Five common mistakes made by Bitcoin users

[kwarto]

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

yes, this are the common mistakes newbies encountered when engage in bitcoin. but as the years past by, all this mistakes will be corrected... people change especially if it envolves money. as the years comes by they are much careful about their actions

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[zhanghoqi5]

One of the first things bitcoin users need to know is how to provide password protection for bitcoin wallets. This is a big step in the right direction, because no password means anyone can easily crack your personal wallet.

[steveabrahams]

One of the first things bitcoin users need to know is how to provide password protection for bitcoin wallets. This is a big step in the right direction, because no password means anyone can easily crack your personal wallet.

I think people is not that stupid, i mean of course they are using a difficult password on their wallet. I think the very common mistake is, a newbie easily give their private key into somebody or in website. They are still newbie and don't know private key is really important code and Only you that can know it.

[filatova]

The forth point is mentioned is most important, doing transactions based on feelings. That is the reason of panic sale that causes huge loss.

[Freddie Aguiluz]

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

We can't blame those people who are selling their token based on their feelings, because there are times that we desperately need a money even though the sell price us low.

[Financial Freedom 4U]

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

4. Buy and sell based on feelings

This is by far the biggest one I see. People sell when there is fud and buy when there is fomo, driven by the emotions fear and greed.

[LuciferEveningStar]

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

Its fine if you are going to back up your wallet because in this way you are going to avoid on losing a huge amount of your capital or holdings that might still grow after a few years.

[waywethe]

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

Buying and selling based on sensibility is a fundamental mistake of all when it comes to investing in electronic money. I think that despite the experience, emotion trading is inevitable

[Pattart]

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

As I observed the most common mistakes that we committed is trusting a person whom we dont even know yet.

In online you have to be careful because they are undercover. so don't be easy to believe in people you don't know because they may have bad intentions on you. I think that is often done newbie is to sell and buy only rely on their feelings. when they are frightened as prices go down. then feeling they say sell because of depressed. of course they are get lose for doing it

[realcrypto]

This is also some of the common mistake bitcoin users make. Use their hard earn bitcoin to invest in HYIP programme ,invest in scam ICO, sell due to panic when the market is red.

[Bugsbey]

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

It is very important to take note on the above common mistakes. They are so important and must not be done or else we will lose justice to our hardwork, thus will lead to frustrations.

[Altcoins enthusiast]

This five reason are what many people and investors are doing daily and that is the reason why they are losing money.  Trading is a diligent professions and if you are not ready to spend time to learn about every step of price process you should be ready to be losing money.

[rainezerr401]

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

Buy and sell based on feelings is always the problem of every new traders in the market, there are a lot of people today who are not earning a huge amount of profit because they are selling their coins at its lowest price when they saw that the market is dumping their coins.

[Tory-Tory]

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 would add here:
- don't check the fishing-sites
- participate  in the hype-projects, where promised in excess of profits and give their scammers their bitcoins
- DO NOT STUDY AT YOUR OWN FAULTS

[spikerrr]

There is no such things perfect in the world. Everyone did a mistake. From mistake it can lead to learning. Experience is one of the best teacher in the world.
All you've mentions was true and the other answers. We can avoid mistakes by carefully search and do things to be done.

[ChConcept]

For me the root cause of all these common mistakes is just one, letting FUDs get into you. It leads to a lot of things that could be considered mistakes in Bitcoin, like being impatient, panic selling, panic buying, losing trust, and a lot more things just because you let those fear, uncertainties and doubts get into you. 

[gabmen]

For me the root cause of all these common mistakes is just one, letting FUDs get into you. It leads to a lot of things that could be considered mistakes in Bitcoin, like being impatient, panic selling, panic buying, losing trust, and a lot more things just because you let those fear, uncertainties and doubts get into you. 

Well not all fall for fuds. Mostly these are inexperienced traders and holders. Greed may very well be a main factor for making mistakes for more experienced traders. Wanting to get more out of a trade than what's necessary can make someone lose instead of making profit

[Herbys]

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

The biggest mistake when buying or selling Bitcoin: trust experts!

[ufaiz50]

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

The mistake number 1 is the thing that strikes me as strange, you do not remember password? the possible is because the user does not have a lot of bitcoin in his wallet, maybe for points 3 to 5 it is reasonable for beginners and those who have little interest in cryptocurrency.

[tailwate07]

Life is full of mistakes. Some of the things you have mentioned have happened to most people whom I think was not giving too much importance to bitcoin except for some cases where accidentally they lost their private keys. But for some of those who did not value bitcoin in the beginning are those who end up looking for bitcoin private keys because to them bitcoin was just something that doesn't give them ample returns until one day when the value did rise up high they keep looking for it like crazy.

There is one thing which I believe in and that is no one in this world is perfect and that we all make some mistakes at certain level and that because of which we may suffer a lot as well. However, you can only be successful in your life if you learn some good lessons from the mistakes which you made instead of repeating those mistakes again in your lives. Stay positive and think well before you make any kind of decision.