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

[Juicyhome]

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.

First, as a beginner you don't have to know every thing about Bitcoin before investing, the more you delay the more you're losing, it happened to me, at first I was scared because of the volatility. I kept procrastinating year to years instead to buy and hold as I'll leaning about Bitcoin. As a beginner the day you have an idea about Bitcoin just buy immediately into your wallet no matter the amount. Be the time your done learning about Bitcoin you already have it .

Secondly, your wallet security code should be shared with your trusted family member, don't hide from everyone, one day you might need it. I lose my Etherium til date because I didn't share my security phrase with anyone, I wrote it in a book during my service year and when I relocated I couldn't find the book I wrote it down, that's how I lost my very trust wallet phrase and I have coin in there,I believe by now it worth million because I bought it in 2019. Don't be like me, have something that won't betray you and share your code with them.

[Nheer]

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

I didn't had the experience of losing my coins in my early stage as some newbies carelessly misplaces their keys and later do have a regret after a long time when the get to realise the importance of having those keys safely in one piece but can't remember where they wrote it down or kept it

I think the first security habit for all bitcoiners both seasoned and newbies is to cultivate a private lifestyle around their financial life, followed by other necessary security habits.

Same here with me, since I started cryptocurrency I also haven't had any experience of losing my coins when I was a newbie. Newbies mostly lose their coins either as a result of ignorance or carelessness and it's mostly because they didn't have someone to put them through and guide them properly on how to secure their coins. I already had a little bit of understanding before I made my first purchase so I already know little about safeguarding my coins and was enough to prevent losing them. keys are as important as your coins themselves because losing them means losing your coins but most newbies learn this after making mistakes.

- 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

This one is very common because you will think with just small amount you can get a lot of altcoins since their prices are low hoping that the price will rise in a few time. I also lost some money investing in altcoins.

[JunaidAzizi]

For new bitcoiners, they first need to understand Bitcoin very deeply, its structure, how it works, and anything related to it. Most of them have just heard about Bitcoin, came to it, and started investing with zero knowledge. They made mistakes because of this lack of knowledge, and if they had some understanding, I don't think they would face any issues with Bitcoin.

This is my recommendation for them, lack of knowledge is the only reason that most new bitcoiners encounter problems. After experiencing losses, they run to acquire knowledge, so it is better to learn before entering into Bitcoin.