Common mistakes that New beginner often make.

[Jubilee58]

‎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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You are actually very write, some of this points mentioned here actually puts beginners into confussion. However, this Bitcoin forum has played a major role fashioning bigginers on how to go about bitcoin investing.
It very important to know how Bitcoin investing works before going into it.
I had ugly experience when I started Bitcoin investing, I ventured into Bitcoin investing without being well guided, and then I have not joined this unique forum, I lacked experience in Bitcoin investing, and this inexperience made me to loose my Bitcoin. Based on this facts , don't invest in Bitcoin without knowing the rules guiding Bitcoin investing, otherwise, you make your investment in error.

[Bitcoin.com97]

You just hit the nail at the head, I think this is one of the essence of this forum to educate and nurture some persons, knowledge is good and anyone who read carefully on this forum will understand better, those that rush to buy when is high and sell are traders, because bitcoins investment is mainly for  long term , I wish they all have this long term investment mindset , they won’t be any panic and mistakes, it’s best they know and understand the volatile nature of the market .

[Mate2237]

You just hit the nail at the head, I think this is one of the essence of this forum to educate and nurture some persons, knowledge is good and anyone who read carefully on this forum will understand better, those that rush to buy when is high and sell are traders, because bitcoins investment is mainly for  long term , I wish they all have this long term investment mindset , they won’t be any panic and mistakes, it’s best they know and understand the volatile nature of the market .

One of the first mistakes that beginners especially newbies does is not having the sufficient amount of understanding and the knowledge when it comes to crypto currency. This is the reason why they rush to buy when there is a dip with the intention of making money from the process. The first thing that should be done is to have a first hand knowledge about Bitcoin and how it works because that's the key to every successful Bitcoinner.


Getting to understanding how Bitcoin works will, help reshaping your understanding of how Bitcoin works this will in turn help take decisions that will long term basis not looking for means to make money on a rush. Understanding that Bitcoin investment works better on a long term basis is the difference among investors.

[SuperBitMan]

You just hit the nail at the head, I think this is one of the essence of this forum to educate and nurture some persons, knowledge is good and anyone who read carefully on this forum will understand better, those that rush to buy when is high and sell are traders, because bitcoins investment is mainly for  long term , I wish they all have this long term investment mindset , they won’t be any panic and mistakes, it’s best they know and understand the volatile nature of the market .

Yeah when you have a long time investment mindset, you won’t panic when bitcoin is going low in price but when you are a trader, you will always panic when bitcoin is going low in price and that is why it is advisable especially for new beginners to go for a long time bitcoin investment, it is more safer and less risky. Those who are investing in bitcoin for a long time usually don’t panic.
What people should understand is that bitcoin takes long time in its growth, if you are investing in bitcoin and thinking that it will grow very fast then you are wasting your time. Bitcoin usually take a very long time for it to grow so if you’re investing in bitcoin go for a long time and relax your mind patient is the key.

[Promocodeudo]

Yeah when you have a long time investment mindset, you won’t panic when bitcoin is going low in price but when you are a trader, you will always panic when bitcoin is going low in price and that is why it is advisable especially for new beginners to go for a long time bitcoin investment, it is more safer and less risky. Those who are investing in bitcoin for a long time usually don’t panic.
What people should understand is that bitcoin takes long time in its growth, if you are investing in bitcoin and thinking that it will grow very fast then you are wasting your time. Bitcoin usually take a very long time for it to grow so if you’re investing in bitcoin go for a long time and relax your mind patient is the key.

I may agree with your points but you shouldn't exclude the panic of newbies even when they have decided to invest for a long-term, these fear is because they aren't conversant with the system yet and may not be blamed for it, to be sincere, many investors may have gone through such situation when they started investing in Bitcoin but learning as time pasa by is what matters, however, I agree with other thighs you said because ordinarily any investment thats aiming at the future will not pay attention to any temporary price fluntuation of Bitcoin when he already have a plan for and also have the believe that even though price corrections takes effect, it is not permanent rate it something that comes and go to pave way for the big price in the future.

[PremiumcryptoHub]

You just hit the nail at the head, I think this is one of the essence of this forum to educate and nurture some persons, knowledge is good and anyone who read carefully on this forum will understand better, those that rush to buy when is high and sell are traders, because bitcoins investment is mainly for  long term , I wish they all have this long term investment mindset , they won’t be any panic and mistakes, it’s best they know and understand the volatile nature of the market .

Yes, one of the essence of the forum is to educate some people and the experts are also making important contributions in giving ideas about Bitcoin but we often see that many newbies even on our local board rush to buy and sell when the price is high due to lack of knowledge. You are right that those who read this forum carefully will understand better because here we are getting to know the necessary content related to various investments. So the ignorant people i.e. Nigerians who are not yet knowledgeable about Bitcoin investment should not make mistakes in their initial stage and should not panic but should understand the volatile nature of the market.

[Dareo]

Yes, one of the essence of the forum is to educate some people and the experts are also making important contributions in giving ideas about Bitcoin but we often see that many newbies even on our local board rush to buy and sell when the price is high due to lack of knowledge. You are right that those who read this forum carefully will understand better because here we are getting to know the necessary content related to various investments. So the ignorant people i.e. Nigerians who are not yet knowledgeable about Bitcoin investment should not make mistakes in their initial stage and should not panic but should understand the volatile nature of the market.

I think the biggest problem for the beginners is that they do not take enough time to learn before entering the market, there are so many people who buy in a hurry when the price goes up and panic when the price goes down. In fact such decisions are generally based on the lack of experience. It is true that the good thing about this forum is that there are many experienced people sharing their opinion and experiences, If someone is patient and reads these discussions and tries to understand the natural fluctuations of the market then many wrong decisions can be avoided.

[Grace333]

It's wrong to see bitcoin as a get rich quick scheme, alot of people have heard about bitcoin but they just feel it can increase drastically in a short period of time and that is why they get caught up with money doubling scam. Sometimes it's best to take out small out of the little time we have to make research and understand a topic of interest a little bit before engaging or acting on it. One little research can save you from so many things including loss of time and resources. And sometimes people mistake bitcoin for other crypto and that's how they think bitcoin will crash just like the first shitcoin they put their money in. The importance of research is so so underrated.

[Mpamaegbu]

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.

All dat wan nor be only for Bitcoin sef. Na for everything cryptos and everything online sef. Na cyber security, and we com add wallet security join am. E good as u list dem but nor dey disappointed if people here still do those mistakes, even afta commenting here sey na true u talk. E dey happen. Na wetin lack of carefulness and emotional control dey cause. Na why we nor supposed use emotions enta dis industry. I neva see any industry wey fit mess persin brain reach dis industry.

[Emjay24]

You just hit the nail at the head, I think this is one of the essence of this forum to educate and nurture some persons, knowledge is good and anyone who read carefully on this forum will understand better, those that rush to buy when is high and sell are traders, because bitcoins investment is mainly for  long term , I wish they all have this long term investment mindset , they won’t be any panic and mistakes, it’s best they know and understand the volatile nature of the market .

Yeah when you have a long time investment mindset, you won’t panic when bitcoin is going low in price but when you are a trader, you will always panic when bitcoin is going low in price and that is why it is advisable especially for new beginners to go for a long time bitcoin investment, it is more safer and less risky. Those who are investing in bitcoin for a long time usually don’t panic.
What people should understand is that bitcoin takes long time in its growth, if you are investing in bitcoin and thinking that it will grow very fast then you are wasting your time. Bitcoin usually take a very long time for it to grow so if you’re investing in bitcoin go for a long time and relax your mind patient is the key.

Long-term investment prospect also depends on the funding of such an investment. If the investor in question approaches his Bitcoin buys with his discretionary income, then it's easier to go long-term in it compared to when he doesn't. I believe an investor should first ensure he has discretionary income prior to starting out his investment into Bitcoin, so that he buys with funds he wouldn't be needing in a short while and again invest what he can afford to lose so he can be more relaxed to hold for a longer duration.

[Yeesha]

Yes, one of the essence of the forum is to educate some people and the experts are also making important contributions in giving ideas about Bitcoin but we often see that many newbies even on our local board rush to buy and sell when the price is high due to lack of knowledge. You are right that those who read this forum carefully will understand better because here we are getting to know the necessary content related to various investments. So the ignorant people i.e. Nigerians who are not yet knowledgeable about Bitcoin investment should not make mistakes in their initial stage and should not panic but should understand the volatile nature of the market.

I think the biggest problem for the beginners is that they do not take enough time to learn before entering the market, there are so many people who buy in a hurry when the price goes up and panic when the price goes down. In fact such decisions are generally based on the lack of experience. It is true that the good thing about this forum is that there are many experienced people sharing their opinion and experiences, If someone is patient and reads these discussions and tries to understand the natural fluctuations of the market then many wrong decisions can be avoided.

Yeah exactly, that is one of the major problems that the beginners are facing, they lack interest in acquiring knowledge in other to apply it in practical form. Some individuals are willing and eager to make money and become rich, as the result of their eagerness and greediness they will end up jumping into the world trading or investments without proper understanding. To aquire the basics knowledge and understanding, and also to know the best requirements for starting or setting up a business, trading or an investment is going to take like two years or more, because an individual cannot acquire the necessary knowledge within a short period of time. But some people are impatient and cannot wait patiently for that long period to aquire the knowledge. And acquiring knowledge is very, very crucial.

[Versatile_choice]

You just hit the nail at the head, I think this is one of the essence of this forum to educate and nurture some persons, knowledge is good and anyone who read carefully on this forum will understand better, those that rush to buy when is high and sell are traders, because bitcoins investment is mainly for  long term , I wish they all have this long term investment mindset , they won’t be any panic and mistakes, it’s best they know and understand the volatile nature of the market .

Yeah when you have a long time investment mindset, you won’t panic when bitcoin is going low in price but when you are a trader, you will always panic when bitcoin is going low in price and that is why it is advisable especially for new beginners to go for a long time bitcoin investment, it is more safer and less risky. Those who are investing in bitcoin for a long time usually don’t panic.
What people should understand is that bitcoin takes long time in its growth, if you are investing in bitcoin and thinking that it will grow very fast then you are wasting your time. Bitcoin usually take a very long time for it to grow so if you’re investing in bitcoin go for a long time and relax your mind patient is the key.

I think you're sugar quoting this when you said that a beginner with long term mindset don't panic when bitcoin is going low in price, a beginner with long term mindset is likely to panic especially during their first experience and i think it's normal because you can't claim to be perfect through theory unless you also learn through experiment, although most beginners might stick to what  they are told and this set of people are very rare.

And surely the most important thing is knowing that bitcoin is a long term investment not a short term especially during the early stage of learning so that to enable us start building the long term mindset earlier.

[MorganaX]

Yes, one of the essence of the forum is to educate some people and the experts are also making important contributions in giving ideas about Bitcoin but we often see that many newbies even on our local board rush to buy and sell when the price is high due to lack of knowledge. You are right that those who read this forum carefully will understand better because here we are getting to know the necessary content related to various investments. So the ignorant people i.e. Nigerians who are not yet knowledgeable about Bitcoin investment should not make mistakes in their initial stage and should not panic but should understand the volatile nature of the market.

I think the biggest problem for the beginners is that they do not take enough time to learn before entering the market, there are so many people who buy in a hurry when the price goes up and panic when the price goes down. In fact such decisions are generally based on the lack of experience. It is true that the good thing about this forum is that there are many experienced people sharing their opinion and experiences, If someone is patient and reads these discussions and tries to understand the natural fluctuations of the market then many wrong decisions can be avoided.

Well the thing is that some of them had influence from probably the social media influencers that say or portrait cryptocurrency as one major pool of wealth that everyone can just come and milk anyhow anytime they like without them actually knowing the full view of how cryptocurrency and Bitcoin works in terms of volatility. I have seen so many person with similar mentality who end up doing a whole lot of rubbish or even getting scammed in the long run during their time in the crypto space.