Five common mistakes made by Bitcoin users

[berrymenalo]

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.

The panic buy is a pain in the ass  I've definitely fallen for it once or twice. Always tends to be okay in the long run though. Number 4 and 10 are definitely the two that have gotten me.

[criz2fer]

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

Nice addition sir. I think OP should post or make a poll regarding not the common but the top five mistakes done by a newbie. Everyone can relate on the faucets and I thinks thats the number 1 mistakes. Hahaha 

[Vatimins]

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

    Wanna know the biggest mistake bitcoiners or at least newbies in the crypto world? Well, for me it is being too lazy to study the mechanics of bitcoins. The way it works, the systems, the things that are included, the history, etc. Which all make a big part into knowing what you are doing. When to buy, when to sell, when to expect bug corrections, although it cannot guarantee accurate predictions, it can guve you better chances into earning profits. That is what i think.

[william8829]

I have made plenty of mistakes when it comes to Bitcoin.  Mistakes are part of life.  I have learned mostly through my mistakes.  If you are learning is it really a mistake?

The first time I took interest in Bitcoin(no pun intended) was around 2012.  I was using it buy things.  Goods and services traded for Bitcoin.  This may be thought of as a mistake considering the growth of its value these last few years.  When i first realized this myself I thought it was a grievous error in judgement.  After a half-minute of kicking myself I reminded myself that Bitcoin was meant to be used exactly in this way.  Its a currency not a piece of gold.

Maybe it is not so much about avoiding mistakes but learning from them.

[pathapoddo]

Right I always forget my wallet password & also this forum account password.  it is so irretating always.

[JTEN18]

I have made plenty of mistakes when it comes to Bitcoin.  Mistakes are part of life.  I have learned mostly through my mistakes.  If you are learning is it really a mistake?

The first time I took interest in Bitcoin(no pun intended) was around 2012.  I was using it buy things.  Goods and services traded for Bitcoin.  This may be thought of as a mistake considering the growth of its value these last few years.  When i first realized this myself I thought it was a grievous error in judgement.  After a half-minute of kicking myself I reminded myself that Bitcoin was meant to be used exactly in this way.  Its a currency not a piece of gold.

Maybe it is not so much about avoiding mistakes but learning from them.

Always making panic that would be one of top 5 reasons that bitcoin users are making, avoid this one so we can have a profit that we want. I also have made mistakes for the past months that I joined here and one of those is that I am always doing panic selling whenever I am seeing the price getting low.

[pocketfullofpoke]

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

Being so careless about account information pertaining to bitcoin wallet's information and got hacked letting that person loot everything you have in your wallet. Then the other one is don't know how to HODL, instead, they panic sell when the price started to go down.

[Lora_ng15]

when I was a beginner I did not make these mistakes, because I have to learn, and think with my head

[arivbot]

You missed the most important:

#1 leave your money on an exchanger

I love this

[JerryJam]

It is a mistake to consider that bitcoin is anonymous. The receiver and the payee can be determined. Some believe that it is possible to get rich quickly on bitcoins. This is not so. there is a lot of time and income is minimal. Bitcoin payments can not be withdrawn. Error payments in bitcoins are not returned. You should not buy bitcoin when the price grows. It should be remembered that the excitement is created artificially. Bitcoin has the largest market capitalization. He is king among the Crypto-currency. And exchange it for other altcoyins, too, is not worth it.

[Sum24]

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.

The panic buy is a pain in the ass  I've definitely fallen for it once or twice. Always tends to be okay in the long run though. Number 4 and 10 are definitely the two that have gotten me.

It takes time and they should understand it as you said; they lose patience and sell bitcoin so yeah it is huge mistake that most of the people use to do, they become impatient for fast and quick profit, some new users use to buy bitcoin but they are not much experience or they are new so they don’t wait for price to get a bit down buying high and selling low is one of the greatest mistake.

[Barbarian]

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

Leaving your money in exchanges or online wallets is a very common mistake as well, people do so since it is way easier than to store your own wallet and you can have access to your money anywhere in the world but the chances to get hacked are way higher because of that.

[pureheart]

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 guess forgeting electronic wallet password  is the worst.  Because you can't  access your wallet anymore.  The yokens in your wallet will be wasted.

[Topaz72]

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 guess forgeting electronic wallet password  is the worst.  Because you can't  access your wallet anymore.  The yokens in your wallet will be wasted.

This is dangerous and to avoid this kind of problem they should write it somewhere or can save the number in your bitcoin wallet so they will not forget about it. It is also a mistake and other mistake that they use to make is selling bitcoin at low price without waiting it to rice so in short panic selling and impatience are common mistakes people use to do, they should buy at low price and sell at high for more profit.

[Tungsten-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

Leaving your money in exchanges or online wallets is a very common mistake as well, people do so since it is way easier than to store your own wallet and you can have access to your money anywhere in the world but the chances to get hacked are way higher because of that.

This is the most common mistake made and getting online hacked is the major reason for highly recommending offline wallets. Offline wallets are expensive but the level of security they provide is unbeatable. Hackers can have access to your hard earned money only when you are giving them chance by staying online and keeping your money on electronic forums. Moreover never ever go for those sites that offer free coins.

[justspare]

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 guess forgeting electronic wallet password  is the worst.  Because you can't  access your wallet anymore.  The yokens in your wallet will be wasted.

Most probably the biggest pain one can experience in his life. I cannot even imagine this happening to me, it is like a nightmare losing all your coins just because of memory loss problem. That is why it is suggested to write down important passwords on a piece of paper and keep it in some safe place. I have forgotten password of my Gmail account once and honestly it put me in a great trouble.

[josephpogi]

In my own thoughts and opinions regatding to my observations to the people here in the bitcoin community that is either investing, trading, or anything that is affiliated to bitcoin transactions, here are my top 5 fatal mistakes many bitcoin owners tend to do.
1. Selling something valuable to invest on bitcoin
2. Being careless about their bitcoin wallets
3. Panic selling
4. Not educating themselves on the market
5. Mistaking bitcoin as just some kind of way to earn profit.

[BeGoods]

I also made mistake sell based on feelings but from that I learn how to be patience and how to do not panic when bitcoin price goes down, I should believe if the price goes down just temporary and bitcoin price will increase again..

We all made a mistakes but the good thing is we learn from it and chances are we can still do better. We trade with zero knowledge, invest without studying and so on but hey keep on learning because in this kind of market mistakes can brings you so much loss so better no to waste this great opportunity to make money.

So experience is the best teacher. no more stupid act like selling your bitcoin when the price is low because you panic see the market become blood and you're afraid of getting bigger losses. is not the experience already giving the lesson to you that bitcoin prices will definitely pump after a price drop? why are you always repeating the same mistake?
as it is today the price is in low position. be patient, because bitcoin will surely pump in the end

[mega_carnation]

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 guess forgeting electronic wallet password  is the worst.  Because you can't  access your wallet anymore.  The yokens in your wallet will be wasted.

E-wallet password? You mean private keys? This will be the worst thing if somebody forgets his own private key, its fine to forget username or password as long as you have the email because you can use the feature of forgot password. But if the seeds, mnemonic words or private keys are forgotten those tokens or bitcoin on that wallet will be lost forever.

[Lhaine]

I also made mistake sell based on feelings but from that I learn how to be patience and how to do not panic when bitcoin price goes down, I should believe if the price goes down just temporary and bitcoin price will increase again..

We all made a mistakes but the good thing is we learn from it and chances are we can still do better. We trade with zero knowledge, invest without studying and so on but hey keep on learning because in this kind of market mistakes can brings you so much loss so better no to waste this great opportunity to make money.

So experience is the best teacher. no more stupid act like selling your bitcoin when the price is low because you panic see the market become blood and you're afraid of getting bigger losses. is not the experience already giving the lesson to you that bitcoin prices will definitely pump after a price drop? why are you always repeating the same mistake?
as it is today the price is in low position. be patient, because bitcoin will surely pump in the end

I think emotion is the reason why we do again the same mistakes and lock of trust, if you really believe in bitcoin you know that you don't need to worry of what's happening now because we know at the end bitcoin will recover.