Mistakes That Make You Poor Poor In Cryptocurrency

[Caelanpelley]

Investing in electronic money if you are not careful not only do not make money but also make you lose money, poor. You often make the following mistakes:
  1. Buy at high prices but hear the news of the market is rushed to sell cheap.
2. Invest at the wrong time.
3. Do not know coin trading strong.

[Linhkej]

The above I have never encountered since known cryptocurrency but really thank you for the benefit of this for a new person like me to prevent it in the future. Be patient and wait for the market to see its volatility, and be determined to help you succeed.

[phelbaby]

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.

Another fact is good orientation before investing because lack of good orientation can curse you a lot of harm.Explain selling once token out of panic is another factor to be addressed.x

[KGBx]

This mistakes are common but they are mostly about newbies in this sphere. Actually the biggest mistake for me is the lack of exact strategy.

[Commotheon]

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.

Your all points are good and i am agree with all but what about those people who invest there all money and never thought about learning and understanding the bitcoin and cryptocurrencies.

[coinfinger]

Protecting your private key is the most important thing!
The private key is the key to unlocking the treasure. Without the key, your cryptocurrency is a bunch of garbled! You have no way to get your wealth!

It is natural that no one is perfect and will make mistakes either bigger or smaller but one cannot be perfect. This is a truth but we have the ability to specialize ourselves in our concerned places in order to make a grasp over things. Once we are done with that then it is only rare cases that we will make a mistake but overall you will be on the track of success. So, better we make ourselves strong by both learning practicing.

[Meretseger]

There are very simple reasons for your poverty in the cryptocurrency market: Without the help of a financial expert, ignore the need for saving for retirement.

[Reatim]

There are very simple reasons for your poverty in the cryptocurrency market: Without the help of a financial expert, ignore the need for saving for retirement.

What? financial experts? I never heard anyone here has a financial expert on their side. And why would we need financial experts when everyone here started from 0 and just trying to make a good living out of crypto money. So I don't think we need those so called financial experts in this field. Its you and you alone who can make or break your fortunes here.

[mazdafunsun]

I dont think that many people tend to lose a ton of money with non efficent setups since i think that they tend to check their profit margins often.
If you ask me, I would tell that people loose the most moeny in traiding, new people to this space tend to buy in pump moments and lose big on more or less fake pumps.

[tbterryboy]

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.

Coins are beneficial irrespective of the fact that they are stolen or bought. Rationality assumes that you should be rational and wise about every. If you let some one have your security keys, this means there are multiple preferences for the use of the coins. It is of no use crying over spilt milk. But if you know the importance of security keys and the coins, better invest now at low cost to stay alive in the market and stay unopened as well.

[yulionoo]

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.

yes right I agree with you greed will make us poor. I myself have experienced this. I used to take part in a bounty project after the project was finished. I got a pretty good salary. I decided not to sell all the coins I only sold half of it and hoped the price could rise higher. it turned out that the price went down and didn't match my expectations. so I suffered a loss. it's better to be wise when the coin has gone up a few percent selling and taking profits. don't expect too much profit by storing ICO coins. ICO coins cannot last long. but if what we store is a bitcoin it doesn't matter because bitcoin is strong and can last a long time.

[zoeylee]

I think it is when you invest without any knowledge about the market of crypto currency. Panic selling is also one of the factor in loosing money. Then must also learn from any mistakes or decisions we make.

[MarkClark]

The mistakes do not make you go completely off, but it will be valuable lessons in the future, helping you avoid repeating serious mistakes.

[boyz97]

I think it is when you invest without any knowledge about the market of crypto currency. Panic selling is also one of the factor in loosing money. Then must also learn from any mistakes or decisions we make.

usually they attracked on cryptocurrency market just looking people succed from here.and they dont prepare their own about knowledge on crypto.so when decided to buy coins they get wrong coins.

[aeternus]

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

We do not want a market regulated by governments, that is why this market was created to begin with, we want to have the governments and their regulation as far as possible from us and if that means that we need to be extremely cautious in which coins we invest that is a price that we need to be willing to pay otherwise this market will lose its reason to be.

[andriarto]

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

We do not want a market regulated by governments, that is why this market was created to begin with, we want to have the governments and their regulation as far as possible from us and if that means that we need to be extremely cautious in which coins we invest that is a price that we need to be willing to pay otherwise this market will lose its reason to be.

indeed it is good if government does not regulate cryptocurrency, because it is indeed decentralized. but not with ico. i think if ico is regulated by government, its quality will be more selective

[trickyriky]

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.

I have learned not to trust any rumors, even when they seem to me good. It is better to deal with the technical analysis and to follow the market news. You should train using your own brains all the time.

[ophonronto]

Let me add especially for traders, not setting stop loss can make you rekt in no time. I learnt this the hard way, it was until I got burnt that was when I started setting stop loss unfortunately I've lost a significant portion of my capital.

[Jateng]

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 the mistake I've done to make myself poor is I sold the good coins immediately coz after a several week, it increase its price times three to be exact. I almost cry because I miss the chance. Another, I convert my bitcoin into PH peso when it is around 1000$ then when it is December 2017 already, ow em it almost hit 20K$. It is a big money. I should hold again.

[strunberg]

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 the mistake I've done to make myself poor is I sold the good coins immediately coz after a several week, it increase its price times three to be exact. I almost cry because I miss the chance. Another, I convert my bitcoin into PH peso when it is around 1000$ then when it is December 2017 already, ow em it almost hit 20K$. It is a big money. I should hold again.

it could be good experience and lesson for us.sometimes huge profit did not come in short time.we need to patient to hold coins in order to get maximize price and profits.maybe all people felt same condition too.