10 main mistakes of Bitcoin newbies

[unusualfacts30]

I think newbies get attracted to bitcoin because they think of it as "get rich quick scheme" but then they lose it all. If you do your research, you can save yourselves lot of headache later on. Every question regarding bitcoin has been answered so newbies shouldn't have any trouble at all.

[squatz1]

I'd have to say one of the biggest ones that isn't mentioned here is going to have to be fees, most of the new people don't understand how fees work and all that which is going to make them do one of two things. Set a fee two low which is going to cause their TX to never be confirmed or just take an insane amount of time to be confirmed, OR just waste a ton of money getting a fee confirmed for too high of an amount.

Both are equally bad and I think this piece should've touched on it well, though besides that this hits on a good amount of the bases when it comes to things. May want to also tell people to avoid faucets, gambling, and so on and so forth if you catch my drift.

[Jamie777]

To me at least the biggest mistake is people storing coins on exchanges. Most people don't remember Mt Gox anymore even though it was recent enough. Probably because there's so many people that got in to bitcoin after this shambles

Hardware wallets are actually affordable and easy enough to use now so there's no excuse.

[HeRetiK]

To me at least the biggest mistake is people storing coins on exchanges. Most people don't remember Mt Gox anymore even though it was recent enough. Probably because there's so many people that got in to bitcoin after this shambles

Hardware wallets are actually affordable and easy enough to use now so there's no excuse.

True, Gox seems like an ancient legend from a distant past by now. Let's hope we don't get a modern equivalent any time soon.

[joebrook]

To me at least the biggest mistake is people storing coins on exchanges. Most people don't remember Mt Gox anymore even though it was recent enough. Probably because there's so many people that got in to bitcoin after this shambles

Hardware wallets are actually affordable and easy enough to use now so there's no excuse.

True, Gox seems like an ancient legend from a distant past by now. Let's hope we don't get a modern equivalent any time soon.

I do remember the Mt Gox incident and i will say this, this was an inside job by these people just to rip off the customers, they feign innocence and just share the money later, They should have been made to refund the money to its customers.

[orions.belt19]

Wow, thanks for this article! Really helped me as a newbie. I think that others, even old users of cryptocurrency/Bitcoin can still use this article and learn from it. Thank you for adding to my knowledge on Bitcoin. I hope to be able to use it wisely. I'm still constantly learning because I wish to invest on Bitcoin someday so I want to fully understand it. Kudos!

[Kasabus]

I think newbies get attracted to bitcoin because they think of it as "get rich quick scheme" but then they lose it all. If you do your research, you can save yourselves lot of headache later on. Every question regarding bitcoin has been answered so newbies shouldn't have any trouble at all.

Maybe and that is a mistake because that is not true, when we hear successful stories we like to have such success and want it easily.
But, we will be tested once we are in the actual situation because making money is not as easy as we think, now if we can accept that
reality and be able to improve our skills and will mature, maybe we will have a chance in the future.

[GoodOne]

Near "Keeping money on exchange sites and coinbase" I would add to diversify with few wallets or create few cold wallets and ALWAYS use 2FA

[Zalfa_mui]

For beginners bitcoin players error is reasonable, the first mistake is less patient and trader always panic on market.. Often experience losses due to lack of experience .. But that's reasonable because all successful people are learning from failure ..

[wxa7115]

I think newbies get attracted to bitcoin because they think of it as "get rich quick scheme" but then they lose it all. If you do your research, you can save yourselves lot of headache later on. Every question regarding bitcoin has been answered so newbies shouldn't have any trouble at all.

Any person that enters a market with that kind of mentality when he does not know anything about it, is just going to get into trouble with scammers that will try to get advantage of him, since there are many scammers that are looking for people like that, people that want to double their money in a matter of days.

[Zionatin]

I the the most important thing anyone can do for themselves would be to always make sure they keep backups online and offline of Soo their wallets. You never want to lose coins. It happens often to people. I admit it has happened to me. Never take chances, it's just not worth it at all.

[digitalgame4life]

Many newbies to come since more and more people knowing about cryptos.

[richminded]

Mistake : simple those who are not patient and just sell of their btc when they think its crashing

This is the biggest mistake and time will teach them how to hold bitcoin and being rich with bitcoin. I think the second biggest mistake is that they do not very care about the private key. Private key is very important to bitcoin holder

I think everyone experience this one, when we all new here we are really so afraid and let our emotion to control us but this is a good lesson to learned. Sometimes we need to experience this early in your career for you to become stronger the next time you encounter things like this.

[virasog]

Another aspect of newbie is that they think bitcoin is for rich only and difficult to earn or collect. Yes, because you cannot have it if you do not know. I guess there is no need to know if what class you came from all you need is to know how to get it. Because for me I am not in the middle class but I am not poor enough to classified as poor so I guess no need to know your life status to know bitcoin and have it.
The thing is to realize the Newbie that bitcoin can be earned or collected by the poor also even though it is very expensive.

[Aztek]

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 is totally great that there is a site for newbies in bitcoin industry. With the help of this site article, many people especially those who are new in this can be oriented of the do's and dont's in this kind of cryptocurrency where we belong. By this they can be aware of everything that they will do and have a basis if they are doing the wrong or right thing. We must thank the provided or creator of this article because he make a way to make awareness not just for the newbies but also for the other ranks.

[Russlenat]

Some newbie just don't know what to do for the first time because of some don't have a full knowledge on bitcoin, but we all are the same, we also start as a newbie so I think we all do all this 10 mistakes that the author describe on his blog.

[ASHLIUSZ]

Some newbie just don't know what to do for the first time because of some don't have a full knowledge on bitcoin, but we all are the same, we also start as a newbie so I think we all do all this 10 mistakes that the author describe on his blog.

Also these were not mistakes, but the lack of understanding and over expectation. When it comes to the term bitcoin, it's all about money and we can earn this quick and make ourselves rich. Most users have this thinking at the early days. The same cause them to get trapped on several scams and other fraudsters.

[NJB18]

This is generally a Bitcoin 101 course. And while it is really introductory, many of us who are here for quite a while already are quite surprised at how the article gives us new knowledge about it.

The article made almost everything simple for anyone into bitcoin.

[Kevin77]

I think newbies get attracted to bitcoin because they think of it as "get rich quick scheme" but then they lose it all. If you do your research, you can save yourselves lot of headache later on. Every question regarding bitcoin has been answered so newbies shouldn't have any trouble at all.

Everyone in this world wants to become rich as soon as possible. So, as a newbie your first main focus is to earn more bitcoins. After some passage of time they will realize that it is not that simple after that they will get more knowledge about it. Failures are the best teachers which can help you to overcome and face any situation.

This is generally a Bitcoin 101 course. And while it is really introductory, many of us who are here for quite a while already are quite surprised at how the article gives us new knowledge about it.

The article made almost everything simple for anyone into bitcoin.

That is the power of this community and success of this forum. Unfortunately newbie are not showing interests on reading here rather than they just focus on writing more number of posts and this must be the reasons those mistakes keep persisting.

[agatha818]

nice article, did all that when i started using and investing bitcoin.