Mistakes That Make You Poor Poor In Cryptocurrency

[clololck]

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.

Usually for ordinary investors, they don't know about cryptocurrencies. They just know that they can make money here, so such investors are easily misled by others. They usually buy some strange coins, which may depreciate a lot overnight. And then they will quit the cryptocurrency to advertise to everyone that this is a Ponzi scheme.

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[Ezenwanyi]

Mistakes that poor people make in Cryptocurrency is not getting acquainted with the workings of the cryptocurrency market and instead prefer fomoing and getting burnt.
Again, by not making use of big investment opportunities like the rich.
Being greedy also makes poor remain poor.
Impatience is another major factor that contributes to the poor remaining poor in Cryptocurrency.

[makerofall]

Also:
- Not understanding the basic market rules. If you buy a scam token with no orders it's gonna end very bad.

but Ico's success can also suffer losses due to overall corrections now many are experiencing asset losses when crypto falls free at its lowest point in a year.

ICOs have been the targets of the loss the people in the crypto market have incurred. Millions of dollars invested in ICO have resulted into nothing and this is why it is normally suggested not to invest in ICOs.

[JohnBitCo]

Also:
- Not understanding the basic market rules. If you buy a scam token with no orders it's gonna end very bad.

but Ico's success can also suffer losses due to overall corrections now many are experiencing asset losses when crypto falls free at its lowest point in a year.

ICOs have been the targets of the loss the people in the crypto market have incurred. Millions of dollars invested in ICO have resulted into nothing and this is why it is normally suggested not to invest in ICOs.

In 2017, I saw many good ICO and many of my friends including me invested in them and were rewarded good. But then the ICO trends become a means to scam people and most of the coins never made to the exchanges. That's the main reason why people are no longer interested in ICO.

[gudfavourBTC]

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.

Usually for ordinary investors, they don't know about cryptocurrencies. They just know that they can make money here, so such investors are easily misled by others. They usually buy some strange coins, which may depreciate a lot overnight. And then they will quit the cryptocurrency to advertise to everyone that this is a Ponzi scheme.

Normally the bear market is one reason why so many people loose money in the crypto business and I think apart from this, the lack of knowledge and experience is the second reason why we loose in the crypto market.

[IntuitiveCoins]

I just always thought that I didn't take advantage of the opportunity in 2017 yesterday. well, that might be my regret in the world of cryptocurrency. well, but I'm sure that the price will definitely return to normal prices in the future.

What do you consider a return to normal prices? In 2017, before the boom normal price for Bitcoin seemed to be around $700.

[Savemore]

Bad mistake I made in crypto currency and make me poor is keep holding my asset have higher price, I faith because my asset could raised to higher price and I keep hold it until all of my asset do not have price and drop.

The same this is most mistakes happen in me by holding the coins at a higher price aiming to earn big profit. We did not think that price could drops very low so the next time we must think of be wise enough so we can earn.

Holding can sometimes lead us to have losses, I do not prefer holding unless if we are holding potential cryptocurrencies like bitcoin and ethereum. I experience to lose big amount of money because of holding a shitcoin. I called it as a shitcoin because its ROI are now reached negative -98%. Before we hold make sure that our portfolio consists of solid coins.

[KnightElite]

There are people who rely their decisions base on others opinions and ideas. It is one of the reasons why there are investors who keep having negative portfolio. If they see someone who posted in the internet about buying bitcoin then they will follow it. Why we will follow their decisions if they are also struggling in trading of cryptocurrencies. We will become a profitable trader if we will follow the opinions of others.

[Brunus]

It's a good list of fairly obvious and common sense things.
But since "common sense" is not "common" at all, it is good that someone occasionally remember to take at least elementary precautions, if we do not want to lose our money.

[Karmakid]

There are people who rely their decisions base on others opinions and ideas. It is one of the reasons why there are investors who keep having negative portfolio. If they see someone who posted in the internet about buying bitcoin then they will follow it. Why we will follow their decisions if they are also struggling in trading of cryptocurrencies. We will become a profitable trader if we will follow the opinions of others.

I don't think that we will become profitable if we will follow the opinions of other people because that is not how you supposed to act in the middle of trading. You should stand by your own feet and you should not mind other people telling their opinion about the current situation of the market. Find the hints by your own and decide base on those things if what are you going to do.

[breathlessz]

There are people who rely their decisions base on others opinions and ideas. It is one of the reasons why there are investors who keep having negative portfolio. If they see someone who posted in the internet about buying bitcoin then they will follow it. Why we will follow their decisions if they are also struggling in trading of cryptocurrencies. We will become a profitable trader if we will follow the opinions of others.

I don't think that we will become profitable if we will follow the opinions of other people because that is not how you supposed to act in the middle of trading. You should stand by your own feet and you should not mind other people telling their opinion about the current situation of the market. Find the hints by your own and decide base on those things if what are you going to do.

I suggest not following the opinions of others, make research and find the answers according to personal analysis, even though the results are the same as the opinions of others. this will make us able to survive in the world of crypto, because it is a psychological education for yourself

[kotik085]

Many make mistakes and cannot be dealt with without them. It’s better not to make mistakes, especially as indicated in the topic, these are very gross errors.

[Shasha80]

We have to admit that there are indeed many mistakes we have made that make us poor in cryptocurrency. In my opinion, mistakes are made
already written in the opening post is correct. But I will add a little fatal error that can make us poor in crypto. Among other things, greed and
laziness to do research on ICO projects that we will take part in. We discuss greed that we have when trading will make us suffer losses and as
a result the capital we have can be exhausted. Next we must be diligent in checking and doing research if we want to invest in ICO projects, if
we are lazy we can choose the wrong scam projects. That is an addition from me, please avoid that is if you don't want to be poor in cryptocurrency.

[CodyAlfaridzi]

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.

7. Going 100x leverage on Bitmex

A lot of people think they're good in trading so they're going for high leverage margin trading and poof immediately getting liquidated. This includes me in the past LOL. Since then I never trade with more than 5x leverage, and always set up my stop loss.

Another common story is people gambling too much with crypto. You can see this from people whining in gambling section accusing casino operator of unfair behavior while the game is provably fair.

[Arkann]

I believe that the most important errors of cryptocurrency users are that they poorly assess their capabilities in the cryptocurrency market, taking into account investments and trade, as well as ignoring the safety rules for the safety of their data.  In addition, the understanding of the cryptocurrency market should be combined with experience in a certain field of activity related to the cryptocurrency and the ability to properly benefit from the results of monitoring and analysis of the cryptocurrency market.

[onrise]

I just always thought that I didn't take advantage of the opportunity in 2017 yesterday. well, that might be my regret in the world of cryptocurrency. well, but I'm sure that the price will definitely return to normal prices in the future.

People do regret that mistake and also now as well whenever market falls ensure that you buy the crypto currency and not do reverse of selling it. You would buy at less price and during boom you will make the most of the gains for yourself.

[agentx44]

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.

These are just minor cautions that you've missed when you were just starting in crypto. Knowing that it once led you to harm and great loss, you should already avoid doing the same mistake again so that you can make a progress with your investment. Be more careful if you have been careless on your past involvement in some projects. You have no ally other than yourself so you should always be knowledgeable and cautious enough to make your investment work through the years.

[sayaya17]

Indeed, to invest in crypto must pay attention to the things above that the OP share here. Thing above if we apply, of course, will provide good lead for those who want to invest in crypto. but I'm sure all of us before investing in crypto already know well the points that the OP said, so the opportunity to get profits will be easily achieved.

[Chrystora123]

For me one of the biggest mistakes people make when they're on the cryptocurrencies market is trading without a strategy, many people are trying to become traders without any experience. The success rate, as you may expect, is very small, not only because they have almost no knowledge of how to trade, but because they have no strategy. they let their emotions take control of them and that is the fastest way to become poor in cryptocurrencies.

without strategy means without goals!!  I have seen many people fall into poverty due to lack of strategy, experience and are very greedy. in trading cryptocurrencies, self-control is very important.  want to get rich quick (greedy) and impatient when trading will only make you lose all your money.

[Karmakid]

For me one of the biggest mistakes people make when they're on the cryptocurrencies market is trading without a strategy, many people are trying to become traders without any experience. The success rate, as you may expect, is very small, not only because they have almost no knowledge of how to trade, but because they have no strategy. they let their emotions take control of them and that is the fastest way to become poor in cryptocurrencies.

without strategy means without goals!!  I have seen many people fall into poverty due to lack of strategy, experience and are very greedy. in trading cryptocurrencies, self-control is very important.  want to get rich quick (greedy) and impatient when trading will only make you lose all your money.

Agree. Learn the basics first, establish yourself by building strong foundations like proper education, risk management and a proper planning. A success will probably take a lot of years just to build an overnight success. No one here is instant because if it is instant then it is probably a scam. Learn to be patient and be a learning machine.