Buying and Losing My First Bitcoin

[wtsimis]

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

How did it feel when you first invested in Bitcoin?

[Orpichukwu]

The first mistake you made was not doing your own research before to know more about scams. The second mistake followed when you trusted some third party with your holdings. You should always not trust anyone who approaches you with an investment doubling offer because there is no investment anywhere in the background of that discussion.
 
The last mistake you might make is that if you use it because of how you lost your bitcoin and stop accumulating, then that might put you in a state of regret, looking at how the price has moved over the years since you first invested in it.
 
My first contact with bitcoin was amazing, and I was lucky enough to learn things I needed to know before getting involved in it. I have not lost my investment to anyone, although I made some buying and selling choices, but that was what prepared me for where I'm right now.

[Patrol69]

First experiences are always different. You made the first investment of your life with $25 but you still remember that investment. Those who have a long time dream of one day investing in bitcoins and for that purpose get a lot of peace of mind when they manage money and invest in a stage of money management. I have heard many stories on forums who have struggled and invested in bitcoins. You started investing with $25 and of course you have invested a lot of money over this long period and sold your investments but still you show the beginning of your investment and want to know how other people's beginning was. The initial phase on your part is as exciting as it is for most investors and a lot of fun.

[AbuBhakar]

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

If Bitcoin is illegal to your country then I don’t think investing on it is still advisable because you can lose everything your investment including paying some fine when you get caught. Also there’s no way for you to benefit on this because you can’t convert it to fiat without having a risk of exposing your identity even with P2P transactions.

How did it feel when you first invested in Bitcoin?

My first time to acquire Bitcoin is not through purchase but rather by doing faucet and PTC site that pay Bitcoin but small fiat value that time. I invested a lot of my time grinding my Bitcoin that time but I’m feeling optimistic that the price will boom.

Due to my greediness, just like you I lose my very first Bitcoin by investing it on MLM and doubler which is popular during my time. It’s really a painful experience because I spend a lot of time grinding it. But this teach me important lesson to avoid scam until now.

[Bushdark]

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

How did it feel when you first invested in Bitcoin?

Sometimes it is a good thing when we have experience like this losing little amount of Bitcoin in a Ponzi scheme or third party web sites.
This things happens to many of us that first invested in Bitcoin in 2017, that year there are numerous third party websites that claims to double our Bitcoin if we bring referrals that would join us to create privileges and opportunity for others too. Many people lost their assets that worth more than $80 million to Ponzi schemes.

[Out of mind]

How did it feel when you first invested in Bitcoin?

Bitcoin is a virtual currency where a person has a dream to invest. Since you lost your first bitcoin purchase in your life only to buy from a third party site, it was the biggest sorrow and pain since your first investment. But when I first invested, I had a gut feeling that I would grow money from Bitcoin. And when a person invests, only positive aspects are always influenced within him.

[Zlantann]

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

How did it feel when you first invested in Bitcoin?

This story is very common among early Bitcoin adopters. Many of them never believed that Bitcoin would be this big so they handled the Investment carelessly. I don't also blame them because Bitcoin was a radical shift from the status quo and it will take more than faith and determination to believe that something good will come out of the cryptocurrency. Many of them lost the investment because they misplaced their wallet password or seed phrase. While others were driven by greed and were enticed to invest in a get-rich-quick scheme. These scam projects promised great returns from Investment and many people lost their funds.

But the good news is that there is still a great opportunity to still invest in Bitcoin because it is still in its infant stage. There is no need to dwell on regrets but we have to focus on raising funds that can facilitate our Investing in Bitcoin because the price will keep increasing in the future.

[BIT-BENDER]

What do you mean by third party hype site? And if you are investing in Bitcoin why would you make such moves, all you need is a private wallet where you store the Bitcoin you bought. It's that easy.
Most people who lose their Bitcoin do it because they made ignorant moves, firstly never trust anything until you have proven it to be true that's the way forward
.

[letteredhub]

What new ignorant investors don't know is that you don't invest in bitcoin through a third party, in real sense bitcoin was created to eliminate anything third party involvement in our transactions. Cutting off the middle man who's the evil behind traditional banking system.  It's hard to bear losing our money but at least you have learnt through experience however, make sure to be doing your own research in this industry it will save you from further loss out if ignorance. Like they said if you think knowledge is too costly to attain then try ignorance.

[suzanne5223]

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

If Bitcoin is illegal to your country then I don’t think investing on it is still advisable because you can lose everything your investment including paying some fine when you get caught.

You have a point but it depends on the illegality level of Bitcoin in the OP geographical local. It may be illegal for institutional banking to provide services for it and I'm sure the OP already understands the gravity of getting involved in BTC investment.

Also there’s no way for you to benefit on this because you can’t convert it to fiat without having a risk of exposing your identity even with P2P transactions.

There are many ways to benefit from Bitcoin even when from a restricted region and the P2P trading of BTC is there to solve issues like this. I remember when I traveled to a country where BTC is illegal I had to sell my BTC p2p and the buyer sent funds to me through WU.

How did it feel when you first invested in Bitcoin?

My first time to acquire Bitcoin is not through purchase but rather by doing faucet and PTC site that pay Bitcoin but small fiat value that time. I invested a lot of my time grinding my Bitcoin that time but I’m feeling optimistic that the price will boom.

Due to my greediness, just like you I lose my very first Bitcoin by investing it on MLM and doubler which is popular during my time. It’s really a painful experience because I spend a lot of time grinding it. But this teach me important lesson to avoid scam until now.

My story and yours are somehow related because I also lost some BTC due to naive understanding when I joined MMM Japan.

snip

Guys beware of this malicious link

[mk4]

Lol don't worry about it — you mostly need to lose your coins before you learn how to protect them, may it be from scams, from overtrading, trading shitcoins, and the like. What important is that you've learned your lesson so you don't experience something similar and lose your coins once again.

[Pokapoka124]

Your story is one of many. If you had managed to hodl the bitcoins till date, it would have been a good ROI in your portfolio. I believe many bitcoin investors lost a good chunk of their investment to high yield investment programs and altcoins. You may not want to hear this but I think you’re fortunate that you lost only $25. Back then, the notion was that Bitcoin was a ponzi and people were looking for quick ways to get rich, that made them a easy target for scammers.

[salad daging]

What do you mean by third party hype site? And if you are investing in Bitcoin why would you make such moves, all you need is a private wallet where you store the Bitcoin you bought. It's that easy.
Most people who lose their Bitcoin do it because they made ignorant moves, firstly never trust anything until you have proven it to be true that's the way forward
.

Maybe he meant third-party hype sites are ponzi schemes or scam exchanges? If they store in a non-custodial wallet then they will never lose unless the seed phrase is lost because there will be no more access to the bitcoins they have but if they bet on a site that is not trusted it will definitely be lost.

Usually the first person to lose because it is too tantalizing with the offer of ROI from other sites, so it is easier to be deceived than the reality, from that experience they can learn and be more careful again, but now OP already understands how to secure bitcoin properly.

[Bobrox]

Nice experienced for the future how most important about place or exchange for purchasing bitcoin, you make investment around $25 on 2017 and likely earn much profitable right now if keep hold it but loss assets due wrong third place for purchasing bitcoin after becoming scam. I has the same experienced with you last several year ago invested in bitcoin around 0.1 btc with values $100.
But long time not active yet in online forum and not update about bitcoin or exchange website are place for saving my bitcoin suddenly when I check with my bitcoin have gone because that website exchange have close operation.
Its very important before investing in bitcoin check how trust with place or third party for saving fund our bitcoin.

[AprilioMP]

✂️ I had a hard time losing my first bitcoin.

How did it feel when you first invested in Bitcoin?

It's great to receive notifications indicating that Bitcoin has entered your wallet.
Losing Bitcoin because you don't know how to save it. For beginners, losing Bitcoin is due to various mistakes caused by not knowing how to store and maintain it.

I didn't immediately enter the world of Bitcoin investment even though someone told me about Bitcoin on one occasion. I learned slowly what I had to do before I entered it.
The first thing I learned was about wallets and their security. If I have a lot of money and can afford to buy Bitcoin, if I don't know how to store and maintain it, then I think it will be a waste. And for me, when I was still a beginner, learning about wallets and their security was the foundation for starting activities in Bitcoin and other coins.

[BABY SHOES]

I have never experienced losing bitcoin because I am always careful with unclear investment sites, so I think it's normal for the first time you lose but from all that you get valuable lessons to secure assets better.

My feeling is that the first time I invested in bitcoin I only kept it in my personal wallet and did not make any investments in various specific platforms, maybe if trading spot or futures would be considered natural to lose because the first time is definitely not the way to take advantage in terms of analysis.

I'm sure people will experience the same thing even bigger lost bitcoins now have to be careful again because for bitcoin just keep it in your personal wallet your assets will remain safe.

[Twentyonepaylots]

I was mislead by the first sentence " Bitcoin is completely illegal in my country.." I'm not sure if you are referring to it as now or in 2017 but I'm pretty sure it wasn't banned that year, not even a single country would ban it coz it is powerless, I could say, that time not until it exploded that year as well. Buying my first bitcoin got me a giggle, it is memorable how the bitcoin stored in your wallet. I remember using a local e-wallet that stores bitcoin that time, and it really felt like you are ahead of the majority of people coz you are storing a money on different form and it is not a 'digital' or 'wired money.

[Viscore]

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

How did it feel when you first invested in Bitcoin?

Losing your first bitcoin investment is really frustrating, most especially if you use your hard-earned money just to buy that bitcoin. But no worries, all investments are actually tested at first and once you have learned your lesson, that's the time that you will be more capable to invest and gain more promising profits. People lost their bitcoin probably because of scam due to lack of security or its just that the investor itself is not knowledgeable enough to secure his bitcoin.

Whatever the reason, that will teach you to be more cautious and more careful every time you decide to invest. And once you start taking investments, be responsible to provide high security of your coins so you won't end up regretting due to lost bitcoins.

[nelson4lov]

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

How did it feel when you first invested in Bitcoin?

I didn't invest per se. My first couple of satoshis were gotten from faucets sites back when faucets were still a thing. As you can imagine, the amount wasn't big (a couple of 200-1k sats per site here and there). Anyway, I gathered what I had and poured all of it into a ponzi scheme called MMMUnited. At the time, I barely knew about ponzi schemes. It was until the site was no longer operational that I learnt my lesson.

The first mistake you made was not doing your own research before to know more about scams. The second mistake followed when you trusted some third party with your holdings. You should always not trust anyone who approaches you with an investment doubling offer because there is no investment anywhere in the background of that discussion.

At the time, there was barely useful resources about Bitcoin. One could barely tell the difference between what was legit and what was ponzi scheme scam. It's easier these days.

[Onyeeze]

Bitcoin is still completely illegal in my country. I was first introduced to Bitcoin through a friend of mine. I first bought Bitcoin in early 2017. I bought only 25 dollars worth of bitcoins then. The feeling of making the first investment in life was different. Although I wasted that Bitcoin by investing in a third party hype site. I had a hard time losing my first bitcoin.

How did it feel when you first invested in Bitcoin?

Normally when you have not understand the concepts of bitcoin at first you be rush to invest in bitcoin but when you study the concepts very well you will know the good time to invest in bitcoin and secondly, before someone or you advice any person to invest try to educate the person the falling and rising of bitcoin, and again theirs some certain things you are supposed to know concerning bitcoin, the thing is that the time to buy so that you will make profit and time not to buy bitcoin, so I believe that is what put some people into trouble from my understanding