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.

[Tungbulu]

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.

Maybe because they feel it’s harder to steal bitcoin from their wallet since you’ll need all the phrases and in the perfect sequence to be able to access the wallet and extract bitcoin from the wallet. But what they fail to understand is that it is even easier than they think to steal bitcoin, because scammers and hackers are working tirelessly everyday to come up with new schemes to compromise people’s security system.
There are people who just leave their wallet phrases on their phones, emails or even on their notepads, and in this case, all the scammers need to do is get access to their phone remotely, which is very possible and very easy, and all their bitcoin is gone.

[Callido]

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.

Newbies are likely to be scammed because they are ignorant, in the recent trust wallet extension attack, it wasn't newbies that was affected, there were long term Bitcoiners that still choose extension wallets, particularly trust wallet to be where they hold huge amounts of funds. Security and privacy lessons are for every person, both newbies and old investors.

One common mistake from new Bitcoin users is that they prefer to skip the learning stages and quickly move into investing, not knowing how to protect the coins bought poses enough risk to lose all investments.

[Hardyrobust]

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.

Newbies are likely to be scammed because they are ignorant, in the recent trust wallet extension attack, it wasn't newbies that was affected, there were long term Bitcoiners that still choose extension wallets, particularly trust wallet to be where they hold huge amounts of funds. Security and privacy lessons are for every person, both newbies and old investors.

One common mistake from new Bitcoin users is that they prefer to skip the learning stages and quickly move into investing, not knowing how to protect the coins bought poses enough risk to lose all investments.

yes you are correct, it is not just newbies that is likely to make such mistakes. Both newbies and long term users are likely to fall for this kind of attacks . However, newbies are prone or more vulnerable to be exploited because of there limited knowledge and lack of experience. The tendency of newbies to fall this kind of attack will be very high when compared with old bitcoiner.
Both newbies and old investors should placed security as the top most priority by always updating themselves with the latest security tips to avoid falling victims to attack that maybe unfamiliar to then since hackers are always coming up with new tricks.

[Zigabel]

Many people enter Bitcoin with good intentions, but end up losing funds
not because of scams alone, but due to basic mistakes.

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?

Hopefully this discussion can help newcomers avoid costly errors.

One mistake i have observed the most amongst beginners that has cost them the most of losses has to be with the clicking of phishing links, that has been one of the mistakes they do because most often they are been promised that the links are supposed to provide them with some security or get them some platforms on which they are going to earn some more crypto so they are tempted to click in such links so that they can be able to build and get some more crypto only to become victims of compromise on their wallets because they gave access unknowingly.

Security habit i think beginners should take not of or should inculcate has to do with the way the preserve and guide their seed phrase, this is because that is the first point of access to your wallet before compromise on the wallet, this is irrespective of a cold or online wallet, always make sure to have the access to your wallet limited to only you as much as possible and stop the habit of linking your wallet to any platforms that sends you links, your wallet could be phished.

[atookz]

- Which mistake causes the most losses for beginners?

One of the biggest mistakes that lead to losses, in my case, and in numerous instances of my friends is keeping all funds on exchanges for long periods. The money can be lost without any kind of recovery in the case of hacking, account freezing, bankruptcy or unilateral closure. And the settlement in this case is complete and irreparable.

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

The first security habit every new user should learn is to understand the principle of "not your keys, not your coins."

[Asuspawer09]

This are all just some newbies mistakes for sure, and I think it is part of being a newbies, but we have so much information today where we could easily learn this kind of things and avoid this kind of mistakes so that we could protect our funds etc. Also we are on the right path as I always says since we are part of the forum, there are a bunch of veteran members here in the forum that is willing to help you as a newbies in the crypto space, plus everything where you have some problem you could easily makea thread here and ask for help, I mostly do that when I was a newbies asking things on Electrum wallet and I learn it here as well.

A lot of beginners lost a huge amount of money because of the phishing links and fake software not just in the cryptocurrency space but even in the banks accounts or online digital banking it is just a very common method for scammers and hackers to drain people's wallet, so your funds is surely going to be lose when you fall on the fake links, to avoid this you want to know how the scam works, as long as you know what you are doing you can surely minimize the risk of getting scam, also you want to be updated with the latest method since there are new ways everytime if the other one doesn't work anymore.