Mistakes That Make You Poor Poor In Cryptocurrency

[AlexKr]

I am agree hat we make the most serious mistakes when start to panic and in this condition we can make many mistakes.

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[Fakhri1907]

for bounty hunter, he can be poor if he stop doing bounty and keep spending his money that he gets from bounty while he doesn't has any income

[Veronika94]

Sometimes you can read an incorrect article or something else and abandon the original plan.  I wanted to stock up the bitcoins in 2011, but I read that there will be no sense and he will not be able to survive.

[Nnedaddy1]

Some of the mistakes that make one remain poor in cryptocurrency space is lack of patience, not having technical knowledge about a coin /ICO, following pump and dump groups, fomoing and getting rekt always etc.

[Marlo0619]

When we use cryptocurrencies like bitcoin. We should and must be wise. Because we talk about there money. Money is what every people need. So we must be wiser than scammers or hackers. If we want to invest in xryptocurrencies, we should get feedbacks and information about the crypto that we will invest in. Because if we dont, then we will be poor because our money that we invested is all gone. Hacked and scammed.

[dharnamonitor]

Internet is obviously the lurking place of theft and scammers so we must be literate when we're engaging to some crypto related activities such as trading and investing. And also, put your goals as a top priority and not your emotions especially when it comes to trading because emotion will be the hindrance on making some important decisions.

[SpringfieldM1A]

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.

Must be greed act. That cannot be overstated as this is the central piece on how so many people in this world lose a lot of money, join FOMO, expecting the moon to come overnight so as to get richer and so on. In any form of business, this is something that can easily make it collapse and like you said, it keeps driving your instinct to just keep making the wrong decisions.
If this can be out of the picture, and any investor has some pretty good knowledge to do well in the market, which would be it.


[zanezane]

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. Impatience

I think you missed this because this is the most common mistake that everyone experience. Like instead of having more profit you'll end up lesser profit. It's not an actual loss but we somehow anticipated that profit.

[jcarlo]

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.

Thats a part risk if we start to join in cryptocurrency. But every risk can be manage, like saving our wallet by keep holding our private key in save place. In cryptocurrency, we control our own account and thats why we should always carefull with our private key because right now many hackers.

[patarfweefwee]

Especially true with backing up keys. Personally i haven't experienced any of these. But i did had a bad experience with an ICO that actually had a great start but ended up that it didn't worth anything after only months in the market. I just hooe we build more security and actually a way to get into wallets who lost their keys.

[Hui8]

Yeah buying coins with rumours and investment in the fake ICO's is the big reason this industry is setting back a lot these days. People are responsible for it themselves because they study or are not alert enough to study the market before they make any investment. They are alway in hurry of making money and whenever they see huge crowd at some bounties then they will think that it is going to be best ICO ever and start investing without even touching the official documents. I guess this lack of alertness or knowledge is also biggest reason why people are not making enough money enough here and being backward class.

[spongegar]

The biggest mistake, aside from forgetting your keys, is to actually invest with your emotions ruling over you descisions. I myself have lost a huge amount of potential profit by investing before i look into what I'm actually investing on. A smart move is to actually look at the trends and invest what you're willing to lose.

[kodtycoon]

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 it is still common for those who are not careful and too easy to trust someone in the world of the Internet or the unknown. With the number of scams affected, there will be more bad news about cryptocurrency. It can greatly affect the cryptocurrency market as well, so keep doing the best and stay cautious so your investment is safe and profitable in the future.

[senyorito123]

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. Impatience

I think you missed this because this is the most common mistake that everyone experience. Like instead of having more profit you'll end up lesser profit. It's not an actual loss but we somehow anticipated that profit.

Agree,lmpatience is the common reason why many people lose there profit in Cryptocurrency,so you need to be Patience if you want to win in your investment because in Cryptocurrency investment you cannot earn profit immediately you need to hold it for a long time if you want to win in your investment.

[Blackrain13]

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 think all of this is because of lack of knowledge about bitcoin,about cryptocurrency and being careless on their account and even joining those failed ICO's. That's why it is very important to learn and have knowledge if you want to work in crypto world.

[Ava Duvall]

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

alot worse. you can lose everything. and people think its just talk until they lose everything themselves. be careful.!!

[BigDig]

the most important factor in my opinion is an incorrect evaluation of time and emotion. In the crypt world, it is customary to think in terms of months and weeks. And the month is considered as a long-term category. This can be explained by the fact that the market is still very young and often unpredictable.

[ellehcar]

My first mistake in this business was I got sick and tired easily on the pump-and-dump system of the coin I hold, so I sold it when it pump a little, not foreseeing that it would be bring me big buck if only I hold it. Another was unawareness of the sites I visit (I didn’t meticulously look at the URLs nor bookmark sites that I frequently visit), so I fell a victim of phishing. Had I realized all these earlier, I should have been rich by now.

[basyang]

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 you are right about that. I remember when I forgot my keys and I also do not have any back ups, I was Distraught that time and I do not know what to do. I search on google how can I retrieve it but nothing accurate answer I get, then I contact the technical support of my wallet and I explain what happened and they help me to retrieve my keys.Now, I keep my back up keys written so that even if I accidentally deleted it again I still have a back up.

[YoungMaster]

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 were what we called the risks in cryptocurrency. Several people were fall in one of those mistake, and there's obviously no guarantee for your coins to be protected in the crypto world.