Bad advices regarding Bitcoin

[ConnerDalfino]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

[1715188918]

1715188918

[1715188918]

1715188918

[1715188918]

1715188918

[GreatArkansas]

Using centralized exchanges for storing your Bitcoin, especially you using it as your personal wallet, for long-term hodling.
Aside from using centralized exchanges, using also custodial wallets for holding your Bitcoin, which for me it is very bad advice at all, even there are some advantage of using it, overall, bad for me.

[AB de Royse777]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

No one was around when I started, so I had to learn all by my own, unfortunately. In the past I have lost access of one of my wallet and lost some coins there, but fortunately it was not much. The coins that I need to hold long term I transfer them to either a cold storage wallet or in a multi sig wallet. In my desktop, less secure device - I only have those coins that I use for daily business.

[Lucius]

The worst advice I have received in the real world from some people is not to invest my time and money in crypto because only criminals deal with it, and that it will all fall apart very quickly. Of course that was back in the days when even Bitcoin was quite unknown to the public, a lot has changed since then. No matter who gives us advice, it is still wise to check every piece of information from multiple sources - because there are a lot of bad people who spread misinformation every day.

On the other hand, what I first learned from some experienced members of this forum while I was a beginner is that I need to have complete control over my private keys, and how important it is to keep them safe.

[davis196]

I don't remember taking advise from anyone,when I started using Bitcoin in 2015.
I didn't trust anyone back then and this was the right attitude.Many people were saying "we don't need escrow,send me the bitcoins and I will deliver the service,I'm trusted".I am glad that I didn't send any Bitcoins to anyone without escrow back then.
I made some wrong decisions,when I was a noob,but it was my fault.I wasn't told by someone else to make those decisions.

[acroman08]

didn't really receive any advice since no one around me actually knows bitcoin at the time I found out about it. but the worst advice I've heard was encouraging and enticing someone to invest in bitcoin or other cryptocurrencies just because the price is increasing. I have several friends encouraging some of my and their friends to buy now or they'll be left out.

[dothebeats]

It was during the time when bitcoin was going $400 and under. A lot of people here in the forum advised to short the cryptocurrency to make money as we are in a downtrend anyway. I never did it, one because I never really am knowledgeable enough to engage in trades and another is I believe in bitcoin's come back. It took a year or so before bitcoin came out of a slump and that's when things change. It was also the first time bitcoin crossed the November 2013 ATH and the rest is history from there. Had I really shorted bitcoin and not saved any, I wouldn't really be in a position on where I'm at right now.

[Sanugarid]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

I've just taken that advice into consideration when I'm making a decision when it comes to finances but there's nothing such as bad advice since it depends on you if you'll consider and follow it. I don't really know what happens in your story but from what I know, taking pictures of your own seed phrase is prohibited when using the phone. So don blame someone when you were having misfortune due to someone's opinion, it's your choice after all.

[Bilgent]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

It's the same here.    It is not even safe so how can someone give such an advice?. I really don't understand. One should keep their sensitive information for a wallet in the safest place possible to prevent it from being stolen.

[cryptomaniac_xxx]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

Someone advises me to invest on bitcoin doubler, I was relatively new that time, so I invest a little. Actually I did received my first pay and so I just re-invest it and obviously, it was a scam so I lost everything.

But that's it, after that I really study how everything works from private key protection to scam sites. So I make it a point to really exposed these scams whatever method I can.

[blckhawk]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

The bad I received when I just started in this crypto space is to invest in some Ponzi scheme to double my Bitcoins. Not gonna lie it was really effective at first but when you get comfortable with it and you put your trust into them that is the time you wouldn't get your payout. After a time I learned to never invest in Ponzi because it is not effective to earn profit but instead effective from losing your funds. However, I am grateful I did that because of that I gained experience and I learned from my mistake.

[KaliLinux]

Using centralized exchanges for storing your Bitcoin, especially you using it as your personal wallet, for long-term hodling.
Aside from using centralized exchanges, using also custodial wallets for holding your Bitcoin, which for me it is very bad advice at all, even there are some advantage of using it, overall, bad for me.

True. I made that mistake once when I was still just getting into crypto. Had some Coins I had some coins in an exchange and left them there for more than a year and didn't even check until after a year or so, logged back into my exchange and the coins where gone, saw the transaction and every thing and I know it wasn't me that did it.  

[cryptoperkele]

Using centralized exchanges for storing your Bitcoin, especially you using it as your personal wallet, for long-term hodling.
Aside from using centralized exchanges, using also custodial wallets for holding your Bitcoin, which for me it is very bad advice at all, even there are some advantage of using it, overall, bad for me.

Back in time it was obvious that people shouldn't hold their cryptos in any cex. Those were very risky, sketchy and most of them were exit scamming sooner or later. Only handful of them are even left.

But i would say that if you are not wanted by government, these days you can pretty much trust some of them almost as much as you trust banks. Bearing in mind that they aren't backed by governments and hackers are constantly after them. I still think that they can keep your money safer then most of newbies can themselves. For example i personally would keep my gold for example in the bank vault rather then guarding that myself, or try to build bank vault infrastructure with guards in my home.

Sure, exchanges can mess up too but they hire experts to prevent that and most of newbies buying cryptos aren't experts. Lot of them aren't tech-savvy at all.



But what comes to OP's question. My worst advice was to blindly listen to any influencer, most of them are maximalists and tribalists. I lost my change buying eth at the start because i listened to bitcoin maximalists. I wonder if i had seen the potential if i only bothered to look myself.

[Oasisman]

Bad advice? Well, for me is to invest into someone who's trading into cryptocurrency, and I know the risk and how Bitcoin and crypto works before. They even offer 200% return every week.
So, to make things short that was the worst someone in my local's advice. It became even worse because I was into Bitcoin way before these scams appeared using crypto has been rampant.

[Gozie51]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

I had some advise and fortunately , they were good ones. They were advises meant to guide, not to lose my invested coins. Unlike yours that you were told to take snapshot (which are default advise from the wallet apps), I was doubtful of that because it maybe easily misplaced but I choose that of writing my passphrase somewhere. I think that is better and you can store or write them down even in the email. So that has been working for me and till date, I have not lost password to access the wallet.

[Cvetik56]

Well, my friend brought me into crypto and didn't give any bad advices. I'm glad i have smart folks and can think of my own too haha.
Only heard from colleagues that "crypto is bullshit" and i don't need to invest there.

[aysg76]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

For me the worst advice was given by one of my acquaintance back in 2017 to "cash out after the crash" because the market will not witness any further growth afterwards.But more worse part was me making the mistake of selling on his advice as I was new to trading and have little funds in bitcoin only.But afterwards I realised my mistake and that lesson gave me experience that listen to all but make your own decision.Many people will give you advices which can turn both positive and negative for you but it is you who has to make choice based on your experience.

[andthereyou]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

I did not really recieved a worst advice when I started to invest in cryptocurrency. But when started with stock market I received the worst advice to "buy the dip". Every time I bought the dip, it gets deeper and deeper. Those I decided to study about timing like reading the graph etc.

[sapnu]

What is the worst piece of advice you've received since you first began dealing with crypto? Mine was to take pictures of my wallet seeds with my phone so I don’t lose them.

The worst advice I've recieved ever since was to sell as soon as I see that the value of bitcoin increase. It made me limit myself into selling to the lowest possible price of bitcoin when in fact, it can go a lot more further if I would wait a bit more instead of selling right away. It was the old me actually, the one who always listened to the instructions given to those who have been here for a long time without taking consideration on researching about it. I now learned that holding my bitcoin is much more complicated than I ever imagined before, it takes a lot of courage and patience to achieve the price I percieved the bitcoin could make.

[grabpopcorn536]

The worst advice for Bitcoin and cryptocurrencies came from my parents when they watched the news on TV and they advised me to get rid of Bitcoin and cryptocurrencies as they are scams.
It took me a long time to show them my beliefs were correct. Even though I lost my Bitcoin trading, each Bitcoin is worth up to $ 55k right now. That proves my beliefs were correct. Right now my parents don't have any complaints about what I'm doing with crypto because they know I'm right.