10 main mistakes of Bitcoin newbies

[ashour]

Investing money in doubler sites, cloud mining sites are the most common mistakes committed by newbies and majority of them will also get addicted to gambling to make quick money but end up loosing every thing at the end of the day.

[Weatherby]

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.

That one is a true statement that when i started using faucets a couple of years back ,1000 sat was the minimum amount we could get through them and the price of bitcoin was really low around $260 and i did consider faucets as huge amounts and i knew if they could shell out that much how much they are making in order to give away coins for free and that was an eureka moment.

[batang_bitcoin]

Investing money in doubler sites, cloud mining sites are the most common mistakes committed by newbies and majority of them will also get addicted to gambling to make quick money but end up loosing every thing at the end of the day.

I agree, it's a common mistake because newbies are lack of knowledge about those scams. And I'm one of them before, I thought that it's a good way to earn bitcoin and I believed on it but in the end I was frustrated and I did some googling around and I found out that all of them are scams and right now we should warn the new ones.

[tleilaxu_eyes]

My favorite newbie mistake: "heyyy guys how much money an i make mining ___ (eth/zec atm)" Everyone tells them to just buy BTC/alts, but they try to mine anyway.

But the network does need miners, so I won't complain.

[iv4n]

Investing money in doubler sites, cloud mining sites are the most common mistakes committed by newbies and majority of them will also get addicted to gambling to make quick money but end up loosing every thing at the end of the day.

And people will never learn! I still see new threads about cloud mining sites, doubling sites, people are asking which site is good for that, and even they get answers that this sites are just scamming people they are continuing with using them without noticing our word's.
Gambling is something else, don't mix gambling and cloud mining site. If you have skills and knowledge, with good bankroll there is high chance for a player to make some profit with gambling.

[Lecam]

Investing money in doubler sites, cloud mining sites are the most common mistakes committed by newbies and majority of them will also get addicted to gambling to make quick money but end up loosing every thing at the end of the day.

And people will never learn! I still see new threads about cloud mining sites, doubling sites, people are asking which site is good for that, and even they get answers that this sites are just scamming people they are continuing with using them without noticing our word's.
Gambling is something else, don't mix gambling and cloud mining site. If you have skills and knowledge, with good bankroll there is high chance for a player to make some profit with gambling.

That problem cant be solved unless everyone realized that they will not earn any profit in doubler, i have encounter a lot of people wasting their time in hyip,doubler, etc. They keep referring people to join under them, they dont understand that hyips and doubler are just paying at start but in the end, they will just take your money, and you cant get it back whatever you do.
Even you send email to them, they just ignore you.

[BTCforJoe]

Well this is fun. Today I just had someone message me on Facebook and asking if I currently hold any Bitcoin, and whether I want to earn a percentage on it. I knew what was coming, and I entertained my buddy and told him that I do have btc and I'm willing to hear what he has to offer. He sent me a link to a YouTube "webinar" recording of how this group is taking Bitcoin and playing the crypto market and the mining market, and that all participants will earn 2.X% return a day until their investment has been paid back in double...

Needless to say, I told my buddy that these doublers are all bullshit, and he got offended because he knows a friend of a friend that knows the "company" that produced the video.

What a sucker. I feel bad for him, as he got into btc at around the $900 price point, and I don't know how I'm going to tell him "I told you so" when he only nets 50% of his investment back before the company disappears lol

[Doms]

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.

Sadly, even those who have been into bitcoin for a while are still lured into such scams from time to time. The promise of high yield in such a short period of time just seems to be good an opportunity to pass up, although they always regret investing in the end. Some of these investments are legit in the beginning but turn out to be scams because the high rate of return on investment is definitely unsustainable and can't continue until new members with incoming funds are signed up.

[DoublerHunter]

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.

Sadly, even those who have been into bitcoin for a while are still lured into such scams from time to time. The promise of high yield in such a short period of time just seems to be good an opportunity to pass up, although they always regret investing in the end. Some of these investments are legit in the beginning but turn out to be scams because the high rate of return on investment is definitely unsustainable and can't continue until new members with incoming funds are signed up.

This are the sites that are completely ponzi scheme and we should not trust those sites especially if they offer higher returns in any investment that they offer because if they are legit investment then they will offer a lower return but a longer service unlike the new investments sites that are fakes that is just lasting at least a month and running away with the stolen bitcoins or money.

[Dogeboi3210]

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.

Sadly, even those who have been into bitcoin for a while are still lured into such scams from time to time. The promise of high yield in such a short period of time just seems to be good an opportunity to pass up, although they always regret investing in the end. Some of these investments are legit in the beginning but turn out to be scams because the high rate of return on investment is definitely unsustainable and can't continue until new members with incoming funds are signed up.

Yeah, plus there's no point getting into those when Bitcoin itself is the primary investment to watch anyways.

[virasog]

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.

Exactly, that thing happened to me before, I was attracted  with those offer to every bet I made, also the point of investing to some site not making some background check or research. That must be notify by those newbies around. The sites tires to take advantages of Newbies and  we should warn the Newbies before hand.

[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.

You will come to know that its a waste of time only after you get older in bitcoin world but when you are new to bitcoin even you will start claiming faucets as at that time that is the only choice for you to earn bitcoins so I don't think that its a mistake.

Yeah it is surely a waste of time when you are already into it. And of course for the newbies, it will be exciting for them, because they are thinking that they can earn money or bitcoin for free. But they will realize it that the amount that they are earning with faucets aren't that really high. And that's a common mistake that is happening.

[transabox]

"Buy on breaking news and when price soars" I think for me this is a mistake that i would advice newbie not to make. because firstly bitcoin is just like any other market instrument and the basic rule is buy when price is low and sell when high. So it's totally wrong to buy in a soar period

Why is it wrong? The newbie can not guess exactly when the price has not yet started to rise. And when he sees a clear trend of growth, then you can buy. So there will be confidence that the price will rise in a few days or weeks

[Format.C^]

Investing in cloud mining, doubler sites and going for gambling are the mistakes committed by most of the newbie as even I have made that mistakes in the past  when I was newbie so we cannot blame them as its an common practice in bitcoins.

[kikeda]

Investing in cloud mining, doubler sites and going for gambling are the mistakes committed by most of the newbie as even I have made that mistakes in the past  when I was newbie so we cannot blame them as its an common practice in bitcoins.

That is a common practice at initial stage but its good if people learn from their mistakes and don't repeat the same mistake again in future or else they will never be earning any money from bitcoins.

[nightxglow]

i just found this and only can say one word. Amazing! Thank you! I'm clearly clueless here and only know some kind of things about bitcoin. And reading that article really opens my eyes! now i know what should and i shouldn't do here. it gives me quite knowledge so i won't make mistake in the future. thanks for sharing this!

[Leprikon]

Investing in cloud mining, doubler sites and going for gambling are the mistakes committed by most of the newbie as even I have made that mistakes in the past  when I was newbie so we cannot blame them as its an common practice in bitcoins.

There you can get money only with great luck, but as a rule, many just lose money there and miss the opportunity to start making real bitcoin.

[btcney]

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

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

I just saw this thread and even if it's 2 months old it's still relevant.

The main mistakes that I think are the most common in the newbies from that article are:

-Mining bitcoins - I remember when I joined bitcoin I wanted to mine, and basically my laptop got overheated and i couldn't bare the noise and eventually, my laptop just died and had to get it repaired. Got literally 0 from that.

- Trading altcoins, buying into shitcoins - I bought into a coin called Zetacoin because there was such a big hype over at cryptsy at the time. In the end it was near worthless, and i'm not even sure that people have exchanges for it.

- Buying coin with paypal/CC - The reason why people charge outrageous rates is because they have to assume that you are a scammer. If you are legit then you can always go through the process of verification and buy from Coinbase, or other big exchanges for close to 1% of spot price.

[batang_bitcoin]

Investing in cloud mining, doubler sites and going for gambling are the mistakes committed by most of the newbie as even I have made that mistakes in the past  when I was newbie so we cannot blame them as its an common practice in bitcoins.

There you can get money only with great luck, but as a rule, many just lose money there and miss the opportunity to start making real bitcoin.

So you are not aware that those type of investments are scam? You even don't need have luck for it. Because most of the newbies are thinking that it is an easy way to earn bitcoin but the real thing is that those ways are truly fooling us and it's a scam attempt for those people that are lack of knowledge in the bitcoin economy such as newbies.

[DD-Lex]

Investing in cloud mining, doubler sites and going for gambling are the mistakes committed by most of the newbie as even I have made that mistakes in the past  when I was newbie so we cannot blame them as its an common practice in bitcoins.

There you can get money only with great luck, but as a rule, many just lose money there and miss the opportunity to start making real bitcoin.

So you are not aware that those type of investments are scam? You even don't need have luck for it. Because most of the newbies are thinking that it is an easy way to earn bitcoin but the real thing is that those ways are truly fooling us and it's a scam attempt for those people that are lack of knowledge in the bitcoin economy such as newbies.

Basically, such scams come across beginners or with a bit of experience who want to get a lot of easy money.