Mistakes That Make You Poor Poor In Cryptocurrency

[ntarah langger]

With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO

With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.

yes right, you have to pay attention to all of the above.
I also want to add one, don't be too ambitious to get huge profits. get just the right profit. do not be too brave to speculate and risk if you do not want to regret.

[btccrusher]

In my case, "Buy Coin With Rumors" may well suit. Months ago, I invested more than 20k that ended up with only 100 bucks. That was the worst investment in my side. Well, I take it as a lesson for better research before putting money.

[Starving_Marvin]

With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO

With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.

Those reasons are quite common but they are easily avoidable if you are just not lazy and you are concerned about your money that you have earned, so my advice is the similar you need to always be concerned.

[Nakedbitcoin]

With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO

With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.

This is the reason behined why their are some investor's losing big amount of money. Because some of them picked scam ICO project, hacked private keys due to their carelessness, they choose fishing sites, an so on that can lead their money lost. That is why we have to be vigilant in every action and decisions that we made, especially we are engaged in our investment in crypto currency. 

[thevlox]

Mistakes can make you 100% poor. It is essential that you do not have to make those mistakes, and that money is very risky. Those who do not have knowlodge, these are the people who have lost many of these fraudulent things.

[RomHtK]

Hi, all those reasons are quite common for sure.

I've always tried to do things right. I discovered the cryptos and the blockchain last year. I participated in two or three ICO, no more, all the projects that spoke to me, none was a scam. I was on Archlinux, a clean PC, a clean browser. I had zip with password all my keys and passphrase.
My basic investment was a few hundred € transformed into a few K€ over a few months. Everything was going well. A lot of my ERC-20s were on MEW.
My error: An error of attention of a few seconds, a pretty site of phising of MEW, then the disappearance of all my token.
If I can avoid this for others, I would do what I can, like not hesitate to tell this story.
Be careful
When it comes to trading, expand your time scales, and you'll have a quieter mind to start with, and gradually you'll go down the time scales to do intraday trading.

I think that for that to make us poor, we had to play big from the start, which is not given to everyone basic lol
As mentioned above, greed but also stupidity, sorry, but it's true

[flowers5]

I got wiped out on a sh*tcoin because I believed in it and put all my eggs in one basket.  Never do this.  No matter how good it seems.  You need to leave yourself an out.  This was a very painful mistake. 

[7Dyoknga5]

With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO

With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.

Good List but you missed the main one, it is GREED! That is one factor which makes us poor while investing in cryptos. I know a lot of people who had bought bitcoin during late 2017 and proudly announced that move in facebook with a lot of hashtags. All of them are in loss today. SOme of them even used their credit card to purchase bitcoin hoping to make astronomical profit to cover the credit card interest fees and enjoy with the rest of the money.

GREED is one factor that drives us towards unrealistic profit making businesses. If greed is the factor that drives your instinct, you are pretty much doomed before you even start.

right. But where is the gray line between looking for earnings and greed?

If someone is given a chance to be a millionaire wouldn't someone grab it? I would. I think being greedy whilr stepping on someone's rights is wrong, but if you work you butt off to earn wealth or power could also be categorized as greediness.

Greed while minding other's right, and you should be fine I think.

[readygoaw]

In my case, "Buy Coin With Rumors" may well suit. Months ago, I invested more than 20k that ended up with only 100 bucks. That was the worst investment in my side. Well, I take it as a lesson for better research before putting money.

As for me, the worst mistake happens when you initially choose the wrong altcoin. It means that you will lose in the future. The other great mistake is to sell your cryptocurrency when it is falling.

[Tubig]

Yes, we definitely need to be very careful when moving in the crypto money market. Things can go a lot worse.

It will not get worst if you are armed when you go to war. I think most of us create mistake at the first and we will keep the lesson to avoid creating another mistake. We get poor because we don't have enough knowledge in crypto world and we still take that risk.

[cpkozak]

The mistake many people make when investing in this market is that they do not have much knowledge when investing. Not having much knowledge but investing in large numbers, the failure rate is very high.

[beej]

Investing with minimal knowledge on cryptocurrency to begin with.
People end up investing on coins that won't even get listed and some
turn out to be scams. I think the next one is the negligence to diversify
investments during times prices are low and affordable.

[Roksodhon]

As long as I am in the world crypto there are two mistakes that I did, first I do a investment for a new coin that the price continues to bearish and whether the coin still has the opportunity to rises or not is uncertain, the second I entered phishing site that was causing my private key in steal. Through all the incident made me more careful and I get an important lesson.

[Nissan-GTR]

With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO

With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.

I agree with these. For me one of the poor habits that we keep on doing while having bitcoins is that we usually unnecessary spend our money to the things that we dont really need and excessove spending may be a huge loss to us specially that there is no significant date when we can be able to get our next profits, savings will definitely save you for being broke better to keep working and spend lesser.

[coinfinger]

With cryptocurrency, you have to be careful with any fraud and theft. and usually many people who are caught in the losses in the world of crypto is:
1. Not Backup Key
2. Electricity Billing Mining More
3. Lunes In Phishing Sites
4. Buy Coin With Rumors
5. Create a weak password
6. Steal With Stealth ICO

With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.

This is the reason behined why their are some investor's losing big amount of money. Because some of them picked scam ICO project, hacked private keys due to their carelessness, they choose fishing sites, an so on that can lead their money lost. That is why we have to be vigilant in every action and decisions that we made, especially we are engaged in our investment in crypto currency. 

In my opinion, the reason behind losing money in crypto currencies is lack of knowledge or you can say that people do not understand the nature and behavior of coins. They want to make money from it in blink of an eye which is to be honest, not possible. No doubt that cryptocoins provide us with a way of making easy money but that does not mean it includes no work and patience.

[Panetymerni]

I'd add here: not keeping your priv key safely and holding your coins on exchanges espacially on those smaller ones.

[Rana590]

For the investors, everyone has some tragedy i think if it is big or small. In the past year I bought xrp and trx with high value but the condition of these coin is not good right now. Hopefully I will hear a great news from these coin with shortage possible of time.

[valentine401]

For the investors, everyone has some tragedy i think if it is big or small. In the past year I bought xrp and trx with high value but the condition of these coin is not good right now. Hopefully I will hear a great news from these coin with shortage possible of time.

Yes i do agree on that, the market price is not stable so you should always study the statistics and platform of the coin you are interested to invest in order to determine if it has a capability of growing in a long run.

[brolekset]

in my opinion, the main mistake is Not to use 2fa and recovery codes all understand-the use of the exchange may be a necessary evil. However, this won't prevent you from using two-factor authentication wherever possible and storing the recovery code somewhere on paper.
I was lucky and I only experienced it on Mailchimp. I forgot to save the recovery code, and after buying a new phone had to write to support to unlock my account.

[Maddinson100]

In my case, "Buy Coin With Rumors" may well suit. Months ago, I invested more than 20k that ended up with only 100 bucks. That was the worst investment in my side. Well, I take it as a lesson for better research before putting money.

As for me, the worst mistake happens when you initially choose the wrong altcoin. It means that you will lose in the future. The other great mistake is to sell your cryptocurrency when it is falling.

Well there are a lot of thing you need to do in a wise way and doing them in an unwise way will be a mistake that will make you poor in the business. Investing in the coin that is not profitable in future and cannot give you the desired return is a mistake one should always be careful about. The first step is the crypto evaluation which makes the difference and gives you an edge over the people who do not do this practice.