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.

[cxtreenal]

It is important to know about Bitcoin security before investing. Even if you do not have investment knowledge at the initial stage, you can start by imitating experienced investors. It is important to choose a wallet to protect valuable digital assets like Bitcoin, backup your security keys and seed phrases, and be careful when using the device on which the wallet is installed.

There are some site links that look exactly the same, where you may be asked to confirm before entering and wait for your permission to allow notifications from some sites through third parties. Be careful of these because hackers are setting up traps to steal your assets.

[iBaba]

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 might be wrong, but I am thinking that it would not be a bad idea if people start with the exchanges first while building up the security of their wallets and learning the intricasies behind them. Bitcoin non custodial wallets are yet the best and are more secured to save your funds than the exchanges but you might fall deeply if you eventually failed to do the right thing regarding using of the non custodial wallets.

I will also advise that you should not wait until you have plenty funds to push there, you should start with the little funds you have and grow the wallet naturally. Why sometimes I advise also starting with the exchanges is because I also store a small amount of my coins in my exchanges which I use to enter trades and move the profits to the other side.

[Mpamaegbu]

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

That has to be stressed enough so that people don't only rely on whatever apps they think can't be hacked to realizing that the bigger part of their app security and safety lies with them.

In your experience:
- Which mistake causes the most losses for beginners?

Misplacement of app passwords and seedphrases are their biggest undoing as most newbies don't know how to care for those stuff. A lot of OGs who lost access to their early stash is traceable to what I mentioned here – they lost (forgot) their passwords/private keys/passphrases.

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

They should learn how to care for whatever app they're using in accessing their coins.

Hopefully this discussion can help newcomers avoid costly errors.

Well, reading alone is only but theory. The bigger picture is the practicals. I hope those reading this now will take a step further to ensuring they put to work whatever they've learned to practice.

[Big Dirams]

I might be wrong, but I am thinking that it would not be a bad idea  if people start with the exchanges first while building up the security of their wallets and learning the intricasies behind them. Bitcoin non custodial wallets are yet the best and are more secured to save your funds than the exchanges but you might fall deeply if you eventually failed to do the right thing regarding using of the non custodial wallets.

I will also advise that you should not wait until you have plenty funds to push there, you should start with the little funds you have and grow the wallet naturally. Why sometimes I advise also starting with the exchanges is because I also store a small amount of my coins in my exchanges which I use to enter trades and move the profits to the other side.

As a new user to the system of investing of course it a good and positive idea for one to go for non custodial wallet  and store their holdings and hold on to their seed phrase and the necessary security features safe and secure. And as a new user to store our phrase and secure our phrase would be a big priority for them so of course they wouldn’t try to mess with it instead they will keep ot safe and secure. 
I totally agree with you non custodial wallet is the positive wallet for new users to use and after all they won’t be no third parties and no matter how long we hold our assets we will definitely come to meet it so far we have our seed phrase.

 So many issues about exchanges breaking trust with investors. So many issues where exchanges just vanish into the air and run away with a lot of investors holdings which is why it advisable to use non custodial wallet instead of custodial wallet.

[AYOBA]

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.

Those that you think introducing themselves into Bitcoin with good intentions and still end up of losing their funds is because they refuse to seek for proper orientation about how the Bitcoin market works, all their thoughts is that if they invest once they can achieve what they want immediately; which doesn’t works in that way.

Concerning the seed phrase, some people don’t know how to keep it properly that’s why it may results in lost their and them the scammers or someone else find it and get access to the device this is part of reason why people always advise that we should keep our private keys in a safe place that it will be hard for anyone or scammers to get access to he/she assets.

[r_victory]

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.

[SilverCryptoBullet]

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.

Hackers and scammers must use something as attractive hooks for their scam or hack traps. These hooks are like honey pots for attracting people who are careless but too greedy and the most favorite hooks used are "too good to be true offers".

I agree with you that knowing about this, and keeping it in our mind will help us avoiding many scam and hack traps. When we are aware of the most favorite tools used by hackers, scammers and are disciplined and careful enough with our practice, we won't be scammed or hacked too easily.

The cryptocurrency scambook.

How to protect yourself

Don’t be delusional. If something’s too good to be true, it probably is.

[Zoomic]

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.

The promise of high ROI within a short period of time is a trap that catches newbies and not experienced users. An experienced user who false for fake ROI scam is a greedy human. I believe that that kind of scam method is even going extinction, there are more sophisticated scam methods ravaging the internet space now.
It is worse because of the presence of AI, so expect something not elementary from scammers.

I might be wrong, but I am thinking that it would not be a bad idea if people start with the exchanges first while building up the security of their wallets and learning the intricasies behind them. Bitcoin non custodial wallets are yet the best and are more secured to save your funds than the exchanges but you might fall deeply if you eventually failed to do the right thing regarding using of the non custodial wallets.

It is a bad idea but it has become a reality that we must deal with. Many newcomers and (including myself) when I first knew about cryptocurrency started with exchanges. This is because exchanges are user friendly, they even do promotions that you can see them while scrolling your social media pages. This is unlike non custodial wallets

[Somegory]

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.

There is nothing you can do to change the mind of people keeping their funds on Centralised exchanges, some people just want it this way, they don't want to be responsible for their own private keys or recovery seed so they prefer to let an exchange keep their coins for them, argue till the end of time they don't care about decentralised idea.

Some are also traders who have some funds on exchanges, for trading purposes only, they don't want to keep moving funds in and out everytime when trading opportunities present itself in minutes or hours.

Every time you crate a new wallet address you are going to validate the recovery seed by testing the words one after the other to avoid having incorrect phrases, but the mistake that people do is trusting online cloud services to keep their seed phrases safer rather than keeping them away from online.

Downloading fake wallet is still a thing today, all thanks to stupid app stores around us that were suppose to be trusted, the likes of Google Playstore and others can't be trusted, the best way is to find the rightful wallet official website and let them direct you to the right application on the app store.

I was a victim of sending transactions without confirmation the amount for transaction fee, I ended up paying more than I should have because I was in rush, I advice to always have the patience to understand what you are about to do before actually doing it, this is very important.

[sunsilk]

Concerning the seed phrase, some people don’t know how to keep it properly that’s why it may results in lost their and them the scammers or someone else find it and get access to the device this is part of reason why people always advise that we should keep our private keys in a safe place that it will be hard for anyone or scammers to get access to he/she assets.

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.

[Hatchy]

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.

The fact is that majority of today bitcoin investors are more concerned about the profit aspect of bitcoin. They no longer focus their mind on the most important aspects but are blinded by quick profits and short term goals.. the worse thing you can ever do is leaving your investment in an exchange thinking it's very safe. Maybe until the exchange is hacked and your funds locked with no plans of retrieving them. We have seen several cases of exchange hacks and along the line a lot of investors funds are lost.. it's not that difficult to get even the most simplest means, a sheet of paper, a biro, write out your seedphrase and store it.. most people are just too lazy..

[Fiasem20]

Concerning the seed phrase, some people don’t know how to keep it properly that’s why it may results in lost their and them the scammers or someone else find it and get access to the device this is part of reason why people always advise that we should keep our private keys in a safe place that it will be hard for anyone or scammers to get access to he/she assets.

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.

[sunsilk]

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.

[Plantations]

I think paying attention to details is a very important thing to do most especially when it is about online business.  Some simple neglects can mean serious regrets.