Mistakes That Make You Poor Poor In Cryptocurrency

[hometester]

cryptocurrency teaches independence

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[Silberman]

There are so many mistakes to be consider with regards to your status as far as cryptocurrencies are concern. In my opinion, one of the common mistake is not grabbing the opportunity to buy bitcoin and other cryptos while their market price is just very low.

That is a mistake that currently many investors are making, the price of bitcoin is very cheap right now and yet people are afraid to invest, they do not understand that if they wait for the price to go even lower they are going to be even more scared to invest in bitcoin, and if they wait for the price to go up then they are going to miss thousands of dollars in profits and they run the risk of investing when the price is high and then a few days later we suffer a correction.

[acheampong64]

Well you have good points. We need to take steps that'll protect us in this world of crypto because as you said, no one is going to give you your protection and safety. That is each one's responsibility and so we need to make sure we really keep ourselves safe. And also, we need to assess risks and benefits of everything we do in crypto so that we can make our investments safer.

[frankiemalton]

Being emotional. The best trader is the trader without any emotions, that is not phased by a 200% increase or a 70% dip and just takes profits or rebuys more.

[Ledy Alise]

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.

Will agree! Good Spotted Avikz! It is good to high light the most common mistakes, as bunch of new guys definitely would benefit from this. It helps a lot to have guidelines when you have just joined in.

[Gramna]

Looking back, I cannot say that these mistakes made me poor but I lost a good amount of coins due to these actions. Panic selling, Easily swayed by FUDs and investing into some ICO projects without thorough research. But in the brighter side, I learned from them and those are the things that made me more careful and stronger as I manage and hold my coins, thus gaining me more profits in the long run.

[laravuemaster]

Looking at cryptocurrency costs this weekend, it looks like many of you will find some bitcoin under your tree, not a new game console. It seems to be a great holiday gift.

Bitcoins today is currently growing so hard which means that the price will soon to pump up before the year ends just like what happened last 2017.

[frowsiter]

That does not make us poor, that makes us feel that we are idiot one for not being careful about the important stuff like crypto wallets and their private key storing. Most of the people are loosing their keys and keystone files everyday and thus making stuff go wrong. Most of them are bounty hunters who are careless because they are new to crypto and start with some wallet and just copy paste the keys somewhere. At the end when they have got more than 10-20 different types of tokens after 6-8 months they will realise they have no keys for accessing the wallet and loose more than couple of thousand dollars. Lol. That is not being poor, that is being rich idiot. 

[Naughty Princess]

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.

Greediness and carelessness are other factor why losing investment. Lack of knowledge about the project and just believing on the opinion of other people instead of having own research about it. What makes poor become poorer because of investment is because of putting all  what they have on it and expect for easily gain profit without knowing that crypto is very volatile at the moment. Without knowing how much they longing for their investment, they lose chance on selling when the price rise and panic when price goes down.

[gorodi]

Being emotional. The best trader is the trader without any emotions, that is not phased by a 200% increase or a 70% dip and just takes profits or rebuys more.

I think any trader can be a very emotional man - this is the norm but he has to control his emotions. This is very difficult but it is possible to do. Just try, and you will see that you will succeed.

[Xising]

Theres a common mistakes which makes you loss profit just like investing without knowledge on it.There are lots of ICO projects rising nowadays so common type of investors mistake is they jump easily into those project without assurance.Thats why instead they will earn they loss more money.Greediness also leads you in losing money.Carelessness will also leads to trouble like your accounts will be hacked or you might get scammed easily.

I agree. Lack of knowledge can really lead to lots of mistakes, or it can even be a make-or-break kind of thing for those who are investing, and might lead them to quit their ventures in the cryptocurrency market altogether. There have also been lots of people who thought that doing something in the market whether it's investing, trading or bounties without ample knowledge and with the goal to only wing things out do not lead to anything gainful and fruitful in the end. I mean, the market is already filled with risks, and if you are not prepared to tackle it head out and with preparation, it will only add more unaccounted risks that would eventually lead you to failure.

[nabinkhadka]

There are many things to be careful when you start to invest in Crypto. The first is security  , To keep your private keys in very safe place. others includes enough research , knowing when to take profits and cut down losses. updating yourself with time.

[Hirikama29]

Some mistakes we make when entering the e-money market are that we forget to forget our password when we save more money than we trade or lead to some missing Remain basic

[mejalipat]

before deciding to invest in crypto currency then we must know the risks that can occur and how to store crypto safely, we must be careful with the password we have, don't tell others because they can steal the crypto that you have

[Neraj Evad]

One of the mistakes that make you poor in cryptocurrency, is when you buy a certain coin at that normal price , and time come for the bearish market and you panic selling in a price below your normal price when you buy it,then you lost your capital a little , and if this will repeat for more times then you lost many ,the results is becoming poor in crypto currency.

[cinchin1]

Being emotional. The best trader is the trader without any emotions, that is not phased by a 200% increase or a 70% dip and just takes profits or rebuys more.

I think any trader can be a very emotional man - this is the norm but he has to control his emotions. This is very difficult but it is possible to do. Just try, and you will see that you will succeed.

Emotion is a very difficult thing to control because it was born when we were involved in trading, we are not sure about our decision, that makes our moods worry and from the anxiety, we imagine a lot of possible angles of the problem. And after our decision is correct, we continue to face our greed, we do not have the satisfaction, always want a quick move and become rich, that makes us not compromise with low profits, resulting in us making mistakes and poorer in cryptocurrency.

[Coral27]

Being emotional. The best trader is the trader without any emotions, that is not phased by a 200% increase or a 70% dip and just takes profits or rebuys more.

I think any trader can be a very emotional man - this is the norm but he has to control his emotions. This is very difficult but it is possible to do. Just try, and you will see that you will succeed.

You are right it is not good to be emotional because if you will get emotional so it will reduce your profit and it will get you lose, time to time we need to learn more things about crypto currency that we never know, buy some coin at lower price and hold, the one mistake that a trader and investor should do is buy low and hold being hurry to sell will make you get lose so better holding our patience.

[bohr]

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.

Most of the people are being hacked because of the phishing sites, there are a lot of scam sites mostly in airdrops so i always prefer working on bounties like signature more than looking or participating in airdrops.

People are getting hacked very easily because they do not understand how vulnerable are cryptocurrencies to hacking, while cryptocurrencies themselves are not more vulnerable as any other file in your computer, once you lose control of your private key and the money contained there is sent to another address that you do not control you have no way to get back that money, so people need to learn to secure their coins in a better way to avoid those scenarios.

[Reality5]

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.

It is a usual thing for people to commit this mistakes, but they are not enough to make you poor. You can best describe this as ways you may loose your earnings in cryptocurrency.

[Traderbtcc]

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 you on this. One great benefit about Cryptocurrencies is the decentralization of data and free of finance that it offers. But it comes at a cost. How? Users are fully responsible for the safety of their assets. So anyone who doesn't take his/her security seriously might just end up losing those assets. So keeping ahold of one's assets with tight security is recommended.