Mistakes That Make You Poor Poor In Cryptocurrency

[imstillthebest]

Definitely agree!
There is no regulation at all. Therefore, all of us should be aware of what is cryptocurrency and how it really works.

yeah most of us were already aware if what is crypto and where it will be use , a.k.a knowing the basics but mistakes is inevitable sometimes  . there is also regulation on some country and by some cryptos   .

We hold our keys, we create our own wallets and storage of assets. We make our own online bank. We trade and we use them all time. And that is the reason why the security of cryptocurrency is in our hands. We should protect everything we own in cryptocurrency because there are many illegal found here.

if you hold your keys yes but some wallets dont let you hold your keys  , your safety is still on thier hands   . you will be lucky if they will refund you once something bad happened on thier side  .   regular individuals cant create our own wallet because its hard  , you mean creating account  ? yes its possible for a common people .

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[1715359223]

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[bdivrik]

If people enter the market from the normal economic order, they have to do very good research. Because many things cannot be reversed in the blockchain economy. It's a high-security system. However, errors are very difficult to compensate. There are scammers who want to use this situation. Do good research before sending money to a place.

[FLoving]

There are also people in the hype and people in the market prices who are emotional. The whale or pump and dump community can easily manipulate this kind of people and in return they will simply lose their money. It's the same for new bounty hunters as we see them getting scammed by dishonest bounty managers or ICOs where they're only going to waste their time and energy.

Bounty hunters also starts a dump. It is not always the managers or the ICOs, to be honest it is always the hunters. When they recieve the portion of their payment, most of them usually sell immediately that payment resulting into a dump and a price of that coin to be lower than the expected price in the market. Also, whales can't really see what you are doing, if they really want to manipulate the market, they can just sell all of their currencies when it reached a high peak, it happened a lot of times now and the price is still at what we have right now.

indeed the bounty hunter contributed to the dump at the beginning of the exchange listing. but I don't think it's only bounty hunters that make it a dump, moreover the bounty hunter coins are small. I think we should be able to take advantage of the conditions, while worth the price, I think selling faster will be better, and transferred to good coins

If the coin will have a good business and experienced developers and they will list their coin on good exchanges then the coins of bounty hunters are not able to dump the coin on exchange. The thing which dump the coin after listing is the disappointment of the investors from the project. When the investors know that the developers are not doing what they were expecting then they sell the coins accepting some lose and secure some amount of their money.

[Faxmate]

All this have called for real carefulness at all points, a lot of people have actually suddenly became poor when they lose their password

you cant be instant poor once you loss you password because you can still recover but if not then you still have other sources of money  . poor means you lost all your money and stuffs in your house or you dont have any source of income anymore  . but would you carelessly  put large amount of fund on your crypto wallet when you know that most of those are your wealth?  i guess no one would do that   .

Greed is also a factor. Most of us who just store coin for long exposes them to dangers.

before we start holding we already know the dangers  so why would you still hold long  ? that is what you call greed indeed   . thats why i dont prefer to hodl for too long  .

Holding too long is important as holding makes your investment rise in price and those who hold are not greedy but they are actually wise because they know selling for panic can give nothing but only lose and it's kind of responsibility to know that an investors should hold how long. I think the more an investor hold he earns more from his investments.

I hold shitcoins too last year, thinking it will really hit the $10 as promised by the team, I was impressed with their platforms, that they do have different platforms launching, so I trusted them as I can really see that they do have a lot of platforms, but, they just launch and launch their platform but really no real use case, they just hype and now the CEO is happy with the money that he got after dumping the price to 10 sats. That's the biggest lesson so far for me.

That's why it is really hard to trust the words of those teams that are trying to entice their buyers. We don't know their real intentions, most of them are driven by greed. Once they got their pocket full, they don't care about the developments. I have invested in few ICOs before, thinking that the project will deliver but nope, I've lost some eth on that also. Hodling for too long is only possible for those platforms that have active use case in the market. If you can see that there are huge number of users of their app or services and are really operational, that might have the chance to increase its price, otherwise, don't hodl.

Holding is not the option always. It is because in today’s market price fluctuation has become more common and the price of your coins is a subject to change even every 24 hours. Cryptocurrencies could bring you benefit when you know that what is the right time to invest .Experience could also count because it helps you to point out your mistakes and make correct moves to gain more money.

You are right we should invest our money but on right time because price never remain same in crypto and we should keep holding it. When market is down so it means it’s time to show patience and wait untill price fully recover. Waiting is good but panic selling is one of major mistake that people use to do when they have less patience.

[Cacingkemi]

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.

Definitely agree!
There is no regulation at all. Therefore, all of us should be aware of what is cryptocurrency and how it really works. We hold our keys, we create our own wallets and storage of assets. We make our own online bank. We trade and we use them all time. And that is the reason why the security of cryptocurrency is in our hands. We should protect everything we own in cryptocurrency because there are many illegal found here.

the level of vigilance that we must always maintain in this industry because after all the security we have in crypto is not controlled by anyone. only we can manage the finances that we have in this field, even though the risks are enormous if we are careful and always vigilant in making decisions, then it is likely we will avoid theft and any fraud.

[HarmonyA]

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 will suggest the addition of "greed and lack of knowledge  about the crypto market " to the aforementioned list. This two items have racked many.
Some people hold on shit coins like they are valuable. This is lack of knowledge. When you see a coin that is already a threat to the crypto market, you should avoid it.

[onrise]

If people enter the market from the normal economic order, they have to do very good research. Because many things cannot be reversed in the blockchain economy. It's a high-security system. However, errors are very difficult to compensate. There are scammers who want to use this situation. Do good research before sending money to a place.

Also enetering the market when the prices are rocket high and selling when the its low or just due to panic situation selling is another reason where people end up in a loss and become poorer . One should be buying on falls and selling when you achieve your goals or at highs .

[bobitza]

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.

Lack of understanding of cryptocurrencies leads to many unpredictable consequences. Be careful with formidable criminals. You must protect your own account that no one can help you. Need to create a secure password, buy Bitcoin wallet to protect. Armed with knowledge, do not buy and sell cryptocurrencies just because of rumors.

[fiulpro]

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.

Unfortunately in many wallet the people , they don't have the hold of a backup key , therefore there is nothing that they can do and that actually doesn't mean that the wallet is not up to it .
In come countries the electrical billing per watts is actually very less therefore people can have a very profitable business there.
But then again due to the halving I really have no idea so as how it will go now.
Phishing sites cannot do something until and unless you click on it and give it your information.
Simple , don't do it !
Buying coin with rumors is something that only noobs do here .
Creating a password with the authentication key would make it 1000 times stronger but then you would have to take care of your mobile too !

[dimox]

basic knowledge is more important. you can get all of those if you have no knowledge.
buying worse coin without know about that coin is suck. my friend try to buy it after receive reward from bounty, and he get nothing after 5 month

[wildan88]

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 will suggest the addition of "greed and lack of knowledge  about the crypto market " to the aforementioned list. This two items have racked many.
Some people hold on shit coins like they are valuable. This is lack of knowledge. When you see a coin that is already a threat to the crypto market, you should avoid it.

point 1-6 I think it is very rarely done by most people, except for number 4, because most of us get bitcoin by trading. rumors are always a factor in the coin rising and without knowledge it will be worse, because indeed in crypto we must have a lot of knowledge. many factors make us poor, such as gambling, trading without knowledge and of course greedy too.

[gunungkembar]

basic knowledge is more important. you can get all of those if you have no knowledge.
buying worse coin without know about that coin is suck. my friend try to buy it after receive reward from bounty, and he get nothing after 5 month

indeed, from very much experience and knowledge can help you to become a very skilled trader and you must not make that mistake as the end of your journey, make a mistake as a very valuable experience so that in the future you will not repeat it again.

[bettercrypto]

basic knowledge is more important. you can get all of those if you have no knowledge.
buying worse coin without know about that coin is suck. my friend try to buy it after receive reward from bounty, and he get nothing after 5 month

indeed, from very much experience and knowledge can help you to become a very skilled trader and you must not make that mistake as the end of your journey, make a mistake as a very valuable experience so that in the future you will not repeat it again.

Made our mistake us our stepping stone to become successful. Everyone of us is struggling in making profits in trading. And I know most of us starts from a failure but learn to believe in our strategy soon as we stand. Our life is full of circumstances especially if we enter the world of trading. The adjustment, strategy and patience will be tested in this field. And we have to be 100% as what traders should so that we become successful.

[russel123456]

A lot of altcoins are launching everyday. I think maximum are fake because after raising funds they didn't work according to their roadmap. That's why I am investing assets back altcoins. I am talking about STO.

[Pinkris128]

The mistakes that i have done that makes me to have a huge loss in crypto, especially in trading that i always sell my coins when the price is down that i didn't have any patience to wait for it's to increase back it's price, so it all turn out that i have a difficult time to get back all of those losses. And my other mistakes is investing my money in scam projects and that was my biggest regret here in crypto.

[btccashacc]

People who invested their coins in HYIP or Ponzi scheme, just don't get it why these people could trust strangers or some random website on the internet to manage and multiply their coins. Besides that, people who do trading, most of them don't have an emergency fund (including myself) so when something bad happens to them in real life they will sell their investment in order to get cash. I remember the time when I needed cash so bad, I had to sell my bitcoins even though I lost, so reminder for myself and for those who do trading, make sure you have an emergency fund.

[kodtycoon]

losses about electricity mining i don't think it's a common problem because not everyone has a lot of money to make mining, because the common problem is cloud mining which in reality most of them are just scams, so be careful about mining or investing that says you can get fast returns and there are even scam projects that offer rewards after making a deposit

[HarmonyA]

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.

"Buy Coin With Rumors", I stopped this a long time ago after purchasing few coin "ventures, excudo, Goldguard etc".
Then I had no personal understanding of cryptocurrency, out of my old portfolio,  it was only Goldguard that wasn't a waste of investment,  though I didn't know that it was a stable coin linked with gold price. Excudo made millions of USD in their ICO but till today,  the price is almost worthless.
Purchasing coin due to rumour in most cases doesn't turn out profitable.

[bitbunnny]

For me one of the biggest mistakes people make when they're on the cryptocurrencies market is trading without a strategy, many people are trying to become traders without any experience. The success rate, as you may expect, is very small, not only because they have almost no knowledge of how to trade, but because they have no strategy. they let their emotions take control of them and that is the fastest way to become poor in cryptocurrencies

Exactly, trading without strategy and clear goal often leads to losses. Unfortunately, many people still see trading as a gambling so they count on pure luck instead of knowledge, experience.and strategy. Or they often listen to predictions of so called Bitcoin experts, especialy on social media thinking they can make fortune over night and at the end they lose instead of making profit.

[Negotiation]

Thank you very much I agree with you because these reasons for working in crypto have made us poor due to crypto. That's why we need to be more careful about working in crypto We should all be wary of this because I once hacked my ID and the hacker stole my money because my password was weak.