Five common mistakes made by Bitcoin users

[TiffanyLien23]

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

Actually, most of us must have done these mistakes since we all came as a beginners. Maybe we could start a new topic like what have you learned from your mistakes during your first times  Cheesy I just got concern with number 4? Because what will be your basis when buying and selling your bitcoins if it is not by feeling? It will be your desire and feeling after all because it is yours to decide about it.

[zhekinsp]

I think it is a very common and natural mistake because everyone must have a factor that can make forget because there are too many passwords, and not backing up the private key that is given to see the wallet used.

This is the common error these days for losing money in the world of crypto currencies. This is at the same time very silly mistake on the part of investors or holders and they cannot blame anyone for this since they have themselves created tough passwords for their accounts and their wallets. When you are dealing with multiple accounts, what my suggestion is having same password for all accounts.

Keeping same passwords is also risky in the crypto world if anyone of your password exposed by ohishing link then all of your funds will be stolen so it is better to backup all the passwords while creating or sign up to anysite and keep backup in a pendrive not on your desktop.

[andrei56]

You missed the most important:

#1 leave your money on an exchanger

Leave your money in the exchanger and then the exchanger goes bankrupt. What would you do if that happened?

I have read some cases like that back in the day and the truth is there is nothing you can do to recover your coins that is why it is important to stay in top of all the news regarding the coins in which you have invested and the exchanges in which you have some money, for example I use the electrum wallet and I updated my wallet as soon as a vulnerability was found some months ago.

[cherryfer]

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 only that Sir, here's another mistake for Bitcoin user; Proceeding Transaction for Buy or selling of bitcoin with hesitation and not really sure the exact procedure of transaction and also  convincing with other people to make an investment of bitcoin with 2 times double of profit guaranty with out too much learning about the situation of bitcoin price. 

[nesty]

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 experience these common mistakes I had done in the past when I was new in the Crypto Currency Market. I had already learned my lessons and I am very careful now with all those possible mistakes. Experience is really a great teacher.

[patarfweefwee]

Forgetting you passwords for your wallets is a down right sin. Panic selling is another big mistake in this here markets. Investing on coins you have no idea on is a crappy way to do this. Lastly, holding on to shitcoins and hoping that it will have valuenin the future, really move on.

[Bonsaiav]

4. Buy and sell based on feelings

Honestly I've made mistakes in the past, I do not care about what will happen, what is important is my stomach rescued from the pain of hunger. Now I realize that such an act is not good enough to do, even up to now I am still reminded of the consequences of its loss

[changcloy]

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 are common mistakes especially if you are newbie and I am one of the victim of these mistakes. I've once forgot my electronic password and never ever recover it again so my altcoins was still there but from that mistake I learned from it so I see to it that I copied my e-wallet password in a notebook to make it as a back up.

[BulbaLord]

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 don`t understand 5."leave your money in the electornic money floor."What is the meaning of this?
Lucky for me ,i didn`t made any of these mistakes when i was a newbie.
By the way,i don`t think that 4."Buy and sell based on feelings" is always a mistake.Sometimes the right
decisions are made based on feelings.My decision to join to bitcoin community and get some bitcoins was based on feelings,not research.

Yes i agree with you me too i didnt made any of these mistakes when i was a Newbie.  Y'all need to do is read the guidlines of this forum. Thats is a big help to  the new bie.  In 2.do not back up your wallet.  That is a big mistake if you dont have a back up  of your wallet.

[Jembut Ireng]

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 with your opinion, but the biggest problem bitcoin now is the most users never be patient so they immediately sell even if only get $ 1 profit, this is the biggest mistake in the investment so I suggest to hold bitcoin in a long time.

[berfanaf]

I think forgetting about passwords on wallets is really a deadly sin among us cryto currency investors. Next would be buying when the prices are at its peak, or selling when the price is at its lowest. Lastly it is when investing without even studying the coin they are investing on. I hope we learn from our mistakes.

One of the most common mistake because of which most of the investors lose their money is their careless attitude and other than that, lack of knowledge about such things which carry the most significance importance. Other than that, loss of control over your emotions and not going with the flow of the market are also the possible reason because of which most of the investors fail to earn something good.

[ice18]

5. Leave your money in the electronic money floor

What is this electronic money floor? Is this exchanges site you are reffering to? Well if you are a bitcoin trader leaving your money in a site is a wise move rather than transferring it everytime you want to trade coins. Most common mistakes are storing your money for a long time in an exchange site.

[malbano2099]

Yes, but mostly of these are the users who's just a newbie. But if the user is full of dedication and perseverance to be success here, I know that these given characteristics of yours won't matter anymore; they will strive their best to unable to hack and to read more about crypto and share an informative articles.

[unEducated]

One mistakes only  make your world worst in crypto is you put your private key wallet address in public. Avoid this happen i'm sure you will regret it.

[badungs]

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

yes, i appreciate your opinion. and it should always be remembered for the beginners. but I think there are still many things that bitcoin users should do to avoid errors. for example leaving a coin in exchange. Believe in the wrong people. so should be more careful in choosing people. and the most important is to eliminate Panic flavor with the state of the market price.

[KorakPawon]

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

yes, i appreciate your opinion. and it should always be remembered for the beginners. but I think there are still many things that bitcoin users should do to avoid errors. for example leaving a coin in exchange. Believe in the wrong people. so should be more careful in choosing people. and the most important is to eliminate Panic flavor with the state of the market price.

Store large amounts of BALES in web wallets and mobile wallets. Although the web wallet is very practical to use and mobile wallet is very practical to carry around. Balance of coins in large quantities should not be stored there. Web Wallet can be hacked, can down because maintenance.

[andrei56]

Forgetting you passwords for your wallets is a down right sin. Panic selling is another big mistake in this here markets. Investing on coins you have no idea on is a crappy way to do this. Lastly, holding on to shitcoins and hoping that it will have valuenin the future, really move on.

In my opinion forgetting your password to your wallet or losing your private key is probably the worst mistake that a bitcoin user can make we all know from before we even make an investment in bitcoin that once you lose access to your wallet or address there is no way to get it back so it is completely unforgivable to make that mistake and you deserve to lose your coins.

[elkafee79]

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

Yes, I agree mate. Five common mistakes made by bitcoin user. I also do that.

[jovs]

Having a mistake is always possible unless we have enough experience in the world of crypto. It is quite normal to made mistake specially when we are new on a particular thing. Yet, we need to do our best for us to learn and to develop our skills so that in the future we could take a better decision in life and while investing in bitcoin and other crpytocurreny.

[juragane]

I think the mistake is very common and reasonable if it happens because the new players are not known about this kind of thing, with this hopefully many new players who can be better.