Five common mistakes made by Bitcoin users

[JoshMart]

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

Among all these things, I personally believe that number 3 has the most impact. I mean, that's the most important thing for me. Keeping myself updated with the latest trends the cryptocurrency world helps me in making investment decisions and whether to hold or sell (yes, I'm talking to you #4 on the list). Also, it enables me to help others who are just starting out here or would simply like to expand their own knowledge.

For numbers 1 and 2, they're also important because they ensure the security of our e-wallets/accounts and earnings.

Thanks for sharing your list.

[by24]

I have seen so many threads in the services section asking for the help regarding their lost passwords or keystone files. That's really insane thing, as how they could not write down the keys or save them as copy in multiple places. These all are electronic stuff and they could get damaged with anything in daily life.

[rhomelmabini]

This is one that i need in my bitcoin. I want to know some tips because im a newbie here and searching for another tips. Keep it up guys. Thank you for concerning other bitcoin users.

[Sled]

I have seen so many threads in the services section asking for the help regarding their lost passwords or keystone files. That's really insane thing, as how they could not write down the keys or save them as copy in multiple places. These all are electronic stuff and they could get damaged with anything in daily life.

Private key is the most important thing that they need to back up compare to the passwords and other stuff. A lot of newbies are just feeling safe with saving their private key and putting it into the other folder but with the same computer and once their pc got infected their funds got stolen because of their laziness of putting it into a safer place.

[rizkyhiw]

You missed the most important:

#1 leave your money on an exchanger

Maybe the point that is at 5 is not to leave money on the exchanger.

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

Ah you forget the worst thing a beginner does, panic selling  lol. They quickly sold just because the price started to fall just a little. I hope this thread can be a guide for some new beginners who join the forum.

[noah tall]

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 have made some. Of the mistakes that are mentioned here just like buying and selling based on my feelings. But I can tell you that sometimes it doesn’t really turn out to be a mistake but a really good decision at last. You know this is a business that has to do with having luck on your side. If luck is on your side that moment you just make the right decision, and sometimes you fail. Another thing is not researching new services. Yes, I don’t really have that time and sometimes I do rely on my. Friends to get information on new products and services.

[SplendidHunter]

I would add, holding all of his investments on one particular wallet. Being impatience, being greedy, stop studying after all.

[ballerin and giroud]

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

The five things above are common mistakes that beginners do not fully understand how bitcoins work. Hopefully the above five things can be more attention again by the beginners bitcoin users so they do not continue to complain with the losses caused by their own negligence.

[Viyamore]

This is true, and as much as possible, I encourage everyone to please be mindful of those things. But then on the otherhand, we are not perfect. we can always commit mistakes. But from those mistakes, let's try to learn. Get what should be improved more and then work on it. From that mistake of failure, you will become knowledgeable and become a wise person. Thus it will make you an expert.

[MDQ]

You are right, current users of bitcoin are most likely to suffer from the above five errors, if one of the five errors as mentioned above, the user is likely to lose large bitcoin. So, in order to fix it, we should look first, and be careful when backing up the bitcoin wallet and bitcoin passwords, avoiding the wrong times in the transaction.

[dipannita1]

Thanks for your valuable information, I make a mistake previous like one of those but now I'm carefull about that.

[Kambal2000]

You are right, current users of bitcoin are most likely to suffer from the above five errors, if one of the five errors as mentioned above, the user is likely to lose large bitcoin. So, in order to fix it, we should look first, and be careful when backing up the bitcoin wallet and bitcoin passwords, avoiding the wrong times in the transaction.

What I am seeing from most users whenever they are seeing that the price is going up they tend to panic and withdraw their funds without analyzing, what they want is a sure profit which I cannot blame them for that too.

[BartS]

I have seen so many threads in the services section asking for the help regarding their lost passwords or keystone files. That's really insane thing, as how they could not write down the keys or save them as copy in multiple places. These all are electronic stuff and they could get damaged with anything in daily life.

That happens because people are not used to do that in their everyday lives, I back up my files after some months that way if my hard drive were to crash and I was unable to recover the information I will not lose all my files, but how many people take those precautions? And I think the answer is very few, this is why you see that many threads of people that have lost their passwords or their seed words, this is why cryptocurrencies will require a change in the way people think about their computer files, for most people their files are not worth anything but in our case our files could be worth a fortune.

[BitcoinTurk]

I think you are talking about the problems that you see most often. Whatever the level of knowledge or level of experience of the investor, I believe that these mistakes have been dropped at least once. If I say that I have done nothing wrong with these mistakes, I will not believe. Every investor has certainly made one of the mistakes in this topic. The best thing new investors can do to survive these problems is just to investigate and read the comments of experienced people and comply with those comments.

[Rizky Aditya]

There will hardly be anyone on this earth who would wish to commit such mistakes which will result in losing his own money. All such sort of mistakes are committed due to lack pf understanding and learning about Bitcoin.

People don’t show much care regarding their cyber activities. Majority is careless about their credentials. Due to this ignorant behavior, one way or the other, these people lose money and personal information. It is a dilemma of present world that they are unaware of risks involved in cyber space.  Forgetting password is a very common trait among internet users. Knowledge is the only solution for sure.

[gambitcoin53]

I think you are talking about the problems that you see most often. Whatever the level of knowledge or level of experience of the investor, I believe that these mistakes have been dropped at least once. If I say that I have done nothing wrong with these mistakes, I will not believe. Every investor has certainly made one of the mistakes in this topic. The best thing new investors can do to survive these problems is just to investigate and read the comments of experienced people and comply with those comments.

agree, these mistakes are a sort of mandatory thing or natural thing and a given mistakes for newbies, we all once became a newbie, what is more important is now, we are already aware of this mistakes and this also serves us as a reminder. honestly, electronic and digital stuff are not easy for a common user especially he is new in such platforms like bitcoin and blockchains.

[arthotdog]

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

Made me laugh 😂 this are the common mistakes weve done when we are starting,and sad to say even those long here still having this kind of wrong doings..but most of the users here experience the Forgotten the Password and not researching the new services.and the last but not the least,is Buying and selling based on feelings,though for me this isn't a problem because i trust my instincts and luckily this never fails me more than I succeed

[jpoker272727]

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

The first one is too dangerous and we have seen many threads here that many people after many years have forgotten the wallet password and can't access their (golden) bitcoin which is intense.
Backing up the wallet sometimes it works sometimes it doesn't because people make backup but they don't test if they can really restore the wallet as it can happen the wallet can not be compressed or failed to be so.

[systematicdeception]

I agree with this list of the most common mistakes, among which the number 1 has happened to one of my friends. As for me I have saved my password safely and hope not to lose it, otherwise it will be a real disaster

[Tigorss]

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

Not using Two Factor Authentication. This is very important for web wallet users. Because web wallet lets others access your Bitcoin balance from anywhere. If your password is caught because you hit a keylogger, at least Two Factor Authentication still protects your account.