Two important lesson I learn from this forum this year 2022

[CryptoHeadlineNews]

As 2022 is almost coming to an end and haven't been around this forum for a couple of months now, I have learn two vital lessons this year that will guide my journey in the cryptocurrency space.
THE TWO LESSONS
1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.
2: never n trust any other coin aside from Bitcoin for long-term goals,

While here are my lessons in addition
3. Always store your asset in a cold wallet, where you own the keys to your asset (i.e Electrum)
4. Never you invest an amount too much you can't affort to lose on crypto asset.
5. Bitcoin is not a get rich quick scheme where you can invest x today and expext 2x tomorrow or next week

[mamesso]

1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.

Should not keep assets on the Exchange for a long time because the risk is very high, you can only use the Exchange when needed, after that withdraw all the assets you have and store them in a secure wallet. I think this point has something to do with the post theymos made on November 15, 2022 Reminder: do not keep your money in online accounts

2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.

Your trust in Bitcoin is well-founded, so far Bitcoin has always provided proof, not promises. For that reason, people are starting to believe in Bitcoin and several countries have started to acknowledge the existence of Bitcoin as the fastest, easiest and most reliable transaction tool without any interference from third parties.

[RILWAN]

The truth is how can we separate the Bitcoin ecosystem from the centralized exchanges and another payment processor that allow for easy access to Bitcoin and its exchange?
We can do without them and as a matter of fact, we should learn how to leave with them and minimize the risk, because we can't totally avoid them.

[Ojima-ojo]

The truth is how can we separate the Bitcoin ecosystem from the centralized exchanges and another payment processor that allow for easy access to Bitcoin and its exchange?
We can do without them and as a matter of fact, we should learn how to leave with them and minimize the risk, because we can't totally avoid them.

Even as we can not detach Bitcoin from centralization since it exists in an economic system that has an established government that makes a lot of regulations in the financial sector of the economy, and there is no way Bitcoin can exist without them.

But the only thing we can do is to minimize how we interact with centralized systems if we truly value privacy since that is one of the aspects of cryptocurrencies such as Bitcoin.

[erep]

Good to hear that most of us now are already aware about how those centralized exchanges may lose everything we have in the future. If not with this FTX hacking, people will always trust those online exchanges that have no guarantees if they can always be reliable all the time. It’s better to find a hardware wallet that is more secured and reliable than those numerous centralized exchanges online.

Many people don't realize that "Your wallet, your management" but the case that happened to FTX has proven that the adage is true, even we can't withdraw funds from the exchange without their consent and after their fund crisis no withdrawals allowed, FTX case is history the worst case for exchanges so that the recovery of crypto prices from this impact is predicted to take years.

[Viscore]

As 2022 is almost coming to an end and haven't been around this forum for a couple of months now, I have learn two vital lessons this year that will guide my journey in the cryptocurrency space.
THE TWO LESSONS
1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.
2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.
So I am led to the conclusion that, cryptocurrency is not the problem, but centralization and the human factors are the major set back in the young fast-growing cryptocurrency industry

That’s right. Never trust and put your money in exchanges as they can get into future troubles and steal everything you have. Regardless if they are centralized or not, just stick to your own hardware wallet which gives highest level of security for your money. And as much as possible, maximize your bitcoin assets than those altcoins, simply because bitcoin is more secured and profitable than those newly cloned altcoins.

[CryptopreneurBrainboss]

2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.

Writing is one easy thing to do but will you put your money where your mount is? Bears give people reasons to reason like this but will they kept to their promises in the bull market when everything seems to be giving people profit. One thing about altcoins investment is that, there'll always be one better than the one you're thinking will last forever and they can just disappear from the market without much been done. Altcoins has given people some decent profits in the last years but they have done more harm to a large range of speculators as the losses are always more than those profiting.

Altcoins are best for speculations and trading, unfortunately they have become a part of the industry so if you want to get yourself involved then it should only be through trading and short term investment and not as long term investment options. Your only focus in the industry is to accumulate as much Bitcoin as possible and if trading altcoins can generate you funds to buy and hold Bitcoin then you can do so but don't ever think altcoins can replace Bitcoin.

[Ojima-ojo]

2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.

Writing is one easy thing to do but will you put your money where your mount is? Bears give people reasons to reason like this but will they kept to their promises in the bull market when everything seems to be giving people profit. One thing about altcoins investment is that, there'll always be one better than the one you're thinking will last forever and they can just disappear from the market without much been done. Altcoins has given people some decent profits in the last years but they have done more harm to a large range of speculators as the losses are always more than those profiting.

You a very right, it is easier said than done since it is easy to write than to practice.

But as far as I know, it is better for a newbie to concentrate on Bitcoin other than altcoin since the rate of volatility between the two is with a wide gap.

As you said, altcoins have done more harm than good so ultimately we will need to stay away from such high-risk investments most especially as a newbie in the crypto market.2

[Falconer]

You a very right, it is easier said than done since it is easy to write than to practice.

But as far as I know, it is better for a newbie to concentrate on Bitcoin other than altcoin since the rate of volatility between the two is with a wide gap.

As you said, altcoins have done more harm than good so ultimately we will need to stay away from such high-risk investments most especially as a newbie in the crypto market.2

Of course you are right, but in the market bitcoin is not the only asset that can generate profits. Volatility also exists with bitcoin due to supply and demand factors, actually I can say that ETH tends to have almost the same volatility as bitcoin so if your goal of investing in crypto is to make a profit then bitcoin is the one.

Volatility shouldn't be the best reason why you would choose bitcoin over altcoins as an investment asset. I tend to think of its use cases as a currency, its adoption as a means of payment, and the security of your funds with your keys as some of the advantages of why bitcoin is the best among other crypto assets.

[2stout]

It appears you have learned two valuable lessons and have taken them to heart.  Hopefully, a lot of the rest of the masses will learn not to yield toward centralization and also that thou shalt not give up thy precious Bitcoin for shitcoins.

[8rch7]

As 2022 is almost coming to an end and haven't been around this forum for a couple of months now, I have learn two vital lessons this year that will guide my journey in the cryptocurrency space.
THE TWO LESSONS
1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.
2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.
So I am led to the conclusion that, cryptocurrency is not the problem, but centralization and the human factors are the major set back in the young fast-growing cryptocurrency industry

Exchange market can't guarantee with trusted place for saving assets after FTX exchange collapse, I think another exchange just waiting moment become crash and collapse like FTX exchange. I agree with you without hold assets in exchange market but for daily trader can't for holding assets in hardware wallet. I am thinking about with my local exchange will collapse like FTX exchange because almost my assets holding in local exchange market.

I aware when holding assets in hardware wallet because want to earn daily day profit take longer time for withdrawing and deposit fund from exchange to hardware wallet or on the contrary.

[Ojima-ojo]

That's true but the actual problem is when people don't understand the disadvantages of using these services not their existence. In fact I believe it is not a bad thing to build centralized services on top of a decentralized system and they actually provide some benefits too. For example the payment processors give merchants the option to receive bitcoin and convert it to fiat very easily and vice versa. Or centralized/custodial wallets (even government controlled wallets like Chivo) allow absolute newbies with no technical understanding to still use bitcoin.

P.S. I myself started my journey from a web wallet...

I agree on this, that's why I think it will be a hard work stopping people from using Centralized exchanges. People rarely want to acquire knowledge of what there are getting into and with some of these exchanges it is just easy to transact to there local currencies, not withstanding the numerous enticing offers those kinda of exchanges offers.
Some actually think that funds lost in exchanges are recoverable or rather will be refunded unlike wallets where one take the consequences of its loss.

The need for centralized services is highly demanded and if one must have a free passage of cryptocurrency it must have to go through a centralized payment gateway.

This is why, bitcoin advocates also know that bitcoin can not be regulated because bitcoin is decentralized, but Bitcoin services, source as exchange, and other bitcoin payment gateways can be regulated and centralized.

[Charles-Tim]

3. Always store your asset in a cold wallet, where you own the keys to your asset (i.e Electrum)

Electrum wallet is an online wallet, but you can use it on an airgapped device which makes it cold a  storageElectrum cold storage.

Altcoins are best for speculations and trading, unfortunately they have become a part of the industry so if you want to get yourself involved then it should only be through trading and short term investment and not as long term investment options.

After a significantly long term bear market, when the market is so down in a downtrend like this, some people gamble altcoins. If followed by bull market, the return could be surprising as they are more volatile, but always good to know that altcoins are more volatile, riskier and lastly that they are gambling.

Altcoins are more volatile, traders uses low leverage for it, which means low trading fee, but they have their downsides in trading too, just like who was trading luna and bought it when the sudden crash occured, or the people that did not know earlier what would happen to ftt. Altcoins will stay, some will survive, but we do not know which one is the next luna, UST and ftt which makes altcoins to just be gambling.

[Ojima-ojo]

That's true but the actual problem is when people don't understand the disadvantages of using these services not their existence. In fact I believe it is not a bad thing to build centralized services on top of a decentralized system and they actually provide some benefits too. For example the payment processors give merchants the option to receive bitcoin and convert it to fiat very easily and vice versa. Or centralized/custodial wallets (even government controlled wallets like Chivo) allow absolute newbies with no technical understanding to still use bitcoin.

P.S. I myself started my journey from a web wallet...

I agree on this, that's why I think it will be a hard work stopping people from using Centralized exchanges. People rarely want to acquire knowledge of what there are getting into and with some of these exchanges it is just easy to transact to there local currencies, not withstanding the numerous enticing offers those kinda of exchanges offers.
Some actually think that funds lost in exchanges are recoverable or rather will be refunded unlike wallets where one take the consequences of its loss.

Let us not miss understanding the whole concept here, just as pooya87 said, it is not bad to build a centralized service on a decentralized network like bitcoin and the blockchain.

With that being said we should not attempt to eliminate centralized service, doing so will only limit Bitcoin's global adoption but we can limit how we let our privacy out and be conscious of the fact that privacy is our top priority in this space even though we can't achieve that 100%.

[NdaMk]

So far, the cryptocurrency market has taught us some valuable lessons; I just hope we all take the correction and avoid falling victim to any of these scenarios. This is not the first time something like this has occurred, but what amazes me the most is that people continue to make the same mistakes. We shouldn't be surprised if it happens again and people cry over it. A word is enough for the wise, but what can we do? We can warn them, but we can't make them pay heed. I hope this lesson serves this time around.

[Ojima-ojo]

So far, the cryptocurrency market has taught us some valuable lessons; I just hope we all take the correction and avoid falling victim to any of these scenarios. This is not the first time something like this has occurred, but what amazes me the most is that people continue to make the same mistakes. We shouldn't be surprised if it happens again and people cry over it. A word is enough for the wise, but what can we do? We can warn them, but we can't make them pay heed. I hope this lesson serves this time around.

Just same as the Ponzi scheme, no matter their devastating effects on investors now people and even previous victims still fall for them time and time again.

Sometimes I think it is an addiction since there have been many warnings to avoid holding big amounts on an exchange or stop investing in third-party investments.

[Pmalek]

Just same as the Ponzi scheme, no matter their devastating effects on investors now people and even previous victims still fall for them time and time again.

Greed is a dangerous aphrodisiac. When you only see the promised returns and think how they will soon be yours, you let your guard down and stop using logic and common sense. That's when mistakes happen. 

Sometimes I think it is an addiction since there have been many warnings to avoid holding big amounts on an exchange or stop investing in third-party investments.

That's just a natural consequence of the modern way of life. Take cellphones as an example. Everything about them is to simplify whatever you do. Most people will take the easier and quicker route, and the one that doesn't require a lot of thinking.

It's the same with exchanges. Why waste time creating your own wallets and be self-custodial when you can just deposit it somewhere where the owners "promise" that everything is safe. Many more billions of dollars will need to be wasted before self-custody becomes the standard.

[Rockstarguy]

2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.

Writing is one easy thing to do but will you put your money where your mount is? Bears give people reasons to reason like this but will they kept to their promises in the bull market when everything seems to be giving people profit. One thing about altcoins investment is that, there'll always be one better than the one you're thinking will last forever and they can just disappear from the market without much been done. Altcoins has given people some decent profits in the last years but they have done more harm to a large range of speculators as the losses are always more than those profiting.

Investing in altcoins is just too risky, some people have traded altcoins and realize good profits and many traded and loss all they had. Altcoins is good for experience traders that can take the risk to invest or trade on it, I don't think it is proper for young investors to consider to invest in altcoins because of to make good profits.  People take the risk of investing altcoins for greed to get quick money,  the probability of not having good trade and investment in altcoin is very high. During this bear market many altcoins could not not survive the bear market.  Bitcoin is the most reliable and trusted for investment.

[bakasabo]

The lessons I've learned this year are "if you follow the rules, most likely everything would be fine with your and your money". Everything is on the surface, everything is already known, everyone knows "not your keys, not your crypto" rule, yet people still try to trick the system and invent a bicycle from the beginning; and do not fall of a greed victim. Nothing new, but people keep failing and doing same mistakes. People try to outsmart the system, but it impossible to outsmart what has been proven many times with sweat and blood.

[Lida93]

The lessons I've learned this year are "if you follow the rules, most likely everything would be fine with your and your money". Everything is on the surface, everything is already known, everyone knows "not your keys, not your crypto" rule, yet people still try to trick the system and invent a bicycle from the beginning; and do not fall of a greed victim. Nothing new, but people keep failing and doing same mistakes. People try to outsmart the system, but it impossible to outsmart what has been proven many times with sweat and blood.

I do agree with you, looking at many victims of the system are mainly those who deviate from the set rule of the system as laid down even before they engaged in. It is a capitalist system and as such every mistake by a user is an opportunity for them and the system isn't made for your best interest , so it's best since we can't avoid it entirely we all tread with great caution knowing the risk thats involved.