My bitcoin journey mistakes and moral lesson

[Ale88]

In 2016, when I first heard about Bitcoin. I never had any knowledge of the existence of a bitcointalk forum or even a detailed idea of Bitcoin itself, the first mistake I made was to listen to people's advice in respect to investing in Bitcoin. When I started reading and researching about bitcoin and its technology, A time came when I made up my mind to invest my little savings in it, but I decided to involve my parents, siblings and friends so that we can invest concurrently. But They came to the conclusion that bitcoin and all online investments are scams and I should not make such a wrong step if not, that am going to lose my money, I was confuse at that point

I'm sorry but I am a little confused now: I guess back in 2016 you were pretty young, hence the decision to talk about this investment opportunity with your parents, etc, so probably at your age you already knew how to use internet and look for information. Now you're telling us that your parents and friends made you change your mind because, I quote, "They came to the conclusion that bitcoin and all online investments are scams"? How did they do this kind of research? Where did they find this info? Did you look as well? Or did you just trust their word? I mean, seriously, I would never ask my parents for an opinion about bitcoin, they have no idea what it is and they have no idea how to find info about it. Probably you didn't believe in bitcoin enough to take the risk and buy otherwise no way you would have just trusted them.

[blackened515]

Even though your family members always have good intentions and wish you luck, they may not fully understand the potential of Bitcoin investments. Instead, they tend to focus on the potential risks rather than the potential benefits. However, it's not entirely their fault; it's actually your responsibility to explain Bitcoin to them properly, and you may have failed to do so. Fortunately, being in this forum indicates that you're in the right place to broaden your knowledge about cryptocurrencies. Remember to engage your critical thinking skills and learn extensively about risk management in order to make informed decisions.

I've learnt and encounter so many key ideas in the market, currently I'm ready to exercise patience with bitcoin, because I have missed our on good entries on the project, if I don't hold myself, I might take drastic decisions which I may face the repercussions later, so I just stay calm and wait for new opportunities.  We all make crucial mistakes in the pasts which we live to regret till this present day, there's absolutely nothing to bother about, because looking at the future, we have more journeys to accomplish and it's never too late to invest in bitcoin.

[Helena Yu]

It's not a bad idea to seek advice from his mother. Mother are the best in the world and they always want the best for their children. By the way, we can not tell the age of the poster and in that case, he might still be under the control of his mother due to his age. Allow people to recommend and suggest for you because sometimes it might be more effective and helpful than your own decisions.

How old are you?

It's true all parents will want the best for their children, but do you think you and your parent have a same mind, same skill, same hobby, same personality and other same thing? if you both are different, every advice or forbid by your parents shouldn't be followed.

@OP was saying if his parent say Bitcoin is scam, since you're already know about Bitcoin since you joined this forum, do you agree if Bitcoin is scam?

This is a typical of strict parent, when you choose their decision, they will happy even though you're not happy. When you choose your own decision, they will angry and start to blame you when you make a wrong decision.

[Kakmakr]

I always say, if you want financial advice, go to the experts... not to family and friends. I started buying bitcoins when the price was at about $300 and all my family and friends told me that I was crazy. They said it was unregulated and illegal and that it will never grow into something of significance.

They were wrong in so many ways and I proved them wrong when I sold some of those coins for $40 000+  This technology is still in it's early days of existence, but you have to look at the flaws in the Fiat system to see the potential in this technology. 

[Blitzboy]

Your journey, buddy, underscores a classic investor's dilemma: taking counsel or trusting your instinct. In your saga, the prudent voices blocked a wealth of growth. Remember Buffett's words, "Fear when others are greedy, and be greedy when others are fearful."

All advice isnt worthy, even from well-intentioned loved ones. A tough lesson, especially in Bitcoin's choppy waters, where popular knowledge often misses the mark.

Did your Bitcoin wisdom come from traditional schools? No! It was forged in the crucible of online hubs like bitcointalk, through reading, learning, and engaging with the enlightened. Thats what we're about, right?

As you aptly put it, "In chasing success, loss becomes a lesson for avoiding repetition." This journey, this learning curve, is your true investment, impervious to scammers.

[kotajikikox]

I am where I am today because I was unable to understand the value of making use of my instinct,

This is why I always try to advise people about using their instinct also not just their knowledge and understanding because sometimes there are more safety from having instinct .

But at least the knowledge I have about Bitcoin in the recent time is very tremendous more than before, from now onward nobody will ever discourage me from investing in any commodity that I see as a profitable one, no matter the risk that's involved. I will take it, There is no harm in trying with a small amount of money.

then be happy for that , hoping that in the days to come you will recover what you all missed and act wrongly in the past .

[Z390]

I don't regret any of my Bitcoin investment mistakes, I lost some money to altcoins when I was a newbie and that's when I understand that Bitcoin is far safer than altcoins.

I had to go back and focus more on Bitcoin and I converted most of my Altcoins into Bitcoin for long term holding.

I also lost my wallet backup to scammers, and it cost me a lot of money back then, though it's something I can call a small amount now, but then, it's a lot to me because I don't have a lot of money then.

Mistakes in crypto investment will make your IQ grow higher and you will learn a lot after the random mistakes.

[KingsDen]

Are you a mama's boy? I feel bad because all of your decision in your life is always chosen by your mother.

When you're really want to eat a pizza, your mama will forbid it and say it's not good for your health. When you're want to hangout with your friends into a club, your mama will forbid it and say there's no good reason to go. When you're fall in love with a girl, your mama will forbid it because she's jealous and will threat you're a rebellious child.

Learn to be mature and make sure no one can control your decision especially in financial.

Some people are like that, their parents will take them so close and make them so special that most times it's impossible for them to make independent decisions. My mom loved me so much in my childhood days but most times she will encourage me to man up and take decisions and she also taught me how to embrace the consequences of any such decisions I made.

She achieved this by refusing to give me some advice when I ask from her. She will tell me that she is a woman that such thing I ask from her is supposed to be handled by myself. She will allow me make mistakes and correct them.
In the other hand, my dad saw me as a born genius, he doesn't find fault neither does he caution me in any steps I take.
Op, some disappointments are lessons. Bitcoin is still here and bitcoin is affordable. The ball is in your cut.

[gunhell16]

If there were times when you heard about Bitcoin and learned about it, and someone gave you advice on Bitcoin and you may have been amazed by what was explained to you, that is your choice, it is possible that it was also during those times that you somehow understood the concept of Bitcoin so you were able to invest in it.

But as others have said, Bitcoin does not dictate us to buy it but it is in our hands and decision if we want to have it. That's why if anyone can give you advice on this matter, you can do some research here before you decide to actually buy it. But the thing important in this matter is that you've learned from your mistakes, and this is the most important I guess.

[robattfield]

Like how I often tell my friends about opportunities for them that, instead of helping them with money, help them make money on their own hands, don't depend too much on your chances on anyone, this life because we decide it for ourselves, even if there are many failures and not achieving the desired results, we still need to look at it in a positive way that we are not really good enough and make efforts to get the results we deserve, and need to try harder. Even when I entered this market there were many difficulties but the things that I learned were many, I saw it as a miniature world describing these life things happening, so I look back and be grateful they are grateful for all the things in this life.

[SamReomo]

No worries because you finally learnt about this forum and you still got the opportunity to learn about Bitcoin from the reputed members of the forum. It's always important to let go of the past mistakes because if we start regretting about our past wrong decisions then we won't be able to progress in this life. Many people have missed the opportunities in Bitcoin's time and later on in other crypto-currencies. However, I must say that you aren't late in getting involved into Bitcoin because even in its current price Bitcoin is quite cheap. In future Bitcoin can be worth in millions, and if we don't accumulate Bitcoin in this time then we will regret once again when Bitcoin's price crosses $1 million price value.

I recommend you to let go of past and start thinking about present opportunities. This forum is the best place in the world because here people won't misguide those who have no knowledge about Bitcoin, but they will instead guide them about Bitcoin in the most proper way possible. Many people have missed opportunities in past, and if they regret about past even if they are still in good health then those people won't be happy even if they earn millions of dollars per year. We should always be grateful for what we have, and we should never be dishearten by our past decisions.

This is what I am always reminding myself also, move on and don't let the past dictate your future.
Look at the bright side and it is never too late if you will start moving forward by thinking of your future plans.
At the end of the day, it is your life and it is your hard-earned money, so you are free to choose where you want to invest it.
People will always talk but the real work is up to you. Are you going to be discouraged by these talks?
If you know what you're doing, then, you can always move forward, but remember along the way, you will also gain some learnings in life.

Past is past and it should not affect our present or future. Our past decisions are gone long ago and if we stuck with those past experiences then our future can't be bright. Life is a journey my friend and in this journey we will have to face good and bad times, but I have noticed a thing that in bad times very few people really care about you while most of the people don't even care about anything that happened to you. We should work day and night in our young age in order to have a better future for us.

The good experiences make us happy while the bad experiences teach us life lessons. It's our own decisions and our actions that could impact our life in a better way or worse way. I agree with you that moving forward is needed and it's our own experience that could teach us life lessons. I believe that a person can only be financially free if he/she works hard and no matter how hard the life is they still stick with their plans. The same is true for the ones who invest in Bitcoin, if they have patience and they hold their Bitcoin then they could have financial freedom in future, however if they don't hold for long time and sell in fear then they will regret about their decisions when its price reaches highest levels.

[yazher]

I am where I am today because I was unable to understand the value of making use of my instinct, But at least the knowledge I have about Bitcoin in the recent time is very tremendous more than before, from now onward nobody will ever discourage me from investing in any commodity that I see as a profitable one, no matter the risk that's involved. I will take it, There is no harm in trying with a small amount of money.

Well! when a person is fully prepared about what he is about going to do, he mostly gets it, and when you have to take your time to invest in knowledge first before taking any step to invest in bitcoins, you probably gonna succeed and in the middle of your waiting with you long term investment, you can easily practice patience and perseverance because that's the thing you must need to survive the non-stop criticizing by those people that are hostile against bitcoins. When you have all the necessary knowledge, you can easily pass these storms and you will surprise that one day you are now experiencing the same stories you read from the success stories of the people that hold their bitcoins for the long term.

[kryptqnick]

It's nice the op wanted to involve the family into an investment, so that it's something done together, but I agree that it's better to make personal investment decisions (unless you share a budget with someone, like a spouse, and then you need to discuss it and reach a common ground). I think it's common for people here to avoid giving investment advice and stress the importance of people doing their own research, so I'm sure you have a lot of like-minded people here, op.
If it's your money, you can afford to lose it and want to invest, it's nobody else's decision. Unless you're a minor, of course.

[Bitcoin_people]

Since you got some idea about Bitcoin in 2016 and were keen to invest then you could have made huge profits now if you took advantage of your golden opportunity. It would be best for you to invest in Bitcoin if you don't listen to others on your own. You have gained knowledge and expertise from various places on this forum. And if you invest in this knowledge and skills, there will definitely be hope for good things in the future. But it's really unfortunate when you miss such a golden opportunity, if you had never heard of such a person and had invested in Bitcoin, your golden opportunity would have been successful. Now you can invest in Bitcoin again if you want, there are still opportunities to invest, the market is in a good position. So if you invest your skills and hold on to Bitcoin then your future will be bright.

[traderethereum]

Investing together is fun, but hopefully he will remember that the risks must be borne together and there should not be envy if the value of the investment that each will obtain is different.
Usually, if you invest together, each person will have a different monetary value so the profit value will vary later.
That is why if he wants to invest, he should do it alone and not involve other people so that the responsibility will not be too big.
Many people will become greedy when they see the benefits already in front of them so they think about increasing their money to invest even though it is not always a good decision.
And investing in bitcoin is a personal investment that doesn't involve other people, so this is our responsibility and not our responsibility to other people.

[SOKO-DEKE]

In 2016, when I first heard about Bitcoin. I never had any knowledge of the existence of a bitcointalk forum or even a detailed idea of Bitcoin itself, the first mistake I made was to listen to people's advice in respect to investing in Bitcoin. When I started reading and researching about bitcoin and its technology, A time came when I made up my mind to invest my little savings in it, but I decided to involve my parents, siblings and friends so that we can invest concurrently. But They came to the conclusion that bitcoin and all online investments are scams and I should not make such a wrong step if not, that am going to lose my money, I was confuse at that point, I thought of how I manage to save such amount of money, the fear of losing it

I believe that those sets of people that easily change their minds over what they hear from other people and their decisions easily are people that don't believe in themselves, and what mostly causes weak decisions is weak knowledge. op I may say that you were easily confused by your parents and friends decisions because you didn't have appropriate knowledge about Bitcoin at that time back,and maybe you aren't fully interested in investing in Bitcoin. If not, you will always find ways to prove their advice wrong by doing your own research in any way possible.

In this life, If you want to grow financially, one risk or the other must be involved.
In the pursuit of success, you must lose to learn a particular technique for the avoidance of its repetition.

Yes, that is true, but it should be said with the proper information; otherwise, you will keep getting it incorrect.There are some people who participate in gambling but never make it through it, and they still haven't given up because they think playing roles of risk is necessary to succeed in life. This shows that not everything we do requires us to take risks.Therefore, do not simply expose yourself to risk without adequate knowledge.

[irhact]

In this life, If you want to grow financially, one risk or the other must be involved.
In the pursuit of success, you must lose to learn a particular technique for the avoidance of its repetition.
Don't live your life according to the criticism and dictates around you, If not, you will be suffocated with stained ideas, as long as you don't cause people's pain, chase your dreams, enquire and develop yourself in such a way that people will see you as a role model. People must talk, just be who you are, and be committed to making your dreams a reality.

Everyone has regrets because we didn't take opportunities that came to us in the past, right now you have to forget whatever has happened and focus on the future. Now that you're into Bitcoin fully, you should start accumulating Bitcoin now that the value is lower than it was last two years. Buy Bitcoin because if you make the same mistakes twice then you're not determined to become successful, don't give excuses this time.

To become successful you have to be ready to take risks then you weren't ready to take risk because people that want to succeed don't care about others opinion, they only focus on what they believe will make them successful, you made a mistake then, don't make the mistakes again start buying Bitcoin.

[Onyeeze]

Anyone who want to succeed or become successful in bitcoin investment doesn't need  solicits knowledge of investing in cryptocurrency with the parents or siblings which the person knows the siblings is very myopic of bitcoin investment, so you want to be successful in any investment don't seek opinion from someone who is ignorant of the investment, for you to achieve your goals or dream you most obtain information from someone you know that have given such investment a trial so that you will obtain the right advice from the person, I believe that you need to know exactly not to seek opinion from people that no nothing with bitcoin

[Fivestar4everMVP]

I've discovered that there is no man alive who does not have one regret or the other, several of us missed investing in bitcoin at the right time, or at the time we thought or think was right, but the truth I've come to discover (maybe I am yet to totally believe though) is that things happen to us at their right time, the universe have designed things to be that way..

@op, If when you discovered bitcoin was the right Time for you to invest in it, you would have faced no hindrances, I myself discovered bitcoin in 2015, but it took me till 2017 or so, before I could afford to buy a very small of bitcoin, and this was due to lack of money, though I didn't buy bitcoin when I really needed to, but I am still very happy wit how much far I've come.

[Wimex]

Reading your experience, it is inevitable for me to think about how the factors of the development of each person's life (social, economic, etc.) make us more or less susceptible to external influences. Even though it is a story that, as other posts infer, is more general than something fully focused on bitcoin or the financial world itself, it seems important to me to highlight how what I mentioned at the beginning can be harmful in any aspect of our lives and especially when it is about taking initiatives or risks, personally I have learned that many times my own experience forges a better character and ability to make decisions of all kinds, in one way or another learning is always a win and as you mention, having taken the initiative to which you agreed, perhaps starting with little money, unless even if you had lost it (a slim chance and even more so for the time considering the exponential rise of bitcoin), you would still have had a significant learning experience on your own And that is what would have really counted regardless of the results, however it is a past and therefore it cannot be changed, it only remains to look to the future with encouragement and a little more fearlessness!!