season arrives but they should only be used for speculation and not long-term investments. Altcoin is just a zero-sum game, so invest with a stop and don't be too greedy if you don't want to pay too high a price.

And you are right, investing in altcoins requires careful research, don't invest just because others invest because there is no guarantee that they are knowledgeable and their choices are correct, or worse, they are the shiller of the project.

The biggest mistake most people make in crypto is trusting people. I know a lot of investors who have lost a lot of money because of their naivety.

Those who are greedy can enhance their holding duration because they are in thoughts that the more they wait the more they will be profitable but I think we should not increase the timing to hold because the chance to earn more money comes rarely.

Those who are taking benefit from Bitcoin by selling it when the price is higher and buying when the price is lower then they will not be affected by the act of other people because they use their own knowledge which is better than copying others. Bitcoin investment is good if we hold longer but when time comes at which the price is higher then a suitable option is to sell their Bitcoin because we can understand well about our status and can decide according to it.

It would be an exaggeration to say that someone will hold bitcoins forever without selling, but that doesn't mean people will sell their bitcoins every time BTC reaches a new ATH or that they can't be held long term. You are not new to the market and I believe you have heard a lot of news about whale wallets with thousands of bitcoins waking up after 10 years, 5 years of holding. How long we can hold BTC will depend on each person's vision, economic conditions... not everyone is like us, don't impose your thoughts on others.

Similar to what I said, short-term or long-term investing will depend on each person's situation and each of us will have different plans and different goals.

Wait a minute, what do you mean by trusting other people here?
Did you give your private key to someone else? or entrust your money to that person without knowing clearly who and how that person is?

I am one of those who trust other people, in this case a friend who tells me everything about crypto. even my friend taught me about how to invest there. Before I was on this forum, I once entrusted my money to invest in crypto even though I didn't know what crypto was. but only with this trusted capital, my friend was able to manage it well and was very transparent, even when his investment experienced a decline, I was always informed.

I have just started the journey so I haven't made many mistakes in this short time but I may have missed some opportunities. Like I have known about Bitcoin since long ago and I also know a bit about investing here but never showed much interest in it but later when I realized that I should have invested then it was too late. For example, I learned about investing in Bitcoin when the price of a Bitcoin was under $30,000, but if I had invested then, I would have made a substantial profit now, but I didn't. Since I didn't do that then I must say that was a missed opportunity for me. But I will not see it as my mistake at all but I must learn here so that these lessons will be useful to me later.

Are you sure you are focused on the trading strategy? Isn't this a much more dangerous risk than the dca technique that you have been doing? If the exchange does not abuse the regulations in force in the country where it opens its business license or does not misuse investor funds, in my opinion the exchange will be fine, it will not collapse or go bankrupt.

Yes, everyone will experience the same fear of losing their wallet, it is best to avoid untrusted phishing links in the name of coins from free airdrops and we can also protect our wallet keys with authenticators. Many people are wrong in choosing assets, they only see it on social media and hear from influencers that they think the coin is good so they get fomo, it is better to buy coins that have strong and good fundamentals rather than coins that have just appeared on the market.

It is normal to make mistakes for learn and it is abnormal who doesn't make mistakes. New crypto investors will make mistakes and learn from them. I too faced some mistakes after joining the cryptocurrency space and later learned. My first mistake was that I thought too long about which coin I would select. My mistake here is that all coins are not Bitcoin. Holding all the coins won't get me to my target. Again after investing from a coin I made more than expected from there which was another big mistake. These types of mistakes are not made by any specific person but almost common. However, with the gradual increase in crypto related knowledge, those mistakes have been resolved.

For me, the main mistake was buying some shitcoins hoping that they would outperform bitcoin. And to be honest some of them actually did, but it's always difficult to decide when to sell, and that also means that you need to stay behind several coins/tokens while for example if you just focus on bitcoin and maybe 3-4 altcoins maximum is way easier to keep track of everything.

In my crypto journey, i think that future trading is my biggest mistake. Since this market is highly manipulated, even if we do the trading analysis and take trades, they can go against us. Spot trading is easy as you can hold your trades even if they go in the opposite direction but you will be liquidated in future trading.

Since future trading is tempting, I lost a lot of money by taking high leverages and other such stuff. Now I realize my mistakes only limit myself to investments and only spot trading.


Yes, this is another mistake which i also made in my initial crypto journey where I gave preference to altcoins over bitcoins. Over time i realized that we need to focus on BitcoinBTC and majority of our trading /investments should be in bitcoins.

On thing that people often like to say is a mistake is the fact that I studied bitcoin for at least one year before every buying any.  It was probably somewhere around the year 2013 and I had come to learn of bitcoin, and it's breakthrough technology, but I was still skeptical and didn't really know what to make of it so I studied it for a year.  I read Mastering Bitcoin, Digital Gold and any other book /news article etc I could get on bitcoin and continued to study it before ever buying.  I think it was smart, other say a mistake..you be the judge I guess.

I have made many mistakes but there are some that I still remembered most and the first one is selling Bitcoin I once bought even before coming here. It was during before corona, I bought ₦30k in Naira worth of Bitcoin, it was with money I don't need at that time but it was a lot for me until one guy introduce me to airdrop and when I made $11, I sold my Bitcoin because I think I have arrived, I have had a way to be making dollar instead of holding my Bitcoin and the market went hard and I couldn't make anything out of that run and Bitcoin has refuse to touch that lows again.

The airdrop frustration made me to do some bounties but I later realized it doesn't worth it and I just quit them and I start paying attention to the forum and after I ranked up, I started signature and I have some Bitcoin but the golden opportunity like then is no longer here again, I mean $6k is now a good bye but hopefully we might have another good ride so I can forget that past mistake.

Over-diversification can always be a problem. Some people would have about two dozen different cryptocurrencies in their portfolio having invested small amounts in each one of them which is completely unnecessary because you won't get a lot of profit because if some of them manage to gain good value, others might not perform so well and some might even make you lose value. So it's always better to just have a few extra cryptocurrencies apart from Bitcoin.

Newbies often make this mistake, they would invest $10 or so in a bunch of altcoins that aren't even that good only because they have seen them gaining some value when they were watching the market, they don't know their past or what project they are associated with but just made dust investments in all of them.

For me, the only top mistake I will not forget is exchanging my Bitcoins for altcoins when I was new to Bitcoin, that's my biggest mistake, I was lured to altcoins before when I should've just held Bitcoin, and I already learned my lesson, I will not do it again.

One of my mistakes and it could be the biggest was saving assets in an online wallet which currently has a value of up to $80K and the wallet is down, and secondly lending assets to someone who is only known online.
Storing assets in CEX which is often considered a wallet is a mistake and in my opinion, this is the same as trusting someone we only know through the online world to store assets, whoever the developer and owner of their exchange should still not be trusted as a safe place to store our assets. Moreover, nowadays there are many hardware and software wallets available, we just need to learn which ones are the most trustworthy.

Hmm, that's a nice one, OP!
I would love to take part in this discussion.
 
My mistake in the Cryptocurrency space is a lot but I will discuss some of them which don't have to be ignored. One of my biggest mistakes in the cryptocurrency space is making an aim through the plan. Meaning, entry on the right or exit at the right times, which I say that I have to lose more because of this point that I become lurid in the bull run and say that it will rise even more. It doesn't surge anymore and after that it crashes to the bottom and I have lost a lot due to this weakness of mine as an ex-bull run. Earlier, when I used to take entry, its price used to increase in bull run, I thought that now it would rise even more, but the price used to fall from ATH, After that I thought that I should hold, that is, for the long term, but unfortunately it bottomed. used to crash, and at that time I used to get scared and sell this coin at a very low price.
 
It means to clarify the mistake I have made so that no one else can make the same mistake. It is important to exit at the right time in a bull run, otherwise, my experience is that you can only lose if you become lurid and can't get the exit at the right time.

There are many mistakes that we make when we first get to know crypto and that happens naturally because we are still in the early stages of being here. Generally, we make almost the same mistake of storing coins or bitcoins on a centralized exchange so we don't care about the level of security of the assets we own. Buying meme coins just to expect huge profits and in reality it will end up losing value and we get nothing from the purchase.

Furthermore we do not have the ability to analyze bitcoin and more often than not use unqualified predictions about its journey. In the end we learn from mistakes and try to provide knowledge for maturity in thinking and I'm sure most of us made the same mistakes at the start.

It's always true to be cautious with centralized exchanges and be responsible for our methods to store our bitcoin.

How to back up a seed phrase (https://blog.lopp.net/how-to-back-up-a-seed-phrase/)
Reminder: do not keep your money in online accounts (https://bitcointalk.org/index.php?topic=5421039.0)
The paranoid user's security guide for using Electrum safely. (https://bitcointalk.org/index.php?topic=5456886.0)

Even senior investors who are in the market for years, don't predict the market price movements because with their experience, they know that all predictions are wrong and can not help their investment portfolio.

History is important and they can analyze past cycles, how a bear market ends and how a new bull market starts, how a big bull run usually lasts. From all of these analyses from past records, they can build up their investment strategy within one market cycle, about 4 years, or longer, but they don't predict the market. Making predictions is for newbies who don't have enough experience and usually have high belief that they are 'smart' enough to make correct predictions.

Trading my Bitcoin during bearish season to solve some school issues, it has make me to lose a lot of income in my crypto journey until i decided to create more source of income after graduating from school, and is helping me not to trade during the bearish season than to wait for bullish season before I can trade to make a passive income. Second mistakes is that I don't use to write down all my seeds phrase among my other documents at home, than to save them in my phone which I misplaced it inside the commercial car some years back, and I couldn't have access to my little coins that was inside the wallets. I think, you can learn from my mistakes not to trade during bearish season, because it will not allow you to make a huge amount of income, and don't store your seeds phrase inside your phone so that you will not experience those mistakes I made in the past.

I also learned from the experience you provided here. From what you said, the bear season is not the place to trade Bitcoin but to just buy and hold until the bull season. If you don't want to take risks, it's better to stay quiet and just watch market movements.

I also experienced the same thing with seed phrases where when my smartphone was damaged, I couldn't access it. with that experience I now write on paper and then store it in a place that I think is safe.

I made similar mistakes too, I bought some altcoins years ago believing that they would be the next Bitcoin and they failed, maybe 2 out of 10 did very well, I could have made a lot more if I bought Bitcoin instead.

Later I found out that the problem was me, I couldn't tell the difference which coin are better for my money, so I ended up picking many bad projects, but instead of walking away I startesd learning how, today i have somw Bitcoin and lots of altcoins too, i am now better at picking them.

Bitcoin is the best investment for newbies because there isn't a lot to learn about Bitcoin, all a newbie needs is a trusted Bitcoin wallet and the right place to buy the Bitcoin, it won't take very long for newbies to decide if they are going to own Bitcoin or not, it is less complicated to understand, but it is not the same with altcoins.

I think this is a common mistake, the first is that I don't take profits when I have made big profits, and become greedy by waiting for higher profits. And the second is selling too quickly when the market has just entered the bull market, so I don't get optimal profits.
However, both happened to altcoins I held a few years ago. The first thing happened to a little-known altcoin, and now the price has fallen quite far. Meanwhile, the second mistake happened in 2020-2021, when I sold the ETH I owned too quickly.

I have many regrets/mistakes in the crypto sector even though I have had many satisfactions...
the first, I sold a coin too soon. the second, I sold a coin too late. ;D
It's really hard sell on the right moment... it's like toss a coin.

not having understood the importance of bitcoin when I started many years ago is also another mistake. but it was not easy at all, I can't blame too much my self :)

When we start a journey as a beginner, we tend to make a lot of mistakes and those mistakes make us stronger over time. Some of these mistakes might be minor and have no significant impact on us or our journey, but some will cost us a lot of money, and time, or other things that might be of good value.

For me, during my cryptocurrency journey, I would say that my biggest mistake was making large investments in meme coins. When meme coins started to gain traction and become successful due to extreme hype, I thought it could be an opportunity for me to make a fortune for myself just like others who had earned a lot of money through them, but little I know that we aren't supposed to make large investments in them because they are extremely risky. I lost a lot of money in my initial meme coin investments.

I didn't listen to forum member ribuck in 2010 and invested in shitcoins instead of becoming a Bitcoin maximalist.

https://bitcointalk.org/index.php?topic=1647.msg20646#msg20646 (https://bitcointalk.org/index.php?topic=1647.msg20646#msg20646)

BTC>

I think investing in memes is not as bad as you say, and your loss is not due to memes but because you did not restrain your greed in time. Look at memes like doge, shib, floki and especially Pepe that are becoming phenomena in the market this year. All of them still exist today and have even brought great profits to many people who invested in them early and exited in time. Obviously, people who invest in memes and lose money are largely because they cannot control their greed, not because of those meme projects.

It's true that we shouldn't invest a lot of money in memes, but it would be remiss of our portfolio not to include any memes. Many people expected memes to disappear from the market, but instead, investing in memes is becoming the choice of many people and it has become a culture in the market.

as long as you are not engaging with emotions and that will be our best attitude when trading
there are so many failure happens from some of my friends that use their emotions when they are in trading
and from that i learn to never have that same mistake again and indeed now I managed to leave those
attitude and now doing what is best to give me better return.

The first mistake I did was keeping a huge amount of Bitcoins in an online wallet. The wallet got compromised and for which I lost huge amount of money. From that day onwards I have been avoiding using online wallets and exchanges to store my cryptos. Hardware wallet or offline wallet like Electrum is best for storing the coins safe. This mistake is done by many newbie investors, and hence need to be carefully observed.

I guess they think that it's a mistake because they think you are only wasting time but they may not really refer into studying because they also know that it was beneficial. BTC on 2013 is still early and even if let say you only wasted 1 year, that is still fine because the peak of BTC have only started on the year of 2017 if I'm not mistaken.

It's better to have a knowledge on the thing that you are dealing with, as it gives you a confident and a peace of mind. So you are more successful with it, than the other. Since this was not a real mistake, I wonder if you have any? I'd be happy if I/we can also read it here ;). In my case, I think my crypto mistakes are only common, so it's not worth sharing anymore lol.

At any stage you meet bitcoin, you are free to buy and hold. I met bitcoin when it was around $8K, and I was discouraged from buying that it is expensive, that I should buy some random coins. Today bitcoin is above $60k and those random altcoins then are gone. At any point in time, try buy bitcoin and hold, you will not regret in the future.

I don't have top 1-5 in my years in crypto space, but I only did a big mistake twice in my whole journey.

1. Don't get FOMOed. I can still remember the time when I got FOMOed in a token just because they made a partnership with a famous company. I bought that token even though it's on the top already because I expected that it will go even higher. To cut the story short, it didn't go higher and by the time I bought it, it went down a few minutes after causing me to lose more than half of my initial capital.

2. If you have an opportunity to sell, do it whatever happens. This isn't applicable to all because I believe that there are some out there who follows their plan of holding their coins for more than 5 years or even longer. As for me, I believe that the best time to sell your tokens is during the bull run as prices of coins go up at that time. I made this mistake during the 2021 bull run when I didn't sell my tokens when there's an opportunity. Now if we enter the bull run, I will sell all of my tokens.

I would say that the Biggest Mistake that the Entire Cryptocurrency World made, was Watching Bud Lite make Whatever, USA copying FinShaggy's Idea, and still just not Supporting Bitcoin Town. The Single Biggest Mistake of all of Cryptocurrency, was not Supporting the Creation of Bitcoin Town.

Never publish your portfolio to others even if you want to show it off, it can be a crime for others.

Never deposit assets in the stock exchange, there have been many cases where the stock exchange collapsed and your assets cannot be withdrawn.

Never invest in too sweet profits, avoid this kind of investment by yourself.

Never buy meme coins.

I think almost everyone involved in the crypto world has experienced mistakes, whether small or big. Because of course the world of crypto is complicated, so when we first get to know crypto, of course we make mistakes.

I myself once clicked on a phishing link connected to a wallet and in the end all the assets were lost, it wasn't much, but it was a lesson for me to never store assets in an online wallet. I also made a mistake in the network when transferring crypto, this is also not much but from here we need to be careful when transferring assets, and lastly I once stored assets on an exchange and at the same time the exchange was suspended because there was a scandal, no it is necessary to mention the name of the exchange. because you all definitely know what exchange went viral a few years ago. Here I also learned never to keep assets on the exchange for too long.

These three mistakes made me more careful in treating my crypto assets and made these mistakes a bitter pill so that they don't happen again in the future.

The biggest mistake when it comes to crypto currency is that I didn't enter in crypto currency or bitcoin earlier. I mean, I have an idea of what bitcoin is, but I choose to ignore it because I'm more into playing and watching at that age. If I even had a business mindset or mindset to earn at that age, then maybe now I'm more wealthy, I guess, but that's in an idea of what bitcoin is, but I choose to ignore it because I'm more into playing and watching at that age. If I even had a business mindset or mindset to earn at that age, then maybe now I'm more wealthy, I guess, but that's in the past, and I only treat that as a lesson that if you see an opportunity and you have the means and knowledge to grab it, don't let another opportunity slip away. All things have risks, and if you can't take those risks, then you are also not deserved the reward you might get or earn.
 
Anyway, right now I'm doing great in the crypto currency world and earning in a lot of ways because I didn't let myself sulk and just took time to reflect and regret not being able to enter this industry early.

That was just an initial mistake at a time when we weren't familiar with centralized exchanges and now we understand much more about storing assets safely and I think almost a lot of people make mistakes when they first get to know crypto.

Predictions are only for consideration and they are not completely true, why do people try to make predictions because they will have an idea when they want to buy or sell it. However, regarding the certainty value, it can change because the market is speculative and always runs outside of predictions. By looking at predictions from previous travel history, it will create a general picture so that it will make it a little easier for people to see whether the market is bearish or bullish.

If we understand Bitcoin's journey then predictions are only relied on as evaluation material and are not fully used as a benchmark. The bitcoin cycle shows a much stronger understanding where we can see which price increase process will be marked in which period. We can see this step if we understand the process of bitcoin's journey in the four-year cycle and adjust previous history.

I think that is certainly one of the worse things that could happen to an investor. Especially if you truly believed in the potential of the project and you ended up buying way too much than necessary because you wanted to earn as much as you can.

This is probably one of the reasons why a lot of investors are hesitant and do not want to risk in new altcoins. They are better investing in top coins like bitcoin and ethereum. They are volatile but I think there is more time for you to be able to pull out your funds once they start dipping.

Biggest mistake for me was not selling at the peak, never ever marry the bag even if it's bitcoin because the amount of stuff that I could've done that would be funded on that would be a lot, the possibility is endless but now I've learned my lesson, I'm better off going for having a target price, that way, I can never really miss out on things and when that happens, I wouldn't regret it because now I've got all the funds that I can ever need for those stuff and I can always go back to bitcoin when the price starts going down again anyway.

If you are knowledgeable to investing, you'll not be fooled by anybody and you will understand why Bitcoin is volatile.

I think it is a common misconception of many new investors that when they buy Bitcoin, they'd assume the ROI as soon as possible. It's not how it goes so that assumption is breaking their expectation and that's not right.

Since many mistakes are identical to each other. Having that mindset is a mistake in general not for me but for most investors, new and not.

- When I trust someone to create a wallet address for me and take my money as he knows my keys.

Lesson to learn for me and for others - trusting someone is not wrong but trusting the wrong person is a big mistake. That is why, aside from knowing who to trust, we don't easily trust them as well especially when it talks about money.

A reason why we should not make ourselves ignorant of something. Research is really what we need, so we will not become a victim of our innocence. And know that not all people who help us have good motives, some of them are looking for our weakness and make use of it to take what they want.

Doge, Shib, Floki...they're all memecoins and aren't they worth buying? If you invest in them early, I believe the profits you will receive will not be inferior to other investments, you will even gain a huge profit. If you warn people against investing in memes, I think it would be more appropriate to advise people to stay away from altcoins altogether. Because many top altcoins like Luna, EOS have become useless but memes I mentioned still exist and grow to this day.

In my opinion, we can invest in any project but it is important to do your own research before investing. Don't invest based on luck, don't invest because of Fomo...