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Author Topic: Bitcoin Mistakes??  (Read 398 times)
Zanab247
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March 08, 2024, 05:04:23 PM
 #41

Quote from: boyptc
Never invest what you can't afford to lose.
Invest wisely to see if you are good in that investment before you can increase your investment in the future because, there are some newbies who will not exercise patience to learn from their mentor before investing that huge amount of money that will make them to feel the world has come to an end when they lost because they didn't invest what they can afford to lose.

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Never share your private keys to anyone.
The day you share your details to your friends on social media, be rest and sure that they will surely have access to your money some day, but if you can be able to keep your details well without sharing them with your family or Friends, nobody will touch your money for any reason.

"With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless." -- Satoshi
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Benedictare
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March 08, 2024, 08:57:35 PM
 #42


 Do not allow your emotions, to control you to make very quick decisions without exactly correct research or careful study, because of many times required to FOMO or FUD.
Do not trade beyond the normal,or with a lot of capital greatly reduce resources and rise up the risk of very important losses.
Not wanting to do proper research on cryptocurrencies and project before investing in other for you to understand the fundamentals and possible risk.
Do not be impatience, wanting immediate and not able to see things the way they really are.
Do not put all your investments into one single cryptocurrency or asset for is a big mistake.
Do not forget your password or seed phrase.
Do not put a wrong wallet address.
Do not use strategy that is hard to understand.
Do not ignore security, ignoring them means no implementation of strong security measures for your Bitcoin holdings.
Do not avoid knowledge,by reading gives you more ideas about Bitcoin and crypto investment and cryptocurrency at large .
Do not allow your emotions to control you when trading by being fearful or greedy. 
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March 09, 2024, 01:32:39 PM
 #43

Do not trade beyond the normal,or with a lot of capital greatly reduce resources and rise up the risk of very important losses.

I wouldn't recommend to trade with borrowed money, too. If your trade gamble doesn't play out well, you're in trouble.
Be also careful with leverage trading. You should very well know what you're doing and should do it only with money you can afford to loose completely.


Not wanting to do proper research on cryptocurrencies and project before investing in other for you to understand the fundamentals and possible risk.

You should always try to investigate or understand where the money comes from for advertises profits of crypto coin/token offers. If it sounds too good, it's usually some sort of scam.


Do not put all your investments into one single cryptocurrency or asset for is a big mistake.

Kinda agree with this, but I'd be fine if someone only wants to invest in Bitcoin. Anyway, don't put all your eggs into one single basket.


Do not forget your password or seed phrase.

More precisely I'd say: do not try to rely only on your human memory. Human memory is a tricky beast. You will forget things that are only in your bio memory. To verify you didn't forget or remember something correctly, you'd need a reliable and safe physical copy anyway.

Document wallet creation time/date/purpose/derivation path(s), wallet encryption passphrases, mnemonic recovery words and optional mnemonic passphrases only offline on physical media like paper and/or metal. No exceptions, period!
Do not make digital copies of those things on online devices, period!


Do not put a wrong wallet address.

Always carefully verify all output addresses of a transaction before you sign and broadcast it! Never omit this step also with a hardware wallet. A hardware wallet is basically worthless without an independent own display that must not be under any control of the connected computer or mobile device. Checking all transaction details on a hardware wallet's own display is your last line of defense against a potentially infected online device that "speaks" to your hardware wallet.

I recommend to use a decent hardware wallet (stay away from Ledger crap) and/or keep private keys on an airgapped device (watch-only hot wallet in conjunction with an airgapped cold wallet).


Do not ignore security, ignoring them means no implementation of strong security measures for your Bitcoin holdings.

Try to do your crypto coin/token/wallet stuff on a dedicated device that is NOT used for your daily internet shit (Linux recommended, avoid main malware target OS like Windows).

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