BTC red flag test

[Comeacross]

Make we do confession this sunday afternoon. I believe many of us don learn the hard way for this crypto. Let reflect on our past experience and have fun but at the same time others can learn from it.

When you first start your Bitcoin journey, which of these red flags don catch you before?

You can vote on the poll based on your experience and drop a brief explanation on wetin happen and how you take learn your lesson plus a brief advice for upcoming people.

1. Send BTC to wrong address. Your eyes go first blur because it's gone forever.
2. Lose your seed phrase. If you dey lucky, you fit later remember where you keep am but if you no remember, otilo. You no fit do factory reset or reach out to customer care for help.
3. Double your BTC scam. Ponzi na very popular thing for this our country. Only contended people no dey easily fall for this scam.
4. Pump after you sell at loss. E dey look like village people dey pursue you for this crypto. E go low if you buy, but if you sell e go begin dey pump.
5. Others. Choose this option if wetin you experience no dey among the options.
6. I never experienced any. It's either you be guru from day one with the help of good mentors by your side or you just dey start your journey.

The only thing wey I never experienced from the options na the first one. But I don experience the rest at some point. I don create wallet countless times because I dey misplaced the seed that time. The good thing be say na majorly empty wallets. E no go better for scammers ooo because dem go collect your sweat in attempt to get more coins. At some point, BTC Price dey use me catch cruise. If I sell today, price go fly the next day. If I rush buy again, e go begin dey drop. Na that time I realise say BTC na about patience and not gra gra.

[Coyster]

Believe it or not, i've never had any of that experience. I am a very meticulous guy and i joined the forum before i ever owned any sat, so i got to know what the dos and don'ts were and i had it enshrined in my consciousness.

Honestly, a lot of people make it seem like it is almost impossible to be in the network long enough without either losing money to scammers or through your own mistake. But that is not true and i wouldn't like newbies to have that kind of mindset. Of course you can use bitcoin without losing any of it to scammers or making a costly error.

If you prioritize knowledge and you're not greedy; then congratulations, you've successfully evaded 95% of potential scams.

[Freeveto]

Can we call these red flags? If you refer it to as red flag, it means things that are bad about bitcoin that will discourage others from investing or joining bitcoin investment, but what you explained are certain contortions that are caused by our respective errors which bitcoin have nothing to do with.

Sending BTC to the wrong address is a mistake some of us are doing due to ignorance, wr feel too lazy to double check bitcoin address before sending.
Securing your seed phrase is another thing we should do very well, we should make sure we keep it safe, losing it means we are careless, we didn’t keep it safe or something came up.
Pumping after selling is normal, but mostly for altcoins because for bitcoin, if you can be patient to hold, it will recover after the dip.

[Creeper0]

Although my story is funny, I want to share the incident. In the beginning, I did not save the seed phrase of any wallet. Rather, I used to open an account in the wallet and use it for transactions, while opening the wallet, I would take a picture with my phone to use the seed phrase and create an account. But I never saved the seed phrase at first. But the positive thing is, I always kept the wallets logged in and used them for regular transactions. Later, when I started investing and gaining knowledge about wallets, I learned about the importance of the seed phrase. You can say, I lacked basic knowledge about wallets at the beginning of my crypto journey.

The phenomenon of falling prices when buying and rising prices when selling still happens to most people. This can happen in long-term investments too, but it is not a cause of loss for them.

[Hypnotizer]

When you first start your Bitcoin journey, which of these red flags don catch you before?

Red flag? Let’s call it mistakes not red flags because if we’re taking about red flag then it has to be like the reason why you should trust bitcoin not invest in it.

Initially when I saw this thread I’d thought you’re talking about critics and then expatiating on the issues but seems like you got the wording wrong.

1. Send BTC to wrong address. Your eyes go first blur because it's gone forever.

E never happen to me Sha bcos I dey double-check or make I just say quadruple check address to make sure I’m sending to the right address, sometimes when I’m skeptical about the characters in the address sef, I might check them one after one just to confirm.

2. Lose your seed phrase. If you dey lucky, you fit later remember where you keep am but if you no remember, otilo. You no fit do factory reset or reach out to customer care for help.

That’s Bitcoin for you, you need to take full responsibility for everything wey you do…so you need to be cautious when doing anything in this space.

3. Double your BTC scam. Ponzi na very popular thing for this our country. Only contended people no dey easily fall for this scam.

Ponzi for crypto nah for people wey dey chase quick money/profit, as far say you put mind say you must make an for crypto then you go dey make wrong decisions and you fit fall for scams Sha.

6. I never experienced any. It's either you be guru from day one with the help of good mentors by your side or you just dey start your journey.

You fit escape all of these things if you really research and understand the basics before you begin the investment, eh no depend whether you get mentor or not.

[Tongley]

Knowledge is the root of everything. I keep trying to gain knowledge from everywhere and I have not come across anything like this yet. I am learning from everyone's comments and I am gathering the points from everyone's mistakes and how they have corrected them so that I do not take the wrong approach in the future.

As you said on buying and selling, I have never been attracted to short-term investments and I never will be. My goal has always been long-term and hopefully will be in the future.

In terms of creating a wallet, we aim to create two wallets. For example, one is a hot wallet, through which I will complete my necessary transactions and the other will be for holding. In which wallet I will continuously purchase and deposit.

You have made a beautiful comment that is very useful for us, especially for me.

[Fivestar4everMVP]

The only thing wey I never experienced from the options na the first one. But I don experience the rest at some point. I don create wallet countless times because I dey misplaced the seed that time. The good thing be say na majorly empty wallets. E no go better for scammers ooo because dem go collect your sweat in attempt to get more coins. At some point, BTC Price dey use me catch cruise. If I sell today, price go fly the next day. If I rush buy again, e go begin dey drop. Na that time I realise say BTC na about patience and not gra gra.

This experience of buying high and selling low due to impatience and frustration of holding too long while waiting for the price to rise, and only for the price to start rising significantly minutes or hours after we have sold, then you fomo back in at that high price and the price starts dropping again..

This used to be my nightmare in crypto, I can't count the number of times I've experienced this and it's not funny, at some point especially when I see other people winning, I begin to have this serious feeling that there are some forces that does not want me to succeed in crypto, or that my sins is what is hindering me from succeeding, I alway felt very bad because I was a person who had no money and struggling to survive, I can not afford to continue to lose money in crypto this way...

But later on, I realised that life itself is a brutal teacher who doesn't stop teaching until we learn, at some point, I learnt to buy and simply look away from the market, and when eventually I looked and saw that price is dumping, instead of panic selling, I look for money and buy more again at that cheaper price, this was when I began to win.

[Kelward]

Self custody de sweet as a Bitcoin holder because as you hold am na your personal property unto say im de decentralized, you get privacy and freedom for your Bitcoin if you hold am for inside none custodial wallet. But di baggage of self custody na im be some of these things dem wen you mention for your OP and I agree say dem be red flags because na dangers dem be, if you ignore dem you fit to lose your Bitcoin forever.

Personally I don get di unpleasant experience of number 1 and 2 , di first one be say I mistakenly send Bitcoin to a wrong address because na another address I copy, luck wey I get be say na person wey I know na im get di address so just alert am immediately and we reconcile everything. Secondly when I lost my phone and download new wallet I tried to import but di wallet say my seed phrase no de correct, maybe I copied di seed phrase wrongly or na di wallet error but dat Bitcoin don lose forever because I no fit to access am.

[DubemIfedigbo001]

3. Double your BTC scam. Ponzi na very popular thing for this our country. Only contended people no dey easily fall for this scam.
4. Pump after you sell at loss. E dey look like village people dey pursue you for this crypto. E go low if you buy, but if you sell e go begin dey pump.

I be victim of this two, I don enter scam well well, no be only for BTC sef, I even do ETH million money back den in 2020. People wey know pass me dey warn me ooo but my stubbornness too much, so after I see shege for crypto matter naim My mentality towards am reset.

I remember buying some BTC in 2020 but I sold off at $65k as I catch nice profits, but in this past bull run, e really pain me say I miss X2 of my capital as I no hold for longer. I still dey accumulate regardless so dat stick no go enter my eyes twice.

[Comeacross]

Can we call these red flags? If you refer it to as red flag, it means things that are bad about bitcoin that will discourage others from investing or joining bitcoin investment, but what you explained are certain contortions that are caused by our respective errors which bitcoin have nothing to do with.

I see where you dey come from but let me clear something. Red flag no necessarily means something to discourage people from bitcoin. I think we are having a different definition of red flag here.

For this thread and in this context, it means things to watch out for. What I listed in the options no be bitcoin fault. It can be your own error, fake promises or even wrong information on bitcoin.

The purpose was not mean to discourage bitcoin investment or scare newbies but to protect them from mistakes that go later make them hate bitcoin.