Common mistakes new Bitcoin users should avoid

[Kasabus]

- Which mistake causes the most losses for beginners?

My own mistakes way back were getting lured by altcoins. For sure, a lot will relate to it. I started to get introduced to Bitcoin before, and I only own Bitcoin; I accumulate, and I have some internet gigs to earn Bitcoin with, only Bitcoin.
After that, I got introduced with these random altcoins, and to make it short, I lost a lot of Bitcoin because some of my Bitcoin were converted to random altcoins before.

Same with my experience bro. I was totally deceived with those too good to be true altcoins before and ended up risking my bitcoin and converted it into altcoins which I thought could gave me life-changing profits just how it promised.

But its also undeniable that there are some few but good altcoins that are making me profitable, but the rest are just a waste of time and money and no need to expect from them. Now I've learned my lesson, I will definitely stick to bitcoin and avoid those unreliable altcoins in the market.

[Miles2006]

Personally, I made use of an exchange first before getting a clear understanding how bitcoin wallets works. A clear experience although I never experienced anything negative yet if holding bitcoin using an exchange for long scammers are likely attracted to where you’re not in control over your coins. Aside storing coins in an exchange and is so common, downloading fake wallet is the easiest anyone can avoid by downloading apps direct from the website, I remembered last when fake apps flooded play store and in such situation it’s advised not to download apps using play store.

[Cyber_warrior]

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,

Lot’s of people didn’t get the right information early which is the reason why lots of people do end up losing at the end most especially newbie. Most newbies believe keeping bitcoin on exchange is more secure, and I won’t blame them for that, that’s what people that introduced them into the crypto space made them believe. Lots of people are outside now claiming to be professional, but they have just little knowledge about the crypto space, I will still call people like that newbie. I know someone that only has exchange wallet, and no matter what you tell him, he still has confidence in the wallet, and have tried to explain things to him, but he didn’t listen.

[Hyphen(-)]

From what I’ve observed, some common mistakes new users make are:
- Keeping all funds on exchanges for long periods
- Not backing up seed phrases properly
- Downloading fake wallets or clicking phishing links
- Sending transactions without understanding fees or confirmations

Bitcoin gives full financial control, but that also means full responsibility.

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

All the above mistake can cause loss of funds except the last one which you mentioned as understanding of transaction fee or confirmation. As long as you are very sure of the wallet address you input in and the network which the address belongs to, the transaction will be processed as long as you have enough money in your wallet that is up to the amount you are sending out.

Choosing the right wallet and downloading wallet in their official platform and backing up seed phrase is the most important security measures you are supposed take in your own, you can’t rely on centralized exchanges to hold your Bitcoin.

[Sambitcoin01]

Well before going into bitcoin investment or any investment what newbie's like us need to understand is that when investing firstly you make sure you understand what your doing or get someone trusted who's educated on things like this. Secondly we need to know that there losses and profit in bitcoin investment and also you need to check fundamental analysis on the market before investing.

[Cookdata]

Bitcoin gives full financial control, but that also means full responsibility.

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.

Back up your seed phrase properly in a safe place where you can access when the need comes, you can add a passphrase if you want but if don't know how to use it, don't bother to add it.. Don't use custodial wallet, use a non custodial wallet and make sure it's open source. Don't Kyc if you have alternative to buy from a service that's doesn't ask for Kyc, don't give your information on any website you see, try respect your privacy it's your freedom.

The general ways you can fall into trap, try and avoid anything that is free on the internet. If they made it free, then rest assure you are the product, they prey on your privacy and sell it for other company. Know the kind of people you discuss with when it comes to Bitcoin, the next person you think you can discuss anything can turn your enemy. Sometimes, friends envy each other because the other friend over shared, that was how he was unalive.