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Author Topic: Are you a crypto beginner?  (Read 537 times)
fundyourself
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February 28, 2018, 05:18:57 AM
Merited by Jet Cash (1)
 #1

Are you new at crytpo and you seem to be making mistakes left and right?

Not to worry. A big part of the learning experience are the mistakes we make as newbies while still finding our feet.

Some are hilarious while others can have devastating consequences. But, all these common mistakes can be easily avoided with a little research.

Here are a few of those:

1. Lost Keys

It is different from forgetting your password or your pin where you can request to reset your pin or have it sent to your email address. There is no customer care for the blockchain and no way to recover your key if you lose it. Be sure to keep this secure at all times.

2. Keeping Coins in Online Wallets

Most newbies after signing up with an exchange service and purchasing their first cryptocurrencies neglect to take them out of the exchanger’s website. Again, this is another case of ignorance, laziness or a combination of both. Be on the look out for this.

3. Not Keeping Hard Copies of Important Information

Very simple yet very effective. Make sure to keep hard copies of everything.

4. Fat-finger Error

Fat-finger error can be defined as a human error that occurs when the wrong key is pressed on a computer (or smartphone) keyboard. Some of the most calamitous trading errors ever recorded in the financial market has been due to fat-finger errors. So type very very carefully.

So there you have it.  Be sure to take a good read and be aware of these easily avoidable common mistakes.

Cryptocurrency transactions are irreversible and as such, the onus is on the user to carry out due diligence before carrying out any transaction.

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mcnocon2
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February 28, 2018, 05:51:37 AM
 #2

Thanks i might do the 3rd one.... To have a hard copy of my accounts.
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February 28, 2018, 06:07:47 AM
 #3

Yes that's right! That is so simple yet many of us fail to do the basics. So make sure to keep hard copies at all times.  Smiley

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February 28, 2018, 07:35:09 AM
 #4

I just wanna let yall know that I suggest trading rather than buying to those exchanges. I suggest you guys use Paxful.com
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February 28, 2018, 10:21:28 AM
 #5

Yes I am, but as beginners I want to learn and explore more about bitcoin crypto currency in fact that we can earn extra income or profit in this even though it is a online transaction.

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February 28, 2018, 10:43:27 AM
 #6

 Sad i made mistake #5 and lost 100 usd. So silly
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February 28, 2018, 11:33:30 AM
 #7

Point #2: It's good to use hardware wallets and paper wallets not just desktop, mobile, or online wallets to store your crypto.

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February 28, 2018, 12:28:48 PM
 #8

The 4th one is a common one but I also recommend doing the 3rd one which is backing up hard copies for security and longevity
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February 28, 2018, 12:45:34 PM
 #9

i can trade?

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February 28, 2018, 01:08:12 PM
 #10

Keeping the coins on the exchanges is the biggest mistake. If your coins are kept on the exchange then they can disappear anytime. Always withdraw the coins after buying it on the exchanges. This is not good if you want to day trade but beginners shoudn't day trade anyway.



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Dudeperfect
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February 28, 2018, 02:05:29 PM
 #11

The crypto world is all about decentralization and we are responsible for what we do, there is no one to blame so take the decisions with extreme caution is the single best tip I received when I was a beginner that helped me to take the right decisions in the crypto. Even today, I consider myself as a beginner and that helps me to learn more about any concept and it works in crypto industry resulting in high level of prevention from scams/negligence.

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February 28, 2018, 05:39:32 PM
 #12

The most important point in this post is holding your coins in your own wallet and not in some exchange wallet. As time has shown again and again no matter how good an exchange is there is a high chance that it could get hacked.

In
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February 28, 2018, 10:15:01 PM
 #13

you should pay attention on your security code, and aware of fishing attaks> sites copies
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March 01, 2018, 03:34:32 AM
 #14

Nothing's worse than a newbie with fat fingers: https://www.rt.com/business/409177-ethereum-error-money-parity-cryptocurrency/

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fundyourself
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March 01, 2018, 07:34:28 AM
 #15

The 4th one is a common one but I also recommend doing the 3rd one which is backing up hard copies for security and longevity

Yup! That is very good advice. The fact that we have all this technology around us sometimes tend to make us forget that there are much simpler solutions to all the complex problems that we have.

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March 01, 2018, 07:38:06 AM
 #16

ive made mistake #4 a couple times, i now triple check things lol, as for hard copies i do have bits and pieces of my info sitting around on different spots but i feel quite safe all my wallets are 2FA + email authing so i feel quite secure.
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March 01, 2018, 01:47:34 PM
 #17

I do want to know more about bitcoin that makes me earn money like an extra income that can be easily done as a student.
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March 01, 2018, 02:30:16 PM
 #18

I walked into the cryptocurrency market earlier this year. I hope to have potential and effective investment opportunities. At the same time, I want to accumulate more work opportunities to earn more in bounty campaigns. I think that is the thought of so many people here...

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March 01, 2018, 04:05:04 PM
 #19

when I just started trading, I wrongly put a price and it really makes me lose .. it's a bit of my experience, hopefully the bitcoiner or the traders do not experience the same thing ..

thank you

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March 01, 2018, 04:14:30 PM
 #20

I wouldn't say im a beginner but im far from knowing everything there is to know about crypto space. It is so fast paced and ever evolving and seems to change by the minute. I've been fortunate so far and haven't lost any keys or had major unrecoverable loses. Most i just chalk up to learning experience and move on. I have however feel victim to exchange theft  with the recent xrb mess. ALWAYS hold your own keys!

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