Common mistakes that New beginner often make.

[Judith87403]

Very correct points you have layed out. A lot of starters go into Bitcoin as a result of the hype in price rather than understanding how it functions. Which often leads to mistakes that are avoidable. To first learn the basics, such like how wallets functions, how to secure a seed phrase, and the reason why of self custody matters, is very essential.

Security is a major problem. When someone happens to lose their seed phrase or stores funds just on exchanges, they risk losing all they have accumulated. Beginners equally panic if prices drop as they do not understand the cycles of Bitcoin's long-term yet.

Education settles many of these issues. If people take time to learn before any investment, they would be less likely to panic, fall victim to scammers, or make poor decisions. Knowledge and patience are as much importance as the investment itself.

[Mhizlove]

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.

To be honest I agree, is not really necessary for someone to know everything about bitcoin before investing, you see most people start little while learn along the way but that don't mean you won know the basic important of bitcoin like how to secure your wallet, protecting your seed phrase and understand how price fluctuate. Once you've understand or gets this foundation then the rest can come with time and experience

[Man of peace]

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.

Yes i like the point you added to what  the creator of this thread have said so far, it's not a must that one will have all the knowledge about bitcoin before going into  investment or trade ,hence you know the basic knowledge about bitcoin you are good to invest or trade on Bitcoin, because I believe that who ever that is going into investment or trading didn't just wake up one morning and start it up,he or she might have gained little or more knowledge about it before making the steps.

So I think some time it not all about having little knowledge about bitcoin ir been a newbies rather it's the risky attach to cryptocurrency exchanges that may occur...

[justinlamode]

‎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.

You may call this a mistake but in mu understanding, there is no mistake there. A beginner buying Bitcoin in his earlier time of hearing about it is something encouraging and even if he make some mistakes while on it, such mistakes will increase his wisdom and understanding of how investment in Bitcoin works. He will even grow faster than someone that wants to know everything about Bitcoin before investing.

[Iroh]

You make some good points. A lot of people have no real knowledge on bitcoin and rush to buy when certain people they know are buying having no clue on its volatility. If the price the drops lower and goes below the price they bought at, they'll quickly panic and probably sell, making a loss at the end.
Also, some newbies don't know how important the seed phrase when getting a wallet is and after writing it down, go on to lose it. The seed phrase is like the password to getting into your wallet. Anyone that has access to it has access to your wallet and your funds in it. It's your duty to keep it safe and tucked away.
You can never go wrong when you're armed with relevant and enough information.

[Agbamoni]

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.

If they dont have the understanding, they can always ask questions when necessary. The internet is open for browsing, there are a lot of people with bitcoin knowledge, why wont they ask questions around?

I agree with you. Basic knowledge comes easily, while the other knowledge necessary to grow thick skin comes with experience. The more devoted you are to the accumulation, the more technique and strategy you get to see the investment to the very end.

[osasshem]

A very good list of information na you just provide so. Newbies de always get this feeling say if them just buy Bitcoin today, in a day or two, them done turn millionaire, not knowing say the system needs understanding and how e de really move. Any newbie way understand the principles of the market up and down movements, the bullish and bearish seasons, the traps of behind panic selling and FOMO, e no oh too hard to see the beauty way de this crypto community.

[Stable090]

‎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.

Some newbies do hear from people that they can make money from bitcoin investment, and dem no even Dey care to do more research about how e take Dey happen, dem go just jump into am. Or even when some of dem no wan invest, if dem just Dey hear say d price Dey increase, dem go just run go invest for bitcoin without even doing any research, they don’t even know if Wetin dem do Dey right or wrong.

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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.

Some of dem no really know d appropriate wallet to even store their bitcoin not to talk of securing their seed phrase properly. Plenty newbies Dey always think say na exchange be d best place wey u suppose keep ur bitcoin, and if dem buy bitcoin finish, na exchange dem Dey always leave am.

As a newbies make sure say u no leave ur coin on exchange, make sure ur coin is stored in a non custodial wallet, and make sure say u secure ur seed phrase well. If u wan store ur seed phrase, u fit just write am for Iron wey Dey make u store am for where people no go fit access am.

[Makus]

Number one and four are the common mistakes beginners make, rushing into the market without having adequate knowledge just because the price of Bitcoin increases, that's a wrong move to make. The fourth one is also common, people sell their coins out of fear I'm order not to lose more but that's the logic of a beginner. If you have any experience of what the crypto market is like especially Bitcoin investment you would know that the dip is just a phase and it doesn't last forever. Seeking knowledge first is very important as an investor

[sotelorene]

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.

To be honest I agree, is not really necessary for someone to know everything about bitcoin before investing, you see most people start little while learn along the way but that don't mean you won know the basic important of bitcoin like how to secure your wallet, protecting your seed phrase and understand how price fluctuate. Once you've understand or gets this foundation then the rest can come with time and experience

Anyone who wants to get all the knowledge before starting their Bitcoin investment will probably not invest in Bitcoin at all because you can not know everything about Bitcoin and as an investor it is not necessary because we don't really need some of those knowledge, people who needs those knowledge are people who want to go into trading and the funny thing is that even after those knowledge they still make loss and I ask what is the essence of those knowledge they have gathered so far and that is the reason it's not actually advisable to trade especially newbies because trading is like gambling where the possibility of loss is always higher.

[Princess Leah]

 All those mistakes you've mentioned would been avoid from the onset cause they're the things a newbie would learn when learning the basics, just that some people don't ask questions concerning things they barely understand or try to fully understand it before rushing to participate, it's cause they feel they'll get rich quick with Bitcoin that's why they rush into it without proper orientation.

 Well nobody's above mistake and most of us made mistakes as newbies but it's good to tske corrections afterwards, some people fail to do that and repeatedly do things that could put their portfolio at risk.

[Judith87403]

Your points highlight real mistakes that beginners make with Bitcoin. A lot of beginners go into the market as a result of hype or prices rising lacking understanding how wallets, private keys, or market cycles works. Security is mostly critical. To protect the seed phrase and staying away from long-term storage on exchanges brings down the risk of loss when an exchange fails or is hacked. Panic selling in times of price drops is another common problem that is caused by lack of knowledge about volatility of Bitcoin.

Above all, education has to come before investment. Learning the operation of Bitcoin, how to it safely, and how the behavior of market cycles helps starters to avoid mistakes that are costly and make more rational decisions

[Creeper0]

The biggest mistake beginners make is to be volatile after starting to invest. When I first started investing in Bitcoin, I would check the fund dozens of times a day to see if there was any change in the price. When the price increased, I would feel happy, when the price decreased, I would panic and research here and there. I even invested in Bitcoin once out of panic, but an advisor advised me to forget about the fund after buying. Now I have a general knowledge about Bitcoin, so the volatility of the price is not a cause for panic for me.

Another big mistake beginners make is considering Bitcoin as an easy way to get rich or they want to use Bitcoin as a source of regular income (by taking profits). This is a very big mistake that can destroy your fund. Bitcoin is not a regular source of income or a get-rich-quick scheme. Bitcoin is a long-term investment from which you can benefit over a long period of time, otherwise your money is at risk.

[Su-asa]

Those that understands the market are used to the fact that bitcoin goes through its usual ups and downs ,volatility is a constant dynamic in the crypto market so if you are experienced you should know that mo matter how low the market gets there is definitely going to be a pump after a while. Beginners are always quick to sell their coins when there is a dip and those that are experienced take advantage of the opportunity and they buy the dip using DCA, this helps them accumulate slowly until they reach their targeted amount. The problem with most Beginners is that they don't focus more on learning before thinking about earning from the crypto market.

[icebar]

‎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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These mistakes are usually more common among beginners. Instead of trying to gain knowledge at the beginning, beginners give more priority to money. They think that if they invest during the hype, they will be able to make more profits. They also do not know when to invest in Bitcoin. Due to which the chances of losing increase.

Beginners have such a tendency that when they try to open their wallet, they do not save their seed phrases properly. They even think that they have to save their assets first and later they will save their seed phrases, putting their assets completely at risk. They forget that if their seed phrases are not correct, all their assets will be gone.

[Mr Reporter]

‎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.

You may call this a mistake but in mu understanding, there is no mistake there. A beginner buying Bitcoin in his earlier time of hearing about it is something encouraging and even if he make some mistakes while on it, such mistakes will increase his wisdom and understanding of how investment in Bitcoin works. He will even grow faster than someone that wants to know everything about Bitcoin before investing.

I think you are correct this why buy an investment you no nothing about and when you hear it dipping you sold and later still calling it a mistake that such not a mistake that what we called Mis understand the investment you only such bitcoin as a way to remove you from be poorly…that why most people do buy in bitcoin nobody no if there is some that might happen next tomorrow…well I will this one should not be half way called mistake..it really nice to no the difference between mistake and misunderstanding those are to different situations that look different people often use such words…

[Ndabagi01]

‎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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FOMO is very prevalent when it comes to bitcoin investment, that’s why there is a large number of people going to invest without even asking about do’s and don’ts in the investment. Bitcoin investment is very risky and also an investment that needs caution, just one mistake and all your money is gone and be left with regret.
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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.

Exchanges are where to keep your money for exchange and not where you’ll keep your money you want to invest for the long term. Exchanges are centralized and anything can happen to your funds when the exchange goes bankrupt or exit scam. No matter how reputable an exchange is, don’t trust it with your funds inside. Stories of major exchanges falling is a lesson we should take note of and not allow ourselves to fall victims.

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[aNot!FicaT!on]

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.

I agree with this, just like in trading, one needs to be fully skilled first, but in Bitcoin investment, there is no such requirement, rather, you can start with just general knowledge. First, the basics such as how to buy Bitcoin safely, and store it safely in your wallet, and which strategy is most suitable for me depending on my mentality and financial situation, this knowledge is the most important. With this basic knowledge, anyone can learn more profound things by gradually gaining experience. The learning process is actually the most realistic and safe step by step. In this, investment does not lag behind, investment continues and we can also gain knowledge.

[Churchillvv]

No man is an island of knowledge so all I recommend is to follow someone or let someone guide you into investing in bitcoin and don’t let yourself be deceived that you can do it alone or through so many theories online and however invest in bitcoin as we often interpret it is like learning how to post in the forum but however, it’s different when we talk about investment itself, so buying bitcoin and holding it till you decide to sell is the real deal.

[Odogwu-Blockchain]

Even keeping funds on a decentralized wallet as you specified isn't even yet guaranteed, the chances of this newbie to wanting more money on the internet where they will submit their seed phrase to a scam site is always the mistake newbies make too.

If the longer throat to dey find free coins or airdrops is your major priority, abeg, that newbie must cut it. They usually get trapped by following link that will lead them to connect to their wallet by inputting their seed phrase before claiming free coins not knowing it's purely scam.

Newbie should stare away such platform promising free coins.