Some Mistakes among Bitcoin users in Naija , what I noticed.

[Mate2237]

If I may say security and privacy is one major thing that we should always prioritize, because if an exchange is the one who holds your private keys it's easy to say you are not the owner or you are not in control of your crypto. That's why there is a popular reminder that says, Not your keys not your coins. To me when you hear this word, consider to move your coins to your personal wallet. However as crypto enthusiasts we should never overlook any small or minor action we are supposed to take because a simple mistake can cause us a lot in the crypto space. That's just it, folks.

You're right security is one thing that every individual should learn how to adopt in the crypto community because one big mistake that Many people most especially newbies is not giving much attention to the security of their coins and this has caused them alot of pain due to the fact that they got scammed. The first thing that every one into Bitcoin must first of all do is taking appropriate measures to safeguard the security of your coins.




Learning how to invest in Bitcoin quietly is the best for every starter , because going about talk about your investment in Bitcoin is like exposing yourself to danger. Because you don't  know the mind of the person you are introducing Bitcoin to because human beings are highly wicked and you don't know the mindset of even your siblings so take the security of your bitcoin seriously .

[CryptoHeadlineNews]

1. The mistake that new people make the most is that they decide to buy or sell Bitcoin by watching videos on social media and YouTube. The price of Bitcoin does not increase or decrease due to the hype of social media. So newbies should make logical decisions. Do not make any decisions by listening to someone or watching videos. You should be patient and calm before making all kinds of decisions.

Yes, it's true that social media hype is one factor that usually contributes to the massive buy of Bitcoin when it's value is skyrocketing, and likewise massive sell when it's price is depreciating due to internet hype from content creators. But as a good investor who intends to benefits from Bitcoin in a long run, buying and holding on to it for dear life is actually the best approach, most especially if you have got spare funds, which is far better than leaving it in our traditional banks where it's value keeps depreciating due to inflation. Hence, Bitcoin remains the best asset, which people should invest in without relying on social media hype.

3. Many times, while doing P2P trading, Bitcoin is released without checking Proof of Payment. There are many fraudsters who edit and send the payment release screenshot, then you should check if the money is entering your account and release the Bitcoin.

And the most common one now is the fact that some vendors now short cut payments and manipulate the price of dollae to Naira while claiming it was a mistake, and I have been a victim to this twice, most especially on Bitget and Bybit crypto exchange. So I will advise newbies to be very careful while executing p2p trade on those platforms.

[Mayor of ogba]

I sincerely do not think talking about Bitcoin to your relative or friends Is a bad idea, because at some point, you will be creating awareness and educating them about Bitcoin... But you should however keep you assets private...they shouldn't know the worth of your Bitcoin, and you shouldn't make transactions in front of them.. you should keep your assets private and safe

I used to frown at telling our loved ones and friends about bitcoin because if they invest in bitcoin and lose their money, you will be totally held responsible for their loss because you introduced bitcoin to them. But lately I have changed that mindset because bitcoin needs awareness, and if we don't start by telling our loved ones and friends about bitcoin, bitcoin won't achieve the awareness. So we should prioritise telling our loved ones and friends about bitcoin, but we shouldn't force them to invest in bitcoin if they aren't yet ready to invest in bitcoin.

[ruykeri]

Yes, it's true that social media hype is one factor that usually contributes to the massive buy of Bitcoin when it's value is skyrocketing, and likewise massive sell when it's price is depreciating due to internet hype from content creators. But as a good investor who intends to benefits from Bitcoin in a long run, buying and holding on to it for dear life is actually the best approach, most especially if you have got spare funds, which is far better than leaving it in our traditional banks where it's value keeps depreciating due to inflation. Hence, Bitcoin remains the best asset, which people should invest in without relying on social media hype.

i agree with you. and Experts and logical thinkers never make this kind of mistake of social media hype, but new investors do. I have understood this from my short experience. Content creators actually spread this kind of strange information to increase their reach and get attention. Many people know that it is not right to believe them, but if they keep getting the same kind of news again and again, then without their attention, a fear is created in the subconscious mind, due to which the possibility of panic selling is very high.

[Obulis]

Good guide that has what it takes to avoid had I know mostly by the beginners The net is full of nets, a careful guide like this is a security to someones assets because of financial nets by people who find joy in reaping where they didn't sow.
In my case I was privileged to this information as a beginner most especially when doing p2p "do not release your coins when you have not received your fiat".
Painfully, some YouTube videos are from people who just want the views. As for what they are offering, some don't care how viewers go about it, theirs is just the hype to attract more people to watch their channel.

[Pablo-wood]

2. There are many people who do not understand the difference between a wallet and an exchange. One thing you need to understand is that the control of the wallet is completely in your hand. But the control of the exchange is not completely in yours . If the exchange ever closes, you have to lose your coins. Which many people understood during FTX.

Both exchanges and standalone apps provide wallets to their users the key difference is that exchanges provide custodial wallets where they hold our private keys while  standalone apps provide non-custodial wallet where we have control over our funds through the private key in our possession.


 

[Coyster]

So many older users in our community learnt through their own mistakes, wetin i mean be say, some of dem first lose their coins, before their eyes come open as to how to securely store their assets and how to back up their seed phrase safely. I am one of those who learnt everything i know about bitcoin on this forum, and i didn't learn the hard way, i understood the basics of how to keep my assets safe before i started hodling bitcoin.

That said, newbies have the opportunity to learn from the mistakes of others, rather than theirs. But quite a lot of them are impatient and they want to put the cart before the horse, that is why dem go lose their money, come dey call crypto scam. If you learn from mistakes wey other people make, e go help you to avoid that mistakes and keep your assets safe.

[Coin_info]

5. Newbies often make a mistake, which is that they talk a lot about their Bitcoin with friends or relatives.

I think it is okay to talk about bitcoins in general with people you call friends and even relatives because you can motivate them to want to have investments in bitcoins, just avoid speaking particularly about the bitcoins you have.

You should keep it secret.

I hope you know the difference between keeping it secret, and keeping it private? If you don't , maybe you go need see this topic i been start before.
https://bitcointalk.org/index.php?topic=5552830.msg65659216#msg65659216

[Agbam]

From my short experience, I have noticed some common mistakes among those who are new to Bitcoin. In some cases, such small mistakes can cause big losses. Therefore, you should be careful about some things. So that such mistakes can be avoided.

1. The mistake that new people make the most is that they decide to buy or sell Bitcoin by watching videos on social media and YouTube. The price of Bitcoin does not increase or decrease due to the hype of social media. So newbies should make logical decisions. Do not make any decisions by listening to someone or watching videos. You should be patient and calm before making all kinds of decisions.

If you can keep a little careful about all these things, I think security can be increased a lot.

Yes OP the matter wey u Dey talk so na Wetin Dey really happen, all this mistakes na based on say person no get the appropriate knowledge.

 I wan really talk about this your no. 1 point, I Dey feel say Wetin Dey cause am na because say most of us wey Dey get into bitcoin don mess around with shitcoins and memecoins first and so dem godey think say na the same pattern because as newbies we Dey call all of them cryptocurrency.

Because all this other coins Dey pump with hype and social media network and from watching videos online, dem Dey use am pass information. Some newbies go com feel say na the same way. This na why person gats get better understanding of bitcoin ooo or get senior person for the way.

[Zanab247]

2. There are many people who do not understand the difference between a wallet and an exchange. One thing you need to understand is that the control of the wallet is completely in your hand. But the control of the exchange is not completely in yours . If the exchange ever closes, you have to lose your coins. Which many people understood during FTX.

Both exchanges and standalone apps provide wallets to their users the key difference is that exchanges provide custodial wallets where they hold our private keys while  standalone apps provide non-custodial wallet where we have control over our funds through the private key in our possession.

Yes exchange provide different wallets but not only you will be having access to your exchange wallets, and there is no guarantee the coins will be safe for future use. Any newbies planing to use exchange wallet to hodl his coins or her coins for long years, there will be regret when they find out the coins is missing from their exchange wallets, because the exchange owner gave out rules and regulations every users must obey, and if you break any rule there will be punishment.

I only make use of exchange wallet whenever I want to sell coins, because there are many buyers and sellers to meet to buy any amount of BTC you want to buy or sell.