Some Common Mistakes Made by New Crypto Investors

[Vaculin]

Never share any personal information and never connect your crypto wallet to any untrusted applications.

Most crimes happened online and it will occur in the least you expect it. Ive been hearing a lot of hacks and scam everywhere where their asset was transferred or stolen. Yeah this is happening on non custodial wallet so its kinda bit scary. It does mean that someone connect to a malicious link or application resulting to his compromise wallet. This should be wary by all the categories above since it could really happen at you. So avoid these links that you arent familiar and always check the site 3x or more cause you could be deceive by just a letter error or typo.

Sometimes, it’s mostly our curiosity and greed that put us into a bad scenario, like clicking some strange links that promise us good profits. And if we are weak enough, we will certainly fall from all the hidden traps of scammers. That is why as much as possible we should be wary and cautious never to click strange links and disclose our private information. That way, we will lessen the risk of being scammed and protect our funds in our wallet.

[1714725072]

1714725072

[1714725072]

1714725072

[1714725072]

1714725072

[Smack That Ace]

snip~
But I think sometimes beginners may have to experience mistakes so they can improve themselves and their mindset to be better.

As a newbie, you cannot avoid losses and mistakes, I am 100% sure that everyone, the rest of the investors in today's market, makes mistakes as a newbie. But if you listen to the advice of your predecessors, you can minimize your losses. Sometimes the loss will help us to learn valuable lessons, but if the loss is too great, it will be a shock to newcomers, easily making them discouraged and giving up. As a newbie, do not rush to think about profits but find ways to limit losses to the lowest level.

[omgitsmehehe]

As a newbie, you cannot avoid losses and mistakes, I am 100% sure that everyone, the rest of the investors in today's market, makes mistakes as a newbie. But if you listen to the advice of your predecessors, you can minimize your losses. Sometimes the loss will help us to learn valuable lessons, but if the loss is too great, it will be a shock to newcomers, easily making them discouraged and giving up. As a newbie, do not rush to think about profits but find ways to limit losses to the lowest level.

Losses are made inother to learn out mistakes, we all that are top pro in the market once started as a newbie in the space with absolutely no formation on how to strike the market to gain profits, struggling up and down with unimaginably stress that results in heavy losses and liquidation. Making mistakes is lesson but repeating it is ignorance and greed. Mistakes are triggered and corrected for the purpose of growth in the space.

[Russlenat]

-Lack of Basic Crypto Knowledge: Some people are drawn to cryptocurrency because of the excitement and profits associated with it. As a result, people become obsessed with making money and fail to understand how it works. Without the proper understanding, you run the risk of losing your assets quickly.

I categorize everything in this first one; basic knowledge is the key to every success; if a beginner waits patiently and learns the basic knowledge and experience about anything, it will be easier and the losses will be minimal because he/she will know the right and wrong things involved, as well as the risks involved. Furthermore, the new knowledgeable investor would need to learn about keys and addresses, as well as how to keep his or her private key safe.

Without basic knowledge, there’s always high chances to fall and losing them everything in the end. Because the fact that you are not aware on how to work on your investment, and how to make it successful, then you will always bound to create mistakes and failures which will eventually cause your investment to collapse. That is why if an investor is still clueless and has no gained ideas on how to make it work, better not to pursue on investing.

[erep]

Without basic knowledge, there’s always high chances to fall and losing them everything in the end. Because the fact that you are not aware on how to work on your investment, and how to make it successful, then you will always bound to create mistakes and failures which will eventually cause your investment to collapse. That is why if an investor is still clueless and has no gained ideas on how to make it work, better not to pursue on investing.

Basic knowledge must be understood before investing because crypto investing is different from other investments and price fluctuation factors will easily influence the decision to end the investment even though it has to cut losses because you are speculating to avoid high losses even though market movements are still normal, so it is necessary for newbies to increase their knowledge and there is no need to rush invest first before you know how the crypto market moves.

[Botnake]

snip~
But I think sometimes beginners may have to experience mistakes so they can improve themselves and their mindset to be better.

As a newbie, you cannot avoid losses and mistakes, I am 100% sure that everyone, the rest of the investors in today's market, makes mistakes as a newbie. But if you listen to the advice of your predecessors, you can minimize your losses. Sometimes the loss will help us to learn valuable lessons, but if the loss is too great, it will be a shock to newcomers, easily making them discouraged and giving up. As a newbie, do not rush to think about profits but find ways to limit losses to the lowest level.

There are always inevitable losses in any investment that you wish to venture. Most particularly if you have no experience with that kind of investment, expect that there will be more losses than gains. But the good thing about it is that mistakes and losses are good motivation to hone our knowledge and skills so we can see improvement in our investment. And by that time, positive mindset will also be develop as it’s also vital in making our investment successful.

[juhobtc]

-Ignoring Fees: Many people who are new to using crypto exchanges have no understanding how the gas fee works, they simply purchase it and end up losing a significant amount of money over time. You can save money by discovering the lowest-cost exchange and selecting the most effective method of purchasing cryptocurrency.

On some exchanges there are trading pairs that can be bought without fees, as for example on binance you can buy bitcoin for usdt with zero fees, this is very convenient.

[Queentoshi]

I think the biggest mistake new crypto investors or beginners make is too high or unrealistic expectations that they will get rich overnight through crypto investing.
It's important to be well informed about everything before any investment, analyze the market in detail and only then make a rational investment decision based on facts and not emotions or expectations.
Of course, it is always important to take care of Internet security, but you should also have a concrete investment plan and a clear exit strategy.
The problem with crypto is a lot of young and uneducated investors who don't understand the high risk of crypto investing.

It is a common thing among we human, always looking for the easiest way to get rich, when you have that mentality then you are in the wrong way, investing in crypto doesn't guarantee over night riches, it is a matter of patients and you most always study the market very well, you cannot just jump into what you don't understand, it is like you going into business you know nothing about. So the mistake most people make is not understanding or having no knowledge of what they about to go into.

[Rengga Jati]

As a newbie, you cannot avoid losses and mistakes, I am 100% sure that everyone, the rest of the investors in today's market, makes mistakes as a newbie. But if you listen to the advice of your predecessors, you can minimize your losses. Sometimes the loss will help us to learn valuable lessons, but if the loss is too great, it will be a shock to newcomers, easily making them discouraged and giving up. As a newbie, do not rush to think about profits but find ways to limit losses to the lowest level.

Indeed, Not only newbies, but we are those who have been in the crypto business also make some mistakes. But, we must understand how to overcome and take lessons from our mistakes. And we must also see what kind of mistakes it is. Sometimes, there are some mistakes that can be avoided earlier moreover if we are very new to something. And sometimes, we can avoid some mistakes if we listen to someone's advice. But sometimes, there are many also newbies that believe more in someone new that promises that they will get very high profits and multiple money if they are investing in such new projects. Even if they know nothing about crypto or about the projects. Basically, if we have at least learned at first about cryptocurrency, investment, and many things about the crypto business, we may be able to avoid some big mistakes. And whatever the mistakes, we may be able to overcome or at least take the lessons. but, if we have big mistakes without any learning process at first, it means that we start it wrongly. 

[puloweh555]

-Inadequate password and seed phrase storage: A backup phrase known as the seed phrase is necessary to gain access to digital wallets where cryptocurrency is stored. These backup phrases must be correctly maintained since if they are lost or forgotten, you will be unable to access your assets or recover your bitcoin. To prevent asset theft, keep them in a location that only you have access to and that is not too hidden so that you can readily find them. You can preserve your seed phrase physically so you don't lose it or forget where it is.

The most important thing is for beginners, because if you forget or lose the seed phrase/private key, all assets will also be lost. Save it in a cold wallet, laminate the key phrase card, store it in a safe place
although it does not guarantee 100% safety, it minimizes risk exposure in the cruel crypto world.

Apart from that, it's a mistake as a beginner, most of the coins are already profitable, they don't sell, hoping to go up, but the ones that are there keep going down so that they are lost. Stay away from being greedy, learn to be grateful for the advantages that already exist.

[Munir575]

Investing in cryptocurrency can be thrilling, but many inexperienced investors make basic errors because they are so excited about the profit people make from trading cryptocurrencies that they believe they can ignore the small precautions and guidelines, resulting in the loss of some or all of their assets. So this post aims to increase knowledge among crypto novices so as to prepare and prevent them from repeating the same errors that have been made previously. The mistakes are as follows:

-Lack of Basic Crypto Knowledge: Some people are drawn to cryptocurrency because of the excitement and profits associated with it. As a result, people become obsessed with making money and fail to understand how it works. Without the proper understanding, you run the risk of losing your assets quickly.

-Inadequate password and seed phrase storage: A backup phrase known as the seed phrase is necessary to gain access to digital wallets where cryptocurrency is stored. These backup phrases must be correctly maintained since if they are lost or forgotten, you will be unable to access your assets or recover your bitcoin. To prevent asset theft, keep them in a location that only you have access to and that is not too hidden so that you can readily find them. You can preserve your seed phrase physically so you don't lose it or forget where it is.

-Ignoring Fees: Many people who are new to using crypto exchanges have no understanding how the gas fee works, they simply purchase it and end up losing a significant amount of money over time. You can save money by discovering the lowest-cost exchange and selecting the most effective method of purchasing cryptocurrency. While looking for exchange that offers low fees it is also important to consider the reputation of the exchange. Sometimes it’s better to use exchange with good reputation even when fee is high.

-Keeping Crypto in Online Wallets: Keeping your cryptocurrency in exchanges or online wallets does not provide complete protection and is easily compromised. Because online wallets do not provide the same level of security as offline wallets, it is preferable to keep your valuables in an offline wallet.

-Getting Scammed: Cryptocurrency users have now become a target for cyber criminals and scammers, the rate at which people are conned online is getting out of hand. These criminals employ a variety of strategies, so I urge everyone especially newcomers to use caution when interacting with others online and avoid falling for their cunning tricks and fake promises. Never share any personal information and never connect your crypto wallet to any untrusted applications.

Finally, I advise my fellow newbies to never overlook minor details that they may believe are insignificant, as they may be the deciding factor in their crypto adventure's success or failure.

Anyone can fall prey to fraudsters because they are continually coming up with new strategies and these scammers mainly target beginners because they are  can be easily manipulated due to their lack of knowledge of Cryptocurrency. Your first point is the main reason why newbie usually fall victim to scams. Anyone with proper knowledge of Crypto should know the dos and don'ts of Crypto and how to avoid it.

[Renampun]

I think the biggest mistake new crypto investors or beginners make is too high or unrealistic expectations that they will get rich overnight through crypto investing.
It's important to be well informed about everything before any investment, analyze the market in detail and only then make a rational investment decision based on facts and not emotions or expectations.
Of course, it is always important to take care of Internet security, but you should also have a concrete investment plan and a clear exit strategy.
The problem with crypto is a lot of young and uneducated investors who don't understand the high risk of crypto investing.

I am quite sad to see the mindset of newbie crypto investors who still have little knowledge, they think crypto is a gamble that can change fate overnight. it takes quite a hard process to become an investor who makes a profit in crypto, so it's still learning and looking for new insights in the world of crypto that is important because only laziness can make someone lose. I also really agree with what you wrote above, internet security is very important because fraud - hacking - theft will continue to threaten.

[alik111]

Keeping Crypto in online wallets is a common problem among the old and new traders. Because maximum traders use Centralized exchanges so that they can't ignore this problem. They have to use Centralized wallets. But I will suggest if you aren't a daily traders or a holder then hold crypto assets to a decentralized wallet.

[Woodie]

Many people new to the world of crypto make simple silly mistakes almost on a daily basis, for example, someone new to crypto shares their private key instead of their public address that's giving up their coins to strangers.

Others new to decentralized exchanges /centralized exchanges have sold huge sums of BTC for literally peanuts because they were experimenting with how to go about with using the exchange. With all such misfortunes happening, I think we need to tell ourselves it's okay to ask for help if we don't understand something because hands on experience will cost us more than we intend to lose.

[Bhig Daddy]

I believe that expecting too much or having unreasonable expectations that they will get wealthy through cryptocurrency investing is the biggest error new investors or novices make.
Before making any investment, it's critical to do your research, thoroughly examine the market, and only then should you decide to invest based on logic and not feelings or expectations.
Internet security is of course always crucial, but you should also have a detailed investment plan and a crystal-clear exit strategy.
The issue with cryptocurrency is that there are many inexperienced, young investors who are unaware of the considerable risk involved.