Five common mistakes made by Bitcoin users

[coynedterm]

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 this is the truth of every newbie in this field because they thought that it is like the Facebook account where to recover the password us a easy way to recovery of ACCOUNT .
Second thing is a big factor that i think that most of people about 60%+ are not using because this is that option where we can recover the wallet event if we lost the wallet password and identifier .
But if anyone not made these things aware then it is more better option for him to get private key of his wallet and then print out at paper and store in offline and also he can save in the online because saving private key is not a big option but puting at bettet place is a better option should be recruired .
Here i am shocked that no one 1-2 years old bitcoiners in my network knows about the bitcoin private key because they were using to store and withdrawal direct Wallet and they are not making research on new service (line 3rd of the OP post ) .

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[Paycoinzzz]

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

Good list, as your list I still putting almost my funds on exchange website.
Although, I'm understanding the risk when keep my money in wallet of exchange, but my computer cannot support me use desktop wallet many altcoin in one time together.

[beerlover]

Almost any error have the same root: be sure to store your own private key, and you should be ok

I will second you. No one wants to earn less. It is just the lack of knowledge and skill set which gets you out of race. You need to learn about the things and market trends in a good way. Only then you’ll not suffer. Besides take some guidance from veterans and try to learn from their mistakes.

[defined]

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 laughed on the number 6 because it's trully right. Almost people that still new about bitcoin always feel that number 6 and even do it full time in 1 week. I also have one, people that still new about bitcoin always think they can earn bitcoin easily but in reality it's not easy as you think and you need to work or do something to earn bitcoin.

Do you remember when faucets sent 6000 Satoshi minimum? In a few clicks in a few hours you reached a payout. With high fees anything less than 100000 Satoshi is not worth anything, and with high bitcoin price faucets pay a few Satoshi per click. Now you need a month to get your first payout.

[Funeral Wreaths]

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 laughed on the number 6 because it's trully right. Almost people that still new about bitcoin always feel that number 6 and even do it full time in 1 week. I also have one, people that still new about bitcoin always think they can earn bitcoin easily but in reality it's not easy as you think and you need to work or do something to earn bitcoin.

Do you remember when faucets sent 6000 Satoshi minimum? In a few clicks in a few hours you reached a payout. With high fees anything less than 100000 Satoshi is not worth anything, and with high bitcoin price faucets pay a few Satoshi per click. Now you need a month to get your first payout.

funny but that was also what i did before specially number six. well after i did learn somethings here in the forum, i just did also my own research so further more i have no worries and i didn't encounter so much troubles in terms of investments and trading like most of the people did. i also learned so much from my friends that was being scammed before that is why i never did what they did before.

[Sled]

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

Those four things are one the common mistakes that i also did but the 5th thing, i don't know about it. We need to do back up even we don't memorized our passwords because having back up is the best on all things and we also need to do research not only for the new services but for all the topics that we can get something worth it so we don't need to buy and sell based on our feelings anymore.

[uk1]

betting

[rodskee]

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 why knowledge and skills are most important if you are entering the world in cryptocurrency, to avoid mistakes you needs study how to secured you bitcoin wallet, mistakes is normal to the people, people got mistakes is the best lesson to correct the mistakes.

[n0ne]

betting

Yes, it's the biggest mistake that most of the users does who have been into bitcoin. Other than this the common mistake done were the over expectations and investing into scam schemes where the scammers focus on bitcoin earning in a short time period wasting their hard earnings.

[webtricks]

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

Well said!
However in case of electronic wallets, first can be easily eliminated by simply clicking 'forget password'.
I would like to add some more-
6. Invest in Bitcoin Doublers (do you smell greed!! )
7. Invest in every other ICO (did you smell greed again !!)
8. Invest by following pump/dump groups (ahh! Thats too much of greed. )

[Carlsen]

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

Well said!
However in case of electronic wallets, first can be easily eliminated by simply clicking 'forget password'.
I would like to add some more-
6. Invest in Bitcoin Doublers (do you smell greed!! )
7. Invest in every other ICO (did you smell greed again !!)
8. Invest by following pump/dump groups (ahh! Thats too much of greed. )

Greed, yeah, that's my favourite one too...
I wouldn't even call it a mistake anymore, it's the ability to remove all rationality out of the brain.
Luckily it gets the punishment it deserves most of the time.
I don't understand it why it is so common. The people already have a perfectly well doing investment with bitcoin.
And yet they believe completetely irrational stuff they read in unverified sources.

[xFiber]

betting

Yes, it's the biggest mistake that most of the users does who have been into bitcoin. Other than this the common mistake done were the over expectations and investing into scam schemes where the scammers focus on bitcoin earning in a short time period wasting their hard earnings.

I agree, betting is probably the worst one out of all the mistakes that have been named. Betting can also be translated to reckless trading, jumping on hype trains, investing in pump and dumps or investing without taking the time to properly research the coin. I didn't waste too much money on betting but I still wish I didn't.

[panju1]

betting

Betting is not related to Bitcoin at all. There are hardcore gamblers who have not even heard of Bitcoin. Bitcoin may have facilitated online gambling, but you cannot call it a common mistake made by bitcoin users.

[FasTroy]

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.

You are right, learning by mistakes it is much better than learning without any experience you do, because when you loss we get a lot of lessons and thinking a lot and ask ourselves: Why i did that?
So, we should be carefull when we use money, because when we loss an important think, for exemple like private keys of wallet, or anythink like that, it will be one of worst think in our lifes.

So we should learn out from our mistakes.

[Granxis]

I think the most important mistake first is to take Bitcoin in high quantities at first, and then lose Bitcoin, which must be tested with small quantities at first, then the quantities are enlarged.

[OracionSeis]

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 laughed on the number 6 because it's trully right. Almost people that still new about bitcoin always feel that number 6 and even do it full time in 1 week. I also have one, people that still new about bitcoin always think they can earn bitcoin easily but in reality it's not easy as you think and you need to work or do something to earn bitcoin.

Do you remember when faucets sent 6000 Satoshi minimum? In a few clicks in a few hours you reached a payout. With high fees anything less than 100000 Satoshi is not worth anything, and with high bitcoin price faucets pay a few Satoshi per click. Now you need a month to get your first payout.

Haha, I remember in the past, if you claimed faucet diligently, today the profit you receive from faucet everyday maybe enough for you buy many things needed. I have a brother earn faucet 10,000 satoshi per claim and he has sold all his coin with low price in that time

[richkellj]

betting

Betting is not related to Bitcoin at all. There are hardcore gamblers who have not even heard of Bitcoin. Bitcoin may have facilitated online gambling, but you cannot call it a common mistake made by bitcoin users.

Up to some extent we can label it as mistake because it is foolish to gamble with such expensive coins. Bitcoins are used in online gambling and true addicts often lose great amounts here. Bitcoins should be treated as long term investments to have secure and shining future.

[Daimon88]

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

Can you add posting advice for the rest of us when you're just a new guy, LOL. Just giving you a hard time those are good things to remember. Trust me would make more mistakes and we would care to remember.

[pearlmen]

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.

[Casdinyard]

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

Let's admit that we all did this when we're still a beginner and for sure even now.
A lot of mistakes that taught us to learn new things and not to do that again.
I just smile when I read these like being nostalgic. Haha!
I must say experience is always the best teacher to all of us like if we didn't experienced these we're not here in where we are. And making mistakes at once or twice is fine but when it's done repeatedly it's already foolishness.