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

[testenan]

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.

[MeGold666]

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.

[Helena Yu]

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.

[pinggoki]

The biggest mistake that I've done is I didn't sold a lot of cryptocurrencies that I should've sold and I've sold some so early that I've regretted because the spike after selling is just too much. I've learned to do my research and make sure to keep some of them in the case that it might pump in prices especially now that I'm active with airdrops, I got to make sure that I wouldn't miss out or sell on a bad timing.

[btc78]

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

That’s definitely a bold claim and of course there’s absolutely nothing we can do to verify that.

Though I really do believe that no one is perfect and as flawless as not making any kind of mistake in their life. There are different kinds of mistakes you could have made even if you were the most careful man on earth. You are telling me you never regretted at least one small thing all throughout your crypto journey?

[Wiwo]

1: All of us have learnt one lesson or the other while engaging with cryptocurrency,  but the highest mistake I made was to sell off my jackpot winning from stake, I one time won about 0.03 in sport bet on stake.com but back then the price of Bitcoin was extremely low instead waiting for the market to recover I went on to sell it off and in few days after that the price of Bitcoin skyrocket ushering in the bull run.

2: Secondly is when I failed to check the receiving address there by sending a good amount pf my bitcoin to a wrong wallet address.

3: investing in coins that were solely based on hypes,  this time I lost almost all the investment and that thought me a great lessons that I will not repeat same mistakes again.

4: buying Bitcoin with the hopes that the price will skyrocket in the next minute, not knowing that bitcoin investment is a long term investment

5: storing my bitcoin on exchange that fold up, this thought me the importance of self custody.

[m2017]

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. Never pay in up front in cryptocurrencies (for goods or services) unless you are confident in the reliability of the receiving party or in the absence of guarantees to ensure the successful completion of the transaction.

2. Buy bitcoin as soon as you first learn about it. Don't wait for the best moment to buy, otherwise you will miss the favorable moments and will regret the missed moments years later.

There is a downside to this. Most often, people learn about cryptocurrencies during the hype thanks to the media and news. During this period, it is better to refrain from investing.

3. Avoid investing in shitcoins and most altcoins, otherwise you will lose your money.


People learn poorly from the mistakes of others, and only their own mistakes with financial losses force them not to repeat the mistakes. And even then, not always.

[Yamane_Keto]

Staking is not something that makes your portfolio grow quickly, I thought POS coins would perform better long term but I soon found that their value against the dollar was declining, no matter how much monthly return you were getting.
Do not sell Bitcoin unless you have a need, and do not believe analyzes that tell you that the price will rise more or fall more.

[MeGold666]

...You are telling me you never regretted at least one small thing all throughout your crypto journey?

Nope. I read a lot before investing and go after the source of information then check again if it's not a lie.

I don't follow other people, I don't get "influenced" by other people and I don't buy into promises of future development and use cases.

I also know how to handle critical stuff safely, encrypting everything and using cold wallets on dedicated machine.

This are basic 101 stuff but seems it overwhelms a lot of people due to greed and buying into the "next big thing" etc.

[Mate2237]

I almost released my coins to a Centralized Exchange Vendor without seen my money because he told me that he has made payment so I showed released the coins and I almost did that but my mine told me to stay calm and see the alert first and unknown to me he has not paid it was when I told him that I have not seen the alert he told me to send him another account details and he paid to the new account and I released the coins for him. So when you are trading be careful because those vendors most of them are scammers.

Then another mistake I made was keeping coins in Centralized Exchange and when government crackdown the exchange I almost lost the coin. I kept it in the period when the fee was high though the coins were for spending and I immediately transferred them to another exchange and sold them.

[lovesmayfamilis]

...You are telling me you never regretted at least one small thing all throughout your crypto journey?

Nope. I read a lot before investing and go after the source of information then check again if it's not a lie.

I don't follow other people, I don't get "influenced" by other people and I don't buy into promises of future development and use cases.

I also know how to handle critical stuff safely, encrypting everything and using cold wallets on dedicated machine.

This are basic 101 stuff but seems it overwhelms a lot of people due to greed and buying into the "next big thing" etc.

I'm just starting to get envious . But for me, there is always a warning that says that it’s not scary to be confident; it’s scary to be very self-confident. You say that you don’t follow people, but you learned everything you know and can do from people (it’s not the gods who burn the pots). Nevertheless, my mistakes, as m2017 writes, are that I knew about Bitcoin from its first days, but I didn’t buy it at that time and didn’t listen to the advice, which, of course, was not enough. Another mistake is believing in altcoins, but I think many people make this mistake. But what you, MeGold666, say about the deafness of people holding funds on centralized exchanges is absolutely true. They need their own experience, and here the saying about self-confidence is appropriate. It is always better to gain experience from the mistakes of others.

[MeGold666]

You say that you don’t follow people, but you learned everything you know and can do from people

Following and learning from other people are two different things, following (at least for me) means you blindly accept the knowledge without checking facts.

I have respect for few people in crypto space like ArticMine, but I would never say I follow him or others.

[kryptqnick]

Sharing mistakes is a good idea, as long as it's done not to ridicule others, but to support each other and learn.
One mistake I've made early on was to trust a custodial Ethereum wallet, which ended up performing an exit scam (or was hacked, that remains unknown).
Another was feeling greedy when the fees were around $15 per transaction at the end of 2017 and not selling any BTC at that point, while ending up selling later at a much lower price.
And I'd also name believing in the potential of altcoins and investing in them as a mistake.

[Stepstowealth]

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.

My biggest mistake was before I started investing in bitcoins, not now that I am a member, and I am grateful for this forum for that. I was not keeping up with information while my peers were doing so, and so I missed the opportunity to be one of the early investors in bitcoins as some of my friends are. It took a while for me to ask the right questions, what was the step to wealth? And one of these my friends mentioned investing in bitcoins.

My lesson from my experience gingers me now to always stay informed.

[arjunmujay]

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.

maybe this is some of my mistakes in crypto

• Buy at a high price then FOMO sell it when the market corrects.
• buying and holding shitcoins for too long until they are worthless.
• left the crypto world and this forum for more than 2 years.

Maybe that's all I can say for now, maybe everyone has experienced it, especially number 1.

[Ben Barubal]

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.

     You can't blame others when they hold coins on Cex platforms because it's their choice and they trust the exchange especially if it has a high reputation in the market here in the crypto space. the difficult thing is if you are new to the crypto business industry. But if it's like Okx, Binance, Bybit and others, I think it's fine.

     but there are others who hold their crypto assets in Dex, as long as each holder knows what they are doing, I don't think I see any problem.

[MeGold666]

    You can't blame others when they hold coins on Cex platforms because it's their choice and they trust the exchange especially if it has a high reputation in the market here in the crypto space. the difficult thing is if you are new to the crypto business industry. But if it's like Okx, Binance, Bybit and others, I think it's fine.

     but there are others who hold their crypto assets in Dex, as long as each holder knows what they are doing, I don't think I see any problem.

I don't blame anyone doing this, I just think it's not smart (to say it nicely) for holding your coins even on a reputable exchange.

BTW. Binance is far from reputable. It has popularity, but it's a septic tank controlled by criminals.

[Shamm]

...You are telling me you never regretted at least one small thing all throughout your crypto journey?

Nope. I read a lot before investing and go after the source of information then check again if it's not a lie.

I don't follow other people, I don't get "influenced" by other people and I don't buy into promises of future development and use cases.

I also know how to handle critical stuff safely, encrypting everything and using cold wallets on dedicated machine.

This are basic 101 stuff but seems it overwhelms a lot of people due to greed and buying into the "next big thing" etc.

 
I don't think  that we don't have mistakes in our journey in crypto and i think that  the common mistakes of every investors is greediness cause once it takes our emotions and we lost out of control then we sell our coins even though the price is too low. but without knowing that there's a perfect timing that we can have a good profit in the long term of our investment, so the main point here is we need to be careful and we don't need to be greedy cause there's a perfect timing for everything.

[MeGold666]

I don't think  that we don't have mistakes in our journey in crypto and i think that  the common mistakes of every investors is greediness...

I agree that greed (combined with the lack of patience) is one of the sources of bad decisions.

For me money is just a highscore number like in every other game, I like to increase it but I hate materialism and don't care how much who have.
I don't have much emotion for it when it comes down or up, I'm a long-term investor and I'm not in a hurry as I already have enough.

Maybe that's why my decisions are more calculated, than just throwing money in X project and hoping for the best.

[Upgrade00]

I made many a mistake when starting out, but they were more of phases in the learning process than mistakes made. If I'm to advice someone who's just getting in it would be to;

• Take your security very serious and d not assume your memory is good enough. Write down anything which is important, seedphrases, log in details, passwords etc.
• Don't be in a hurry to put money into anything.
• Don't invest because others are doing it. Convince yourself of any investment you want to make.
• If you have other skills you can market in the crypto space, contribute to the community and earn from your service.
• Don't react to market volatility.