Share your top mistakes in crypto - learning from others experiences!

[SamReomo]

I have done only one mistake in crypto and that was to be not active on this forum for sometime. I guess that's the biggest mistake anyone can do, this forum is the place where you learn everything about crypto from the most professional users and as long as you're part of this forum then you won't make many mistakes.

By the way, it's always better to learn from others mistakes instead of doing some mistakes yourself. In crypto world the biggest mistake that most people do is not to learn about the market before getting into it. It's always better to learn about the market first and then start your crypto journey as that would help to be safe from many issues that may arise because of lack of knowledge regarding the market.

[Alone055]

As far as I can think, I believe FOMOing into an altcoin was the biggest mistake I made in my journey because it cost me a lot of money. I wasn't a complete newbie but I wasn't too experienced as well.

So one day when I was checking the market, I noticed that a coin within the gainers list has gone pretty high and it's still going, getting greedy seeing that, I FOMOed and made an entry, and guess what? The price started dropping significantly right after that.  

I waited too long for it to recover, but it didn't, and I knew it's not worth it anymore, so I sold them at a loss.

[tabas]

1. The importance of having your own hardware wallet. Most newbies believe that exchanges are safe, let's say that they do but not for keeping your assets.
2. If you are an investor, you need to be patient at all times and this comes about the importance of DYOR before you invest.
3. There is no other people to blame with our mistakes but ourselves.
4. Even in crypto, there is no easy money.
5. Don't believe about too good to be true investment schemes.

[HEWRA]

That is a nice thread, even tho I would say ( like many others before ) that you have to feel it on your own skin to really learn from the experience.

I think my biggest mistake was being "ignorant" when it comes to bitcoin and crypto in general. I've heard about BTC somewhere around 2015 I believe, and since I was always curious about it and wanted to know more, but never enough to dive deep in the world. Had this feeling before, but now it is even stronger: that if instead of getting my head wrapped about gambling with crypto's and trading , I could be really experienced but I just never really had a motivation except the financial aspect: which is very dumb out of me.

There would be more mistakes for sure but I feel like I am going to be eaten alive here

[o48o]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

1: Listening to any maximalists or influencers, be it for bitcoin or altcoin.
2. Not having a seperate wallet that i would just keep filling, not ever withdrawing. For my kids.
3. Not doing enough research beforehand, but fomoing in. Because fomoing in easily usually means that it's not only greed that affects you a lot. It's also the fear during the bear. Research about the basics of the tech and about markets in general, could have helped me with the exit plan.
4. Saying to anyone that i was buying. People can be jealous and it's not like it's their business what i have.
5. Setting a plan for myself and not following it, but changing it because of frustration.

[Kelward]

My first mistake in the crypto space was when I created my first wallet, and some Bitcoin were being sent to it, after many months when I wanted to send some to another wallet, that was when I realized that I've misplaced my passwords. It was because I casually created the wallet that I didn't remember the password, I saw where I wrote the seed phrase on a different paper, and when I imported the wallet, it kept telling me that I misspelled a word. I tried different combinations to change the words of the seed phrase, but it didn't work, so I got frustrated and abandoned it, my Bitcoin is still in that coinomi wallet till date. A big price to pay for my ignorance in my newbie days.

[Queentoshi]

4. Buy Bitcoin by relying on someone else advice and use emergency funds, it makes them can't hold for long term and might sell in loss.

In my own situation I did not rely on someone's advice to buy a Bitcoin else I would not have regretted it, but I relied on someone's advice and bought a lot of shitcoins that I didn't do my research on simply because I believe these people to be able to give better investment advice.

Another mistake that I've seen people making but not a personal mistake is that they make one time investment in Bitcoin and consider it enough to make them rich. People who benefit best from bitcoins are those that have been dedicated to long-term investing regularly, not just investing very small amount of money once and expecting it to multiply enough to make you rich.

[0t3p0t]

These weren't my mistakes, but it happened on other people:

1. Hold your coins in centralized exchanges, if the CEX got hacked, they lost all of their coins.
2. Buy shitcoins, instead of making money, they're in loss.
3. Privacy, people didn't mind to publicizing themselves if they own Bitcoin, until they being targeted by $5 wrench attack
4. Buy Bitcoin by relying on someone else advise and use emergency funds, it make them can't hold for long term and might sell in loss.
5. Thinking Bitcoin will make them rich, if they didn't have money, they can't even buy Bitcoin.

1. I did never hodl my coins in exchange for long unless I do trading.
2. Yeah recently this is what I doing and I have lost more or less $1,000 from shitcoins alone.
3. Here in my area few only knew what I did online especially crypto but I am not posting anything crypto related on my social media account.
4. Never did on this one instead I converted my Bitcoins to Altcoins and that's where I lost most of my money.
5. Yeah this is most common problem for some people because they are still interested in "get rich quick schemes" which I am not a fan of especially in crypto because I know the consequences already. .

[yazher]

My mistake is not having enough patient to hold because I sold my biggest amount of bitcoins too early before the bull runs last time and I made a goal after it for these days and also making enough money for our essential needs to prevent myself from making the same mistakes again. people always rush whenever they see the price of bitcoins increasing at an exciting rate and I was one of them back then, you just can't help yourself whenever you witness such a scenario because you are in the middle of excitement and hype. Whenever I think about it, I just don't mind anymore because at the end of the day I got decent amount of income which wasn't the case for others at that time.

[MeGold666]

Getting rich is the easy part, staying rich is much harder.
By rich I assume not having to work for the rest of your life, but different people - different thresholds and views on being "rich".

I think most of this people who will become "rich", who didn't invest into technology but in "the number goes up" - will lose it all (and then some) very quickly.

This can be observed with lottery winners, who end up poorer than they were before winning and many times with debt and jail time.

All because they spend a lot of money on things they can't afford to maintain, like big house, expensive car, taxes for all of it, etc.

So that's another thing to consider, I've seen it too many times with my own eyes how people lost everything due to failing businesses and not adjusting their life style to the amount they earn.

The truth is, there is no safe zone. You will always need to work for your money because money only works for you when you do the research and this is very hard work as there are many traps.

If you think you'll be able to forever do nothing because you have invested in Bitcoin, you will have a very hard landing to the reality.
(sorry for bad English - it's not my home language, I'm a bit busy and don't have time to correct myself.)

[GxSTxV]

To be honest, I don't understand how some people claim to have made no mistakes from since joining the crypto field. It's not that they're necessarily lying, but if they have never made a mistake in crypto, it means they have invested, succeeded, and made a fortune. Anyways, Here are some of my mistakes from which I have learned good lessons from them:
1- not caring about my assets security, I have got hacked twice because of downloading and installing some programs from unofficial sources (unfortunately I can’t have a cold wallet).
2-spending my bitcoin when I joined early on when the price were so cheap (about 400$)
3- trading bitcoin with brokers that allows higher leverage ratio, ending up losing my capital several time due to the market volatility.
4- trusting random people to deal with them, for example purchasing items using bitcoin from untrusted users.
5- when it comes to holding bitcoin or any other cryptocurrency, don’t let your emotions effect your decisions.

[bittraffic]

Seeing how people still hold their coins on CEX, I doubt it's possible to learn from other people mistakes.

Most people need to get burned to learn.

Can't share any cryptocurrency mistake as I never did one, I don't trust people and check everything for it's validity.

Just like the kid who has to touch the hot surface in the kitchen to finally learn it is hot and will not touch that surface again. But this is for the storing of the BTC in the exchanges.

If we are talking about people who trade all the time then having their BTC on the exchanges is very understandable. One mistake I did not learn from the start is not selling them all when the price hits overbought.

[coolcoinz]

My biggest mistake was trying to buy different shitcoins hoping that they'll rise more than bitcoin, not recognizing the true value behing bitcoin and its relation to altcoins.

If you're looking for stories like losing money to hackers, thieves, bankrupt exchanges, nothing like that happened to me. I also didn't panic sell my bitcoin since I first heard about it.

[eightdots]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

The biggest mistake is to rush. Even though I knew that the investment would reach the price I targeted, I was impatient when I first started investing. As I spent time in the market, I learned that the mistakes I made before became my experience. Of course, we cannot always make perfect choices when investing, but learning from our mistakes always takes us forward.

As we hear or read about mistakes made by others, we can be cautious not to make those mistakes. In the crypto market, new things can happen and experiences can be gained every day.

[Stalker22]

I used to obsessively watch the charts and make trades based on rumors I saw online.  Total recipe for getting rekt.  Id freak out whenever prices swung wildly.  Now I know volatility is just part of the game. 

Also, I almost fell victim to a phishing scam once. Some fake site almost got me to enter my private key and drain my wallet.  Those days of newbie mistakes were sweaty and stressful, but at least I learned a few good lessons about personal security.

[bluebit25]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

For me, the biggest stupidity I have ever faced is losing faith in bitcoin during difficult times. I knew about this market quite early for many people at that time when bitcoin was mostly seen as the scam of the century and most of it appeared with shady practices and was not as popular and accepted as it is now in.

I sold some of my bitcoin just to pay for partying, and now I find it worth it because I realize it's not too late to choose to trust bitcoins.

Remember one thing: you sell bitcoin when you think you have achieved some goal, but then you realize that if you don't sell it, it won't affect your life and you just keep it won.

[Rengga Jati]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

Honestly, I'm sure I have several. However, what made me really miss the moment to get high profits and enjoy it, so that in the end I didn't get any money until now was because:
Desire for a price target that is too high.
Greed..

Yes, that's the point, I was too greedy at that time. Because they want the price of these coins or tokens to rise again and again, without any tactics to take profits first. So in the end, I actually lost the moment because the market often changed direction very quickly and significantly. So what actually happened was that I couldn't use that moment to make a profit, instead I lost that moment. In the end, I still keep many assets in my wallet. In fact, many of these assets this season seem to no longer have a price, aka they have become shit coins.

[GideonGono]

My biggest mistake so far was, losing my private key.
I used that wallet to hold and track some of my savings/investment from from my salary, I want to separate my earnings in crypto to my actual investment/savings.
Luckily I knew that I lost access to that wallet, before sending out funds again.
And because of that incident, all of my private keys now have a back up copy.

[Mpamaegbu]

Three important things I've learnt first hand over the years in this industry. The first is never to sell all no matter how ridiculous you think the token will become or how a great ROI you think it has given you. Always leave a moon bag. Yes, take profit but remember to leave some behind. I learnt that in 2018 or so after I sold all my 270 BNB at once with what I thought was a huge profit. I sold around $3 or so.

Secondly, take out your capital once your investment sees profit. Don't be too confident that the market won't later turn against you. This industry is speculative and highly  volatile. Anything can happen at any time. Safeguard yourself by taking out your capital and some profit and then allow the rest roll on in profit.

Thirdly, never borrow funds to invest in cryptocurrencies. It's a bad idea that can unsettle you once there's a dump in the market.

[Bako97]

Share your top 1-5x most important mistakes you made during your journey in crypto that you won't make again and have brought you closer to success. I think we can learn a lot from the mistakes made by others.

During my sophomore year in the university, after learning little about crypto, without having any source of income aside the allowance i recieve from my parents, i quickly jumped into investing, thinking i might get to buy a ride before my final year. That choice led me into anxiety and depression for i thought it will come fast, after time spent in the crypto world, i realized that i need to have a job which i can use to fund my account, ever since then, i'm rather excited than anxious about the thought of the future.
Cryptocurrency is a secondary market where digital transactions are carried out, so therefore, to become successful in the crypto world, one have to have a primary market experience too, (i.e you need to partake in the three dimensional market too).