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Author Topic: Five common mistakes made by Bitcoin users  (Read 1471 times)
Bestwishes745
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September 12, 2017, 11:45:24 PM
 #61

Another mistake of common phenomenon is greediness to turn $5 to $50 wthij a matter of days without any effort just to put it in a site then come in the next 5 days to see it has turned to their dream value which in most case not like that. Another is the ability to trust early this is something common in dealing with either individual or a site based on previous trust garnered without doing a further research whether the trust is still standing or crushed.
The most common mistake which most of the Bitcoin users commit is that they panic themselves when they see the market price going down and hence decide to sell their Bitcoins at very less price. They actually can’t control their emotions due to which they suffer loss.

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September 20, 2017, 09:44:57 PM
 #62

4. Buy and sell based on feelings

Didn't done this mistakes when I was a Newbie,  but dont get me wrong but I find this wrong this number 4 because what will be your basis when you buy and sell bitcoins?  It will be your desire and feelings who will decide for you since its yours Im sure you make the right decision for yourself right?

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September 20, 2017, 09:49:42 PM
 #63

Most of us must have done these mistakes since we all came as a beginners. Maybe we could start a new topic like what have you learned from your mistakes during your first times  Cheesy I just got concern with number 4? Because what will be your basis when buying and selling your bitcoins if it is not by feeling? It will be your desire and feeling after all because it is yours to decide

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September 20, 2017, 09:55:33 PM
 #64

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 title is misleading, this is only happening mostly for the newbies or newly entered investors that just recently known that bitcoin is profitable. But there is one thing that is being done by almost everybody here, regardless of how long he is staying in bitcoin. Everyone can relate themselves including me with #4  Grin I'm one of those people before and somehow until now that is basing trading with my feelings.

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September 20, 2017, 10:00:24 PM
 #65

Most of us must have done these mistakes since we all came as a beginners. Maybe we could start a new topic like what have you learned from your mistakes during your first times  Cheesy I just got concern with number 4? Because what will be your basis when buying and selling your bitcoins if it is not by feeling? It will be your desire and feeling after all because it is yours to decide
This is happen for newbies traders that experience the mistakes. And it serves as a lesson not to bring these things during trading. Buying and selling with emotions will bring a mistakes rather analysis must include in buying selling bitcoin.

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September 20, 2017, 10:01:33 PM
 #66

4. Buy and sell based on feelings
This implies that all bitcoin users are traders what is definetely not the case!

But I have to admit that I don't know the percentage of traders compared to those who use it as a payment method and or value storage.

Does anyone has any real numbers available?

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September 20, 2017, 10:03:58 PM
 #67

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

For the first rule i advice to use various encryption methods for private keys with easy remembered/known passwords  Wink
BTW without back up everything will be hard and dark in case of useless hard disk Wink

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September 21, 2017, 01:08:22 AM
 #68

i dont't know why i must Leave all my  money in the electronic money floor can you explain more
Did you mean "must" is supposed to be a must not?
To answer your question, my opinion on this is is that "electronic money floor" refers to your electronic wallet? Or maybe the BTC platform for trading. Let us admit that electronic platform can be quite unstable and unsecured due to malwares or computer viruses that may hack up our system and may potentially get what's stored in our wallet. I do hope that BTC systems will enhance their security features so that threats like this will be eliminated.
Anyways, I don't think that storing it up in "electronic money floor" is a big mistake but rather a risk that you have to take just like investing in a normal stock market. Bigger risks is bigger return.

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September 21, 2017, 02:18:44 AM
 #69

i dont't know why i must Leave all my  money in the electronic money floor can you explain more
Did you mean "must" is supposed to be a must not?
To answer your question, my opinion on this is is that "electronic money floor" refers to your electronic wallet? Or maybe the BTC platform for trading. Let us admit that electronic platform can be quite unstable and unsecured due to malwares or computer viruses that may hack up our system and may potentially get what's stored in our wallet. I do hope that BTC systems will enhance their security features so that threats like this will be eliminated.
Anyways, I don't think that storing it up in "electronic money floor" is a big mistake but rather a risk that you have to take just like investing in a normal stock market. Bigger risks is bigger return.

Bigger money means being meticulously picky on any wallet that you would want to intrust ur money so i wont really blame people if they sometimes are not sure on where to store there wallet so lets just leave it at is and give them advices.

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September 21, 2017, 02:46:04 AM
 #70

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
not all bitcoin users do that, and some have backed up their data if they forget the wallet password, like me, I have backed up data since I played bitcoin.

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September 21, 2017, 03:09:20 AM
 #71


That's the true list of common mistake made by end users. It's really important to store all these things to get access to the wallet, vault and electronic medium. For the multi currency wallet it is even dangerous to loose your private keys or keystone files if you are holding more than one or two tokens in it. I have seen people loosing keystore file for myetherwallet many times and loosing ten to twenty thousand of dollars in a single shot. That's really bad habit to not to save all these phrases, keys and passwords. Hackers are always out there and they will never ever leave a  chance if they find someone like this. Better save the private keys in three different locations.

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