Five common mistakes made by Bitcoin users

[roxbit]

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.

Its unfortunate because the most important is your wallet keys/password. Luckily I didn’t have an experienced like those listed. Only mistake I made so far in bitcoin is when I joined a bounty campaign and wasted my effort and time because I wasn’t able to follow the rules and guidelines of the bounty. That made me very  disappointed because after the bounty campaignwas finished I didn’t get any token. But I learned from it so now I know what to do.

[Carmen03]

Common mistakes made by bitcoin users not remembering a wallet passport, no bitcoin wallet back up, buying and selling based on emotions, leave funds on an exchange.

[carlisle1]

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

so far reaching this rank,only one of thos that i have made,not remembering my ectronic wallet pasword and i gues this is certain specially for the newbies or those just starting their career in this community.but other than that i made no mistakes at all

[neonshium]

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

Panic selling is the most common and silliest mistake made by bitcoiners. Bitcoin is the most cherished and demanded coin and I don’t understand that when they know this thing, why they are not able to avoid panic selling. Even last year, bitcoin decreased in value so much but later on, by the end of year it increased drastically making all the bitcoiners to feel on the top of the world. You should be very much confident regarding your coin.

[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.

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.

Another huge mistake is to install wallets from unknown coins or to install not known wallets for famous coins, most of the time those wallets have malware and have no other intention than to steal your coins so people lose their bitcoin just because they are trying to claim and unknown coin.

[christina30]

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 think the common mistake is.
1. Buying bitcoin in a time when it pump up!!
2. Selling bitcoin in a time when its dumping.
3. Store there btc in a wrong wallet.
4. They always investing and not reading the profile of ICO or a investing assets

[hoang kim cong]

1.không biết cách giữ btc một cách an toàn
2.quên mật khẩu
3.không biết các dịch vụ và tính năng mới
4.không xác minh tài khoản trước khi giao dịch
5.không nâng cấp độ ảo mật cho tiền của mình

[ashfer]

The mistake you said were done by the users in the past that was years ago when btc did not have much value as those days everyone used to get random free btc per day and almost everyone used give free btc to one another those days the users were not much serious nor thought that it will reach in this on the market.Now that btc is popular globally and it value is worth and so nobody is so careless to miss out their wallets keys and i don't think the users leave their btc on online wallets most of them secure it in the offline wallets which is considered to be safe guess you are not much aware of it as you are still a newbie Then buying and selling based on selling based on feelings is not something which is just done on btc i am Forex trader and i do trading based on my feeling and it has always worked out well so never underestimate anything.In this age where btc has its value nobody leave their btc on electronic floor infact it is known as cold storage of btc it happens when a person miss out their btc private key.

[Kotone]

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 this actually are technically mostakes but I don’t think that any responsible or thinking person would be able to do those things especially number 1 where if you forgot your password then boy are you in a jiffy. Number 4 is actually the most common on newbies and with it it can show how unprepared a newbie is in the flow and ebb of the prices in bitcoin

[BarbusseH]

Leave coins on the mining pools - they often close.
To transfer immediately a large amount of coins, it is better to try to make a transaction with a small number of coins and then transfer the principal amount. But even such precaution does not give a 100% guarantee.

[Karmakid]

To be honest back when I was a newbie I don't really have a backup wallet.
But I did manage to earn some money and when I found out an offline wallet or hardware wallet I did buy some to secure my bitcoin.
Luckily I didn't encounter any more mistakes and didn't have a problem in it.

[surfinonmyownwavebaby]

I would say the biggest mistake is reveal your identity and showing that your involved with crypto. Not saying this because of tax evasion but because of all the people getting kidnapped, beat up, and held up at gun point the past couple of months. Granted most of them are prominent public figures, but I would want to remain anonymous nonetheless.

[Maddinson100]

Leave coins on the mining pools - they often close.
To transfer immediately a large amount of coins, it is better to try to make a transaction with a small number of coins and then transfer the principal amount. But even such precaution does not give a 100% guarantee.

One thing is very much right and that is in the world of crypto currencies, you only suffer loss because of your very own mistakes and that if you somehow managed to do all the things in the right manner, you will not be suffering any loss. The most common reasons which lead to failure are loss of control over the emotions, going for panic selling and most important making a decision without giving enough thought.

[barbara44]

A wallet carries lots of different addresses, and the digits are too long to carry up in your mind, unless you will have to copy down a particular one and focus on it with an intention to make use it as your main address. Not backing up your wallet is quite a big risk for anyone to fake, and I wouldn’t try such. As for researching new services, I don’t think that one is a compulsory thing to do.

[Fantastic33]

1. Panic selling when the price drops. I did it last january. And i will not do it any more. I learned from it.
2. Buying stuff from bitcoin even if those are not that important or necessary.
3. Forgot btc wallet password
4. Copied the wrong btc wallet address

[rosepetals]

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

In my experience as i don't see if i've made a mistake on this matter,we are being scammed.Token were just like an air that was just passing by,it feel so embarassing when you exerted alot of efforts on doing those weekly task inorder to get paid.An ICO has already ended,we keep on waiting for almost 3 months i guess but we are waiting for nothing.Everything was just like a nightmare to all bounty participants.

[orions.belt19]

1. Panic selling when the price drops. I did it last january. And i will not do it any more. I learned from it.

It’s good that you’ve learned from your mistake of panic selling. Many who have experienced this give up totally because of their fear that they may lose more money in the future. They have been traumatized from the experience and choose no longer to engage in crypto ever again. It’s actually hard to control our emotions. We sometimes say that it’s easy but once we see the charts go red, we have our doubts and sometimes become impulsive.

[Lampaster]

1. Panic selling when the price drops. I did it last january. And i will not do it any more. I learned from it.
2. Buying stuff from bitcoin even if those are not that important or necessary.
3. Forgot btc wallet password
4. Copied the wrong btc wallet address

What's wrong with panic sales? People who sold their bitcoins in December increased their capital by 3 times. Those who held their coins will recover losses. Perhaps this will be in late spring. But the alarmists during this time increased the number of bitcoins. Which strategy is better? Do you agree with my argument?

[icol333]

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 one who just jumped into bitcoin and another cryptocurrency world, it is better to play with a little bit of cash first and try to make some experience in it (whether it profit or loss) until you find your best pattern on the game. So you don't suffer a lot of losses when some bad thing happens to you.

[YoungMaster]

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

number 1 is the most common mistake by the bitcoin users, especially for the early adopters that bought bitcoin when the prices were below $ 1.