Five common mistakes made by Bitcoin users

[mrcash02]

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.

All the currencies of the world are unprofitable investments. 

I think here Bitcoin is the exception. While all the fiat currencies showed to be unprofitable, Bitcoin showed itself very valuable and profitable on long term, using the volatility at your favour. Bitcoin can be a currency, but as investment is works too, so I think the mistake made by some Bitcoin users it to close their eyes to this fact...

[Xanxus024]

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 agree. when I was new in this crypto industries I forgot my password twice and I also did not back up my wallet, the last one is very true I cant deny that I cannot control my emotions before when I was starting to trade. But past is past I've already learned for my mistakes.

[PatyZante]

I agree with all your list and just to add some more, Panic this is the main mistake of us Bitcoin users especially the newbies. They panic when there is a dip that they tend to do panic sell due to the fears, uncertainties and doubts. Because of that they will also missed the opportunity to buy more at a lesser price. It would have a domino effect on the actions they will take and the results that they will eventually have. Hopefully this post will help us all to avoid these mistakes to ensure that our Bitcoin journey will be successful.

[rowel21]

did all of that are made by you I can't understand what is the meaning of number 5  can you drop a little  info here

visit a site and by chance there ETH address as copied
visit a site that made by pishing
a ICOs that scam
airdrop that giving a shit token
 
I think this are more common mistake too

[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.

All the currencies of the world are unprofitable investments. 

I think here Bitcoin is the exception. While all the fiat currencies showed to be unprofitable, Bitcoin showed itself very valuable and profitable on long term, using the volatility at your favour. Bitcoin can be a currency, but as investment is works too, so I think the mistake made by some Bitcoin users it to close their eyes to this fact...

Lol, but still an unprofitable investment is still an investment, bitcoin is an exception right now but in the past when money was made of gold, at least you didn't lose money after all an ounce of gold is still an ounce of gold no matter where you are, but now that money is not backed by anything gold does the same it goes up in the long term but at a slower rate than bitcoin because as we know bitcoin is a very new technology and it has not been around for long.

[Apaxy]

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.

All the currencies of the world are unprofitable investments. 

I think here Bitcoin is the exception. While all the fiat currencies showed to be unprofitable, Bitcoin showed itself very valuable and profitable on long term, using the volatility at your favour. Bitcoin can be a currency, but as investment is works too, so I think the mistake made by some Bitcoin users it to close their eyes to this fact...

Lol, but still an unprofitable investment is still an investment, bitcoin is an exception right now but in the past when money was made of gold, at least you didn't lose money after all an ounce of gold is still an ounce of gold no matter where you are, but now that money is not backed by anything gold does the same it goes up in the long term but at a slower rate than bitcoin because as we know bitcoin is a very new technology and it has not been around for long.

actually I would not compare bitcoin for gold, because it's two different values ​​and there will never be bitcoin wearing the same value as gold. Assuming there is no electricity or internet, your bitcoin will be completely lost. And gold will last forever.

[Redspallow90]

I never thought it was a mistake that I often do, but there are some things that I do not understand here, but it's okay
I will look more closely and learn more in order not to experience the same mistakes again, and I will tell my friends not to make mistakes like I do, thanks to this very useful information 

[Bugsbey]

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

Thank you for this thread. It helps me a lot. i never realized that what I did was not right until I read this. Aside from that we must read the rules and regulations as we join bounties. And always check the spreadsheet.

[gambitcoin53]

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

we all have come to experience all of these, but as you invest your time in bitcoin, all of these are great teachers, we all once became a newbie. we all have suffered loss and learn from these mistakes. but these can also serve as a reminder to all of us, but what i didnt understand is number 5. do you mean leaving your account unlogged out on a public place?

[Ismat Morshed]

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

Thank you for this thread.Hopefully this post will help us all to avoid these mistakes to ensure that our Bitcoin journey will be successful.

[Codename23]

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

Based on my observation, the five common mistakes made by bitcoin users are they don't hold their tokens, they can't wait to sell their token if they can gain even just a little bit amount. They sell it right away if they don't have profit anymore. And in posting or campaigning, they post right away in some topics in bitcoin forum after they post in the other one. Also their posts become out of the topic in the subject that they chose to answer.

[jatin729]

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

Most of the time we have seen bitcoin user also doing mistake which is panic selling,
one more mistake i wanna add here saving the pass phrase for changing the password.
Most of people trading bitcoin as a short term investment

[Ryanpogi]

Leave your money in the electronic money floor .. I do not understand why to leave the money on the electronic money floor ?

[cyberkuto]

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

To add on it.  Some investors use to get their funds,  when the bitcoin price drops. They should let the money on it,  whatever happens.

[brotherwood12]

another mistake
instant buy instanst sell , panic when trading , never research about some web and the end its getting scammed

[g-unit]

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

Mistakes №1,2 and 4 are the most important to remember and fix. You need to watch out for your money and be patient to not lose your investments on panic selling.

[ekalak manjeng]

I never thought it was a mistake that I often do, but there are some things that I do not understand here, but it's okay
I will look more closely and learn more in order not to experience the same mistakes again, and I will tell my friends not to make mistakes like I do, thanks to this very useful information 

yes agree, I am a beginner to learn from the mistakes listed so we are always careful in doing the work to avoid the nature of carelessness that is often done.

[BartS]

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.

The sad part about all of this is that even experimented users make mistakes with their coins all the time, this is because they do not have the discipline when it comes to how to use their computers and the Internet many people are used to click every link they see or to open every piece of email that they get in their inbox, that is not a big deal if you're only using your computer to navigate the Internet recreationally, and to play some games, but if you are using your computer as a way to store your possessions you need to be a lot more careful than that.

[jaysabi]

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.

All the currencies of the world are unprofitable investments. 

I think here Bitcoin is the exception. While all the fiat currencies showed to be unprofitable, Bitcoin showed itself very valuable and profitable on long term, using the volatility at your favour. Bitcoin can be a currency, but as investment is works too, so I think the mistake made by some Bitcoin users it to close their eyes to this fact...

Currencies aren't investments, they represent all the goods/services created by mankind (that is, "value"). Because they are a representation of value, and because value cannot be stored indefinitely, currencies have to depreciate over time as a function of this. If you grow corn and sell it for $100, someone is going to eat that corn or the corn is going to spoil and become unusable, so the value of the corn no longer exists in the world, but the $100 you earned from it does. This constant value destruction means the money that represents the item that no longer exists cannot be worth the same amount either. Currency inflation accounts partly for this constant value destruction.

[PatronRH]

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

Do not remeber electronic wallet password. If that happens it is completely shamefull. But I bet there is a way to recover it. As for buy and sell based on feeling it's not about bitcoin it is about all sort of trading.