Mistakes That Make You Poor Poor In Cryptocurrency

[KesoNie]

there are several mistakes that people are doing, first they are giving all their money, they investing their whole money without knowing that in trading you may win some and lose some too, there is no guarantee that you will get your profit once you have been invested that, especially when you don't know how to read charts effectively, spend and invest only what you are think that you gonna loss. secondly, buying coin because it is hit on some social media sites even though the project doesn't have a good platform it can only ruin your life investing on that. third, not having a very high combination of password, theft will easily get all your money. these are of the things that make you poor.

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[leeheidrick]

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.

Yeah, thank you for your advice, I also see a lot of crime in the cryptocurrency industry, maybe i must  to learn a lot from the experience of people who are experts in the cryptocurrency industry

[liliano]

I have lost crypto on points 1 and 4, namely 1. It is not a backup key where my computer has a virus and must reinstall it and it makes my key wallet disappear instantly, and next 4. Buy Coins With These Rumors when I was new to crypto and I saw rumors in the telegram group and this really trapped me to buy and now I don't have a good price

[mornabo]

Emotionally and wisely in managing finances is very important in any financial field. and also maybe small things that can cause loss factors can be as big as
deciding actions in the market or not being able to maintain finances properly

Yeah sometimes the little mistakes you make can make you a big loss, like waiting too long to sell your coin while price in high
position? of course you will miss the opportunity you get big lose, or that emotional investment will make you think unclear dude

[Chrisjay29]

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 on this list. I also nake an additional information about mistake that make you poor. Its rushing. Doing rushing will reduce the security of your mind on its is right that i send my money to them or do i correctly put the eth addres or btc address?

[BigTeeths]

The top reason that made them poor poor for certain is that they buy coin because of rumours. It don't work now these days and even if it does, these traders don't how pump and dump works. They should have sold it on that moment because it just goes crashing after.

[primejia]

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

business in crypto is indeed very risky, one of the few decisions we take can make a lot of losses, but it all depends on how we follow price movements from time to time, before we buy we have to predict the potential of the currency, what is the price
potentially rising or even falling, we must always discuss with temperature and always learn to learn and learn, of course we can avoid bad risks.

[shesheboy]

to be honest , i did a lot of mistakes from the past , up until now in the crypto industry but so far those mistakes are only lite and didnt manage to make me poor instantly . those mistakes are merely wrong decesion making ( e.g buying high and then selling low , selling without waiting for the right time , got scammed by fake bounties and other micro jobs , etc  )

but overall , i didnt give up easily because i know that those failure in life is only normal  . i know that if can push myself more , i will soon achieved my dreams  .

[Golftech]

to be honest , i did a lot of mistakes from the past , up until now in the crypto industry but so far those mistakes are only lite and didnt manage to make me poor instantly . those mistakes are merely wrong decesion making ( e.g buying high and then selling low , selling without waiting for the right time , got scammed by fake bounties and other micro jobs , etc  )

but overall , i didnt give up easily because i know that those failure in life is only normal  . i know that if can push myself more , i will soon achieved my dreams  .

Whenever you are still positive in any point, you will be able to survive and learned how to be much better, mistakes are common because even experience traders sometimes miscalculate the possible outcome, and with big whales manipulations its really harder predicting the right position to take, better to continue and not giving up right away those who did made a big mistake quitting without even trying much deeper.

[gambitcoin53]

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.

im sure everybody that wishes to venture in trading crypto are fully aware of these mistakes even before they entered into trading, we should really be too careful because it concerned with money, our money, trading is not a game, a joke, that every one jumps in without knowing these mistakes.

[ErikDavis548]

Invest too hastily, don't have much experience in investing in cryptocurrency. It may be that other objective causes make you poorer from cryptocurrency.

[Muwatti]

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.

In addition to these, I have encountered a lack of knowledge when buying Altcoin junk, which made me unable to sell them. I consider it a mistake of myself and I need to find out thoroughly before deciding to do something. And thanks for the things you shared in this article

I agree to you as well...  That's why knowledge is really important.. Because if we didn't have this we will loss to much..  Like if we will going to invest..  If we invest easily without having our research about it.. We will loss so much that's why we needed it..  And also we need to be mentally and emotionally stable because sometimes it is the reason why lots of people failed...

[Buladig]

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.

true, there are many things that make a person suffer a loss, and sometimes mistakes made are considered small.
right, nothing can protect and compensate for all the losses that we experience, so the best solution is that we must be smart to maintain and work in crypto, so we don't make mistakes and get losses.

[calya]

The top reason that made them poor poor for certain is that they buy coin because of rumours. It don't work now these days and even if it does, these traders don't how pump and dump works. They should have sold it on that moment because it just goes crashing after.

and also they only put their money into one portofolio,they dont diversify their asset into some potential coins or tokens.

[nazaididuan1]

These mistakes are common mistakes made by novices!
The wrong analysis of prices is the main reason why many people lose money! Buy at high prices, sell at low prices, this is the main reason for losing money!

[drm]

The top reason that made them poor poor for certain is that they buy coin because of rumours. It don't work now these days and even if it does, these traders don't how pump and dump works. They should have sold it on that moment because it just goes crashing after.

and also they only put their money into one portofolio,they dont diversify their asset into some potential coins or tokens.

Diversifying is a good thing but there are people who got rich of investing in one coin, with some luck it can be done.
I would say the most important thing you can do is research the tech and the team behind that tech.

[Ailmand]

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.

I agree very much with the "Greed" aspect. Many people lose their minds, and most importantly, their money because they want to earn so much more, due to that greedy intent, they forget to see the holes that makes an investment a bad one, or they also forget to study the background of the investments they follow, and so, in turn, it makes them lose their investments and get nothing in return. In the cryptocurrency market, everything should be well-planned to at least make sure that investments would find success.

[doomistake]

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.

Greediness doesn't always cause harm to us, sometimes it is the one that gives us more of what we wanted to have, but sometimes if you are not going to balance your greed then I agree in what you have said about it. This mistakes that we could accidentally do based on what OP said is not going to makes us poor in cryptocurrency world, well I guess it depends on how we are going to handle it.

If we are going to take it as a lesson, then it could be our guide for not to do the same mistakes again, or if we are going to take it in a negative way, then we are going to be depressed about it, and give up in the end.

[paramelton]

In my opinion crypto is one of the few businesses that still operate in a profitable manner. There are definitely risks involved, but those are in every business. Yet i believe that the risks for crypto are still lower than any other real business

[maculeth]

I always make mistakes in point number 4. I am always enthusiastic about the rumors of new coins and the projects that are considered promising. but all that can change drastically, starting from understanding the good and potential ico selection.