Common mistakes new Bitcoin users should avoid

[Tungbulu]

Sometimes the temptation to get rich quickly makes beginners forget all the risks. Altcoins are very tempting because they can make someone rich overnight, but most beginners forget that Altcoins can also make them poor in a very short time. This kind of awareness needs to be raised among each individual to prevent them from making the same mistakes, and it's also important to remind other members not to overly trust Altcoins.
I also experienced the same thing as you, but it didn't last long because after I did some research, Bitcoin became the only reliable coin and didn't take up too much time to monitor market movements.

Inasmuch as we sometimes  we may try to look away from this aspect, the truth still remains that  a lot of people who come into the crypto space are only there because they heard that it’s very profitable and so they go in with intention of hitting it big. While it’s actually possible to hit it big in crypto, they fail to learn that it doesn’t happen so fast, it takes a lot of time, and that time is one of the things that’ll determine whether or not you’ll make it via crypto investment. And that’s why only those who are patient and disciplined make it in crypto and those who only comes for some quick profit either loses the little they have or only feed on the crumbs.

[Omj1014]

These are some precautions I take:
For long-term storage of significant amounts, use a hardware wallet (cold storage). They are physical devices so they keep your private keys offline, making them immune to online hacks. You can use Reputable brands include Trezor, Ledger, and Coldcard.
Add an extra layer of security to all your crypto-related accounts (exchanges, email, etc.).
Use authenticator apps like Google Authenticator or physical security keys like a YubiKey.

[Antona]

I'd argue keeping funds on an exchange is the most costly mistake in aggregate. people treat CEXs like banks, but they're not when one goes down (FTX, etc) everyone loses
the first security habit should be self-custody, get a reputable hardware wallet or open source mobile wallet, and move your coins off the exchange as soon as you're not actively trading.

[Tungbulu]

I'd argue keeping funds on an exchange is the most costly mistake in aggregate. people treat CEXs like banks, but they're not when one goes down (FTX, etc) everyone loses
the first security habit should be self-custody, get a reputable hardware wallet or open source mobile wallet, and move your coins off the exchange as soon as you're not actively trading.

The reason why a lot of people prefer to turn to using CEXs is because it’s very convenient, but regardless of that, they’re not like banks and they sure don’t offer the same kind of protections that banks offers. Whenever something goes wrong with your money inside an CEX, there’s no place you can walk to complain, especially when you’re limited by geographical location, all you can do is rely on their customer support system, which sometimes isn’t entirely reliable and can take like forever to fix whatever issues you’re having.

[FirmWars]

In your experience:
- Which mistake causes the most losses for beginners?
- What is the first security habit every new Bitcoin user should learn?

Hopefully this discussion can help newcomers avoid costly errors.

The mistake that most people made that lead to the lose of their coins was because they lacked the right information to maintain consistency in privacy and security of their coins, if some of them had the required skill in handling security, they would not have lose their coins, so the mistake newbies make is not learning how to handle security very well. The first security every newbie should first know is that their Bitcoin is supposed to be hold off centralized exchanges.

[ObaLabsX]

I happen to be studying mistakes like this to evaluate for my investments that will start this year. In addition to some of the mistakes above, factors such as trusting the closest person to keep the keys to the wallet. It is not justified but in some cases the family is the first person to inherit, as a businessman I need to have that option to anticipate. But until now I've been considering different ways to keep it effective.



LabsX