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Author Topic: Five common mistakes made by Bitcoin users  (Read 3110 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, 10:03:58 PM
 #66

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
 #67

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
 #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.

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
 #69

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
 #70


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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December 28, 2017, 07:56:57 AM
 #71

Those list are true. It is essential that we always remember our passwords in any of our accounts because we really need to secure them. If we really want to earn large amount of profit we must work for other services, we must not settle on easy works. We should also try other services such as trading, mining and others even if we still haven't tried once. We need to gain experience from that. Also, we don't depend on our instincts and feelings, for we must know the little things that revolves and are involved in that particular service.

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December 28, 2017, 08:18:59 AM
 #72

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
You are right Mr. Tan. Sometimes, we made any mistakes and the end we are regret. Always be carefull in step by step or you are regret the end Smiley

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December 28, 2017, 10:04:36 AM
 #73

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
Thats right many people do these five common mistakes, i advice people who forgot their passwords again and again please save it on your phone,when you forgot it you can find it on yiur phone
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December 28, 2017, 10:05:05 AM
 #74

I thought the main mistake is not to buy some other currencies )
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December 28, 2017, 10:12:54 AM
 #75

I do not understand what you mean, but okay I will answer.
I think it is a matter of experience, a mistake is always there if we are careless or lack knowledge about knowledge or rules. so always try to read every rule btt or project bounty.
experience is the best teacher ever.
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December 28, 2017, 10:19:47 AM
 #76

To be frank this is best short summary of bitcoin users which are found in the crypto community. This is what is followed everywhere here and then they start panicking about it after getting bad experience.

I have seen so many threads in the services section asking for the help regarding their lost passwords or keystone files. That's really insane thing, as how they could not write down the keys or save them as copy in multiple places. These all are electronic stuff and they could get damaged with anything in daily life.

Truly it's laziness of people for not managing the stuff properly and nothing else.

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December 28, 2017, 10:25:12 AM
 #77

If the average person start using Bitcoin, I say a good chunk of them will commit mistake number one and number two. And that can be a big deal in adoption.
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December 28, 2017, 10:26:31 AM
 #78

The main mistake in using bitcoin is when we want to send bitcoin balance to another address, but we use an invalid bitcoin address or address, so our balance will not be sent.
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December 28, 2017, 11:39:51 AM
 #79

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 agree with this answer, this will happen if you don't have enough knowledge in bitcoin and in crypto world but if you can adopt and know what bitcoin is all about you will be one of those successful earners.

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December 28, 2017, 11:57:43 AM
 #80

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
And one more thing : Not learning from past dreadful experiences.
A lot of people including me have made stupid mistakes over and over and still continue to do so. From using exchanges as a main wallet to gambling all the money you have in time span of minutes. If experience cannot help a man to stop making mistakes then I don't know what will.

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