Mistakes That Make You Poor Poor In Cryptocurrency

[aeternus]

One of the biggest mistake you can make in Cryptocurrency is to put all your money in one coin believing that the coin will go to the moon with your investment but what happen is the other way around, coin went down hill with your money in it, leaving you with only 25% of your capital.

Whats more worse on the 1st one I mentioned above is putting all your money in 1 investment, I mean your life savings, your childs educational funds for the future, your retirement fund, all invested in cryptos and next thing you know, the owners decided to run away with your money. Rule of thumb in trading, only use your extra money, money that is idle or ready for disposal. Never use or trade from money who doesn't know you.

I thought all the guys that work with the cryptos know that they need to invest at least in 5 altcoins and Bitcoin. Naturally if you buy only one token, it can fall any time and you will lose too much.

Many do not believe in diversification this is especially true if the only coin that you are holding is bitcoin, if bitcoin were to crash or disappear it is safe to guess that most of the market will follow the same path so by diversifying it is entirely possible that instead of reducing your risk you are in fact increasing it and that goes against the idea to diversifying your investments in the first pace.

[cahbagus555]

Cryptocurrency market right now like a jungle because still unregulated. If ICOs regulated by government, i am believe its reducing a lot scam ICOs. Many mistake i am made in cryptocurrency but i am believe this market will make profits for me

[Rejevunator]

One of the biggest mistake you can make in Cryptocurrency is to put all your money in one coin believing that the coin will go to the moon with your investment but what happen is the other way around, coin went down hill with your money in it, leaving you with only 25% of your capital.

Whats more worse on the 1st one I mentioned above is putting all your money in 1 investment, I mean your life savings, your childs educational funds for the future, your retirement fund, all invested in cryptos and next thing you know, the owners decided to run away with your money. Rule of thumb in trading, only use your extra money, money that is idle or ready for disposal. Never use or trade from money who doesn't know you.

But when bitcoin decrease they become panic and sell bitcoin. After that they start hating cryptocurrencies and giving advice to people that not to invest with cryptocurrencies.

I invest highly in cryptocurrency later the price start dropping. All the media start making fomo which scared me i sold my money in panic and i lost large amount of my money. On the next day i heard that news was fake and bitcoin start increasing. That mistakes makes me mad and poor.

[centimentalking]

One of the biggest mistake you can make in Cryptocurrency is to put all your money in one coin believing that the coin will go to the moon with your investment but what happen is the other way around, coin went down hill with your money in it, leaving you with only 25% of your capital.

Whats more worse on the 1st one I mentioned above is putting all your money in 1 investment, I mean your life savings, your childs educational funds for the future, your retirement fund, all invested in cryptos and next thing you know, the owners decided to run away with your money. Rule of thumb in trading, only use your extra money, money that is idle or ready for disposal. Never use or trade from money who doesn't know you.

But when bitcoin decrease they become panic and sell bitcoin. After that they start hating cryptocurrencies and giving advice to people that not to invest with cryptocurrencies.

Recently one of my friend just stole my all coins. All i did give him my private key as a back up but he broke my trust and stole my coins.

[boyz97]

One of the biggest mistake you can make in Cryptocurrency is to put all your money in one coin believing that the coin will go to the moon with your investment but what happen is the other way around, coin went down hill with your money in it, leaving you with only 25% of your capital.

Whats more worse on the 1st one I mentioned above is putting all your money in 1 investment, I mean your life savings, your childs educational funds for the future, your retirement fund, all invested in cryptos and next thing you know, the owners decided to run away with your money. Rule of thumb in trading, only use your extra money, money that is idle or ready for disposal. Never use or trade from money who doesn't know you.

But when bitcoin decrease they become panic and sell bitcoin. After that they start hating cryptocurrencies and giving advice to people that not to invest with cryptocurrencies.

I invest highly in cryptocurrency later the price start dropping. All the media start making fomo which scared me i sold my money in panic and i lost large amount of my money. On the next day i heard that news was fake and bitcoin start increasing. That mistakes makes me mad and poor.

you just following other people and did not make some research about bitcoin and cryptocurrency.and i think its too hurry for you.big mistakes you did and maybe it could be good lesson for all of us.

[iged_war]

One of the biggest mistake you can make in Cryptocurrency is to put all your money in one coin believing that the coin will go to the moon with your investment but what happen is the other way around, coin went down hill with your money in it, leaving you with only 25% of your capital.

Whats more worse on the 1st one I mentioned above is putting all your money in 1 investment, I mean your life savings, your childs educational funds for the future, your retirement fund, all invested in cryptos and next thing you know, the owners decided to run away with your money. Rule of thumb in trading, only use your extra money, money that is idle or ready for disposal. Never use or trade from money who doesn't know you.

But when bitcoin decrease they become panic and sell bitcoin. After that they start hating cryptocurrencies and giving advice to people that not to invest with cryptocurrencies.

I invest highly in cryptocurrency later the price start dropping. All the media start making fomo which scared me i sold my money in panic and i lost large amount of my money. On the next day i heard that news was fake and bitcoin start increasing. That mistakes makes me mad and poor.

you just following other people and did not make some research about bitcoin and cryptocurrency.and i think its too hurry for you.big mistakes you did and maybe it could be good lesson for all of us.

we should have to prepare our self with some important knowledge and skill before invest our money in cryptocurrency market or on other investment portofolio.if we didnt, maybe our money decrease alot.

[cryptocurrencyguru]

 buying coins in rumors is the major mistake many newbies do before buying coins we should our own research then only we should buy the coins we should nt buy in hype or else fake social media publishing

[avarnet]

One of the biggest mistake you can make in Cryptocurrency is to put all your money in one coin believing that the coin will go to the moon with your investment but what happen is the other way around, coin went down hill with your money in it, leaving you with only 25% of your capital.

Whats more worse on the 1st one I mentioned above is putting all your money in 1 investment, I mean your life savings, your childs educational funds for the future, your retirement fund, all invested in cryptos and next thing you know, the owners decided to run away with your money. Rule of thumb in trading, only use your extra money, money that is idle or ready for disposal. Never use or trade from money who doesn't know you.

But when bitcoin decrease they become panic and sell bitcoin. After that they start hating cryptocurrencies and giving advice to people that not to invest with cryptocurrencies.

Recently one of my friend just stole my all coins. All i did give him my private key as a back up but he broke my trust and stole my coins.

yes it's your own fault to give your personal key to friends, because not all friends are good and can hold their words and beliefs. so with mistakes that you have done that can be a lesson so you are careful to find friends and never easily trust friends too

[Sirait]

many mistakes that will make you poor in cryptocurrencies and the most often causes you to be poor is impatience. I have seen many people who are impatient and afraid to suffer losses, patience is the key to success in everything, if you are impatient then be prepared to suffer losses.

[Anarchist]

- Investing everything in 1 coin that just showed up on CoinMarketcap that you have never heard about and didn't even take the time to read the white paper.

- Following pumps and dumps group on Telegram

[knightmairesaint]

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.

Indeed, I experienced to not have a back up key to my wallet and I am just panic in that moment and I do not know what I am going to do. Thanks to my campaign manager at that moment because they helped me to retrieve it again. That is my lesson learned in cryptocurrency to have a multiple back ups so if ever I lose my other back up I have left. Buy coins with rumors is another mistakes we did because we believe that it is good and many bitcoinist is using or buying it and their feedback was good and convincing also to buy or to invest.

You are the only person who will protect your coins or tokens no one will do it for you. It is a big loss for you if ever you will let it not safe. Always be careful on what you are doing. Its hard to regret in the end rather than be wise from the start.

 

[BlueStackz]

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.

Some of the points you made doesn’t go with your topic. I don’t see how not backing up your cryptocurrency would make you poor, rather it puts you in the risk of losing your cryptocurrencies if in case you lose that mobile or computer, but this can only be a burden when you’re using an offline wallet, but if it’s an online wallet all you will need is just your email and password and there are your coins waiting for you.

Also your fifth point, that doesn’t have anything to do with who would be poor or not, it’s still the same thing just like your first point and the only time you get to worry about password is when you’re using an online wallet.

[Kiweikoo]

storage of large funds in one wallet, it is also a major mistake, because in case of loss you lose everything at once

Yes that is also a big risk and it is not good to be doing that. I use to do that when I was a newbie thinking it was a good way to secure everything and also have my eyes on them in case. But I was just making a mistake then. And the worst of it all was that I was using an online wallet back then, which is a very huge risk cause it can get hacked and I will lose everything. Later someone told me I was doing it the wrong way, so I had to move everything and divide them to different wallets.

[ConotCan]

Beside that, another mistake is impatient. patient is also influenced in every decision we made for crypto. People with no patient usually lose and it means she/he is getting poor little by little. Especially, bitcoin is decentralized, and yes there's no guarantee for you, from anyone, if you just get loss and lose your investment. To avoid another loss, you should improved yourselves by looking for people's experiences and also learn from your own, that's really important to stay and enjoy bitcoin.

Although I have made so many mistakes while investing money in bitcoin and other crypto currencies. I really missed a lot of good opportunities to invest money in different crypto currencies, but still I am hopeful to get some other opportunities for investing money.

[strunberg]

isn't it poor but with the error that can make big and small losses it can be our lesson for the future to be able to be good and learn from the mistakes so that later we can do well too

this is imporatant experience and lesson for us.so we could improve our skill to avoid the same mistake in future.and we will able to earn more profit from our improvement skills.

[centimentalking]

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:

2. Electricity Billing Mining More

With cryptocurrency, no bank or other institution or regulation will protect you in the event of a loss.

I generally agree, but this very point caught my eye.
I think all miners carefully calculate their expenses for electricity vs btc (or other coins) earned.
Mining equipment is rather expensive relatively to people's average income, so before investing in an ASIC, for example, one make at least an approximate cost estimate indicating how much time it would take to get the first ROI.

When i was new in cryptocurrency i did the same mistake i invest my money without learning and understand the cryptocurrency i almost put all of my money the price drop and i did panic sell. Later i learn how block chain and cryptocurrency works. So we should get some info fist.

[wendiar19]

usually the mistake that often occurs with new traders are those who do not know how to trade well and correctly so that they are easily affected by the bad news that makes them suffer losses.

[Angna27]

These are all true in just one wrong move we lose everything, all our effort, our time and the money and the profit, sometimes if we are not careful we might mistkaen our account as right and legit instead they're fake ones, other copies our account and even hacked our site..it is very important to have back up and have security on our wallet.

[realcrypto]

Being in a haste to invest, mine or trade is not the right direction to take, it will lead to mistakes that may not be reversible. It is good to learn and take correction from the mistake of legendary ahead in any field. Learning first is the route to escape loosing in cryptocurrency.

[enwi]

crypto currency has a big risk and if we cannot control emotions well then we will make a wrong decision, be careful and act wisely because crypto can make you rich but also can make you poor