10 main mistakes of Bitcoin newbies

[DoublerHunter]

Those mistakes are right because most of the mistakes on the list, i experienced that like buying a lot of coins or altcoins when the price goes up or a news just launched, this is one of the my difficulties about bitcoin because until now i often do that but some of that greedy moves lead to me to gain profit unlike in the old days that i was always late.

[YuginKadoya]

Those mistakes are right because most of the mistakes on the list, i experienced that like buying a lot of coins or altcoins when the price goes up or a news just launched, this is one of the my difficulties about bitcoin because until now i often do that but some of that greedy moves lead to me to gain profit unlike in the old days that i was always late.

We can really not say it is a mistake, I think that is human nature, we just want to gain more bitcoin and often time don't really think the consequences on what may happen if we done it, I think that is the difficulty in having no though on what will happen if you just do it and not planning it ahead! and I really think it is really hard in predicting any movements of bitcoin in the past, 

[ashour]

Firstly newbies always search how to get free bitcoin rather than start buying bitcoin and getting used to it. Since its practically not easily available to get free so people waste lot of time on those faucets, gambling etc and end up in a loss.

Buying won't be possible for everyone and that  is the reason they start looking for free bitcoins which they can get from faucet sites but the payouts is too low but they don't have any other choice of earning bitcoins at that stage so I don't think that its a mistake to spend time on faucet sites.

[boyptc]

Firstly newbies always search how to get free bitcoin rather than start buying bitcoin and getting used to it. Since its practically not easily available to get free so people waste lot of time on those faucets, gambling etc and end up in a loss.

I think it's not a mistake of newbies, most of the newbies aren't that wealthy to buy bitcoins. And since they are newbies they are still skeptical with bitcoin so they want to make sure before investing on it. And the most popular mistake of newbies are they keep on joining HYIP's thinking that they can earn their legit but they are not aware that it's wrong.

[Sadlife]

One of the biggest mistakes newbie will commit is investing lots of their bitcoins into some site called cloud mining.
And also bitcoin gambling is a very bad start when you've started using bitcoin, gambling is just for rich people who just wants to have fun and nothing to spend with their money.

[jakelyson]

Firstly newbies always search how to get free bitcoin rather than start buying bitcoin and getting used to it. Since its practically not easily available to get free so people waste lot of time on those faucets, gambling etc and end up in a loss.

Buying won't be possible for everyone and that  is the reason they start looking for free bitcoins which they can get from faucet sites but the payouts is too low but they don't have any other choice of earning bitcoins at that stage so I don't think that its a mistake to spend time on faucet sites.

 I think everyone went through that stage but lingering there for too long is the real mistake. Once you get the hang of bitcoin, you should move on to better way of earning bitcoin. Collecting dust will just make the content of your wallet prone to higher fees because of high bytes input.

[fitty]

One of the biggest mistakes newbie will commit is investing lots of their bitcoins into some site called cloud mining.
And also bitcoin gambling is a very bad start when you've started using bitcoin, gambling is just for rich people who just wants to have fun and nothing to spend with their money.

Yeah. Newbies are not aware whether they are investing in a legitimate or scam site. They are blind by the big return and profit. Those are the things that Ponzi sites are targeting. They are so eager to grow their Bitcoins fast and they are not patient to wait for the right time for it. Instead of growing their Bitcoin, it just makes their money disappear.

In addition, one another mistake I see is those newbies who are joining this forum thinking they can earn money from this forum without investment instantly. Thus, there are lots of SPAM threads and unconstructive posts appearing in this forum. Take note that it takes 1-2 years of ranking your account before you can earn a decent amount of Bitcoins thru Signature Campaigns.

[johnwest]

One of the biggest mistakes newbie will commit is investing lots of their bitcoins into some site called cloud mining.
And also bitcoin gambling is a very bad start when you've started using bitcoin, gambling is just for rich people who just wants to have fun and nothing to spend with their money.

Gambling is an addiction and getting out of it is not that anyone can do. Cloud mining is not that famous right now and people are understanding that getting ROI is not possible. The mistakes newbies are doing these days is that they want to get profit in a day or two and in that greed they will invest money in Hyips or Ponzi schemes.

[romero121]

One of the biggest mistakes newbie will commit is investing lots of their bitcoins into some site called cloud mining.
And also bitcoin gambling is a very bad start when you've started using bitcoin, gambling is just for rich people who just wants to have fun and nothing to spend with their money.

Gambling is an addiction and getting out of it is not that anyone can do. Cloud mining is not that famous right now and people are understanding that getting ROI is not possible. The mistakes newbies are doing these days is that they want to get profit in a day or two and in that greed they will invest money in Hyips or Ponzi schemes.

At the beginning every user has the same thinking of making big money through bitcoin in the form of gambling wins, trading, investment and so on. This makes them get trapped into such cloud investment gateways that quote big profit on their investment which is not at a possible one as quoted above.

[chixka000]

Great article. Tho i am not sure that all of this are the most common mistake for a newbie. But yeah most of it hurt mh butt haha realizing that i was doing this things before when i started

[pinggoki]

One of the biggest mistakes newbie will commit is investing lots of their bitcoins into some site called cloud mining.
And also bitcoin gambling is a very bad start when you've started using bitcoin, gambling is just for rich people who just wants to have fun and nothing to spend with their money.

Gambling is an addiction and getting out of it is not that anyone can do. Cloud mining is not that famous right now and people are understanding that getting ROI is not possible. The mistakes newbies are doing these days is that they want to get profit in a day or two and in that greed they will invest money in Hyips or Ponzi schemes.

I think gambling is not the problem, the problem is on those people who use it in a wrong way and those people who abuse it. Gambling is for entertainment and also for profitable activities( if you have enough luck).

[Raven91]

This article have missed to cover about low fee newbies used to put to save cost on payments leading unconfirmed transaction for many hours. That will make them panic about bitcoin and they will start blaming bitcoin network for it and some may even opt out from the idea of using bitcoin again. 

True i just getting started and my friend do a transaction for me and i was so frustrated for the receiving message that take almost 6hours i thought that i already get scam by my friend with that problem.

[doomistake]

Firstly newbies always search how to get free bitcoin rather than start buying bitcoin and getting used to it. Since its practically not easily available to get free so people waste lot of time on those faucets, gambling etc and end up in a loss.

They are just a newbie, they don't have the money to buy bitcoins, I mean, most of the newbie here don't have the money to buy one, that is why they want to know bitcoin to earn money through it. But it would be better if you are going to buy bitcoin and hold it in your wallet 'till the right time comes when you could withdraw it.

We've been all there, when we were just earning bitcoin through FAUCETS, and other HYIPs out there, we didn't know this Forum that time that is why, so, we don't have to blame the newbies if they do FAUCETS.

[squatz1]

I'd say one of the weirdest things on Bitcoin for someone that was new, and this is a story of myself at one point, was the point where you're able to set the amount of money you pay for the TX fee and you don't really know what you're doing so you may fuck this up and set it low. Unknowing to you, if you do set it low your transaction could never be confirmed and then you have to figure out how to reset it and such.

Kinda weird, though I do hope new people are using web wallets (I know less secure) as they're promoted to set payment for tx fees based on how quick they want it to go through.

Scamming is also pretty high on here relating to newbs as they're so used to using currencies that they can get back in a worst case scenario kind of thing.

[eXpl0sive]

I feel like there is one particular precaution that could be added, avoid this very common scenario:
A newbie has a paper wallet, with some amount of bitcoin on it.
The newbie wants to spend some of them, downloads and installs a desktop or mobile wallet.
The newbie broadcasts a transaction sending part of the coins, the rest are sent to a new address generated by the desktop or mobile wallet.
Believing the leftover coins are still on the paper wallet, the newbie deletes the wallet.
The leftover coins are gone forever.
This is a sad loss that could be prevented by proper education.

This is very specific, but can turn into a nightmare if we don't be careful.
This depends on the wallet being used. I believe Core and Electrum use a new change address every time, while Multibit Classic returns the change to one of the existing addresses. (I may be wrong)

Interesting point to note.

[Sithara007]

It was informative. And I will put down a list of 10 main mistakes, from my perspective:

1. Wasting your coins in margin trading
2. Losing the private keys to your wallet
3. Investing your coins in ponzi schemes
4. Not enabling 2FA in your online wallet
5. Storing your coins in exchange sites
6. Investing your BTC in alts
7. Not making backups of your wallet
8. Accessing your wallet from a public computer
9. Converting your coins to fiat
10. Gambling

[Zeek_W]

It was informative. And I will put down a list of 10 main mistakes, from my perspective:

1. Wasting your coins in margin trading
2. Losing the private keys to your wallet
3. Investing your coins in ponzi schemes
4. Not enabling 2FA in your online wallet
5. Storing your coins in exchange sites
6. Investing your BTC in alts
7. Not making backups of your wallet
8. Accessing your wallet from a public computer
9. Converting your coins to fiat
10. Gambling

Haha! I have been guilty of ALL of these things! Add a 11. Buying old miners 'cheap' when drunk and not thinking of ROI.

[speem28]

Hi, with price soaring and newbies joining I found useful sharing this miniguide.
Hope this is appreciated

http://immutable.today/10-mistakes-bitcoin-newbies/

This was really a helpful article, I gained a lot of useful information on this one. I was thinking about doing mining and trying faucets but when I read this, I totally understand that I shouldn't, because after reading the part where it stated about mining and faucets, the odds will not favor me. I will just waste my time trying new things cause I lack some essentials that are required to be successful in that specific area.

[DoublerHunter]

Hi, with price soaring and newbies joining I found useful sharing this miniguide.
Hope this is appreciated

http://immutable.today/10-mistakes-bitcoin-newbies/

This was really a helpful article, I gained a lot of useful information on this one. I was thinking about doing mining and trying faucets but when I read this, I totally understand that I shouldn't, because after reading the part where it stated about mining and faucets, the odds will not favor me. I will just waste my time trying new things cause I lack some essentials that are required to be successful in that specific area.

Yes don't try faucet and mining because even faucet is free, it will take a lot of time from you to just earn at least 100k satoshi while mining will cost you a lot of money to provide the things you need like mining rigs and other a lot more like expensive electricity bills and ventilation for the hardwares. It is best to just buy and hold bitcoin while you are studying the best source of income.

[speem28]

Firstly newbies always search how to get free bitcoin rather than start buying bitcoin and getting used to it. Since its practically not easily available to get free so people waste lot of time on those faucets, gambling etc and end up in a loss.

They are just a newbie, they don't have the money to buy bitcoins, I mean, most of the newbie here don't have the money to buy one, that is why they want to know bitcoin to earn money through it. But it would be better if you are going to buy bitcoin and hold it in your wallet 'till the right time comes when you could withdraw it.

We've been all there, when we were just earning bitcoin through FAUCETS, and other HYIPs out there, we didn't know this Forum that time that is why, so, we don't have to blame the newbies if they do FAUCETS.

I agree, I'm also a newbie that doesn't have enough money to buy my own bitcoin. If only I have enough money or other source of income, I will sure buy bitcoin and then keep it until the right moment. But for now, I'm just earning bitcoin through signature campaigns and making my rank higher so that I will earn bitcoin a lot more better.