10 main mistakes of Bitcoin newbies

[maxNIMFA]

Right now it's easy to understand the basics in a short period of time. But with the years the whole cryptocurrency ecosystem would become more complex.
And maybe in 2030 it would be as hard to understand it as it is now to understand for 80-90-old gents and ladies the principles of the web.

I bet nobody who replied to this thread can describe smart contracts as if it was a programming language.

Solidity is a programming language, not smart contracts

[ICObox]

Very useful information, thanks! I will advise this to read to all newcomers!

[Xester]

Also include investing on shit bitcoin doublers, mining promising 1000% profit, ponzi, fake wallets, gambling etc. These things are hyping me before, also when claiming in bitcoin faucets i feel so rich haha 😂. But those days teach me how to become more stable now and every decisions I make always think twice.

Bitcoin teach me a lot of lessons, on how to give importance on what I owned financially. Also teach me how not to trust anyone.

I've been there... I remember claiming on faucet for more than 4hours.
I also lose some money in doubler and hyip, well I get some profit too but it's not enough
I'm very thankful for the experience being a newbie, just like the saying "Experience is a great Teacher"

Yes that hyip thing, I was new into bitcoins when there was a website flashed on my screen.  An investment site that offers a great return when you invest a certain amount of bitcoin.  Bitcoin is so precious to me and at that time, I was thinking of how I will earn more out of my bitcoins.  I signed in and invest some amount of bitcoin.  After I was about to get my bitcoin, the site was no longer there and I was really saddened.  Since then I do not invest any of my bitcoin.

[HanSchultz]

Right now it's easy to understand the basics in a short period of time. But with the years the whole cryptocurrency ecosystem would become more complex.
And maybe in 2030 it would be as hard to understand it as it is now to understand for 80-90-old gents and ladies the principles of the web.

I clearly did not understand what you are trying to tell here,the so called 80 year old individual by 2030 means that they are currently having 67 years old and i am sure most of them who are interested in learning about these things would learn by now and the world has changed drastically and who does not have a smart phone right now.

[MarkReuter]

They invest cloud mining, sites that doubles BTC and of course gambling are the mistakes committed by most of the newbies in BTC. I don't really bla,e them cos many of us threaded this path on our way to becoming professionals

[Vaskiy]

Also include investing on shit bitcoin doublers, mining promising 1000% profit, ponzi, fake wallets, gambling etc. These things are hyping me before, also when claiming in bitcoin faucets i feel so rich haha 😂. But those days teach me how to become more stable now and every decisions I make always think twice.

Bitcoin teach me a lot of lessons, on how to give importance on what I owned financially. Also teach me how not to trust anyone.

I've been there... I remember claiming on faucet for more than 4hours.
I also lose some money in doubler and hyip, well I get some profit too but it's not enough
I'm very thankful for the experience being a newbie, just like the saying "Experience is a great Teacher"

Every user could have lost or spend some amount in terms of bitcoin just because of over expectations on earning big through the doubling and other HYIP programs that are developed to scam the users. Here most of the time newbies get trapped and realize it only after losing.

[BitHodler]

They invest cloud mining, sites that doubles BTC and of course gambling are the mistakes committed by most of the newbies in BTC. I don't really bla,e them cos many of us threaded this path on our way to becoming professionals

In other words, people are too dumb to understand that what they are doing leads to nothing but losses, and too lazy to freaking work hard for their money.

All the examples you mentioned are something that people (rookie or experienced) should avoid by default. It's common sense material......

If people need to go wrong in order to realize that these options aren't rewarding, and only lead to losses, it tells me that the average IQ of the general user of this forum is far below average.

[gribble]

They invest cloud mining, sites that doubles BTC and of course gambling are the mistakes committed by most of the newbies in BTC. I don't really bla,e them cos many of us threaded this path on our way to becoming professionals

Yes, invest in cloud mining service will be difficult for return of investment although the cloud mining service can be trusted
but invest in cloud mining are bad ideas because the cast of mining is very expensive and the difficulty of bitcoins is increasing
every time and risk to be scam service can happen.

[btcprospecter]

For me I think the biggest mistake made by newbies is not getting involved sooner. I started only a little under two years ago but kind of lost time and didn't really have the money to invest. I spent/wasted alot of time on faucets but it gave me a start of my bitcoin. I am now starting my crypto currency journey again.

[richminded]

I think we all make mistakes when were newbie, specially when we new in trading, newbies are trade with emotions and i think this is one of the mistakes of newbie, well we all need to fail for us to learn.

[PokerFace3]

I think we all make mistakes when were newbie, specially when we new in trading, newbies are trade with emotions and i think this is one of the mistakes of newbie, well we all need to fail for us to learn.

Mistakes in trading are still committed by people even they call themselves professional traders hence we cannot expect mistake-free trading environment as it will be not at all possible for anyone. Like you mentioned while trading, almost all the traders are failing to control their emotions as it is highly bind with them physiologically.

I guess all types of financial mistakes are originating from emotion failures. Yes, people get scammed by hyip just due to greediness or losing big money in gambling due to not maintaining self disciplines.

If we go for indepth analysis on all types of mistakes we make with any financial activities, we may come to a conclusions how important to have emotion control all the times. Earning is a big task but securing those earned wealth must more important task for anyone.

[killmenow]

the main mistake is they sell at wrong time.
and I think it is really bad day for those who sell their bitcoins when they see that the bitcoin’s value is crashed, and the good day for those who save bitcoins , here is the day for their celebration because they are now milliners. So guys if I have an opportunity to get bitcoins I never ever miss it.

[Jeger.Kiting]

Also include investing on shit bitcoin doublers, mining promising 1000% profit, ponzi, fake wallets, gambling etc. These things are hyping me before, also when claiming in bitcoin faucets i feel so rich haha 😂. But those days teach me how to become more stable now and every decisions I make always think twice.

Bitcoin teach me a lot of lessons, on how to give importance on what I owned financially. Also teach me how not to trust anyone.

I've been there... I remember claiming on faucet for more than 4hours.
I also lose some money in doubler and hyip, well I get some profit too but it's not enough
I'm very thankful for the experience being a newbie, just like the saying "Experience is a great Teacher"

Every user could have lost or spend some amount in terms of bitcoin just because of over expectations on earning big through the doubling and other HYIP programs that are developed to scam the users. Here most of the time newbies get trapped and realize it only after losing.

That is the carelessness of the beginners who always expect something big, with their curiosity and emotion to do small things will get big when doing the program, maybe they do not know what they should do so they do not get caught in a big defeat in this case.

[carrie_white]

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

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

it is a very good article, especially for the newbie, if it is original writing and articles that you make yourself, I really appreciate it, thanks for your hard work

[FrozenByte]

Thanks for the article, I'll be sure to make use of it as I learn more about Bitcoin.

[erep]

The biggest mistake a newbie does is selling all his earnings whenever he gets it. I did that when I used to get and understood what I was doing wrong very early. Sell only 25% of your earnings, save the rest in a secured wallets.

[kriticko29]

This kind of post is what i like the most here on the forum. It teaches newbies how to be a successful bitcoiners and how to secure their future with it.

[btcdepo]

That is a great little guide that shows newbies where is the right direction. I wish I came accross with this one when I was newby.

I've just introduced crypto world to my little brother, so that is good that I've seen this guide here, I can share with him too.

[STT]

The biggest mistake a newbie does is selling all his earnings whenever he gets it. I did that when I used to get and understood what I was doing wrong very early. Sell only 25% of your earnings, save the rest in a secured wallets.

Well true enough, its not smart to sell out of a growing system.   Many dont realise what they are dealing with and everyone has to cover costs.    I would say always sell some revenue to meet costs, usually then you have a minority left.   I would sell some of that to own some gold, some sites will accept crypto to pay for gold.   What percentage you hold of gold is upto the individual but always have more then 1% of free cash as FIAT is not a reliable system of saving.   Then what you have left is profit, even out of this amount I would sell some to paper money but only when I think market has risen a sufficient amount in near term.

   Then finally keep some so long as you believe in the crypto overall and its being developed adequately to meet needs of the common user not just elite type interests.  An economy is always driven by the masses not the largest owners.  The fastest business is from the smallest business is another general rule I agree with

[cakra]

helpful information. at this time a lot of newbie who want once instant. less reading, want to directly produce. do not they all proceed?