Common mistakes that New beginner often make.

[Queen uloma]

‎Many people that just started using Bitcoin, does not really understand How Bitcoin system works, that's why most of them make common mistakes, those mistakes includes:
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‎1. Most beginner rush to buy Bitcoin because they heard that the price goes up, they don't even bother to understand the system before investing.
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‎2. Most beginner does not protect their wallet, if your seed phrase is not protected and some has access to it, it may make you loss all your money, To avoid this type of mistake, write your seed phrase in a notebook and hide it where no one except you will see it, to avoid losses.
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‎3. Many beginner keep their Bitcoin for only exchange rather than their personal wallet, if anything happens to their exchange they might loss all their money.
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‎4. When the price of Bitcoin falls, many people usually panic especially new Beginners. Bitcoin price goes up and down and that's the reason for panic selling.
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  NOTE: ‎Because of all this mistake, beginners are supposed to understand and learn about Bitcoin before they can invest, so to avoid all these common mistakes.
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[Dex_master25]

This na one of the many reasons why I join this forum in the first place. I have always known and heard several discussions and even seen movies about Bitcoin and crypto currencies market, but how to enter in, is the mystery I must resolve with the knowledge I get here and from my personal research and questions.
I have never been one to jump into any new investment without proper background check and am trying to ensure right now that I am conversant with the ills and blessings and safe practices that is needed to buy, hold and trade Bitcoin and other crypto currencies before investing in it.

[Agbamoni]

This na one of the many reasons why I join this forum in the first place. I have always known and heard several discussions and even seen movies about Bitcoin and crypto currencies market, but how to enter in, is the mystery I must resolve with the knowledge I get here and from my personal research and questions.
I have never been one to jump into any new investment without proper background check and am trying to ensure right now that I am conversant with the ills and blessings and safe practices that is needed to buy, hold and trade Bitcoin and other crypto currencies before investing in it.

Good start. But you dont need to have all the necessary knowledge before you start buying Bitcoin. I was expecting OP to emphazies on it.
You only need the basic knowledge. The basic knowledge include; how to buy bitcoin and how to store it on wallet with a high security process.
If you have this simple knowledge, you can buy, hold, and trade Bitcoin whenever you like. Other knowledge can come later.

[IceLincoln]

When I first saw your topic I thought to myself “Dem never taya to talk about common Mistakes beginners or newbies make?”…. But seeing your content…. It’s  a bit different from the norm and it’s more of a practical experience.
The major mistake I think is undermining the educative process of it: That is seeking proper knowledge and understanding of bitcoin before and as you go on in your accumulation journey.
Sometimes the mistake is from who onboarded them and the kind of orientation they were given.

[Zaguru12]

‎
‎2. Most beginner does not protect their wallet, if your seed phrase is not protected and some has access to it, it may make you loss all your money, To avoid this type of mistake, write your seed phrase in a notebook and hide it where no one except you will see it, to avoid losses.
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Good advice but try to add the fact that note book too shouldn’t be the ultimate back up rather of there is also means they should use Materials that can stay longer in terms of disaster or also do well to back up the seed phrase in Atleast two different locations. Also there is an added layer of security to the seed phrase which is the passphrase which can be added too.

Most importantly for anyone actually holding big amount, the priority should be cold wallet storage to limit the risk. The storage can be either hardware wallet or simply SPV wallets on an airgapped device. But for a total newbie hardware wallet is advisable should be open source and also airgapped

[OsaiEmma]

Another point is
Most beginners don't know about Bitcointalk.
In as much as there are a lot of incentives here, which so many people are here for, I feel here is like one of the best places to DYOR before venturing into Bitcoin, just as Dex_master25 said,

This na one of the many reasons why I join this forum in the first place.

It is a very good first step in starting your Bitcoin investment journey. When I was introduced into crypto, the person barely told me anything, maybe they don't know much either, but they had some mentors though, I was like a lost child in the crowd, it made me loose a lot of money cause I didn't do my due diligence, so being here is truly important, because it equips u with the necessary knowledge and pointers in navigating in Bitcoin, and crypto space at large.

Good start. But you dont need to have all the necessary knowledge before you start buying Bitcoin. I was expecting OP to emphazies on it.
You only need the basic knowledge. The basic knowledge include; how to buy bitcoin and how to store it on wallet with a high security process.
If you have this simple knowledge, you can buy, hold, and trade Bitcoin whenever you like. Other knowledge can come later.

I agree with you on what you tag as basic knowledge needed, when I ventured into cryptocurrency, I didn't start by buying Bitcoin, I was investing in alts, one disaster I fell into was losing my assets due to bad security.

Security is like the very very basic knowledge needed after knowing how to buy Bitcoin, because you might just loose all your assets/portfolio just after buying Bitcoin with a loose security.

In investing in Bitcoin, you are your own bank, you see how close and tight bank securities are, that's how you should tightly guard your assets, cause now that responsibility is fully placed on you, keep your seed phrase safe, do not connect on malicious contracts with your wallet, be on guard while interacting with any Blockchain, if I have too big a portfolio, I'll probably memorizing my seed phrase even after backing it up at different places 😂.

[Loyang]

A person who buys Bitcoin by seeing its price rise and fall is never an investor but a trader. An investor will never be too worried about the volatility of Bitcoin's price and will not sell his holdings. All those who take such an approach to buying and selling Bitcoin are basically a trader.

Yes, it is a very good idea for a person to write down their seed phrase in a notebook. I adopt this method and to this I add the fact that I have written down my seed phrases in three notebooks. When I write down the seed phrases in one place, there is a lot of risk of being destroyed or lost. To deal with such disasters, I have written down my seed phrase in three places and kept them in the most secure place. However, writing them in three notebooks and keeping three notebooks in the same place will never be the right idea, they should be kept in separate places.

[TokenTikas]

‎Many people that just started using Bitcoin, does not really understand How Bitcoin system works

I have seen these kinds of mistakes from beginners many times and even now still notice them sometimes. Even after warning them earlier, they still end up repeating the same type of mistakes. Instead of doing what they should do as beginners, they move into investing based on their own wishes, later they are often seen feeling disappointed.

Usually, a new person will have a different level of curiosity about bitcoin. At the beginning, the main focus should be on learning the details about bitcoin and taking time to properly analyze its history. When someone starts to understand bitcoin better, even if the understanding is not complete but at least partial and also has some idea about the market situation, then moving forward with investment becomes a better step. It is not possible to learn everything at once but gradually as the person continues learning about bitcoin, many questions will naturally come to mind, while searching for the answers to those questions, they will end up learning and knowing many more things.

In my opinion, this is how a new person should begin their bitcoin journey by learning and understanding it first, then moving forward into investment. When someone follows this kind of path, the chances of making mistakes become very low.

[Out of mind]

For beginners, it is not their fault to rush into Bitcoin, but it is their lack of experience, if they learn everything about Bitcoin well in the beginning with their own knowledge, they will never make a mistake by investing in Bitcoin. There are some people who are very motivated in investing but later they do not have much interest in that investment, due to which they do not keep their wallet phrase in the designated place.
Basically, beginners should first learn about Bitcoin investment and later buy it, they should also have enough experience in how to analyze the market and later use a good wallet. Basically, they should not lose patience by investing in Bitcoin, but they should be patient and keep their Bitcoin in the wallet for a long time.
If the wallet phrase is not kept in a safe place, it is not possible to get the invested money back later if it is lost at any time, so it is important to be careful. In the case of beginners, all these mistakes are made many times, so they should first learn and later participate in investment. This is important for beginners.

[Yablee0]

‎
‎2. Most beginner does not protect their wallet, if your seed phrase is not protected and some has access to it, it may make you loss all your money, To avoid this type of mistake, write your seed phrase in a notebook and hide it where no one except you will see it, to avoid losses.
‎

Good advice but try to add the fact that note book too shouldn’t be the ultimate back up rather of there is also means they should use Materials that can stay longer in terms of disaster or also do well to back up the seed phrase in Atleast two different locations. Also there is an added layer of security to the seed phrase which is the passphrase which can be added too.

Most importantly for anyone actually holding big amount, the priority should be cold wallet storage to limit the risk. The storage can be either hardware wallet or simply SPV wallets on an airgapped device. But for a total newbie hardware wallet is advisable should be open source and also airgapped

Yes that's true, notebook shouldn't be considered as the final storage system because it's also not safe or reliable. However, their is another thing I also want to throw more light on which is on the area of storing our wallet details for future purposes, in as much as we are looking for the best way of safeguarding our assets from scammers, we should try and assign or let a trusted family relatives to know about our investment stuffs so that Incase something happen in future of which no one can accurately predict some one can be able to continue from where you stop perhaps keep on the legacy you left behind.  Furthermore, cases like this has made so many investors lost their life time fortune all because nobody knows what they are into and their was no trace to their investment portfolio .

[WhoYouCantKill]

When I first saw your topic I thought to myself “Dem never taya to talk about common Mistakes beginners or newbies make?”…. But seeing your content…. It’s  a bit different from the norm and it’s more of a practical experience.
The major mistake I think is undermining the educative process of it: That is seeking proper knowledge and understanding of bitcoin before and as you go on in your accumulation journey.
Sometimes the mistake is from who onboarded them and the kind of orientation they were given.

The major problem new beginners are having with their Bitcoin investment, is that they don't want to pass through process before becoming successful, they just want a short cut to start earning quick profit from their investment and this often lead them in having multiple problems, making it difficult for them to have profit. If they will be able to relax, be calm and follow the proper procedure by researching, enquires to gain more knowledge and understanding, this will help them to also have experience on how they can go about things and will support their journey to be a bit easy for them.

[Doan9269]

Mistake is bound to happen to anybody, but we can't deny that this is more common to newbies in cryptocurrency and once it occur like this, places a huge damage on investors because they go into losses and couldn't afford to make profit instead, one of the ways to always avoid going into loss in cryptocurrency and avoiding mistake is by consistent learning, this will help us to be more informed about relevant aspect of cryptocurrency and we are going to know what is at stake in every decision we are taken, so that we can be able to avoid some minor mistake that will cost us huge implication over our investment in cryptocurrency.

[SatoPrincess]

Another point is
Most beginners don't know about Bitcointalk.

You no fit blame them for that one. Bitcointalk no dey popular like that, and most young people no dey used to forums. Them prefer to gather information from X, YouTube, and TikTok. Wetin them no know be say most of the information there na from influencers way dey either try to shill coins for person project or their own.

[Callido]

Good start. But you dont need to have all the necessary knowledge before you start buying Bitcoin. I was expecting OP to emphazies on it.
You only need the basic knowledge. The basic knowledge include; how to buy bitcoin and how to store it on wallet with a high security process.
If you have this simple knowledge, you can buy, hold, and trade Bitcoin whenever you like. Other knowledge can come later.

This is all needed before you can start to invest in Bitcoin, unsure if there is any additional information before beginners can start buying Bitcoin. How many of us in the forum after months and years spent in Bitcoin forum can talk about technical aspect of Bitcoin, it is an unnecessary part of information that is not compulsory before investing.

Simple knowledge like the buy, and hold is well enough knowledge to help a new investor begin his journey. If along the line, becomes interested in technical aspect of Bitcoin, it is also a great chapter to unlock.

[Y3shot]

I think one of the most common mistake with beginners is learning. Beginners find learning as what is very difficult for them and this is why many beginners struggle with understanding. If beginners prioritise learning their will be good understanding of bitcoin and which enable one to be able to invest Bitcoin the right way and to store bitcoin safely which no one wont be able to tamper with it.

 Some beginners always think the knowledge they have in bitcoin is enough for them. There is no end for learning when it comes to Bitcoin  so that one wont end up making mistakes.

[Sammye3]

You have said well. In every investment, it is very fundamental to get the basic knowledge and principles guiding such investment before engaging in it. Do not invest blindly because you see others investing, do not follow the hype without proper findings and study the market to know when best to initiate an order. With this little information, one would stay ahead of so many in the crypto space and not just follow what the influencers say.

[SPIDERMAN008]

I think one of the most common mistake with beginners is learning. Beginners find learning as what is very difficult for them and this is why many beginners struggle with understanding. If beginners prioritise learning their will be good understanding of bitcoin and which enable one to be able to invest Bitcoin the right way and to store bitcoin safely which no one wont be able to tamper with it.

 Some beginners always think the knowledge they have in bitcoin is enough for them. There is no end for learning when it comes to Bitcoin  so that one wont end up making mistakes.

No one invests without learning or knowing anything. But it is important to learn properly. Bitcoin is a very risky investment way. Here it is important to have one's own mental state, the ability to make the right decision, and financial solvency. New people buy Bitcoin after learning and understanding it. But when they buy it based on wrong information, like before, they can get rich very quickly through Bitcoin. It will give several times the profit. When they invest after hearing such things, they panic and sell when they see the price falling. On the other hand, if they invest without discretionary income and do not give importance to the back fund, then even in the long-term investment, big problems can arise.

[Fiatless]

‎1. Most beginner rush to buy Bitcoin because they heard that the price goes up, they don't even bother to understand the system before investing.

Now that the crypto space is showing red, you will hardly see people talk about investing. Most of them consider investing when the price starts going high. This is because they see the crypto industry as a get-rich-quick sector. So they want to buy when the price is rising and take profit within a short period. Newbies fail to realize that the best time to buy crypto is during the bear season.

[iBaba]

~~~

Good start. But you dont need to have all the necessary knowledge before you start buying Bitcoin. I was expecting OP to emphazies on it.
You only need the basic knowledge. The basic knowledge include; how to buy bitcoin and how to store it on wallet with a high security process.
If you have this simple knowledge, you can buy, hold, and trade Bitcoin whenever you like. Other knowledge can come later.

Not everyone understands the fact that you do not need to have vast knowledge on bitcoin before starting your investment. The knowledge of Bitcoin investment comes in handy while you are practicing it, makes it easier for you to understand in practicality. Bitcoin investment is a long term plan, not a short term plan and it depends how long you intend to keep holding it, some people plan for 3 years, some people go beyond that maybe 5 years or 7 years and so on.

Bitcoin investment does not require you to gather a lot of abstract information without putting them into practice immediately, it requires you to push the knowledge and the practice at the same time as it makes your learning more effective. Before I also used to hold the opinion of learning a lot of abstract knowledge about bitcoin investment but later realized you need more of practical knowledge than any thing.

[Promocodeudo]

This na one of the many reasons why I join this forum in the first place. I have always known and heard several discussions and even seen movies about Bitcoin and crypto currencies market, but how to enter in, is the mystery I must resolve with the knowledge I get here and from my personal research and questions.
I have never been one to jump into any new investment without proper background check and am trying to ensure right now that I am conversant with the ills and blessings and safe practices that is needed to buy, hold and trade Bitcoin and other crypto currencies before investing in it.

Mate as much I will say that I'm impressed with somethings you wrote as a newbie, I will not also hide the truth from you, as a newbie what you need to get started is the basic knowledge of Bitcoin, you will also have to be ready mentally, financial although you dontbhave to be very rich or wait until you have huge amounts available before you can start your Bitcoin investment, what you need is an income that can sustain your investment and from that income all you need is to figure out your discreationary which is the needed tool for your Bitcoin accumulation.
Note I'm not against you making researchs about Bitcoin but must also understand that there are somethings that can stand as a delay to you unknowingly to you, so get use to wallets, then start your journey with time you will know what you wants to know, Bitcoin investment is very easy, what you need is to start first, although there's nothing like fast money in the space, everything is done according to the concept which is in gradual process.