How People Lose Bitcoin & How to Avoid Costly Mistakes.

[VivaMan]

Bitcoin is the best platform to invest your funds without regrets..so many people way dey around the world dey they think say  Bitcoin dey risky, Yes it is but to an extent it's not the way we see it, but in reality sometimes losses occur, due to unnecessary mistakes that's happens. I want to analyze some  mistakes one see as common but causes lose and how you can briefly avoid them without stress, it's included:
1. E get watin we dey call private keys/ seed phrase, this two things dey very important, when you just forget this things or key's, your device will get lost immediately and remember no backup at all.
*How to avoid such lost

Make sure say you write your seed phrase somewhere way you no go easily forget am, and safety tips ... Don't share or tell anyone.
2.Storing Bitcoin exchanges

Do you know that exchange can shutdown, meanwhile the users go lose access to collect money which will cause regret and pains to the user.
How to avoid this :
Try make you move your money's to your personal wallet, not forget your keys.
3. Mistakenly sending to Wrong wallet address

This mistake is common to every user because it happens everyday, humans are bound to make mistakes, no one is above that , which is certain.
How to avoid this:
Try as much you get the correct wallet address, properly review it before sending funds.
4. Failed security review:

User sharing and exposing passwords to everyone
It can cause this as well,
How to avoid this
Try to keep your passwords private.
5.Many not understanding how Bitcoin works

Due to lack of information about Bitcoin it can cause alot of mistakes, because you don't have a proper knowledge of how it works..
How to avoid it: have a knowledge of Bitcoin by investors
In conclusion
Bitcoin is unpredictable,
Try to keep your passwords to yourself and it will help you alot to avoid scams.
Most Bitcoin losses are preventable take note.

[Agbamoni]

Bitcoin is the best platform to invest your funds without regrets..so many people way dey around the world dey they think say  Bitcoin dey risky, Yes it is but to an extent it's not the way we see it, but in reality sometimes losses occur, due to unnecessary mistakes that's happens. I want to analyze some  mistakes one see as common but causes lose and how you can briefly avoid them without stress, it's included:

We shouldn't sugarcoat things. There is risk in all investments, including Bitcoin. Aside from making mistakes, the asset itself contributes to whether the investment will be successful or not. An investor cannot control how gold performs. In Bitcoin, we can't control the price swings, we watch how the price moves, and work in a direction that best fits our investment goal and our capital.

[Mate2237]

Storing your coins in an exchange is one thing that should be discouraged, because it's not a very good practice storing your coins on an exchange, when you store your coins on an exchange the truth is that you don't have full control over your coins. The exchange can short down or even lock your funds all in the name of KYC verification. Storing your coins on a cold wallet should be encouraged over exchanges.



Sending your bitcoin to a wrong address is one mistake that happens sometimes. But this can be avoided through double checking of the wallet address. Because when you send your Bitcoin to the wrong address it will be difficult for you to get your Bitcoin back.

[Jubilee58]

In every business we venture into their is risk, and even though bitcoin is a lucrative asset, it is associated with risk too. There are many ways investors can loose their bitcoin investment. Some are investors fault and some also are the fault of the platform which they are using. At first avoid using exchanges to store your bitcoin, doing that is a way of exposing it to big risk, if their is an attack on the exchange, possibly your investment will be affected.
Another way one can loose his or her bitcoin is through trading, unprofessional traders can loose their investment within a short period of time in quest for quick profit which eventually leads to lost of investment.

As a Bitcoin investor, avoid town crying about your investment. Remain secretive while your investment grows. Telling people about your investment will expose you to more danger. You can be attacked or even be robbed because you have exposed yourself to criminals.

[Callido]

All you mentioned is quite the obvious, in detail and in short, everybody ready to invest in Bitcoin should do well to have a good insight of what they are about getting involved into, Bitcoin is not where you try your luck, not knowing how to secure or protect your Bitcoin isn't an excuse if the worse happens, it is better to learn from others experience and mistakes, rather than becoming a victim.

[Karl_3000]

You need to edit the post and make some corrections in how your structured the post.

Try make you move your money's to your personal wallet, not forget your keys.

What is a personal wallet? It is better you let people know that it is not a custodial wallet but a self-custody wallet which you will have the seed phrase or the private key of the wallet.

Bitcoin is unpredictable

This is not for people that are holding bitcoin.

[Livingleged]

Storing your coins in an exchange is one thing that should be discouraged, because it's not a very good practice storing your coins on an exchange, when you store your coins on an exchange the truth is that you don't have full control over your coins. The exchange can short down or even lock your funds all in the name of KYC verification. Storing your coins on a cold wallet should be encouraged over exchanges.

In a much as I agree with everything you’ve said about centralised exchanges not being safe to keep our bitcoin because of the third party involved, and that if by any chance anything goes wrong, we might lose our coin since we are not in total control of our wallet security, but we can not dispute the fact that it has made our bitcoin transaction way easier than the non non centralised exchanges.

Sending your bitcoin to a wrong address is one mistake that happens sometimes. But this can be avoided through double checking of the wallet address. Because when you send your Bitcoin to the wrong address it will be difficult for you to get your Bitcoin back.

I have always said it that double checking address before confirming transactions cannot be over emphasised you will not realize how little mistake can make you lose your coin and you possibly will not be able to get them back. I had made a post here earlier about my friend who copied an address from his history and did a transaction which he was unable to trace the owner of the address and that was how he lost those coin.all this little mistake are avoidable if you are careful and patient enough to do the necessary checks.

[Solodoski]

All you mentioned is quite the obvious, in detail and in short, everybody ready to invest in Bitcoin should do well to have a good insight of what they are about getting involved into, Bitcoin is not where you try your luck, not knowing how to secure or protect your Bitcoin isn't an excuse if the worse happens, it is better to learn from others experience and mistakes, rather than becoming a victim.

Preparation is very important. Without preparation if you start something for the first time, things will go wrong unless luck is on your side. Preparation is the first step you make to assure those mistake people have made you wont make them on your own journey. I agree with you on Bitcoin is not a lucky game. It is not like gambling because the effort, the commitment, the strategy and consistency will show good result When the input is good the output is always better.

[Yeesha]

All you mentioned is quite the obvious, in detail and in short, everybody ready to invest in Bitcoin should do well to have a good insight of what they are about getting involved into, Bitcoin is not where you try your luck, not knowing how to secure or protect your Bitcoin isn't an excuse if the worse happens, it is better to learn from others experience and mistakes, rather than becoming a victim.

Preparation is very important. Without preparation if you start something for the first time, things will go wrong unless luck is on your side. Preparation is the first step you make to assure those mistake people have made you wont make them on your own journey. I agree with you on Bitcoin is not a lucky game. It is not like gambling because the effort, the commitment, the strategy and consistency will show good result When the input is good the output is always better.

Preparation is very important in every aspect of life or your journey through success, if you don't prepare yourself for a particular thing, it clearly shows or means that you are actually not ready to be involve in it. Not just bitcoin alone, other aspects of the world requires proper preparation in order to get accurate results and to avoid costly mistakes. Bitcoin is going to be a great opportunity for those who understands the situation and also those who are well prepared.

[Marykeller]

Bitcoin is the best platform to invest your funds without regrets..so many people way dey around the world dey they think say  Bitcoin dey risky, Yes it is but to an extent it's not the way we see it, but in reality sometimes losses occur, due to unnecessary mistakes that's happens. I want to analyze some  mistakes one see as common but causes lose and how you can briefly avoid them without stress, it's included:
1. E get watin we dey call private keys/ seed phrase, this two things dey very important, when you just forget this things or key's, your device will get lost immediately and remember no backup at all.
*How to avoid such lost

Make sure say you write your seed phrase somewhere way you no go easily forget am, and safety tips ... Don't share or tell anyone.

You see this one(seed phrase), majority of newbies don lose their Bitcoin investment through this means. I follow for people wey lose their Bitcoin by forgetting to write out the seed phrase for paper and keep it safe.

Na why I d harmer am hard on newbies, to learn to first write out their seed phrase when creating a new crypto wallet cos many at times, newbies d forget to do that. They feel that it is not too necessary, not knowing that for them to succeed their long term investment plan for Bitcoin, they should learn to store their seed phrase in a safe place

[Cryptomultiplier]

Bitcoin is the best platform to invest your funds without regrets..so many people way dey around the world dey they think say  Bitcoin dey risky, Yes it is but to an extent it's not the way we see it, but in reality sometimes losses occur, due to unnecessary mistakes that's happens. I want to analyze some  mistakes one see as common but causes lose and how you can briefly avoid them without stress, it's included:
1. E get watin we dey call private keys/ seed phrase, this two things dey very important, when you just forget this things or key's, your device will get lost immediately and remember no backup at all.
*How to avoid such lost

Make sure say you write your seed phrase somewhere way you no go easily forget am, and safety tips ... Don't share or tell anyone.

You see this one(seed phrase), majority of newbies don lose their Bitcoin investment through this means. I follow for people wey lose their Bitcoin by forgetting to write out the seed phrase for paper and keep it safe.

Na why I d harmer am hard on newbies, to learn to first write out their seed phrase when creating a new crypto wallet cos many at times, newbies d forget to do that. They feel that it is not too necessary, not knowing that for them to succeed their long term investment plan for Bitcoin, they should learn to store their seed phrase in a safe place

Make we no forget about the part about malware or phishing attack wey dey come from when novice go click on fake alerts or links or downloading wallet updates from wrong source, because na from here hackers dey use keyloggers record your password or through your clipboard.

Another one na wen person wey get Bitcoin portfolio or asset die leave am, without any member of the family knowing about it or even the password to access am. Na so some take dey loss and that na why person gat to trust someone, establish watin Dem dey call 'dead man switch' wey involve leaving half the seed phrase in a safe and the other with maybe a trusted lawyer with instructions.

Lastly, using app based 2FA instead of that of sms is a smart move to prevent hack and keep asset safe.

[SuperBitMan]

Bitcoin is the best platform to invest your funds without regrets..so many people way dey around the world dey they think say  Bitcoin dey risky, Yes it is but to an extent it's not the way we see it, but in reality sometimes losses occur, due to unnecessary mistakes that's happens. I want to analyze some  mistakes one see as common but causes lose and how you can briefly avoid them without stress, it's included:

We shouldn't sugarcoat things. There is risk in all investments, including Bitcoin. Aside from making mistakes, the asset itself contributes to whether the investment will be successful or not. An investor cannot control how gold performs. In Bitcoin, we can't control the price swings, we watch how the price moves, and work in a direction that best fits our investment goal and our capital.

I swear people they always sugarcoat this bitcoin investment eh, yes bitcoin investment they very good and na one of the best investment way they for the world but e Dey risky too especially if you Dey go trade bitcoin but if you be long term investor the risk no really much, that long term bitcoin investment na the thing way make Bitcoin investment Dey very okay to go into, the volatile nature of bitcoin Dey much but if you Dey accumulate and Dey hold for long term that volatility no go affect you in fact nothing concern you with that volatility.
But true true bitcoin investment sweet welll well, you fit start am with any amount and if you Dey use DCA strategy e no really Dey demanding.

[Nathrixxx]

One of the reason why we cannot afford to make mistake in cryptocurrency is that it is irreversible and once we lost our coin we can't get it back regardless of the tracking process, this network does not operate like the way we use in Fiat, when the banks can have the opportunity of tracking a transaction and reversing it back to the sender, any mistake we made will render for future to our assets and this is where we cannot afford to make mistake and also needed to keep up with learning continue and getting prevented from being scammed as well.

[gracreavix]

In every business we venture into their is risk, and even though bitcoin is a lucrative asset, it is associated with risk too. There are many ways investors can loose their bitcoin investment. Some are investors fault and some also are the fault of the platform which they are using. At first avoid using exchanges to store your bitcoin, doing that is a way of exposing it to big risk, if their is an attack on the exchange, possibly your investment will be affected.
Another way one can loose his or her bitcoin is through trading, unprofessional traders can loose their investment within a short period of time in quest for quick profit which eventually leads to lost of investment.

As a Bitcoin investor, avoid town crying about your investment. Remain secretive while your investment grows. Telling people about your investment will expose you to more danger. You can be attacked or even be robbed because you have exposed yourself to criminals.

No lies, you talk am well.  That exchange part na real issue, plenty people nor dey take am serious until wahala show. You go just dey see story say platform don freeze withdrawal or hack happen, next thing funds don hang. Na why e better make person dey control him assets.

That trading part too, na there most people dey lose pass. Dem go rush enter market because dem wan make fast money, no plan, no patience. before you know, everything don wipe. Market nor dey pity anybody.
And that one wey you talk about keeping things lowkey. that one na big advice. Nor be everything person suppose dey shout for outside. Once people know say you get something, you don already put target for your back, especially for this side.

[Moreno233]

Thank you for the list wey you don give like this, e really cover plenty areas people dey carry lose their coins but I wan put one wey you no mention wey dey veri important. That na phishing attack wey people dey fall inside when them click link from bad people. If you put your Bitcoin for your laptop, e better make e be laptop wey you no dey connect to internet but if e be say you must connect to internet, make e be say you jo dey click any link wey you no trust. Even if them send you email add any link or attachment, make e be say you know and trust thw sender before you open am.

[Rubuchi]

One of the reason why we cannot afford to make mistake in cryptocurrency is that it is irreversible and once we lost our coin we can't get it back regardless of the tracking process, this network does not operate like the way we use in Fiat, when the banks can have the opportunity of tracking a transaction and reversing it back to the sender, any mistake we made will render for future to our assets and this is where we cannot afford to make mistake and also needed to keep up with learning continue and getting prevented from being scammed as well.

I might be quite an unserious and mindless person when it comes to other stuffs but I don’t joke with cryptocurrency transactions. On a lighter note though. If you value your money and you don’t want to start losing money due to negligence or lack of sensibility, you can decide to put your money on the line by not cross checking properly. Unlike fiat which you can easily ask for refund when you make mistakes, this one is a different thing. Once your money is gone, it is gone for you. All you can do is to look for another money but not the former one again. I advise everybody who is smart to not work collect the address of a recipient without doing a proper check on it.

[Tetu100]

We shouldn't sugarcoat things. There is risk in all investments, including Bitcoin. Aside from making mistakes, the asset itself contributes to whether the investment will be successful or not. An investor cannot control how gold performs. In Bitcoin, we can't control the price swings, we watch how the price moves, and work in a direction that best fits our investment goal and our capital.

I agrey with you on this bro, when telling bitcoin to people around us it's always important we  tell them the urgly side as well to balance it all than making  a one sided statement. Let them know it's not stable in nature and that it's volatile than we think, also let them know the potential risk involve so that they can prepare their mind and know the best way  to go about it. Furthermore, not stating the potential risk involved is like cutting off awareness that could later be a major problem to the person in question in future to come, so at all time we should do the right thing so nobody will start pointing fingers that he has been mislead.

[SPIDERMAN008]

One of the reason why we cannot afford to make mistake in cryptocurrency is that it is irreversible and once we lost our coin we can't get it back regardless of the tracking process, this network does not operate like the way we use in Fiat, when the banks can have the opportunity of tracking a transaction and reversing it back to the sender, any mistake we made will render for future to our assets and this is where we cannot afford to make mistake and also needed to keep up with learning continue and getting prevented from being scammed as well.

Yes, there is no chance for error here. Once you make a mistake, it cannot be undone. If someone accidentally sends someone a bitcoin and enters the wrong address, there is no way to get where and to whom those bitcoins will go. It is a system of security and decentralization. The positive side of this is more .

However, if you make a mistake, the person who makes the mistake will have to take responsibility for it. Since there is no controller here, no one can fix it. In the banking system that you mentioned, all the accounts of that bank are under their control. That is why they can access any account. They may be able to correct any mistake, but the lack of independence here is a more negative thing. So we should be more careful when using cryptocurrency wallets.

[Finebone]

. I want to analyze some  mistakes one see as common but causes lose and how you can briefly avoid them without stress, it's included:
1. E get watin we dey call private keys/ seed phrase,

2.Storing Bitcoin exchanges

3. Mistakenly sending to Wrong wallet address

4. Failed security review:

5.Many not understanding how Bitcoin works

All this na the highlighted reason we believe say person fit lose him bitcoin, but e get some other reason we fail to add to the list, something like sending some unit of Bitcoin to an exchange wey dey below the minimum deposit. Because I don fall victim to this one before when I just start to do crypto, wey I transfer $3 worth of Bitcoin to remitano exchange, na so my money use go. Initially I think say na wrong address I send to, because I wait tire, my three dollars worth of Bitcoin no gree drop, na wen I complain to an experience person, after him check everything, na that time him tell me the heartbreaking story, I vex wetin no good, but na valuable lesson wey don help me in my crypto journey so far.

[IceLincoln]

Bitcoin is the best platform to invest your funds without regrets..so many people way dey around the world dey they think say  Bitcoin dey risky, Yes it is but to an extent it's not the way we see it, but in reality sometimes losses occur, due to unnecessary mistakes that's happens. I want to analyze some  mistakes one see as common but causes lose and how you can briefly avoid them without stress, it's included:

We shouldn't sugarcoat things. There is risk in all investments, including Bitcoin. Aside from making mistakes, the asset itself contributes to whether the investment will be successful or not. An investor cannot control how gold performs. In Bitcoin, we can't control the price swings, we watch how the price moves, and work in a direction that best fits our investment goal and our capital.

I swear people they always sugarcoat this bitcoin investment eh, yes bitcoin investment they very good and na one of the best investment way they for the world but e Dey risky too especially if you Dey go trade bitcoin but if you be long term investor the risk no really much, that long term bitcoin investment na the thing way make Bitcoin investment Dey very okay to go into, the volatile nature of bitcoin Dey much but if you Dey accumulate and Dey hold for long term that volatility no go affect you in fact nothing concern you with that volatility.
But true true bitcoin investment sweet welll well, you fit start am with any amount and if you Dey use DCA strategy e no really Dey demanding.

I no really see am say people dey sugarcoat am, we dey always talk about the good and the bad aspects. Almost everything for this life get the ups and down.., Ba your wisdom and common sense now go help you navigate am wella.
First off when you make the mistake of seeing bitcoin other than what it really is, na the first fuck up be that. All those wey Dey reason trading and see am as means to get rich quick just dey prepare themselves to lose their money and time. But if you approach am as a store of value and you accumulate and hold for a long term you go really reap the fruits of your labour.