Mistakes That Make You Poor Poor In Cryptocurrency

[Tagus45]

I think mistakes that are often made by many people is easy to panic with the news and also too quickly assume that bitcoin will die, and without thinking long they sell low.

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[aeternus]

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.

The last point should be first in my opinion.

Most of the people are loosing money only because they are not able to recognize good coins and invest in coins that show tempting offers but have no real life usage or value. As a result, the investors have to face loss on such investments.

Without a doubt investing in icos has changed the life of many people for better or worse, there are some that have been able to invest in the right ico at the right time and they made a fortune, but there are many more examples of people choosing the wrong coin at the wrong time and losing everything that they have, so if you do not want to suffer the same fate it is better to avoid icos completely.

[Adhichan]

I think mistakes that are often made by many people is easy to panic with the news and also too quickly assume that bitcoin will die, and without thinking long they sell low.

that's common mistakes that usually did by beginner investor.their psychology and mental did trained yet to face unpredictable situation in market.

[indrakusumaindra]

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.

Well for me cause im too greedy and still hold the coin that are already on the moon, i believe i just doing something wrong and i also expect to gain more. But here i am now hold the coin that i believe will have a good grow and i dont regret what's been done cause there is always experience that you can earn from everything that happening in your life.

[Abolaji11]

Thanks for such awesome information about how people loss money and a Great thanks to those that mention the main reason (greed).  This is my major problem which is still affecting me today.  I believe if you want to make it big in crypto investment,  you have to take some big risk by being greedy. Although, some time you win big but the consequence is, you also loss big when the market didn't favour you.

[Tervelatuk]

unfortunetly i am never make big mistake that able make me poor in cryptocurrency.commonly many people make little mistake, as long as they did not publish their private key their wallet.

[sidodadii]

if you learn cryptocurrent before, you cant be poor here. just with bounty, you will make much profit, no need to spend much money, or something else.
crypto will make you rich if you know about crypto.
never believe with what they said. just look at graphic, buy good coin and sell if youu see profit

[Sifon]

Beyond greed and the points raised by the OP, I think not staying informed and keeping abreast with happenings in the space can make you poor. The crypto industry is a fast moving one and as such, being a minute late to a certain vital information can cause you a whole lot both in losses and potential gains.

[Morning honor]

Poor cannot make you into poorer in fact this is learning lesson for you to correct your mistakes,and you can more alert and prevent from any more mistakes.,
                Mistakes leads you to guide into a possitive ways.

[jademaxsuy]

These are not mistakes instead these are ignoramus acts of an individual that will lead to his/her loss with the cryptocurrency holdings. However, this may not apply to all especially in the likes of me that is poor already. I never get the chance to make some losses because I do trade always my crypto for fiat money for the basic needs.

[joebrook]

unfortunetly i am never make big mistake that able make me poor in cryptocurrency.commonly many people make little mistake, as long as they did not publish their private key their wallet.

Making mistakes is really not the issue at all, but when you don't learn something from your mistakes, that's when it becomes very bad because you are doomed to repeat the same mistake again and again.

[bonammeo]

I found the basic mistakes mentioned above came from you too careless with your money, not only that you are not serious in the transaction coin, definitely, you regret will lose the opportunity to sell coin with high price. Crypto is not protected by any organization, which means you have to make a decision with them, so be smart and smart.

[Nnedaddy1]

I think the mistakes that are capable of keeping one perpetually poor in cryptocurrency are:
Being greedy.
Not taking profits when you see no matter how little the profit.
Following the crowd fomoing.
Not having basic understanding about how the cryptocorrency market works.

[max fray]

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.

5 of the issues you've listed are understandable, but I'm not sure is I got the idea of "buying coins with rumors". Did you mean that investors make mistakes when buying coins of the projects that are not reliable, just because somebody advised them to do so? Yes, lack of deep research is one of the reasons why investors lose their money and cannot make profit with those untrustworthy tokens.

[Layers318]

The common mistake made by most crypto investors stems from impatience. Due to impatience, a lot of crypto investors have sold their valuable coins for amounts worth a candy or burger. Most investors fail to learn and do not know the capabilities and potentials of the coin they hold. This ends up in selling the coins at cheaper prices.

[PlusOne88]

Not being able to study how everything works in cryptocurrency really is the main idea that affects every factor that you have just mentioned. People came in unequipped with the knowledge that are supposed to be the tools for understanding everything in cryptocurrency. More people are easily persuaded by people who encourages them to join because they always thought there is much to earn in cryptocurrency and you could become instant millionaire for a very short period of time. Too many of these influencers are even scammers who are there to bleed you with your money. They could make anybody poor.

[Evetemot]

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 mistakes to me are not straight forward. For instance, how does electricity billing actually make you poor in crypto? You don't bill yourself. Besides, if you are not a full time miner, electricity is not an issue to you. Your phone or laptop even consumes less power than your TV and home theatre.

In my opinion never believe in news and predictions because these two things destroyed many investors. For instance a person bought bitcoin for $18000, now he is waiting from December 2014 till date and will continue waiting for long to recover his deficits. He took his decision because of the predictions about 2018 bitcoin price but the result was opposite.

[yitzjoe]

there is a need to understand crypto well and a little about internet security because this will help us not to be easily fooled. Do not be easily fascinated by unnatural profits, and also press the use of emotions in decision making because this will give you loss. be a smart and smart investor reading the situation without having to be fooled by many things in the online world

[GregH37]

I think mistakes that are often made by many people is easy to panic with the news and also too quickly assume that bitcoin will die, and without thinking long they sell low.

What i believe and consider to be the biggest mistake in cryptocurrency is the inability to recognize the good and the bad coin and to invest without having enough knowledge about the project and the market of the specific coin. People are assumed to be rational and to make rational decisions is the prerequisite in the crypto market.

Without this knowledge, you might never be able to make money no mater how hard you try. This is something that makes the base of the whole business. It is like the feasibility of a project that is the reason of the survival and profitability of a particular project.

[biletskiy]

I made a mistake when I believed in the predictions. Now market forecasts do not work at all. No one knows anything.

I have already understood that no one prediction worked. So, I have stopped to listen to the rumors and believe the forecasts given even by the crypto specialists.