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

[Orpichukwu]

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.

I once had the impression that most of the newly listed coins on exchanges were the best way to make quick money from crypto during my early days, which landed me in taking some great risks that were not worth it. Most times, I end up losing almost everything that I had invested in a particular coin due to the error of not thinking twice before investing. 

I can remember one altcoin, which was my last mistake. Just immediately, I bought the coin from pancakeswap. The same day, there was some pump on the token, but out of greed, I couldn't cash out of it. I was trying to hold on for a long to take a larger profit, but I ended up being a victim of rug-pull.

[mirakal]

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.

The bitcointalk forum offers the most legit information when it comes to bitcoin and its crypto space, so not knowing in it or taking a break before deciding to invest will really make a big difference unlike if you are always active in the forum. You might end up getting hooked on a new project where you think it has high potentials to succeed later on, not knowing that it has been the subject of scam being discussed in the forum. That way, you miss being informed that turns you become a new victim of it.

However, on my part, I guess one mistake that I’ve done before that until now I still can’t forget is when I believe bitcoin is a get rich quick that I’ve invested a lot of my earnings, only to find out that it takes years to profit in bitcoin, and if you rely on bitcoin profits alone, you will definitely end up starving to death.

[SamReomo]

You might end up getting hooked on a new project where you think it has high potentials to succeed later on, not knowing that it has been the subject of scam being discussed in the forum.

Yes, very true, I believe it was 2017-18 when there was an exchange where I used to trade coins and let some coins for staking. They had their announcement thread on this forum and the users who were using that exchange gave their opinion about that exchange time after time.

Suddenly that exchange got shut and the owner came up with so many lame excuses. I had invested around $1000 worth of funds on that site which were stuck there, and I was not sure what to do.

So I actively read their announcement thread to see for updates and when finally the site got functions after so many weeks then I successfully withdrawn some of my funds from that site.

After that event, I never traded on that site, and I was fortunate enough to get some of my funds because that site is no where on internet now.

[famososMuertos]

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.

I think that after several years, what you mention is a very poor philosophy for cryptocurrencies, perhaps in other areas it applies well, such as something "operational", a job on machinery, etc. But with bitcoin, the mistakes that are made can have such a personal root that they are useless for others. I think the main idea is to inform yourself well, check what you do wrong, and correct, to do that you can't wait to hear the mistakes of others, which by the way, a mistake in another individual does not necessarily mean that it has to have the same fate for you, I hope you understand the intrapersonal point of your question.

In conclusion, the mistakes made by other users in the crypto world do not have to be a guide for you, at least not always.

[G-aluminum]

Oh, I've definitely made some mistakes in crypto before! One time, I invested in a cryptocurrency without doing enough research and ended up losing some money. It was a valuable lesson though, and now I always make sure to thoroughly research before making any investment decisions. It's important to learn from our mistakes and keep growing!

[tread93]

Hmmm I would definitely say that just trying to make money with other altcoins was a waste of time and money, I should have just stuck with Bitcoin the whole way through. But in hindsight I also secretly wished that I had gotten a come up with one of those meme coins. Thats the problem with all the other coins except for Bitcoin, they're all risky! Also using Ledger was a huge mistake, nobody could have foreseen that tho. Hmmm lets see when Binance changed to US and Non-US version I accidently sent a small amount of funds to my old non-US address and they kept all of that. Ledger also was a little shit when I transferred all of my assets off there they kept .01 BTC of mine! Those bastards. I also had to try like 20 times to get my stuff off of there thee Nano hardware was failing lol I would say buying any Yogg cards were a mistake, also not buying enough of Bitcoin and some other physical coins when I had the chance. Hmmmm, and also selling some Bitcoin, I definitely regret that lol

[AnonBitCoiner]

Oh, I've definitely made some mistakes in crypto before! One time, I invested in a cryptocurrency without doing enough research and ended up losing some money. It was a valuable lesson though, and now I always make sure to thoroughly research before making any investment decisions. It's important to learn from our mistakes and keep growing!

Research is the most important thing in crypto coin selection because there are thousands of coins but we know only a few coins among them. Our knowledge about the coins is necessary because if we choose the wrong coin then we may lose money and also will also not believe in crypto investment in future that it will give us profit.

The wise person always learns from their mistakes and if you have learned from your mistakes instead of losing investment due to fear of loss so it is also a greatest lesson for you and other crypto individuals. Every individual makes mistakes and is common but those who leave a successful platform by just a single mistake can never be successful in future.

[AnonBitCoiner]

Buying and accumulating your desired coins are okay but I think we should not hold any coin so long that they go down forever and we miss the chance of making money from it. Everyone thinks that if they hold more they will earn more but I think holding should not be more than the time when the price is pumped to offer us profit.

Don't do what other people are doing because they have different minds than ours and also their reason behind their investment is not matching our goals. So do your own research and don't follow the strategies and investment plans of others as copying sometimes becomes hazardous for us.

[Distinctin]

Buying and accumulating your desired coins are okay but I think we should not hold any coin so long that they go down forever and we miss the chance of making money from it. Everyone thinks that if they hold more they will earn more but I think holding should not be more than the time when the price is pumped to offer us profit.

Don't do what other people are doing because they have different minds than ours and also their reason behind their investment is not matching our goals. So do your own research and don't follow the strategies and investment plans of others as copying sometimes becomes hazardous for us.

Hodling forever is certainly an exaggeration. In fact, it’s even hard already to hold your coins even within a year or two due to the pressures cause by high volatility, so I don’t really believe that someone is capable to hold his coins forever without attempting to sell most especially when the coins hit their all time high.

However, you were right here, do your own research and not copy what others are doing. Each of us has different goals and plans with our investments so do what you think is right based from your own research and analysis.

[serjent05]

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.

I think for those who are trading, this can't be help since they have to put their funds on the exchanges in order to put a buy wall or a sell wall.  But we should keep our fund out of the exchange if we are not trading and never use exchanges as banks.

With regard to exchange, I did make a mistakes by not activating security features such as 2fa that lead to my funds being hacked.

2. Buy shitcoins, instead of making money, they're in loss.

Not entirely true, there are instances that shitcoins gives a person a better profit than Bitcoin.  What shouldn't be done is holding shitcoins because it often ends up worthless.  My experience on this is when holding shitcoins one must be always updated and monitored since one missed opportunity will lead us to hold worthless tokens.  I have a stash of 3k shit token that were priced at most $20 each during the token's hype but failed to sell them because I failed to monitor the market and did not sell when the price was profitable and later the shit token become worthless because it was abandoned by the developer wich makes me end up holding worthless token.

[Ndabagi01]

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.

I personally cannot recall any mistake I’ve made since I started my journey on crypto. I always learn from the mistake of others and that has made me avoid many mistakes that would have cost me a lot in my crypto journey. The FTX saga was the one that I scared the most about cryptocurrency and how it is not reliable to depend on centralized exchanges with your funds. I felt I was in those people’s place that loss all of their savings, it was very relatable and understandable on how they’ll be feeling in those trying terms. I hope a repeat of that never happens again because it’ll only make people lose interest in crypto. It’s also note Worthing that all that happened is a huge sign to correct ourselves on where we keep our crypto assets for safety. Centralized exchanges are not dependable, so use a non-custodial wallet for your savings.

[Yatsan]

Here are some:

1. Sending to the wrong wallet address
2. Betting bigger than I can afford to lose
3. Pushing my luck too much
4. Betting without analyzing the match up
5. Betting to the opposing bias

Well, there are too many to mention but I guess we do all have our own mistakes inside and outside gambling. Bottomline is, you should be reflecting to learn and avoid not doing the same mistake again. Money is on the line and most of the time, it is just own fault why such things haappened and will regret it afterwards.

[CODE200]

Selling when there's really no need to sell is my worst mistake, never should've sold at some point and I would've enjoyed more profit out of the bitcoin that I've hodl in that long time that I was invested in bitcoin. Another mistake is not taking a chill pill whenever I get large sums of money, I immediately invest those money to bitcoin no matter how high the price is, at the end of the day, I end up regretting because the price suddenly goes down and now I'm at a loss, that's in the past now though, through the use of DCA, I'm able to portion the money that I invest and I maximize my profits because I don't lack the money because I didn't go all in quickly. The last thing that I think a lot of people forgets is that you can also enjoy life outside of bitcoin, don't be obsessed on it, there's other things that you can still do besides that, meet new people, enjoy the outdoors and more. Don't box yourself in bitcoin when there are other things that you can do, you might regret it when you're in your deathbed.

[Cryptomultiplier]

For me, the fear of having my coins stolen from my wallet by hackers or scammers or even the exchange itself crashing, has made me sell or withdraw too quick, when I would have been able to DCA properly seeing that I have actually studied how the DCA strategy of investment would fit my meager income.

I also made a mistake in not paying attention and practicing the steps taught to us during a free cryptocurrency trading class a colleague of mine organized during my old working days. Perhaps by now, I would have outgrown the fear of trading and losing my funds, instead I would have been more focused on trading and investment strategies to earn me better income.

[Iranus]

Buying and accumulating your desired coins are okay but I think we should not hold any coin so long that they go down forever and we miss the chance of making money from it. Everyone thinks that if they hold more they will earn more but I think holding should not be more than the time when the price is pumped to offer us profit.

Don't do what other people are doing because they have different minds than ours and also their reason behind their investment is not matching our goals. So do your own research and don't follow the strategies and investment plans of others as copying sometimes becomes hazardous for us.

I'm also investing quite a bit in altcoins but I have to say, other than bitcoin, none of the altcoins are worth the risk of holding long term. We should not ignore altcoins as their returns outperform bitcoin when bull season arrives but they should only be used for speculation and not long-term investments. Altcoin is just a zero-sum game, so invest with a stop and don't be too greedy if you don't want to pay too high a price.

And you are right, investing in altcoins requires careful research, don't invest just because others invest because there is no guarantee that they are knowledgeable and their choices are correct, or worse, they are the shiller of the project.

[heslylamba]

The biggest mistake most people make in crypto is trusting people. I know a lot of investors who have lost a lot of money because of their naivety.

[AnonBitCoiner]

Hodling forever is certainly an exaggeration. In fact, it’s even hard already to hold your coins even within a year or two due to the pressures cause by high volatility, so I don’t really believe that someone is capable to hold his coins forever without attempting to sell most especially when the coins hit their all time high.

However, you were right here, do your own research and not copy what others are doing. Each of us has different goals and plans with our investments so do what you think is right based from your own research and analysis.

Those who are greedy can enhance their holding duration because they are in thoughts that the more they wait the more they will be profitable but I think we should not increase the timing to hold because the chance to earn more money comes rarely.

Those who are taking benefit from Bitcoin by selling it when the price is higher and buying when the price is lower then they will not be affected by the act of other people because they use their own knowledge which is better than copying others. Bitcoin investment is good if we hold longer but when time comes at which the price is higher then a suitable option is to sell their Bitcoin because we can understand well about our status and can decide according to it.

[legendbtc]

Hodling forever is certainly an exaggeration. In fact, it’s even hard already to hold your coins even within a year or two due to the pressures cause by high volatility, so I don’t really believe that someone is capable to hold his coins forever without attempting to sell most especially when the coins hit their all time high.

It would be an exaggeration to say that someone will hold bitcoins forever without selling, but that doesn't mean people will sell their bitcoins every time BTC reaches a new ATH or that they can't be held long term. You are not new to the market and I believe you have heard a lot of news about whale wallets with thousands of bitcoins waking up after 10 years, 5 years of holding. How long we can hold BTC will depend on each person's vision, economic conditions... not everyone is like us, don't impose your thoughts on others.

However, you were right here, do your own research and not copy what others are doing. Each of us has different goals and plans with our investments so do what you think is right based from your own research and analysis.

Similar to what I said, short-term or long-term investing will depend on each person's situation and each of us will have different plans and different goals.

[arjunmujay]

The biggest mistake most people make in crypto is trusting people. I know a lot of investors who have lost a lot of money because of their naivety.

Wait a minute, what do you mean by trusting other people here?
Did you give your private key to someone else? or entrust your money to that person without knowing clearly who and how that person is?

I am one of those who trust other people, in this case a friend who tells me everything about crypto. even my friend taught me about how to invest there. Before I was on this forum, I once entrusted my money to invest in crypto even though I didn't know what crypto was. but only with this trusted capital, my friend was able to manage it well and was very transparent, even when his investment experienced a decline, I was always informed.

[Lidger]

I have just started the journey so I haven't made many mistakes in this short time but I may have missed some opportunities. Like I have known about Bitcoin since long ago and I also know a bit about investing here but never showed much interest in it but later when I realized that I should have invested then it was too late. For example, I learned about investing in Bitcoin when the price of a Bitcoin was under $30,000, but if I had invested then, I would have made a substantial profit now, but I didn't. Since I didn't do that then I must say that was a missed opportunity for me. But I will not see it as my mistake at all but I must learn here so that these lessons will be useful to me later.