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

[ruykeri]

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.

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.

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.

4. And when it comes to investment, you should always be calm. You should never rush. You should not sell Bitcoin out of panic. You should always analyze your financial situation, expenses, and lifestyle and make the right investment decision.

5. Newbies often make a mistake, which is that they talk a lot about their Bitcoin with friends or relatives. Even sometimes they make transactions and avoid all these things in front of everyone. This is na correct. You should keep it secret. When no one knows whether you have Bitcoin or not, then the chances of you having problems are less. .

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

[Donk1]

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.

[Sally9256]

Generally I think knowledge is what they need to seek before they start their Bitcoin journey. The mistake is that they fail to seek knowledge and it then leads to every other mistake.

It's actually good to keep your investment private but sometimes too private can also lead to lack of support and sometimes missing out on some valuable insight from experienced individuals. Be security conscious at all times and share less information about your investment.

[Joeboy]

~snip

I will comment on your second point.......Okay whenever it comes down to storage of your coins, be it Bitcoin or any other crypto asset, it is always a must to prioritize the use of self custodial wallet over any exchange whatsoever. Even if you maybe plan on keeping your coins for probably a few days or so, we should still stick to self custody. I mean C'mon, we are all aware of how Kucoin restricted withdrawals, some months back, this alone should even be enough reason that we stay the hell away from exchanges. And yeah the importance of using a self custody wallet has been said times and times without numbers by both members of the local board and even also members of the general board. But still let me still say some of the reason why  self custodial wallet is still the best

1) Self custodian wallet ensure that you are in control over your coins

2) It's ensures that you are been protected from anything like exchanges collapse.

3) Using self custody wallet guarantees you privacy. It rare, infact impossible for self custody wallet to begin demanding KYC, which as we all know it is a norm for exchanges.

4) Using self custodial also guarantees peace of mind coz you know that you are in control of your funds.  etc....

[PremiumcryptoHub]

Yes, this is a trap for beginners because they get inspired to dive into investing by watching videos on social media and YouTube, but then they lose their understanding that these are just made to fool, just like today I saw a post on our local board that a person had 900000 Bitcoins in 2009, which is completely fabricated. Those who have less knowledge at the initial stage will believe such videos and will want to invest from there by getting inspired. However OP your second point is perhaps more useful, I would say it is actually very important to know the difference between a wallet and an exchange.

And yeah it's accurate that, exchange should generally be understood as a place where cryptocurrency can be traded, but on the other hand, our wallet is a digital or hardware device. The important thing is that the authorities of the exchange will have all the power, i.e. they can hold anyone's funds hostage, but you know that this will never happen with a wallet because control of everyone's funds will not be beyond their reach.

[casey15]

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

[Jubilee58]

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.

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.

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.

4. And when it comes to investment, you should always be calm. You should never rush. You should not sell Bitcoin out of panic. You should always analyze your financial situation, expenses, and lifestyle and make the right investment decision.

5. Newbies often make a mistake, which is that they talk a lot about their Bitcoin with friends or relatives. Even sometimes they make transactions and avoid all these things in front of everyone. This is na correct. You should keep it secret. When no one knows whether you have Bitcoin or not, then the chances of you having problems are less. .

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

You have just made some cogent points here, keeping your bitcoin in an exchange is not really a good idea, because if eventually the exchange closes your bitcoin is gone and is very difficult to get it back. If have become a victim of that circumstances, when I used OKX in my bitcoin investment and finally they stop rendering their services here and that was how I lost my fund. In the case of wallet it is never the same .

Bitcoin is a utility digital currency with many use cases and grow in value over time ; the growth of bitcoin and potentials does not rely on celebrities endorsement, or advertisement on the social media. Bitcoin growth is all about timing, that is why bitcoin investors should be patient with their investment and invest for long time purpose in other to make the most profit.

[Gozie51]

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

To discuss bitcoin itself and cryptocurrency in general with friends, family or the public is not a problem but what is the problem is when you lose your boundary loose to be disclosing your investment portfolio on bitcoin to them. Although, some people do that as show off to let people know how much investment they have. That is pride and arrogance.

We need to be discreet with what we disclose about bitcoin to the public because it can lead to attack on you.

[HajiBagi]

Generally I think knowledge is what they need to seek before they start their Bitcoin journey. The mistake is that they fail to seek knowledge and it then leads to every other mistake.

It's actually good to keep your investment private but sometimes too private can also lead to lack of support and sometimes missing out on some valuable insight from experienced individuals. Be security conscious at all times and share less information about your investment.

Na waiting you talk I go like talk about, knowledge is the first thing that someone should have if the person want to succeed when it comes to bitcoin, if you no get knowledge and you dey try thinking about anything about bitcoin that means say you dey stress yourself to do waiting you no nothing about, if you know waiting good and bad and some important things about bitcoin then you are free to go because you go know how to protect your wallet from those who no know the value of bitcoin. Knowledge is the key to every man succeeds because knowledge you will find it difficult to understand what you are going to do or how you are going to do to succeed.

[Itz-prisigold]

Nice one and thanks for sharing, I've really picked a lot from your points. And from my own little experience so far is that, most of these mistakes newbies make aren't really about Bitcoin itself, it's more about impatience, when you rush things or when you start trusting the wrong people.

For me, I've really learned the hard way that taking a step back, and cross checking things properly and also being patient can really make a big difference. And you see this thing about keeping your holdings private and being careful when you're doing P2P trading is something I've been really paying more attention to. You might see it as a small thing, but seriously, it will save you from a lot of stress later. Newbies don't actually need to be perfect, endurance and thinking things through will really go a long way.

[Mhizlove]

Honestly you're right, because these are the same mistakes that make newbies lose money into bitcoin. And they don't know the difference between exchange and wallet but rather they pay more attention to comments on social media. Some people can even go further to releasing bitcoin without confirmation of payment. And also you made mention about patience, bitcoin isn't some investment you rush into rather it requires patience and knowledge of how it works and one thing that we have to note is that it's also good to keep your bitcoin matters private because it will help you a lot. If those that are new into bitcoin can be able avoid all these things that can be able to save themselves from stress and the rest .

[Fiatless]

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.

Social media might be filled with junks but it still has some good materials. Contents or posts from people like Andreas Antonopoulos, Micheal Saylor and others could be helpful in your Bitcoin journey. It is also recommended that you don't just accept any information you see on social media, always do your own research.

[Cryptomultiplier]

Bitcoin is still a very hot topic in this country that it can't be discussed openly because people would think you have so much money, even among friends, many a times we must show them proof of an empty wallet so they don't think there's some BTC kept there and to be safe from losing your job or being kidnapped on your way home.

Naija Bitcoiners mostly those new to the crypto currency market must do their own research. Know the right tools, know the right terms, know how to invest and the best strategy to get the best returns not to just rush to invest in any new coin that they learn is being launched and that would pump to yield a lot of profit.

Crypto currency is still a baby sector in the country and it would take a lot of brave and intelligent investors to convince the government  with proof of work, to make it a legal tender to help the economy or even own a reserve bank.

[0x000369]

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.

Social media might be filled with junks but it still has some good materials. Contents or posts from people like Andreas Antonopoulos, Micheal Saylor and others could be helpful in your Bitcoin journey. It is also recommended that you don't just accept any information you see on social media, always do your own research.

The real problem is that newbies usually can’t tell the difference between solid educational content and hype-driven nonsense they see one TikTok or YouTube video and think it’s a signal to buy or sell immediately.

In the end social media can be a helpful starting point but it should never replace doing proper research reading real sources and taking time to understand what you’re getting into. Guidance is good - blindly following isn’t.

[Wiwo]

As a newbie to cryptocurrency,  you need to at least have a mentor that guides your every decisions that way you can be able to make good decisions thatblower your risk since you are going to be making your decisions based on your mentors suggestions, advice or thenotheres.

He may have seen alot of temptation but along thenline, they are going

[WhoYouCantKill]

Beginners usually rushes decision making, trust hype, or tend to accept YouTube predictions, leading to some bad steps. They equally get confused on exchanges with genuine wallets and end up risk losing their coins. P2P trading, normally confirm if the money is really inside you account before they get to lease Bitcoin. Remain patient with investments, ignore panic selling, and make sure your holdings is private. When you listen to these simple rules, then it will help prevent many starters errors.

[ruykeri]

Beginners usually rushes decision making, trust hype, or tend to accept YouTube predictions, leading to some bad steps. They equally get confused on exchanges with genuine wallets and end up risk losing their coins. P2P trading, normally confirm if the money is really inside you account before they get to lease Bitcoin. Remain patient with investments, ignore panic selling, and make sure your holdings is private. When you listen to these simple rules, then it will help prevent many starters errors.

Most of the newbies face losses due to making hasty decisions. You are right that they make decisions by watching YouTube and various videos which I mentioned above and this is a very important thing to make a mistake. That is why they should first develop themselves as patient because the success of Bitcoin investment is that the more patiently they have invested and HOLD it for a long time.

As a newbie to cryptocurrency,  you need to at least have a mentor that guides yohr every decisions that way you can be able to make good decisions thatblower your risk since you are going to be making your decisions based on your mentors suggestions, advice or thenotheres.

He may have seen alot of temptation but along thenline, they are going

Just having a mentor is not enough, have to be trustworthy enough. Because if  he is not trustworthy, then the mentor can often cause harm. You should never share the Seed Phrase with anyone . No matter how close and trustworthy he is. There is no problem in learning from an expert, it is really important, but you should not be too trusting of him.

[Wiwo]

Just having a mentor is not enough, have to be trustworthy enough. Because if  he is not trustworthy, then the mentor can often cause harm. You should never share the Seed Phrase with anyone . No matter how close and trustworthy he is. There is no problem in learning from an expert, it is really important, but you should not be too trusting of him.

To some extent i agree that trust shouldn't be joked with, because of all the bad experience that we have seen on life all came from trusting the wrong people,  so if someone is your mentor, that doesn't mean you should not watch tour back, at least one thing that is certain in this industry is privacy,  so sharing your wallet seed phrase with someone else even of such person is your mentor, doesn't make sense at all.

Always better to be in control of your wallet and never allow thrid party access, most of them that you may even see as mentors habe records of huge losses but their will not let you see that on them.

So while having a mentor, one should also do well to pay close attention to learning the path yourself in other not to over work your mentor,  or to expose your own security to third party in process of allowing the mentor to act for you.

[yixichloro2xx]

On the issue of that P2p I don't know people keep losing their funds to scammers. If you are a newbie always check the trader trading history and don't follow people that drop price higher than the normal rate. When the buyer tells you he has sent you money make sure you check your bank account before ever trying to release your coin.

[Justbillywitt]

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.
[/quote
But you know say this one no be truth entirely, bitcoin be something wey dey react according to news, if the news good price of bitcoin go dey positively affected and if the news na bad one the price of bitcoin go also dey affected. The price of bitcoin dey increase by hype on medias. Disagree entirely for this talk wey you talk. Na because of this thing make bitcoin traders con bring out this popular saying "Buy the news and sell the rumours. Hyping dey affect bitcoin price especially if the hype dey come from reputable and respected global individuals or organisations.