Common mistakes new Bitcoin users should avoid

[puloweh555]

- Keeping all funds on exchanges for long periods

This one is the most common on which people do become that too confident on making exchangers as their main wallet on which we know  that once that exchange been hacked then say goodbye into your coins. Somehow if we do tend to compare the rate of exchange hacks as of these years or cycle on which it is more lesser compared in the past on which it is that being that known but of course we shouldnt be that too confident when it comes into this aspect since our coins/tokens are at risks. If you do value up your assets then its not bad or much cheaper if you do make out some transfers actively into your main non custodial wallet.

Mistakes do happen but if you are that loving to read up those guides and other experienced peoples advises then you would be able to avoid up these potential lose of funds. It all matters about on how sensible you are and applying it out into your assets.

That's right. Of the many cases that have occurred and the many complaints online about losing their assets the most common mistake is that they store all their Bitcoin assets on exchanges for the long term. If an exchange is hacked and goes bankrupt their assets are lost forever.

Furthermore, many beginners make the mistake of not safely backing up their seed phrases. In case their phone/laptop is lost or their seed phrase is stolen their assets will be lost. They also share their seed phrases with others or enter them on fake websites. This is a common mistake made by beginners, who consider wallet security trivial. They should write their seed phrases on metal, store them in a safe place, not as photos on their phones or in the cloud and never enter their seed phrases online.

I also want to add another common mistake people make when investing they invest with money they can't afford to lose. When the market is trending positively, they do everything they can to raise money to invest in Bitcoin. When it drops 30-40%, they panic and sell at a loss resulting in severe stress.

[Emeraldo]

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.

Lack of information can be a problem for someone that is trying hard to learn and become informed about how they can invest on Bitcoin and hold their Bitcoin safely without getting attacked or scammed. Before anyone must buy a Bitcoin, they must learn about the blockchain and how to keep their Bitcoin safe from attackers that could deceive them. Lack of information can make a newbie investor to allow a scammer or hackers to look into their Bitcoin and steal it from them. It may be too late for them to realized that they have lost the opportunity to keep their Bitcoin safe.

[Fiasem20]

And what's even wrong, because of how they want to secure it so they ask it to random people on how they should keep it.

They're given advance that are in favor of those strangers whom they've asked for it and little did they know, some of those tips are made to trick them so, they end up being scammed.

The newbies are having hard time in learning who are the people that has good intention in helping them and not.

You actually made a nice point,I would say newbies literally accept information/advice from random people without confirming from different sources if the information is legit or not.This is where the role of a mentor comes in,most newbies are so lucky that they have mentors in the crypto space that would always direct them and expose the tricks of scammers to them,while those that don’t have a mentor offline could also learn from legit sources on the internet.Lastly,I would say that if you want to grow in this space,find it hard in believing those projects that promises unrealistic returns.

That's because they're willing to learn but that's being used against them by those tricksters that have a bad intention on them as they know they're still new.

It's just sad that there are these exploiters and manipulators when they've got an idea that the person they're talking to is a newbie.

One will learn either from experiencing their tricks or by listening to someone that have told them to be careful with them.

Which do you think is the best way to learn?experiencing their tricks or listening to the advice of veteran?I everything has an advantage and a disadvantage,the advantage of being scammed is the fact that most victims wouldn’t create room for another scammer to lure them and they would be enlightened and also wanting to learn new scam.Then we have the ones that haven’t been scammed before in the crypto scam because they’re keeping themselves updated on the security measures in the crypto space and beyond it.I wouldn’t wish another to learn the hard way but there are advantages of learning the hard way.Aside being a newbie,don’t you sense suspicious activities that looks like a scam?

[Hazink]

The main problem, in my opinion, is the promise of high earnings in a short time; this is the most deceptive strategy, affecting both newcomers and experienced users. It's no use saying that the platform and its promises are seductive and convincing enough to make you believe, but we know that when something seems too good to be true, it probably is, and many still fall for it.

If someone is not being greedy for the old users, they should have more information on their desk to let them know that their is no free money out their and when they see what ever that looks like investment with high ROI, it's not worth to check it out just seeing such should be able to lead us into knowing they are scam and should be avoided, for the newbie in the crypto world if they are not in need for what want to make them get easy wealth it will be easy to calm down and detect when something looks fishy.

[Text]

I think the best way to learn is still by listening to the advice of experienced users & educating yourself first. Getting scammed might teach a strong lesson but the problem is that the loss can be permanent especially in Bitcoin where transactions cannot be reversed. Not everyone can afford to learn that way.

For me one of the most important habits a new Bitcoin user should learn is never sharing their seed phrase w/ anyone & always double checking links before downloading wallets or logging into exchanges. Many scams today rely on fake websites or messages that look legitimate.

[uchegod-21]

I think the best way to learn is still by listening to the advice of experienced users & educating yourself first. Getting scammed might teach a strong lesson but the problem is that the loss can be permanent especially in Bitcoin where transactions cannot be reversed. Not everyone can afford to learn that way.

For me one of the most important habits a new Bitcoin user should learn is never sharing their seed phrase w/ anyone & always double checking links before downloading wallets or logging into exchanges. Many scams today rely on fake websites or messages that look legitimate.

In addition, they should know what actions or errors puts their bitcoins at risk. Many newbies take this for granted. Once they could buy some bitcoins, they assume that they are good to go. Simple actions like:
Discussing Bitcoin with a stranger
Not storing their seedphrase properly
Being too honest to friends and some family members about how much they own and how they can access his bitcoins
Clicking on malicious links
Saving large amount of bitcoins on hot wallets
Having their wallets on their mobile phone etc

All of these are very risky actions. Newbies who know about these on time will be able to avoid making these mistakes and escape being scammed.

[Davidvictorson]

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.

Getting the wrong information from the wrong people about bitcoin due to having the wrong mindset is one of the basic mistakes that newbies have that would affect them. Failing to read and seek out information on their resulting in getting feed by various internet sources and being misinformed.
Not learning early about cybersecurity. They think what cryptocurrency entails is just about buying bitcoin but they never learn how to secure their asset properly.

In addition, they should know what actions or errors puts their bitcoins at risk. Many newbies take this for granted. Once they could buy some bitcoins, they assume that they are good to go. Simple actions like:
Discussing Bitcoin with a stranger

Stranger danger. And also trusting some random dude online easily because they think they know more about bitcoin because of huge follower base.

[EL MOHA]

For me one of the most important habits a new Bitcoin user should learn is never sharing their seed phrase w/ anyone & always double checking links before downloading wallets or logging into exchanges. Many scams today rely on fake websites or messages that look legitimate.

The first thing to do as a bitcoiner is actually to do your own research while this is not that easy as it looks I think it’s best to actually slow things down and not just jump into investing learn before attempting to earn.

One easiest advice i actually give to newbies is do not be shy to ask questions but mostly this questions are actually asked to wrong people which brings me to the most important advice which is never ever trust anyone from the internet. No one loves you to want you to make money with them. If the offer was that good they won’t giving it to you. Avoid clicking links.

Best form of wallet safety still remains the use of cold wallet

[Big Dirams]

The first thing to do as a bitcoiner is actually to do your own research while this is not that easy as it looks I think it’s best to actually slow things down and not just jump into investing learn before attempting to earn.

One easiest advice i actually give to newbies is do not be shy to ask questions but mostly this questions are actually asked to wrong people which brings me to the most important advice which is never ever trust anyone from the internet. No one loves you to want you to make money with them. If the offer was that good they won’t giving it to you. Avoid clicking links.

Best form of wallet safety still remains the use of cold wallet

Before one should even go into investing of any thing at all either in the cryptocurrency world or outside cryptocurrency making research is a very important aspects. We should probably know what we want to actually invest on and know how it works and the risks involve and with that we can stay safe and at least reduce our risk of losing money.
 No matter how shy we might end up to be let always ask questions when necessary and let ask for directions from the experience users so we might not end up making mistakes or losing so much just over not having the actual mindset of asking questions. Asking questions isn’t a crime and after-all we are doing our self a favor by not falling into loss, it might sounds somehow at times but let always ask questions when we are lost and confused. 

[BlackBoss_]

Before one should even go into investing of any thing at all either in the cryptocurrency world or outside cryptocurrency making research is a very important aspects. We should probably know what we want to actually invest on and know how it works and the risks involve and with that we can stay safe and at least reduce our risk of losing money.

While most people are exposed with this industry by news about Bitcoin first, they would be easily exposed to altcoins and most of them feeling altcoins are more potential for them in either investment and trading. If they do enough research, they would find resources, reminders about risk of altcoins, and realize that Bitcoin will be their best and safest choice.

Risk of altcoins
Don't buy altcoins because they are top altcoins.

Strengths of Bitcoin
Case Bitcoin (useful) with tables and charts that visualize how strong Bitcoin is. The site also has a page for Common critiques against Bitcoin which can help starters too.

[Zigabel]

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.

I followed very similar step in my early crypto days, i did used an exchange for a start then i proceeded to understanding what wallets are and how to use them, the advantages and how to get legit wallets that are safe to a good extent. play store at a time was a good place to find good and safe wallet for storage until some fraudulent entities got their way around it and their wallet are there and can be downloaded and they make away with peoples assets when deposited in their wallets, so it is best now to use wallets by reputable recommendations from certain platforms like here on the forum, but you have to be mindful the person the recommendation is coming form so you don't fall victim of a scam.

[Wiwo]

Taking a screenshot of their seed phrase and storing it in both phone and cloud storage is one way to lose their entire bitcoin. Newbie does this a lot more than you expected.

Single account compromise and the entire bitcoin get stolen. Never ever store seed phrase in phone unencrypted like that.

That can only happen if your phone got hacked or stolen with access to your storage apps, the fact is that, all of us we still take screenshots and keeping information online, but the difference between us and those that get scam is that we have basic safety knowledgeof the internet, this knowledge keep us in safety and as a guide of our conducts online as regards to our security.
 Of funds.

[IjawMan]

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.

Lack of information can be a problem for someone that is trying hard to learn and become informed about how they can invest on Bitcoin and hold their Bitcoin safely without getting attacked or scammed. Before anyone must buy a Bitcoin, they must learn about the blockchain and how to keep their Bitcoin safe from attackers that could deceive them. Lack of information can make a newbie investor to allow a scammer or hackers to look into their Bitcoin and steal it from them. It may be too late for them to realized that they have lost the opportunity to keep their Bitcoin safe.

In this present time there are bountiful of resource online that any person who wants to learn about and have an idea on any subject or thing can easily gain, and the introduction of AI can be of an assistant for self learning when properly used for knowledge sake.

The undeniable truth is that we are living in a  time now where many persons are lazy to do their own research to study and know for their self about just any thing and that includes bitcoin knowledge and how to own and secure it.

[SeriouslyGiveaway]

In this present time there are bountiful of resource online that any person who wants to learn about and have an idea on any subject or thing can easily gain, and the introduction of AI can be of an assistant for self learning when properly used for knowledge sake.

The undeniable truth is that we are living in a  time now where many persons are lazy to do their own research to study and know for their self about just any thing and that includes bitcoin knowledge and how to own and secure it.

AI can be helpful for collecting information and summarizing things for you but AIs are biased and sometimes provided faked content but cleverly make them very pseudo-real information. If you use AIs, you must keep skeptical with given information from them, and always do your fact checks.

I would like to use AI for quick summary about a thing I am interested in and need an overview before starting my own research on it but later I will search for more educational resources and do deep learning as well as making fact checks on what given by AIs.

Learning about Bitcoin is free with available resources.
Mastering Bitcoin.
Mastering Lightning Network.
For beginners.
Getting started with Bitcoin.
Bitcoin for beginners' illustrated guide.
Bitcoin layer two.

[Masinisa]

In your experience:

    Which mistake causes the most losses for beginners?

    What is the first security habit every new Bitcoin user should learn?
   

In my experience, the biggest mistake is the "exchange trap." Beginners treat exchanges like bank accounts, forgetting that they don't actually own the keys.

As for the first habit: The Small Test Transaction. Every new user should learn to send a tiny amount first and verify it arrives before moving their entire stack. It sounds simple, but it prevents 90% of heart attacks caused by wrong addresses or network issues. Learning to be patient is the best security tool.