Five common mistakes made by Bitcoin users

[Dragon5]

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

11. Do not educate yourself
12. Do not read references about services
13. Leave coins on the mining pools
14. Transfer a large number of bitcoins
15. Do not CHECK twice or 3 times where you transact!!
16. Do not read the profile of ICO or a investing assets.
17. Tell everyone you have bitcoins

What a useful thread. A reminder for everyone, not only newbies.

[darkangel11]

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?

What's wrong? You are adding to the crash causing more panic. Somebody has to be the smart one and say "fuck those guys, I know what I'm putting my money into and I will stand by it". If every person was a panic seller it wouldn't stop at $6000, or $3000. It would keep going down until the it reached a few dollars and there would be only some guys that bought and forgot about it or lost their passes left in with the money. When you panic sell you rarely think it through, just follow the crowd. What if you end up selling at the bottom of the slope? Selling in general is not bad, panic selling is.

[South Park]

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

Buying scam coins is a very common one, our bitcoin is very valuable and the more valuable it becomes the more the scammers want it and the more effort they will be willing to make to get it and since it is impossible to recover once you send it then you only need to do one mistake and it is over, bitcoin is not very forgiving to those that exchange it for a bunch of useless tokens.

[Ahiaba]

Most of the mistakes you mentioned above are usually associated with crypto currency newbies of which at the end they learn a hard lesson from their mistake. And in addition to your submission above, i will like to that is very risky for keep his or her money in an exchange wallet for a long time.

[Roukawa]

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

Probably that 5 mistakes will just did by newbies. A lot of users in cryptocurrency are always failed when they are starting to use the bitcoin. So, I better research and asked first to the veterans in cryptocurrency before I started to click. I better look on how the process even the important things to be kept like back up files because I want to assure that everything I will do is right.

[Yanisumin]

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

I don't know how long are you in the internet world before you got here, but the first people who got here before the mainstream of cryptocurrecies are those who are internet geek. That means they have a pretty good foundation on what is the right thing to do on the internet and they are always double check what are they doing online. Those newcomers in the crypto world (mainly because they smelled some money) came here without proper knowledge so they are much prone to hackers.
They really don't know how this thins work and they don't have proper knowledge in the technical aspects.
The worst is that they will try anything just to have some cash that's why they are easily persuaded by scammers.

There are steps on how to stay safe online and one thing for sure is your computer must be secured and you must know a lot of stuffs about bookmarking proper sited and to click what is right or not.

[Gameroid]

Most of the mistakes you mentioned above are usually associated with crypto currency newbies of which at the end they learn a hard lesson from their mistake. And in addition to your submission above, i will like to that is very risky for keep his or her money in an exchange wallet for a long time.

Yes that is right we get experience with the passage of time and after getting some good lessons, i think that the most common mistake that we make in bitcoin taking is not to take a right decision in a right time time which in fact create a big problem for us. If fact we can overcome such mistake after passage of time.

[MFahad]

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

These point can be done only by newbies, and people learn from their mistakes. I myself did many mistake when i was newbie. Later i understand what is right and what is wrong. The biggest mistake is people are using online wallet. They're running it on risk.  I've never use electronic online wallets but i believe in software wallets which can gives you highly security and secure in all formats. I don't get your 5th point. It is much more better if you explain it.

[pixie85]

These point can be done only by newbies, and people learn from their mistakes.

No they don't. Go to the services section and check the number of threads with people asking if cloud mining is profitable or go to the gambling section and see how many are investing in hyip schemes. They know that it's the easiest way to get burned and lose money but they do it anyway.
It's smart to point out the most obvious mistakes because those are the also the most common.

[ohlawdy]

New guys most of the time get warned for the mistakes you name .
I think the biggest mistake is after they made their first money they think they know it all.
But there are times in this market where even a monkey can make money, the hard part is making money in stagnant times.

[herecomesjohnny]

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.

Can you just imagine how much locked wallets without the proper password and seed with the nice amount of the Bitcoin in them are circulating through the network without any possible means to open them? Many of the early adopters are bumping their heads today because this mistake, forgotten password, that was not very well taken int the consideration in the very starts of the Bitcoin.

There are also some other mistakes besides the 5 mentioned but if someone is entering the crypto world it is his responsibility to obtain the proper knowledge before even advancing to the next stage of obtaining the cryptos!

[izamagda]

Most of the mistakes you mentioned above are usually associated with crypto currency newbies of which at the end they learn a hard lesson from their mistake. And in addition to your submission above, i will like to that is very risky for keep his or her money in an exchange wallet for a long time.

Yes but Bitcoin is a cryptocurrency so i absolutely agree about all the 5 things that the OP listed.

[yanlap]

Most of the mistakes you mentioned above are usually associated with crypto currency newbies of which at the end they learn a hard lesson from their mistake. And in addition to your submission above, i will like to that is very risky for keep his or her money in an exchange wallet for a long time.

Yes but Bitcoin is a cryptocurrency so i absolutely agree about all the 5 things that the OP listed.

The best thing in my opinion is that how much you can learn from the mistakes of the others, because this platform is full of mistakes and their remedies and certainly at some stage wise people have also made some mistakes, but they have given the reasons and the precautions, so how much are you going to save ourselves from those things. Also if at some point you have committed some mistake and got penalized than try to educate others so that at least some one can be protected.

[jhean_arcane]

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

1. I experienced it. It hurt a lot because I could no longer access my hard earned money, but I was really careful after that incident.

3. I was a trigger happy newbie before. In the end, I wasted my time in an ICO.

[Genemind]

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

This are common, another thing is sending bitcoin or any other coin on a contract address or wrong address. We should take note that transactions on blockchain is irreversible, so users should be mindful when doing transactions. I have learned my mistakes a year ago, and now, I am backing up and securing all my funds in a hard wallet.

[South Park]

Most of the mistakes you mentioned above are usually associated with crypto currency newbies of which at the end they learn a hard lesson from their mistake. And in addition to your submission above, i will like to that is very risky for keep his or her money in an exchange wallet for a long time.

Some newbies never learn their lesson for different reasons, some newbies make so many mistakes at the beginning and lose so much money that they never get in bitcoin again, so they never learn their lesson and another group of newbies make so many mistakes they decide to try to recover their money and as a result they make even more mistakes and run out of money and do not have the possibility to correct their mistakes anymore.

[dogandogru]

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 absolutely right..some new crypto enthusiasts commonly make such mistakes. They do not understand that it is not possible to recover the password of private key wallets.
Buying and selling based on feeling is commonly seen among amateur traders. To understand market tech. analysis and experience both matters alot.

[O$IRIS]

I fully agree with the top 5; plus I can add - 'treating bitcoin as an investment vehicle'

[portotoi]

Yes this may be happening also today for those who are still a newbie. But we will learned from our mistakes and never do the same mistakes again. Before i always forgot my wallet password and that is a big mistakes i had made because that wallet has my bitcoin and unfortunately i cannot recover it again. But now i always note my password and never give my private key also to anybody.

[South Park]

I fully agree with the top 5; plus I can add - 'treating bitcoin as an investment vehicle'

I do not see anything wrong with treating bitcoin as an investment vehicle yes I know that bitcoin is currency but all the currencies of the world are also investments why bitcoin should be any kind of exception to this rule besides if you see the movements of bitcoin over the long term, the profits it generates then thinking that bitcoin is an investment vehicle is the most logical conclusion.