Common mistakes new Bitcoin users should avoid

[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.

[TechGr8]

Every Newbie into Crypto should invest in knowledge first. Knowledge sufficient enough to safeguard their funds and investments in Crypto so they don’t ‘Cry’ so suddenly.

And also they should belong to reputation communities like This “BitcoinTalk Forum” where they can learn form discussions, threads and ask relevant questions to know more too. As a form of look before You leap.

Because, ignorance made me lose a good amount of Money and I wish I could go back to not do the things I did then that made me almost bankrupt.

[Awaklara]

- Which mistake causes the most losses for beginners?

The most common thing I see from several beginners I encounter is forgetting to pay attention to and store the recovery seeds for their wallet access. They have already bought Bitcoin and transferred it to their wallet, and even though they haven't lost access to their Bitcoin, they are very vulnerable to losing it if they don't take the right steps immediately. 
Basic knowledge for those starting to invest in Bitcoin is very important. What needs attention is not just our ability to buy Bitcoin, but also how we protect and manage our Bitcoin.

[Tungbulu]

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.

I always tell people that the security of an asset is just as important as the asset itself. You can’t go and learn about the most effective ways of accumulating more Bitcoin without also considering the most effective ways of keeping your accumulated Bitcoins safe from hackers and theft. In fact, security should be primary and paramount to every other thing, because if your assets are not safe, then how much you’re able to accumulate in your stash is just as good as nothing. If people learn to prioritize the safety of their assets, then they’ll be able to avoid making certain common mistakes that may potentially cost them a fortune.

[Doan9269]

Newbies are mostly prone to being a victim of any attack, because not all of them know what to do and how they could identify any means of scamming them, that is why they easily got attacked and then they fail to realized what is at stake upon every decision they are taking, this is another reason why we keep admonishing for learning more and more in bitcoin, because we may not know all at the same time and we have to be well informed before being deformed.

[EarnOnVictor]

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

You've made good points, though many more could be added. Above all, and particularly as you've emphasised on the most important among the possible mistakes, I would rather advice beginners to never dabble into anything Bitcoin without fully understanding Bitcoin as a context, what it stands for, the risks, the benefits, the purpose, the safety and security, among many others.

Knowledge is key, even as any lapses are equally detrimental. But with the right knowledge, I'm sure they will be preventable. So, let them seek adequate knowledge.

[FirmWars]

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.

I always tell people that the security of an asset is just as important as the asset itself. You can’t go and learn about the most effective ways of accumulating more Bitcoin without also considering the most effective ways of keeping your accumulated Bitcoins safe from hackers and theft. In fact, security should be primary and paramount to every other thing, because if your assets are not safe, then how much you’re able to accumulate in your stash is just as good as nothing. If people learn to prioritize the safety of their assets, then they’ll be able to avoid making certain common mistakes that may potentially cost them a fortune.

People knows how to keep their credit and debit card safe so that backers don't get hands on it and extract important information that can allow them withdraw money from the account, but these same people don't know that they also have to protect their Bitcoin so that scammers doesn't steal it from them, it surprises me at times. Security is very important but some people just joke with it probably because there's no disclaimer that is always reminding them that security is paramount for holding Bitcoin.