What is the biggest mistake new Bitcoin users make?

[Junii]

I think hearing real experiences would be more useful than just reading general advice.

I think less patience towards people they think they will buy bitcoin for some dollars and then in a week they became rich they have no idea that how financial market and this crypto market as well works. When i came in he market few years back my only focus was on charts and technical as well but what i was doing at that time was just a drop in an ocean there are a lot of things like Timing and risk management also patience and most important controlling your emotions matter just as much. If i have to tell the beginners what i learned from the market is start small and read the white paper of a bitcoin  secure your coins and do not tell your seed phrases to others and do not invest money in a bitcoin which you can not afford to leave in bitcoin.

[Agbe]

There are many scammers luring newbies to invest an increase their investment overnight and as a newbie, they have to avoid all those promises. And don't click on any link. And it is good to use DCA method to acquire more bitcoin. People have been scammed not because they were not well secured but because of their greediness to increase their coins sharperly. Bitcoin is not something you acquired in a hurry way but is it is a gradual process. I have lost coins to another address mistakenly though it was not much. Therefore over checking the address before sending is very important.

[iBaba]

There are many scammers luring newbies to invest an increase their investment overnight and as a newbie, they have to avoid all those promises. And don't click on any link. And it is good to use DCA method to acquire more bitcoin. People have been scammed not because they were not well secured but because of their greediness to increase their coins sharperly. Bitcoin is not something you acquired in a hurry way but is it is a gradual process. I have lost coins to another address mistakenly though it was not much. Therefore over checking the address before sending is very important.

I don’t think there is a guaranteed way to double your bitcoin overnight, as a new investor be careful full not to fall for people promising huge returns in short time and I also think it is very important to check the address carefully before sending because one small mistake can lead to permanent loss because the transaction of bitcoin can not simply be reversed.

So taking some few seconds to confirm the address and amount is better than you rushing and regretting later, keeping things simple is probably the safest approach for beginners and learn the basics, avoid suspicious links and also protect your seed phrase. If you have a long term goal, accumulate gradually you don’t need to rush because bitcoin will still be there tomorrow.

[goldkingcoiner]

I'm curious to hear from people who have been around Bitcoin for a while.
What do you think is the biggest mistake new Bitcoin users make, and what would you tell someone to do differently❓

It could be about security, self-custody, buying Bitcoin, scams, fees, or simply misunderstanding how Bitcoin works. What’s one mistake you made yourself when you were new that you wish you had avoided❓

I think hearing real experiences would be more useful than just reading general advice.

I think my biggest mistake in my newbie days was leaving my coins on a custodial and centralized platform, such as a centralized cryptocurrency exchange (CEX). These exchanges are very likely to lose your money by getting hacked or simply scamming. Heck, they can simply make up a reason and never give you your money back and there is nothing any regulators or police enforcement will do about it.

The philosophy of Bitcoin is to be your own bank. People do not understand why this is so important until a third party holds your money hostage (or simply steals/loses it).

[Patikno]

I think hearing real experiences would be more useful than just reading general advice.

There are countless stories out there about the mistakes new Bitcoin users make, and the OP can find plenty of examples in existing posts, or threads.

My biggest mistake was not buying Bitcoin back when I was in high school; I remember the price was incredibly low compared to what it is now. If I had just pushed myself to buy whatever amount I could afford back then, I don't think I’d have such regrets today. Another regret is; that I didn't educate myself about Bitcoin at the time, I really should have gotten involved sooner, especially since my friends were already active in the crypto space, including Bitcoin.

I have another example involving a friend of mine. He once received a loan in the form of Bitcoin, and said he wanted to try using it for various purposes. Do you know what he actually did with it ? He didn't do anything at all, yet he claimed he had used it. At the time, he was hesitant; afraid to actually use it for fear of making a mistake, but do you know what his error was ? He didn't realize that his address could be tracked on the blockchain.

[MisFoxie]

My biggest mistake was not buying Bitcoin back when I was in high school; I remember the price was incredibly low compared to what it is now. If I had just pushed myself to buy whatever amount I could afford back then, I don't think I’d have such regrets today. Another regret is; that I didn't educate myself about Bitcoin at the time, I really should have gotten involved sooner, especially since my friends were already active in the crypto space, including Bitcoin.

I have another example involving a friend of mine. He once received a loan in the form of Bitcoin, and said he wanted to try using it for various purposes. Do you know what he actually did with it ? He didn't do anything at all, yet he claimed he had used it. At the time, he was hesitant; afraid to actually use it for fear of making a mistake, but do you know what his error was ? He didn't realize that his address could be tracked on the blockchain.

The mistake you made, if we really call it a mistake then almost everyone here make the same mistake. No one knows what Bitcoins future would be at that time but some handful of people guess it now they are super rich now.

So your friend ultimately got caught.. btw if your friend take fiat as a loan but other person give BTC then he doesn't have to return the Bitcoin, what if Bitcoin price get dropped would the other person actually take the dropped Bitcoin? No.