How People Lose Bitcoin & How to Avoid Costly Mistakes.

[Fiatless]

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.

I know some people who are making money from cryptocurrency trading. They have mastered some skills or trade secrets about trading and it's been beneficial. It is also important to know that they didn’t get to that level overnight  it took years of studying, practising, making mistakes, and so on. Everyone wouldn't be a long-term accumulator of Bitcoin. So those who have developed training skills could maximise them to make a profit. However, newbies shouldn't engage in trading until they have learned how that sector works.
 

[Hyphen(-)]

I know some people who are making money from cryptocurrency trading. They have mastered some skills or trade secrets about trading and it's been beneficial. It is also important to know that they didn’t get to that level overnight  it took years of studying, practising, making mistakes, and so on. Everyone wouldn't be a long-term accumulator of Bitcoin. So those who have developed training skills could maximise them to make a profit. However, newbies shouldn't engage in trading until they have learned how that sector works.
 

You are right, there are people that rely on crypto trading for their daily needs, and they are making money from it; although not daily profit or income, but they have grown their knowledge and experience to the extent that they believe in themselves and decided to rely on trading, they also lose money and they make money, it is a risk game which only people that understand it will benefit from.

However, the problem we are having now is that most of us are just willing to jump into it, and if they lose money as a result of that, the blame became general that crypto trading isn’t good to be relied on, meanwhile they haven’t gotten the experience and the knowledge to rely on it that’s why they are losing always.

Furthermore, greed is affecting us in our crypto investment especially on altcoin investment, some of us are greedy, they will want high profit in one investment that will change their lives which is a luck, that’s why some fall for scams.

[Orpichukwu]

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.

Even the banking sector self to return transaction when you don already send am no easy you go waka for bank tire and eh go also need make u reach court go collect some approval, anything money we need careful make we no land for big wahala to they seek how to carry get am back.

[Yablee0]

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.

That's is true, once you're one of those careless dudes that normally do things without settling down then be rest assured that you will keep losing money maybe on a daily basis or depending on how you want it . However, This is one of the most crazy part about crypto currency, any slide mistake can be irreversible unlike our local banks that is somehow flexible and easily manipulated. That's why When dealing with it especially when making transactions or maybe trying to send a coin to someone or stuff like that, you get to pay close attention to it, ensure every thing is properly checked to avoid mistakes otherwise you will definitely learn new things when you have unknowningly send a huge amount to an unknown chain. Lol! your mind go dey.

[BitBakerr1]

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.

I know some people who are making money from cryptocurrency trading. They have mastered some skills or trade secrets about trading and it's been beneficial. It is also important to know that they didn’t get to that level overnight  it took years of studying, practising, making mistakes, and so on. Everyone wouldn't be a long-term accumulator of Bitcoin. So those who have developed training skills could maximise them to make a profit. However, newbies shouldn't engage in trading until they have learned how that sector works.
 

It is true that they are people who are making good amount of money from trading cryptocurrency. I have seen some people that I know making money from it however they are also losing, but the fact is that they are making money from it more than they are losing to it, these people understand how trading works they understand all the principles and one thing again is that you cannot start trading and start making money immediately there are some experience you need to gather as you continue trading, you may be losing when you start trading, but as time goes on, you may start making money from it because you have gained more experience.

[Prince patrick]

Yes, the common mistake we make is mismanaging our recovery seed phrase, one is taking screenshots of it, or storing them in the note app, or inside our Gmail. People can hack into your device and these information will be stolen,  even writing it down on a piece of paper without a physical protection like steel, leaves it vulnerable to liquid like water or drinks, fire or insect or rodent. So after writing it down in a book, make sure you store it into a steeless steel backup plate.

[Big Dirams]

Yes, the common mistake we make is mismanaging our recovery seed phrase, one is taking screenshots of it, or storing them in the note app, or inside our Gmail. People can hack into your device and these information will be stolen,  even writing it down on a piece of paper without a physical protection like steel, leaves it vulnerable to liquid like water or drinks, fire or insect or rodent. So after writing it down in a book, make sure you store it into a steeless steel backup plate.

Some wallets don’t even allow one to take screenshots anymore, they kindly advice to write it down because they are also aware of the risk involve when taking screenshots or even trying to save our seed phrase online. The best and less risky way to store our seed phrase is by wiring it down and not just a single note but different piece of paper and storing them in different safe places because  single copy can get lost but when there is different copies then circumstances can’t occur to all of them.
Our seed phrase are our key to our holdings and as soon as we misplaced them then that a good bye to our holdings forever.

[Decimetre]

Yes, the common mistake we make is mismanaging our recovery seed phrase, one is taking screenshots of it, or storing them in the note app, or inside our Gmail. People can hack into your device and these information will be stolen,  even writing it down on a piece of paper without a physical protection like steel, leaves it vulnerable to liquid like water or drinks, fire or insect or rodent. So after writing it down in a book, make sure you store it into a steeless steel backup plate.

Some wallets don’t even allow one to take screenshots anymore, they kindly advice to write it down because they are also aware of the risk involve when taking screenshots or even trying to save our seed phrase online. The best and less risky way to store our seed phrase is by wiring it down and not just a single note but different piece of paper and storing them in different safe places because  single copy can get lost but when there is different copies then circumstances can’t occur to all of them.
Our seed phrase are our key to our holdings and as soon as we misplaced them then that a good bye to our holdings forever.

Most wallets or almost all wallets don't allow screenshots at that seed phrase stage so there's no way you will have the seed phrase saved in your device. It is risky when you copy it on several papers because you can loose a copy of it and because you still have a second copy you won't worry much about it. The lost copy could get into the hands of someone who could be a scammer and your coins will be drained. Seed phrase security should go beyond paperwork and can be crested into metallic objects or woodwork which can be fitted in a place less suspicious to anyone.

Metallic crested seed phrase is better because even when fire outbreak happens, you can still be able to recover it and it will be safer. Saving to emails and drives can also get leaked when your account is hacked.

[DiMarxist]

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.

That is absolutely true this is the reason why before investing in Bitcoin or even trading people should try as much as possible to have the rudiments of what Bitcoin is all about. Especially when it comes to the security aspect of Bitcoin. Security here implies the type of wallet that you are using, how you are protecting your seed phrase.

Coming into Bitcoin is not just for the fun of it but, it involves commitment and sacrifice which will be needed on the side of the investor. People should know that every thing that they get involved in there are risk factors involved, and this is one thing that is not different with Bitcoin.

If you check those who have lost their Bitcoin one thing that is common to them, is that they where careless and did not give much attention to their Bitcoin holding, which is not a good thing to do.

[Davidloki]

Mistakes as a newbie cannot be avoided. It can be avoided only when there is someone with successful result on bitcoin investment acting as an investment coach for you. At that, bitcoin for a newbie is like a moving train, some stops will not be favorable, it takes a strong mind to overcome what may occur especially how volatility does not favor most bitcoin traders.

Ignorance is the fastest way to lose bitcoin. Bitcoin investors lose their coins when the simple instructions to follow they don't do them. Like security is important but most investors do not care about personal security.

[GiftedMAN]

I know some people who are making money from cryptocurrency trading. They have mastered some skills or trade secrets about trading and it's been beneficial. It is also important to know that they didn’t get to that level overnight  it took years of studying, practising, making mistakes, and so on. Everyone wouldn't be a long-term accumulator of Bitcoin. So those who have developed training skills could maximise them to make a profit. However, newbies shouldn't engage in trading until they have learned how that sector works.

Different people are taking different steps to make profit in cryptocurrency it doesn't have to be long term investment traders are also making money through trading all you need to do is to identify the best strategies you can apply to avoid losses no matter how long it would take if you are willing to give yourself time to master the best strategies you will surely be at the top and your profit will be coming often. Trading is not for newbies that's why I don't encourage them to trade but if they should trade then they should undergo the learning process before they can trade.