What is the single worst piece of advice you ever received relative to Bitcoin?

[95Bolu]

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

[dothebeats]

"Keep your funds in exchanges. They are far more secure than keeping your coins yourself."

I was just starting back then, and stumbled upon the bitcoin IRC channel (idk if it still exists to this day). There was this discussion about personal wallets vs exchange wallets. One guy insists that exchanges invests hundreds of thousands of dollars for the security of their platform, so how would they be hacked? Initially, I thought it makes sense, not until I stumbled upon an article regarding Mt. Gox. Since then, I just tell myself, "third-party bad, own wallet good" and has been an advice I'm giving newbies ever since.

[franky1]

altnets are bitcoin(facepalm).. glad i was never fooled into that one, but many have

other terrible 'advice' i have seen people give each other:
'buy the hype'
'pruning still supports the backbone of the network'
'locking up funds in a co-signed smart contract is still permissionless'

[Vaskiy]

People who doesn't have much understanding about cryptocurrency gives advice. The recent being an incident from a known person who have started investing into cryptocurrency this year. More cryptocurrency exchanges and investment access were open to citizens of my country.

He adviced, you invest and take back the profit within days. I asked if the market crash, and he's not ready to accept it. Someone who have introduced him to cryptocurrency have told him it is a way to become rich. It happens, but not in everyone's life. Another thing is the dogecoin hype, he adds invest into dogecoin. It is the coin of Elon Musk.

[Darker45]

I cannot tell which one was the worst. I can remember I was advised to use Binance as my wallet because of their Secure Asset Fund for Users (SAFU). It is a sort of an insurance fund which could be used to refund users should there be any hack or something which would affect the users' funds. Of course, such feature was nice but it never was a wise advice.

The rest of the bad advice that I got was trading related. A call is given to sell or buy because the bear months are coming, correction is expected, the ghost month is approaching, and so on. Many of them wrong calls. As usual.

[mynonce]

'Don't HODL'

[acroman08]

not really a piece of advice that was said to me and I don't really remember the name of the thread but I've seen/read a thread here in the forum advising people that they should take a screenshot of their seed phrase or save it on their email so they could have an extra backup in case they needed to use it.

[DapanasFruit]

Here is mine: "Sell your Bitcoin as it will be crashing anytime." This happened almost two years ago when a friend of mine told me then that Bitcoin will have a big problem days after...only to find out that the news he was referring to will not be making any impact on BTC's price but I already sold all of Bitcoin and at the end I lost some money because I decided to buy back my Bitcoin at a higher price. You see, when we are just following what others may say, we can end up losing money.

[Wexnident]

It'll dip, don't buy it. Did the exact opposite, I bought it on the dip. On that note, it's actually pretty good advice if you consider it? After all, if it dips then that's an opportune moment to buy-in. Though not that it mattered much tbh, I bought 2 years or so back already so even if it did dip or pump, just considering the price then and now, I'd have profited pretty well. Other advice were pretty much about trading. Didn't really worry about my wallets and storage and the like, I did enough research about that on my own since my paranoia wouldn't stop bothering me if I didn't.

[slaman29]

It actually happened pretty recently for me, maybe some time a year ago exactly when the bull run started with 20k coming again after 3 years wait?

The advice? Protect my Bitcoin by storing it in a company that pays me something like 10% a year or something as interest. Guess what happened to them recently, they LOST customer money and closed down. Lied about insurance. I can't even remember the name.

[goinmerry]

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

Bitcoin is a scam. Never-ending definition of Bitcoin.

My response? just simply ignore them. It's not my responsibility to feed them some real facts. Let them think the way they want because soon they will realize what they are talking about. On the other hand, if the time comes that they need some awareness, I will gladly help them with the basics.

Bitcoin is really a scam why it achieves many milestones since it was offered in public.

[takngantuk]

sell now or you will lose big. This is the worst advice I've ever heard from a friend. I believe because at that time the market was not very good. if I'm not mistaken it was around the middle of 2019. At that time bitcoin was just starting to rise slightly. I've been waiting years for this, and I got such advice. So I followed suit, but after that bitcoin didn't really get so bad. even got pretty good after that, if i just kept holding on. maybe it will be the biggest profit i will get.

[LogitechMouse]

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

Hmmmmmm I think the "Bitcoin is a scam" quote is by far the worst advice that I've seen in the internet in the last 4 years. I said internet because nobody in person gave an advice for me since I just learn myself with the help of the internet.

Well, its good that I didn't follow what they are saying because if I did then I might not know Bitcoin until now. Its just good that I stopped what I'm doing 4 years ago which is being involved in an MLM company to focus more in Bitcoin and crypto in general. This scam that they are saying are the reason why some investors are getting rich right now and many more will be in the future but of course if there will be rich ones, there will be ones that will lose their money. Well, its part of the investment that there are losers and gainers .

[CryptoKingh]

Bitcoins are decentralized digital currency. Thanks for posting!

[Dhaniii]

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

a lot of bad advice about bitcoin that I've ever gotten but I can prevent it with many cases that I study. along with the price correction, there are many issues that make people afraid to invest because of the issue of investors' losses, it turns out that investors' losses are measured by the price when it soars and when there is a correction, the actual value of their assets remains the same as when they bought it.

[buwaytress]

Honestly, can't really say any bad advice has beem targeted at me. I usually am the more experienced person when it comes to Bitcoin discussions and I don't tend to share much unless asked, and even then, really dislike giving advice other than not to get in with more than you can afford to lose.

But I can recall an old hand saying he was liquidating at 10k and warning me to do the same if I had a lot. He genuinely thought that was the end for BTC.

[kryptqnick]

I guess mine was that Bitcoin's old news and I should move to altcoins now. It was back in 2017, during the altcoin hype, and I must admit I believed that altcoins were slowly taking over and were more promising for the future. I didn't lose much with that attitude because, luckily, I didn't invest much, but buying Ripple at $3 per coin still was one of the worst decisions I've made, and it was because of following that sentiment of Bitcoin slowly fading and altcoins coming to replace it. It's been a long time since then, and now I firmly believe that altcoins will never win.

[qwertyup23]

I often read lists of tips and other best practices in the Bitcoin world, but i thought it would be interesting to share the worst Bitcoin advice you may have received throughout your adventure in this incredible monetary revolution.

Back in 2017, I stumbled upon a friend who somehow compelled me to invest into USI-Tech, a ponzi-scheme, showing me his results after six (6) months of investing 20 BTCs in his wallet. I was amazed on how the returns were promised (60% after 6 months) and my friend further told me about his experience on investing into such.

After the fifth (5th) month of the investment, the website crashed and all the BTCs I invested were gone! Moral of the story: never trust ponzi-schemes in any manner. While most of us have their respective experiences, generally, ponzi-schemes will definitely steal your investments.

[Woodie]

I think the advice of saying there is "no right or wrong time of buying bitcoin" has to be the worst for me! It might have been good advice at the time when bitcoin was still getting known but today I think we have tools and skills like chart analysis to help pinpoint the best time to actually buy bitcoins with less drawdown....like the saying ==> "not everything that glitters is gold", which I interpret that You cant buy every dip and remain profitable.

[Lucius]

The worst advice I have unfortunately listened to is that Bitcoin reached its maximum when it crossed $1000, and that it will never be worth nearly as much again. What to say, I was very inexperienced and the price was around $200, it seemed that those voices were right - I sold most of the BTC I had bought until then with little profit. A few years later, I realized I had made a bad move - and that Tim Draper was right when he said in 2014, "Bitcoin will be worth $10 000 in 3 years.".

The lesson of the story is that we listen to our reason, and maybe sometimes a smart person who still has some results behind him that give him the right to give advice - in other words, it is not wise to listen to random people on the Internet