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Author Topic: Five common mistakes made by Bitcoin users  (Read 3879 times)
Mr. Tan
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August 31, 2017, 01:07:08 AM
 #1

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor
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August 31, 2017, 01:19:50 AM
 #2

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor
Luckily the mistakes you said by newbies are done early on as you are only losing a few amount of Bitcoin. If you could imagine this happening to a man with a lot of Bitcoin it could end up eating all of their Bitcoin. The good thing about this is you can learn from your mistakes and avoid it later on. Also the most hardest thing to learn is about trading because there is no 100% accurate forecast about the price prediction of Bitcoin all you can do is prepare for the trend.

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davis196
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August 31, 2017, 06:17:37 AM
 #3

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

I don`t understand 5."leave your money in the electornic money floor."What is the meaning of this?
Lucky for me ,i didn`t made any of these mistakes when i was a newbie.
By the way,i don`t think that 4."Buy and sell based on feelings" is always a mistake.Sometimes the right
decisions are made based on feelings.My decision to join to bitcoin community and get some bitcoins was based on feelings,not research. Grin

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August 31, 2017, 07:09:18 AM
 #4

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

I don`t understand 5."leave your money in the electornic money floor."What is the meaning of this?
Lucky for me ,i didn`t made any of these mistakes when i was a newbie.
By the way,i don`t think that 4."Buy and sell based on feelings" is always a mistake.Sometimes the right
decisions are made based on feelings.My decision to join to bitcoin community and get some bitcoins was based on feelings,not research. Grin

Well for me i was not really a fulltime bitcoin user. I was a teacher and its just now that i am into it fully. I have read many reflections and watch videos about bitcoin on my free time. I may not been exposed to it fully but i've learned the basics on youtube. I used to trade vegetebles when i was younger so i really had the grasp of trading with just few trade that i done in exchange sites.
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August 31, 2017, 08:35:32 AM
 #5

i dont't know why i must Leave all my  money in the electronic money floor can you explain more
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August 31, 2017, 08:21:23 PM
 #6

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

Yeah, I suppose these are very easy to make but hopefully they don't lose to much money before learning them. #2 is very easy to make, I mean, I have electrum but haven't even made a backup, just wrote down the phrase. I'm noob with tech stuff. I suppose you meant online exchanges for #5? Yeah, those are really not safe.
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August 31, 2017, 08:26:00 PM
 #7

You missed the most important:

#1 leave your money on an exchanger

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August 31, 2017, 08:54:07 PM
 #8

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor
6. Waste time on faucets (we all did)
7. Collect dust and pay high fees on it
8. Leave coins in an exchange
9. Trust the wrong people and get scammed
10. Panic at a price correction
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August 31, 2017, 09:04:22 PM
 #9

11. Did not take chance to buy Bitcoin cheap.
12. Bypassed good and secure Bitcoin earnings.
13. Baught pizza with several Bitcoins
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August 31, 2017, 09:27:32 PM
 #10

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor
6. Waste time on faucets (we all did)
7. Collect dust and pay high fees on it
8. Leave coins in an exchange
9. Trust the wrong people and get scammed
10. Panic at a price correction

I've done 4, 6, 7, 8, and 10. I also did "Panic Buy" which is not on the list. What I mean is buy after the price jumps up because you think you are going to miss out, then the price drops.

I'm sure most of us have made a lot of mistakes in the past. The best thing is to learn from them and try to make the best of it going forward. And you can still make a profit even if you lose money on mistakes as long as you keep working on it.
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August 31, 2017, 09:38:04 PM
 #11

You missed the most important:

#1 leave your money on an exchanger

Yes, and i think that is the most important thing that any bitcoin user must know at the moment he introduces himself to bitcoin.
I had to learn that by the hard way, i was just trading in a local exchanger, and i left there 0.03 worth of some altcoins, that is not too much money so i was lucky, but the exchanger dissapeared a few days after.
I think that leaving coins in any exchanger is risky, doesnt matter if its poloniex,bittrex, or any other that offers "trust" they all are the same, it is better to store your own coins, and if you have ethereum tokens, then store them in your ethereum wallet, it is not too difficult and you wont risk too much.


Well that's so sad if exchanges will be disappeared a few days, so for me those mistakes made by bitcoin users merely not a good practices and should be avoided. If they continue doing it and not learning by the lessons from that scenario, I think they will become such a failure of bitcoin profit seeking opportunity for now. I agree that storing your coins at your ethereum wallets can be safer if you try to do it long terms and avoid storing at trading sites so that you will not be stressed thinking about the growth of your funds.


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August 31, 2017, 09:44:54 PM
 #12

You missed the most important:

#1 leave your money on an exchanger

This for sure. I absolutely agree. And of course
#2 Panicselling during the freefall  Cheesy

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August 31, 2017, 09:58:02 PM
 #13

All listed not just by OP but for others as well is not a mistake totally if newbies did those since they are in the stage of learning.

It's totally a mistake if it's done by an experienced bitcoin user or a user that already in bitcoin world for months but still can't understand even just the basics.


6. Waste time on faucets (we all did)
7. Collect dust and pay high fees on it


We don't need to pay fees back then when using faucet as payment processors pays for it such as Faucetbox. And upon receiving on the web wallet no need also to pay higher fees because they covered it. Also in my case, if I didn't waste time on faucets, I will not reached my status today. Smiley

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August 31, 2017, 10:04:51 PM
 #14

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor

"Do not research new services"? "Leave your money in the electronic money floor"? What kind of "mistakes" are these?

I have always thought that many newcomers have such a strange compulsion to open new threads under any argument, that they tend to write the subject on the fly, as words and ideas spring from the mind rather than adequately document their ideas to conduct a serious and informed discussion about an important issue.

But hey, worse things I've seen lately around here.
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August 31, 2017, 11:45:33 PM
 #15

You missed the most important:

#1 leave your money on an exchanger

I know right? Especially the newbies. But as time passes they learn many things and realizes that this exchanger wallets is not safe. I think the other thing newbies do is not holding their bitcoins. In my early time here, everytime a signature campaign pay me, I usually convert it quickly to fiat.

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August 31, 2017, 11:52:00 PM
 #16

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor
6. Waste time on faucets (we all did)
7. Collect dust and pay high fees on it
8. Leave coins in an exchange
9. Trust the wrong people and get scammed
10. Panic at a price correction

all that I ever experienced, i dont remember my wallet password, fortunately there is no balance in the wallet.

and i lose my paper wallet, i forgot to put it. really careless me, and about fauchet its realy wasting my time and i leave that
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August 31, 2017, 11:54:23 PM
 #17

well I already did some of it. the most mistake i did was panic selling at price correction i didn't know that bitcoin would be higher if i just wait for a little time and also one of my mistake was wasting my time to faucets. well im researching for other new services right now i have different kinds of cryptocoins. and I'm getting a profit on it.

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BitMaxz
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Bitmain miners is getting worst.


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August 31, 2017, 11:59:59 PM
 #18

I think there are other mistakes like investing their bitcoin in investment plan or buying hash power in some cloud mining service is also mistakes..
That i think this is a big issue right now because almost newbie are investing in cloud mining site and investment plan and scam in the end.
If they know this or read this thread i think it can help a lot for those newbie to know what actually are mistakes can be happen to him so that they will know and be ready about this mistakes..

faceoff97
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September 01, 2017, 12:16:59 AM
 #19

One of the most frustrating mistake you will make is to trust someone saying you'll get high return of investment. Anything that is to good to be true is suspicious, there is no such thing as easy money. Not in all cases , but you have to be wise whether you are doing right and on the right track. Don trust those who you dont know and not credible , better to earn not that big thatnto risk what you have earned. Another thing I always did is basing may decisions on feeling, I easily  panic when price chage dramatically. So be more intelligent on conversion, gather information before you decide what to do with your bitcoin.
Milo_Kidd
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September 01, 2017, 03:54:28 AM
 #20

1. Do not remember electronic wallet password
2. Do not back up your wallet
3. Do not research new services
4. Buy and sell based on feelings
5. Leave your money in the electronic money floor
6. Waste time on faucets (we all did)
7. Collect dust and pay high fees on it
8. Leave coins in an exchange
9. Trust the wrong people and get scammed
10. Panic at a price correction
All of these was exactly true. As I experienced I keep on mining btc but do not sure if legit or not. But, I just did. Until my friend told me things about campaign and I realize how effective it is. If these things will happen to you, welcome to the club you are one of great earners.

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