Beginner’s Mistakes and how to avoid them

[Cashi]

Everyone of us has started in crypto and if you made a mistake that could have been avoided, I’m sure you wish to had this knowledge before. That's why I listed the best-known beginner’s mistakes here, if you have more, you can write them in the comments.



Don’t confuse private keys and public keys

The public key is your normal wallet address. It is necessary to know it, if you want to send coins to other people. Or you have to give the public key to other people if they want to send coins to you.

In opposite, the private key is like a password that gives you access to your funds on the address. If a stranger has your private keys he can access your wallet and steal your coins.
So please never confuse the two, the public key is always much shorter than the private key.

This could be a public key: 1b5fGK8uhK287FfZN8dk2s41x8nnu8H
This could be a private key: 5sKH4d12d5TfF45BNgf64LgdUTdES5d4HgDJdfHCr55NfKgGDkfH9D6d2hs




Never share your private keys with anyone

As a result of the point above, this is also important. The private keys are the only access to your coins. If you give away your private key that works like a password, the person who knows your public key and private key has access to your coins and can transfer them to another wallet. So, share never your private key! Also not to friends and other people if they turn out as untrusted.


Don't fall for scams.

There are lots of platforms offering 1% profit per day or more. However, these platforms are all scams, as such high profits cannot be earned. In most cases it’s a so-called Ponzi, collecting money from new investors to pay old ones but finally there is no real product and the website will be shut down quickly and the owners take your money. The most famous Ponzi was Bitconnect, crashed in January 2018.

Therefore, if someone promises you high profits, it is very likely that it is a scam, so be careful and only invest money if you are definitely sure that it is not a scam and you know how profits are made. Don’t trust empty promises without proof.


Don't get phished

If you log in into a website (exchange, wallet or Bitcointalk) make sure that you are not on a phishing site. A phishing site is a very close copy of the original website, but from scammers and if you enter your username and password, the scammers have them and will steal your coins or accounts, because they have now access. So, make sure, you are not on a phishing Website by checking the URL on the top before your login.


The only one you can trust is yourself

This is maybe the most important point in crypto space. If you follow this and are always skeptical, if you spent your money, you can avoid losses due to scammers. There are lots of scammers offering shady deals to scam Newbies.
And if someone offers you to do a great deal, be carefully. Never send first. A serious partner will send you first or doing this deal via escrow.


Do your own research

If you want to invest your money in coins, especially unknown Altcoins or ICOs it’s important to do your own research. Don’t trust YouTube videos or article / blog posts from third parties. In most cases this content is paid or from bounty participants. Never base your investment only on this content, it’s required to check the original information about the company by doing a detailed analysis about the project.
Use first hand information, read website and whitepaper and ask yourself if the solution offered by this ICO would be necessary or is it another copy of existing projects. The market for ICOs and existing Altcoins is very hard now and you need a good idea to exist. In addition, you can ask questions in the Telegram or via mail if you have concerns. An honest team will answer you.

Only use content posted by third parties as additional information but not for an investment recommendation.

And please be carefully by looking at ICO-rating-platforms. It's no secret some are involved in a shady business getting better ratings for projects if they pay rating platforms.


Don't invest more you can afford to lose

If you have done your own research and decided to invest in something, it could be wise to have your own risk management. Think about the worst case, it’s every time possible a project fails or cryptocurrency market enters a bear market.
There are stories about people who took a loan and invested in cryptocurrency. They might have now a big loss and problems to pay back the loan. Sad to see his losses: https://www.newsbtc.com/2018/08/15/cryptohomie-who-spent-almost-150000-on-altcoins-sees-85-loss/

So, don’t invest money you need for everyday life if you speculate in crypto and don't take loans.  


If you have something to add you can leave a comment. Best luck to your coins!

[BitMaxz]

I think you need to edit something related to the private key because this is my first time to see the private key that starts with 4, usually for compressed WIF keys it starts with K or L, and for uncompressed WIF keys it starts with 5.

Just to add this, if people are confused about these public keys and private keys, better read the Bitcoin prefixes that you can find from this link below

- https://en.bitcoin.it/wiki/List_of_address_prefixes

[Cashi]

I think you need to edit something related to the private key because this is my first time to see the private key that starts with 4, usually for compressed WIF keys it starts with K or L, and for uncompressed WIF keys it starts with 5.

Just to add this, if people are confused about these public keys and private keys, better read the Bitcoin prefixes that you can find from this link below

- https://en.bitcoin.it/wiki/List_of_address_prefixes

Fixed 

[Findingnemo]

Beginner make mistakes in various things, it can be sharing the private keys or recovery seeds of their wallet like you said but majority of the mistakes happen with trusting a centralized platform for example exchange or investment platform that guarantees returns that are too good to be true.

Don't get greedy, no one is going to make us rich. Engage in the forum discussions that will help the knowledge about crypto and it's securities over the time.

[Mia Chloe]

When working with crypto currencies there are so many risks involved but the thing is of those risks the most frequent ones are security related when it comes to bitcoin. Most losses newbies make from bitcoin comes from mostly coin thefts as a result of hack , scam phishing and many others. And this is basically the reason why I always advise that newbies make sure to properly understand how to secure their coins before attempting bitcoin investments.
People make crazy mistakes most times and If you are not quick to notice them you may end up losing your coins before you snap a finger and that's basically why understanding your security is important.

[Charles-Tim]

This could be a public key: 1b5fGK8uhK287FfZN8dk2s41x8nnu8H
This could be a private key: 5sKH4d12d5TfF45BNgf64LgdUTdES5d4HgDJdfHCr55NfKgGDkfH9D6d2hs

The second is a private key. The first that start with 1 is a bitcoin address. Bitcoin public key starts from 02, 03 and 04. I am not referring to those in HD wallets that can generate child keys. These ones are child keys on HD wallets.

Most wallet now are generating seed phrase which should be protected and not be revealed to anyone. Both seed phrase and private key should not be revealed to anyone. The seed phrase generates the private keys, public keys and addresses.

[Questat]

Everyone here started from a scratch, from having mistakes and learned from them. However, with this list that you have provided OP, this will create a big difference from every beginner by letting them aware of the most common mistakes and how to avoid all them.

But let’s be realistic, good information is not enough, beginners should do their own research as much as possible. While it’s okay to see them commit mistakes and learned from them, but for some reasons, if they can minimize their mistakes from the start and refrain theirselves from ending up with losses, that would boost their interest more to pursue their goals in the crypto market rather than seeing them quitting at their beginner’s phase.

[Doan9269]

Everyone of us has started in crypto and if you made a mistake that could have been avoided, I’m sure you wish to had this knowledge before. That's why I listed the best-known beginner’s mistakes here, if you have more, you can write them in the comments.

One thing i like about making mistakes is that you learn from it, then at that cause you wouldn't want to afford making the same mistake the second time, but those that have failed to realize on what should be done in the appropriate way are the types that never improve and remain the same spot they have always been, because they are not learning even from their own personal errors, so if someone make a mistake, we should try to correct the person, some are doing it without knowing, but if the person insist and repeated on same mistake, it also indicates that they are intentional about it and are being adamant.

[Berryfolia]

When working with crypto currencies there are so many risks involved but the thing is of those risks the most frequent ones are security related when it comes to bitcoin. Most losses newbies make from bitcoin comes from mostly coin thefts as a result of hack , scam phishing and many others. And this is basically the reason why I always advise that newbies make sure to properly understand how to secure their coins before attempting bitcoin investments.
People make crazy mistakes most times and If you are not quick to notice them you may end up losing your coins before you snap a finger and that's basically why understanding your security is important.

Beginners are prone to mistakes in any environment they find themselves,so it is not out of place for people of this nature to commit blunder or error.But if paraventure it happens that you stumble upon like this.You that must have experienced and know how this thing work,it is your sole responsibility to guide him or her by telling the person important keys in crypto with their function and other related problems newbie always encounter when getting involve in crypto space,at times they heard of different keys in crypto but the find it difficult to apply it when working in crypto environment,I think it is important thing that he/she should little knowledge on security,By letting the person know the reason why he should place premium on security when it come to crypto space.

[Darker45]

Some of these are general reminders, pretty broad. It seems a lot of newbies have to be spoon-fed with very specific reminders. If you tell them not to fall for scams or not to get phished, for example, they might not learn a thing. Many need specific dos and don'ts.

Even so, there are still a lot of newbies who are simply too credulous. If you remind them, for example, to only download a wallet from its official site, one still downloads from a social media post because it's coming from a verified account of somebody who is popular.

[cryptoaddictchie]

Even so, there are still a lot of newbies who are simply too credulous. If you remind them, for example, to only download a wallet from its official site, one still downloads from a social media post because it's coming from a verified account of somebody who is popular.

And thats popular is somehow a doppleganger of a professional money spoofer. Damn, X is really dangerous in my opinion for those newbies that are using it to follow their target or popular KOL.

Many newbies follows all verified account and little did they know that some of these can be easily imitated by scammers whose a slight difference will be noticed. Sometimes the fake account doea have more subs than the original. Thats how they can victimized users.

[jcojci]

Even so, there are still a lot of newbies who are simply too credulous. If you remind them, for example, to only download a wallet from its official site, one still downloads from a social media post because it's coming from a verified account of somebody who is popular.

And thats popular is somehow a doppleganger of a professional money spoofer. Damn, X is really dangerous in my opinion for those newbies that are using it to follow their target or popular KOL.

Many newbies follows all verified account and little did they know that some of these can be easily imitated by scammers whose a slight difference will be noticed. Sometimes the fake account doea have more subs than the original. Thats how they can victimized users.

Yeah it is right that those newbies needs to research, not trust anyone on the internet before they verify it, not falls for scams and phised. That is in the things that @OP shared to us so newbies must always research first before they decide.

Not just X but other social media can be a place for scammers to trick their target and follow what they want. That is why they must be careful when they want to research so they can avoid the scams. Comparing the data will be necessary to know more details of what they are looking for so they can get the right data or information.

[Boggie Man]

Everyone of us has started in crypto and if you made a mistake that could have been avoided, I’m sure you wish to had this knowledge before. That's why I listed the best-known beginner’s mistakes here, if you have more, you can write them in the comments.



Don’t confuse private keys and public keys

The public key is your normal wallet address. It is necessary to know it, if you want to send coins to other people. Or you have to give the public key to other people if they want to send coins to you.

In opposite, the private key is like a password that gives you access to your funds on the address. If a stranger has your private keys he can access your wallet and steal your coins.
So please never confuse the two, the public key is always much shorter than the private key.

This could be a public key: 1b5fGK8uhK287FfZN8dk2s41x8nnu8H
This could be a private key: 5sKH4d12d5TfF45BNgf64LgdUTdES5d4HgDJdfHCr55NfKgGDkfH9D6d2hs

https://www.talkimg.com/images/2025/01/19/WMePc.jpeg


Never share your private keys with anyone

As a result of the point above, this is also important. The private keys are the only access to your coins. If you give away your private key that works like a password, the person who knows your public key and private key has access to your coins and can transfer them to another wallet. So, share never your private key! Also not to friends and other people if they turn out as untrusted.


Don't fall for scams.

There are lots of platforms offering 1% profit per day or more. However, these platforms are all scams, as such high profits cannot be earned. In most cases it’s a so-called Ponzi, collecting money from new investors to pay old ones but finally there is no real product and the website will be shut down quickly and the owners take your money. The most famous Ponzi was Bitconnect, crashed in January 2018.

Therefore, if someone promises you high profits, it is very likely that it is a scam, so be careful and only invest money if you are definitely sure that it is not a scam and you know how profits are made. Don’t trust empty promises without proof.


Don't get phished

If you log in into a website (exchange, wallet or Bitcointalk) make sure that you are not on a phishing site. A phishing site is a very close copy of the original website, but from scammers and if you enter your username and password, the scammers have them and will steal your coins or accounts, because they have now access. So, make sure, you are not on a phishing Website by checking the URL on the top before your login.


The only one you can trust is yourself

This is maybe the most important point in crypto space. If you follow this and are always skeptical, if you spent your money, you can avoid losses due to scammers. There are lots of scammers offering shady deals to scam Newbies.
And if someone offers you to do a great deal, be carefully. Never send first. A serious partner will send you first or doing this deal via escrow.


Do your own research

If you want to invest your money in coins, especially unknown Altcoins or ICOs it’s important to do your own research. Don’t trust YouTube videos or article / blog posts from third parties. In most cases this content is paid or from bounty participants. Never base your investment only on this content, it’s required to check the original information about the company by doing a detailed analysis about the project.
Use first hand information, read website and whitepaper and ask yourself if the solution offered by this ICO would be necessary or is it another copy of existing projects. The market for ICOs and existing Altcoins is very hard now and you need a good idea to exist. In addition, you can ask questions in the Telegram or via mail if you have concerns. An honest team will answer you.

Only use content posted by third parties as additional information but not for an investment recommendation.

And please be carefully by looking at ICO-rating-platforms. It's no secret some are involved in a shady business getting better ratings for projects if they pay rating platforms.


Don't invest more you can afford to lose

If you have done your own research and decided to invest in something, it could be wise to have your own risk management. Think about the worst case, it’s every time possible a project fails or cryptocurrency market enters a bear market.
There are stories about people who took a loan and invested in cryptocurrency. They might have now a big loss and problems to pay back the loan. Sad to see his losses: https://www.newsbtc.com/2018/08/15/cryptohomie-who-spent-almost-150000-on-altcoins-sees-85-loss/

So, don’t invest money you need for everyday life if you speculate in crypto and don't take loans.  


If you have something to add you can leave a comment. Best luck to your coins!

Thanks for this thread, I appreciated for OP. But, any other reason like install App in mobile and yeah it maybe get loose your wallet

[Callido]

Everyone of us has started in crypto and if you made a mistake that could have been avoided, I’m sure you wish to had this knowledge before. That's why I listed the best-known beginner’s mistakes here, if you have more, you can write them in the comments.

One thing i like about making mistakes is that you learn from it, then at that cause you wouldn't want to afford making the same mistake the second time, but those that have failed to realize on what should be done in the appropriate way are the types that never improve and remain the same spot they have always been, because they are not learning even from their own personal errors, so if someone make a mistake, we should try to correct the person, some are doing it without knowing, but if the person insist and repeated on same mistake, it also indicates that they are intentional about it and are being adamant.

No matter how we may try not to make mistakes, it just can be limited but not totally avoided, in a way or the other mistakes are going to occur, as little or big especially newbies that are still getting involved. Bitcoin especially Cryptocurrencies happens to be very broad, in a slightest dull reasoning a scammer who is opportune with better knowledge can trick newbies into believing scam.

While we can accept experiencing and learning from our mistakes, to avoid making the bigger one that can cost too much from us, learning from experienced users who made that mistake then try avoiding it, some people has lost thousands of dollars all because they failed to apply what they learnt and was deceived by assumed profits being rendered.

[Stepstowealth]

Don't fall for scams.

Scams can also happen here in the forum, so as a newbie, you have to be careful because the forum is not completely filled with sincere people who mean well for everybody. Be careful of private messages from any account especially when you make the mistake of indicating publicly that you are a newbie who needs help with investing. You can know scams when the person is leading you away from the forum to a private website for things like investment, or when the person is sharing you or demanding a personal contact from you so you can have a private discussion on another platform.

[Su-asa]

Where crypto newbies get their informations also matters, if getting the wrong information about Bitcoin investment they probably think that Bitcoin investment is a get rich quick scheme. Because they have believed it, so they don't plan on investing in Bitcoin for long term.
However because there's many scammers on the Internet a newbie should learn to get the necessary informations about investment before making a deposit in to his portfolio. Constant checking on your seed phrase can help to avoid loss because without a seed phrase you can not access the coins on your wallet.

[bitbollo]

What I have seen during these years (also seeing many other scams or people mistake) is that people that could be get trapped by such issues are the latest people that will ever have a look on these suggestion.
Even if we create dozens of guides, websites, trust rating... people that fall on these WILL NEVER made any kind of previous check.
Nowadays is more likely useless create these guide. If you believe that a fake Elon Musk want double your bitcoin, there is no valid reason you will not send fund

[CryptSafe]

This is a nice write-up from OP. It is good that such topics appear once in a while so that newbies who have not been opportune to see them do so and for them to have knowledge of how scammers operate and to protect themselves from such happenings. The list you have itemized is worth reading and they are what needs to be adhered to by the newbies so that they do not have any issues with their assets because most of them are what hackers and scammers use to get at newbies who are still fresh in the crypto space.

I will emphasize the aspect of phishing links because this has caused many of their assets without them knowing. Avoid clicking links if you have no idea who the sender is as that is what hackers use to steal sensitive information from people to hack them. They send you PMs with links attacks luring you to click them and sometimes it is a winning price link you have no idea about and did not take part in. These are the strategies they use so one needs to be careful about links they clink in their inbox and if you are not expecting mail from an account or you received mail from a random account, do well to discard it to be on the safe side.

[BABY SHOES]

Beginner make mistakes in various things, it can be sharing the private keys or recovery seeds of their wallet like you said but majority of the mistakes happen with trusting a centralized platform for example exchange or investment platform that guarantees returns that are too good to be true.

Don't get greedy, no one is going to make us rich. Engage in the forum discussions that will help the knowledge about crypto and it's securities over the time.

Like there is a classic scam where they send a google form and then in the field ask to enter a private key or seed phrase and this is the most fatal mistake... Centralized platforms - don't store there.
Guarantee profits then it's like a ponzi scheme.

Yeah that's the point... don't be greedy... because if it's now a sweet investment vehicle that becomes a reality they will go for profit.

[promise444c5]

The public key is your normal wallet address. It is necessary to know it, if you want to send coins to other people. Or you have to give the public key to other people if they want to send coins to you.
[Edited out]
This could be a public key: 1b5fGK8uhK287FfZN8dk2s41x8nnu8H
This could be a private key: 5sKH4d12d5TfF45BNgf64LgdUTdES5d4HgDJdfHCr55NfKgGDkfH9D6d2hs

I thought I already saw this somewhere by you, although I don't know if it's duplicate but I'm going to repeat myself  once again...
Your public key  is not directly your wallet address but  can be used to derive your wallet address. Most used address today are derived through public key undergoing  hash and encoding process, example the P2PKH, P2WPKH.
Hence , public key is in  hexadecimal format  , what you posted is a legacy address and  already in base58 encoded format .