What is the biggest mistake new Bitcoin users make?

[HajiBagi]

My biggest mistake was the excitement that altcoin brings, and instead of focusing on Bitcoin, I went to focus on altcoins. During the Crypto Winter of 2022, I realized that it was completely wrong. I pivoted back to Bitcoin after that, to recover from my losses I made. Since then, if people had asked me what was my lesson, I would tell them to focus on Bitcoin instead.

I think i experienced the same mistake as you did, most of people who are in bitcoin today start with altcoins and focus on it because we think it is the best way to make a good profit, although i know about bitcoin but i doubt it because of how people are saying that it is a long term investment and it does not guarantee you to become rich, those words made me to think that to investing in bitcoin is not going to give me a quick profit i want in time but at the end, i regret it, I regret it because i end up buying a coin that does not have any value, but that is a lesson for me because that makes me understand that there is no way of making quick money.

[Z_MBFM]

What do you think is the biggest mistake new Bitcoin users make, and what would you tell someone to do differently❓

If I talk about myself, I knew everything about Bitcoin very well, but my biggest mistake was not thinking seriously about the future of Bitcoin. When I first learned about Bitcoin and used Bitcoin, I was not very serious about the future of Bitcoin, which is why I sold the Bitcoins I got in various ways and the Bitcoins I bought for a small profit. And that's why I couldn't hold on to them even though I was involved in Bitcoin for a long time and got Bitcoins at a very low price.

And now the mistake that beginners make is that they panic when they see the price of Bitcoin and buy Bitcoin quickly but cannot hold them. This is not only because they are afraid or they have less patience. This is because they hold Bitcoin in a centralized exchange instead of keeping it in a non-custodial wallet, which makes them visit it frequently, which makes them lose patience. Since it is possible to sell immediately from a centralized exchange, at some point they lose patience and sell the Bitcoins. I think this is the biggest mistake of beginners now.

[BALIK]

This has been discussed already in the forum before. But just to answer your question, my biggest mistake was trusting a centralized exchange back when I was still a new bitcoin user. I never realized that putting our bitcoin into a centralized platform will only increase the chances of losing them, instead of creating our own hardware wallet and prioritize self-custody over trusting a centralized exchange.

But I never regret that experience. That was my eye opener that when it comes to bitcoin, not your keys, not your coins. There is no excuse to that.

TBH, everyone's wisdom returns after leaving fund CEX and getting caught. Not your keys, not your coin this saying is very basic in crypto, bro. Anyway ts good to learn from mistake, but it's just stupid to leave fund in CEX thinking it is bank. Thanks for the late check in, at least now you know how hardware wallet work.

My biggest mistake was to focus more on altcoins than Bitcoin at first. Because I thought that if I entered small coins, I would make a lot of profit faster than Bitcoin, since altcoins pump a lot more, so I gradually shifted my focus from Bitcoin to altcoins. I made some profit, but later I realized that I was taking too much risk in the hope of profit. Many altcoins can fall even more than Bitcoin if the market is bad. Now if someone asks me for advice for beginners, I would say first understand Bitcoin well. Before going to Altcoins, at least understand what risk you are actually taking. When the market creates hype, the safest strategy in the long run is to buy Bitcoin slowly and systematically, without pouring all the money into it at once, without suffering from FOMO.

LMAO, losing patience with Bitcoin and jumping into shit coin for guaranteed 10x is pure newbie move! Then crypto winter hit & their bags get wrecked. And abruptly everyone recognize why they should've concentrated on BTC in first place, right? Most Altcoin are just gambling trap. First focus on Bitcoin then play with dust, bro.

[ColdLava40]

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

FOMO? Come to think of it, most new Bitcoin investors become interested or motivated after hearing that they can make a lot of money from investing. But one thing they often fail to ask is, how long will it take to achieve that milestone.

If someone introduced you to Bitcoin without telling you about the risks involved, then they may not have really done you a favor. They might have had good intentions, but you could end up having a difficult experience because of the expectations you hae in mind

You may expect to make quick profits, but then the market suddenly dumps and your investment becomes worth much less than what you initially put in. At that point, everything starts to feel like a sinkhole. Things become dark, and the only thought running through your mind is, i've made a terrible mistake. How do I get my money back? Then you make what could be the biggest mistake of all, selling at a loss out of panic.

[moneystery]

Maybe it's not a mistake, but more of an education on the importance of understanding that exchanges are not recommended for storing your Bitcoin long-term. It's fine to register on an exchange because they offer convenience for buying and selling Bitcoin. However, for the long term, a non-custodial wallet is more recommended because you have full control over your Bitcoin and, more importantly, you are the one who holds the seed phrase.

Also, it is important to back up your seed phrase in a secure and offline location and never share it with anyone. Because the seed phrase is so important and sensitive. If you don't back it up and share it carelessly with others, then you could lose access to your Bitcoin.

[Joy- maker]

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

The biggest mistake I made was entering the crypto space as a trader, because I learned about Bitcoin from a trader,  I never knew Bitcoin was a coin full of potential. Back then I was holding Large amount of money in Bitcoin, but I lost it all through trading.  So, I advice newbies not to approach Bitcoin with trading mindset, not because trading is risky, but because they will miss buying opportunities, before they realize it those who started earlier will be far ahead in their Bitcoin accusation journey.

[Mr Reporter]

I think i experienced the same mistake as you did, most of people who are in bitcoin today start with altcoins and focus on it because we think it is the best way to make a good profit, although i know about bitcoin but i doubt it because of how people are saying that it is a long term investment and it does not guarantee you to become rich, those words made me to think that to investing in bitcoin is not going to give me a quick profit i want in time but at the end, i regret it, I regret it because i end up buying a coin that does not have any value, but that is a lesson for me because that makes me understand that there is no way of making quick money.

Smiles…I really understand that almost everyone today has passed through the Altcoin regret phase and there is still more to learn…my own experience back then in those days was the trap I fell into saying “BTC would not make me rich quickly” and in my head was all i just need to do is stay alive, but the honest truth, I was really getting nowhere if i could have mixed up mindset … back then was too familiar with these keywords about any Altcoin which was ready to boost in fact I took the investment personal got my self a Twitter, Telegram, YouTube and was at shouting the next ETH/SOL….

I would want to give a reply on this hardcore saying…”there is no way to make quick money that doesn't also come with a quick way to lose it all” at the start of my Bitcoin journey it sounds so easy but after a little while it becomes boring and requires more energy the truth is having to keep such an amount in a wallet without thinking about it that would show you are ready to keep Hodling Bitcoin in the future

[tabas]

What do you think is the biggest mistake new Bitcoin users make, and what would you tell someone to do differently❓

A general advise that they are now thinking differently due to cold card concern and they're opposing us who are saying that never deposit into exchanges if you're going to use them as a storage and not an actual exchange. That belief has been going around and it's too bad when there's a misconception that's being spread in other crypto communities and they're able to make them believe that they're saying a right thing even it's not.

[BitMaxz]

Facuets used to be a good source of making some sats, but not good money. These cloud mining platforms were really a thing and I used to think most of the time that how my hardware resources are being used by a pool that is not here and sits somewhere else. There were many things in the start that worked and people might have made money but this was not one of them.

No, faucet rewards before are high, not good money before, but if you could save them and hold until the next block halving, the price jump and the free faucet you earn is worth withdrawing into cash.

Remember how many faucets existed before I used the auto-next script in the past? After claiming SATS, the page will automatically go to the next faucet sites, and I will, also host them before and share my site. I got lots of referrals that gives me additional earnings and it's  also my extra source of income before while I don't have a job. So during that time Bitcoin is worth withdrawing compared today.

[freedomgo]

Newbies are still prone to mistakes, so we can't expect from them to deal with bitcoin easily.

However, the biggest mistake that I often witness about new bitcoin users is that they really think they can really evade from bitcoin scams. They are confident enough not to fall in any scam, when in real essence riding with hype and FOMO will definitely lead them there.

And most newbies invest too much on bitcoin, that lead them to experience early and inevitable losses. They don't know that investment comes with a perfect timing, when you are financially able and when you see there is a good opportunity to enter the market, except for those who adapt DCAing.

[lionheart78]

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❓

I think the biggest mistake a new Bitcoin user makes is jumping into the Bitcoin investment wagon without doing research.  There are lots of new Bitcoin investors who got burned after the investment because they hastily jumped into the investment without knowing how the market behaves.  They had not established the knowledge and yet had already spent their money left and right to invest in Bitcoin, thinking of getting rich quickly.  And the moment the price goes down, they panickly sell their stash at a loss, getting shaken with a mere minor price backlash.

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❓

The one mistake I made myself when I were newto Bitcoin was security.  I had my exchange account hacked because I failed to setup security like 2fa.

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

Both are useful because one cannot give sound advice if he did not experience such things.  What matter the most I think is applying the knowledge we got from both other's shared experience and the general advice we read.

[As-Soon-As]

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❓

New Bitcoin investors must maintain Bitcoin consistency, and if they want to hold Bitcoin for a long time, they must abandon their greed. Each investor must move forward with their own strategy, and the basic strategies that they must follow. However, the investor must invest in Bitcoin with his discretionary income, so a new Bitcoin investor must follow the strategic aspects if he is to move forward towards success.

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❓

Look, you need a strong wallet, you need to buy Bitcoin and store it in that wallet for a long time. And the security of the wallet depends on the seed phrase of your wallet, the more secure the seed phrase of your wallet, the more secure your Bitcoin will be. And you should avoid doing too much market research, because even a small increase in the price of Bitcoin can create greed inside you. So if you invest in Bitcoin for a long time, you must stop checking the price of Bitcoin, you can increase your Bitcoin investment by buying Bitcoin or by following the DCA method.

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

You need to have a long-term Bitcoin investment plan, in which every video will reach success if you follow the strategies correctly and move forward into the future. The longer the Bitcoin investment, the more profitable it is likely to be. Therefore, it is most important to build confidence in yourself, if you invest in Bitcoin, it will definitely be possible to achieve success.

[tread93]

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.

Lotta potential mistakes can be made by newcomers who have no real experience in all this. Like taking a photo of the private seed, or perhaps losing that seed. Maybe they fumble on the exchange and get hacked there or they accidentally burn their coins by sending to a bad addy or the wrong address or maybe they just fail to tell their significant other about these things and somehow they pass and nobody is even aware and they are lost coins

[BlackBoss_]

Newbies are still prone to mistakes, so we can't expect from them to deal with bitcoin easily.

Deal with Bitcoin, I don't think Bitcoin challenges newbies so there is no pressure or need of dealing with Bitcoin for newbies.
Newbies only need to learn about Bitcoin to use it properly, safely and to store their bitcoin securely and safely.
Secure your Bitcoin wallet.
How to keep your bitcoin secure.

However, the biggest mistake that I often witness about new bitcoin users is that they really think they can really evade from bitcoin scams. They are confident enough not to fall in any scam, when in real essence riding with hype and FOMO will definitely lead them there.

If they can learn, they will have more knowledge about Bitcoin and most common scam methods used by scammers so that they will be more able to avoid scams.
The cryptocurrency scambook.
[General] Crypto scams, attacks and malware.

And most newbies invest too much on bitcoin, that lead them to experience early and inevitable losses. They don't know that investment comes with a perfect timing, when you are financially able and when you see there is a good opportunity to enter the market, except for those who adapt DCAing.

How to manage Bitcoin like a whale? It's an article with many helpful tips, from how to think like a whale, to how to practice your investment, accumulation, holding, security and privacy like a Bitcoin whale.

[collardelay]

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.

When i started out, i went in blindly. Registered on bitcoins.com which i didn't know then was owned by Mark Karpeles. This went down same time with Mt. Gox. Lost a good amount, signed up again with bitcoin.de in 2015, sold early in the bull run in 2017. Got in again sometime in 2020 sold when i hit a rough patch. Now i am in for the long haul. For me it has been a rollercoaster and then some.  

[ImGenius]

My biggest mistake was the excitement that altcoin brings, and instead of focusing on Bitcoin, I went to focus on altcoins. During the Crypto Winter of 2022, I realized that it was completely wrong. I pivoted back to Bitcoin after that, to recover from my losses I made. Since then, if people had asked me what was my lesson, I would tell them to focus on Bitcoin instead.

I think i experienced the same mistake as you did, most of people who are in bitcoin today start with altcoins and focus on it because we think it is the best way to make a good profit, although i know about bitcoin but i doubt it because of how people are saying that it is a long term investment and it does not guarantee you to become rich, those words made me to think that to investing in bitcoin is not going to give me a quick profit i want in time but at the end, i regret it, I regret it because i end up buying a coin that does not have any value, but that is a lesson for me because that makes me understand that there is no way of making quick money.

Yes, this is actually a very big mistake. When newcomers see huge pumps in altcoins they think that if they invest they can become rich very quickly but when they start trading the opposite happens to them. Because they see only trending not those loser coin. That is a saying "higher risk, higher return". This happens to newcomers because they are inexperienced and in altcoins most of the time there is market manipulation which causes newcomers to get crushed under it.
I see many people who invest in altcoins literally get their balance to zero. Maybe they still occasionally open their wallet and check whether its price has actually increased.

[Somegory]

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.

New users don't do a lot of research, they stop learning once they found a solution, and sometimes in this crypto space a solution found might not be the best, this is why it's good to keep learning.

Today we have crypto companies who are giving advices to investors base on their own products, for example a neww crypto wallet company knows that Trezor is old and probably the best out there but they won't say because they have a product to sell.

They will prefer to say that nothing beats their own or even start misleading investors, like what Trust wallet did, giving users the option to store recovery seed in the cloud, something they should have never allowed.

They should know best, while that option is available means it's a good thing to consider storing recovery seed in the cloud, since it is Trust wallet that say so, I'm very sure that some newbies will feel this way.

[Delaforetnoire]

New users don't do a lot of research, they stop learning once they found a solution, and sometimes in this crypto space a solution found might not be the best, this is why it's good to keep learning.

Coming into the crypto world and stopping learning means keeping yourself confined in a world of unawareness.

When new users stop giving importance to their learning, from then on various kinds of losses can be seen in their case.

There is actually no way to stop learning and sit idle in this world because after knowing one thing, there are many more things to know about that matter. You have to keep knowing everything gradually and keep the desire to learn.

[JoyceBTC]

In my opinion, newbies make mistakes because they don't know about Bitcoin. Many newbies get the wrong idea from social media campaigns or some other way that Bitcoin is a way to get rich overnight. So they buy with all their money and later sell out of fear when the price drops a little. Although I haven't made this mistake as a newbie. But I think many newbies make these mistakes and they can even get involved in shitcoins. Although the issue of security is certainly important, it's not a problem if a newbie doesn't know self-custody. The problem is not trying to learn. Because newbies can start with small amounts on exchanges even if they want to and continue learning at the same time.

Yeah I will agree to the fact most newbies make mistakes because they don’t really know about bitcoin and they bought it because they were approached with the wrong narrative but the truth is that nobody is above mistakes, even people who have been into bitcoin for a long time still make mistakes.
Mistakes has a way of making one realize new ideas, teaching them and grooming them. When people make mistakes it opens their eyes to realize they’ve been taking the wrong steps and it takes a smart person to take correction and correct his/her ways. Most people have a way of giving up after making mistakes because they think they’ve failed already and it takes a resilient person to pick himself/herself up from where ever they failed and try again.

[Localhostspeed]

Maybe it's not a mistake, but more of an education on the importance of understanding that exchanges are not recommended for storing your Bitcoin long-term. It's fine to register on an exchange because they offer convenience for buying and selling Bitcoin. However, for the long term, a non-custodial wallet is more recommended because you have full control over your Bitcoin and, more importantly, you are the one who holds the seed phrase.

Also, it is important to back up your seed phrase in a secure and offline location and never share it with anyone. Because the seed phrase is so important and sensitive. If you don't back it up and share it carelessly with others, then you could lose access to your Bitcoin.

Sometimes it's not about education, it's about what people want. There are people that have learnt the disadvantages of keeping coins on exchanges but they preferred exchanges because it's less stressful like the self custody. Most people use exchange since they do trade and swap coins to their local currency, I don't see any problem when people does that with exchanges but when you leave your coins on exchanges doing nothing.

Some mistakes some people do is using selling their Bitcoin when the price is not stable, this is the normal mistake people do and it's not good. If you see price going down, then it means there is something that is making the price to move that way and the same thing that makes the price to move that way will make it comes down too, that's why as a holder, you should not care about what people say about the price, when the time is right it will move.