10 main mistakes of Bitcoin newbies

[YuginKadoya]

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.

You should consider first a constructive good quality post I think that is the first time you need to keep in mind because if you are not considering it good paying signature campaign will not accept you, and your post should be on topic because there are moderators that will delete your post or give you a warning for posting in the wrong topic page.

[virasog]

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.

Faucets or gambling are no bad for the Newbie to start with bitcoin but the thing which almost every Newbie misses here is that theydo not pay attention on learning on how to earn bitcoins and try to experiment. If they first focus on learning , even from you tube videos etc, they can save themselves from a lot of scams being run online via bitcoins.

[BTCforJoe]

Not a noob anymore, but at some point in time, I can honestly say that I've made each one of the mistakes outlined in the article that the OP posted, except for keeping my coins in a hot wallet. I was introduced to bitcoin by a friend who made it certain that it was absolutely imperative that I don't store my coins in a wallet online, so I listened.

Even after acquiring some btc, I entered the faucet world, and started trading for shitcoins... I did fairly well with following the altcoin threads here, and listening to the technology behind an announced coin, and I thought I knew when the right time to buy was. I thought I was making a killing on the short sales, but when I tallied up my profit over the week, and averaged out the hours that I put into monitoring my buys and sells, it was well under what I make from my "day job", if you will.

I got fucked with doublers and HYIPs; won't ever take that risk again.

Gambling, I'm still down 4.4BTC from it. So fuck gambling and dice-rolling ha.

Bitcoin is fun because it's so new, and especially because it's gone up almost 7x since I got in. The growth is fun to track, and at a certain point in time, I was hellbent on creating a website where I could teach newbies how to acquire Bitcoin for free, and how to maximize it's earnings for itself. The problem is that I started so late, with such low volume, that Bitcoin never became an alternative to my real life work.

[LuanX3]

This is a good read, though I would say that it is quite hard to read as there is not much formatting that would make the read easy on the eyes. Anyway, about content though, it is nice to read as it warns newbies about mistakes they are about to take. I had done most of these and would have avoided it if I was able to read this.

[Daniel91]

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.

Faucets or gambling are no bad for the Newbie to start with bitcoin but the thing which almost every Newbie misses here is that theydo not pay attention on learning on how to earn bitcoins and try to experiment. If they first focus on learning , even from you tube videos etc, they can save themselves from a lot of scams being run online via bitcoins.

I would say that trading or gambling are no bad for the Newbie to start with bitcoin in the case if they have enough money to spend for it and can afford to loose it.
If they can invest only money they need for everyday life, food, bills etc. than I don't recommend it.
In such case, it's much better if they collect free faucets or join signature campaign.
In the mean time, they should learn about bitcoin.

[SoulBargain]

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.

Faucets or gambling are no bad for the Newbie to start with bitcoin but the thing which almost every Newbie misses here is that theydo not pay attention on learning on how to earn bitcoins and try to experiment. If they first focus on learning , even from you tube videos etc, they can save themselves from a lot of scams being run online via bitcoins.

I would say that trading or gambling are no bad for the Newbie to start with bitcoin in the case if they have enough money to spend for it and can afford to loose it.
If they can invest only money they need for everyday life, food, bills etc. than I don't recommend it.
In such case, it's much better if they collect free faucets or join signature campaign.
In the mean time, they should learn about bitcoin.

Yep. Newbies are more excited to earn bitcoin rather than educating themselves first. Some earn bitcoin but later on they will realize that they have been wasting their time with faucets who pay a little actually which they don't know and there are things which pay more so in the end they just regret wasting their time and energy which they can use it in a much profitable way. So it is important to do some research first. to learn and educate yourself before proceeding to anything.

[alphablitzer]

In my opinion, the first mistake that I notice that newbies make is that they think they still can earn with mining. They ask questions, make topics that are already done or meaning have been answered already. It's very easy to think that you can do that but you just have to read first in order to see that there is something that can be done with bitcoin and you could try to explain it to them how it works, over and over again. They have to know what the basics are first.

[Meowth05]

The article is good, it's correct on most point newbie want to do especially about faucet and mining bitcoin. When i was new to bitcoin, i thought that 1000 satoshi from faucet is huge, later did i find out that it was not even 0,1 cent. The other thing is mining, i didn't know that the capital you need is not small.

Yes i dont realize it recently and then i just get it that a satoshi is different from bitcoin and mbtc is something that all newbies need to understand about the bitcoin because they will be confused in this topic.

[boyptc]

In my opinion, the first mistake that I notice that newbies make is that they think they still can earn with mining. They ask questions, make topics that are already done or meaning have been answered already. It's very easy to think that you can do that but you just have to read first in order to see that there is something that can be done with bitcoin and you could try to explain it to them how it works, over and over again. They have to know what the basics are first.

I don't think that's the first thing that newbies are thinking. I think the most popular mistake of newbies is that when they started to claim satoshi's through faucets, they are thinking that it will always be the best way to earn bitcoins. But we know that it is not and it's just a waste of time if you are already had long time in bitcoin.

[Armstand]

In my opinion, the first mistake that I notice that newbies make is that they think they still can earn with mining. They ask questions, make topics that are already done or meaning have been answered already. It's very easy to think that you can do that but you just have to read first in order to see that there is something that can be done with bitcoin and you could try to explain it to them how it works, over and over again. They have to know what the basics are first.

I don't think that's the first thing that newbies are thinking. I think the most popular mistake of newbies is that when they started to claim satoshi's through faucets, they are thinking that it will always be the best way to earn bitcoins. But we know that it is not and it's just a waste of time if you are already had long time in bitcoin.

Knowing there is more in bitcoin than using faucets and there are more better than it, we can try signature campaign once our account qualified in a chosen campaign and do trading too. Using faucets were practiced ever since to be used by the newbies to have some capital for bitcoin activities though its too small and time consuming.

[Zicadis]

-snip-

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

One of the newbie mistakes i can relate to was thinking you can get rich soon using faucets by investing a lot of time and effort in them but boy were we wrong

Bitcoin payments are anonymous

This is not only a newbie mistake because most people still think it is...can not blame them, we were all at one time entangled to believe it was

[MingLee]

In my opinion, the first mistake that I notice that newbies make is that they think they still can earn with mining. They ask questions, make topics that are already done or meaning have been answered already. It's very easy to think that you can do that but you just have to read first in order to see that there is something that can be done with bitcoin and you could try to explain it to them how it works, over and over again. They have to know what the basics are first.

I don't think that's the first thing that newbies are thinking. I think the most popular mistake of newbies is that when they started to claim satoshi's through faucets, they are thinking that it will always be the best way to earn bitcoins. But we know that it is not and it's just a waste of time if you are already had long time in bitcoin.

Knowing there is more in bitcoin than using faucets and there are more better than it, we can try signature campaign once our account qualified in a chosen campaign and do trading too. Using faucets were practiced ever since to be used by the newbies to have some capital for bitcoin activities though its too small and time consuming.

Signature campaigns are very hit and miss though, a lot of them don't have decent pay rates but there are some that are very good. I don't focus a lot on the technical aspects of it now that I'm at a Sr.M position so most people don't really have varying rates, but for anyone below this it looks like just a mess of information and squeezing out the extra few cents per week.
I remember when I used to use faucets and I thought I was making a lot when I was just gathering peanuts.

[Weatherby]

Even after acquiring some btc, I entered the faucet world, and started trading for shitcoins.I thought I was making a killing on the short sales, but when I tallied up my profit over the week, and averaged out the hours that I put into monitoring my buys and sells, it was well under what I make from my "day job", if you will.
I got fucked with doublers and HYIPs; won't ever take that risk again.
Gambling, I'm still down 4.4BTC from it. So fuck gambling and dice-rolling ha.

It is a common mistake by newbies that they enter a hyped up coin in an exchange like Yobit and end up being a bag holder and the initial plan would be to learn trading and to take advantage of the price bubble but the sad part is that those coins will never have any movement and then the biggest issue i know people will encounter is forgetting the password and passphrase. You cannot make any coins through gambling ,but if you are lucky you might double or get busted.

[Mometaskers]

The article is quite accurate. I remember trying out multiple faucets, only to find out I have to accumulate like, 200k satoshis first before I get a payout. Then when I checked how much that would be in my currency, I was really pissed off. That's when I realized that save for buying bitcoins or working for them, there's really not much an individual can do to accumulate bitcoins.

Selling out is also a mistake I've made in the past. Anticipating a plunge, I sold some BTC. I was proved wrong and so is stuck with fiat in an exchange.

[maiden]

One of the common mistake of newbies like me is spamming threads, and posting nonsense

[bobo012]

In my opinion, the first mistake that I notice that newbies make is that they think they still can earn with mining. They ask questions, make topics that are already done or meaning have been answered already. It's very easy to think that you can do that but you just have to read first in order to see that there is something that can be done with bitcoin and you could try to explain it to them how it works, over and over again. They have to know what the basics are first.

They can, but not with the bitcoin mining (asics), if they gpu mine shitcoins and convert to bitcoin they can earn something and also learn in the process.

[Shiroslullaby]

Biggest mistake is probably not having patience.
When I started I would buy Bitcoin and pay high fees because I wanted coins, waste time at faucets because I wanted dust,
and sell coins when the price dropped a few percent because I got nervous.

If you take a long-term approach and realize that it takes months or years to actually make money in crypto,
you will be more well informed and make better decisions. Read threads, research developer history etc. Learn about stock market trading because many of the same principles apply.

[Betwrong]

Good article, especially I liked the parts on trading altcoins and on using faucets. Indeed you can lose a lot of money with the former, if you have no experience or if you think you have a magic strategy, and you can lose a lot of your time with the latter since nowadays the faucets mostly give you $0.001 per hour or even less. Visiting 200 faucets to earn just $0.2 would be a very absurd thing to do.

[J9901]

I think the most common mistakes made by newbies is they easily get attracted towards gambling to multiply their bitcoins in quick time but end up loosing everything and apart from that they also invest in online sites without doing any research.

[Dogeboi3210]

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

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

Great point on the credit card! Those fees are so ridiculous, that it's much better just to sign up to a real exchange like Coinbase.