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.

[Shineup]

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.

Lossing coin to another address mistakenly can really hurt regardless of the amount lost, no one is actually above making a mistake but when this happens you will get to tell yourself how careless you are and that alone can give you a different feeling about yourself, there is nothing you can do to a spilled milk than just to be more careful next time, I know of a friend who complained about making such mistakes before and till date he kept talking about it just to tell you how painful it was though the amount seems reasonable but it was all his fault, he has his attention on something else and at the same time making this transaction only to realize this when it was already too late, we should be more careful and remain focused whenever we are making transactions, else you learn the hard way.

[Makus]

There are lots of mistakes that new bitcoin users make and a lot of times these mistakes are linked to not having adequate knowledge about bitcoin before making their investment. That's why it is important to learn from the right sources and the forum is one of them and probably the best avenue to learn about bitcoin. Talking about the common mistake most new users make is that they invest an amount of money they should not be investing in it most, at the end of the day this makes them overly tensed at every slight change in the market.
If you react with your emotions then you should not be investing in bitcoin.

Another common mistake that has to do with financial management is that they refuse to set out an emergency fund, when an urgent needs for money comes they end up selling their coins which ruins the investment.

[alastantiger]

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.

Good advise for beginners to listen to and I have also been a victim of not double checking the address I was sending Bitcoin to but I have not made the mistake of sending wrong amount although I see and understand how painful that can be. Imagine if it was a big amount and that is how they will lose such amount. Double checking should not be taken for granted because it can save you more than you think and it is not going to cost you more than few seconds to make this confirmation. Do not think you can not make this mistake as if it has not happened to you then you would not know how easy it can be without you realising that the mistake has already happened and before then, it is too late already.

[Brizi5000]

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.

well from my own end i made a mistake of using all my savings from work to invest in crypto. i can remember vividly on that faithful day with my colleague where i previously worked, this my colleague we knew him to be someone who usually invests in cryptocurrency and suddenly one day at the office he shouted with joy and when i asked what it was he said his coin has pumped massively and that he will get rich. i never had any idea about crypto then but i just wanted to become rich like him also, so i pleaded with him that i will like to join him in his crypto business and he accepted to take me in, he asked how much i will like to start investing with and out of curiosity and because i want to be rich quickly i told him i will invest with one month of my salary. that was how i invested with a huge amount hoping it will instantly fetch me a more higher profit, but after some days my colleague called and told me the coins we invested on has really gone down and there was nothing left for me. that was how i lost my savings without knowing that it was a shitcoin he bought, if i had known earlier that it wasnt bitcoin i wouldn't have invested, and it was as a result of this that made me to calm down to really learn about cryptocurrency on my own.

 my advice is that newbies shouldn't jump into any cryptocurrency investment they see, they shouldnt also think because of getting rich quickly and invest with all their money and they should also make their own findings and research before investing, most importantly they should stay away from altcoins and focus more on bitcoin.

[Patikno]

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.

The issue here boils down to "ignorance" and "inability", or maybe "unwillingness". For me, these factors often lie at the root of the biggest mistakes. I am convinced that those who took the time to study Bitcoin and recognized its immense future potential are; the ones who have now grown wealthy from their investments. Don't you think the root cause is ignorance stemming from a lack of curiosity ?

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.

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.

Actually, he only borrowed it to use it, with no commercial intent on either side. So, you could say it was just a casual loan between friends. He got found out because he didn't actually use it, and as you know, he was deeply embarrassed, and he may well have lost his friend's trust, especially regarding that matter.

[Stable090]

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❓

Trying to make quick money from bitcoin investment, or trading bitcoin. I have seen people invest in bitcoin thinking they will be able to make quick money, I also had that kind of mindset before, I was thinking if I can start trading bitcoin, am going to make quick profits within a very short period of time, but when I started trading, I was losing instead of making money, I had to start doing more research to understand what bitcoin trading was all about, and I realized it’s not what I should be expecting quick reward from. If you are investing in bitcoin, always try to hold for long period of time, don’t be so desperate to make profits.

[Youngrebel]

The common mistake a lot of new bitcoin users make is that they invest without setting out an emergency fund, this makes them end up selling their coins when they go through financial hardship or difficulties because they don't have the money to solve these problems. Another common mistake a lot of people make especially those that are new to bitcoin is that they try to take bitcoin investment as some sort of ponzi scheme, in other words they try to make quick money from it.

Bitcoin investment requires knowledge before getting into it and some beginners don't bother to get themselves acquainted with the market, they just invest and rely on the informations that they get from other to make their decisions

lastly, borrowing money to invest in bitcoin, it is common knowledge that borrowing money to make any form of investment can be very dangerous especially when investing in bitcoin that's actually a long-term investment.

[Itz-prisigold]

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❓

Trying to make quick money from bitcoin investment, or trading bitcoin. I have seen people invest in bitcoin thinking they will be able to make quick money, I also had that kind of mindset before, I was thinking if I can start trading bitcoin, am going to make quick profits within a very short period of time, but when I started trading, I was losing instead of making money, I had to start doing more research to understand what bitcoin trading was all about, and I realized it’s not what I should be expecting quick reward from. If you are investing in bitcoin, always try to hold for long period of time, don’t be so desperate to make profits.

One thing I believe about having the desire to make quick gains usually pushes someone into investing more money that they cannot comfortable afford. The moment an investor start seeing every price movement as an opportunity to recover he or she has already loss or as an opportunity to make quick profit, any small crash on the market will put pressure on you and it becomes very easy to make emotional decision.

People that are new into Bitcoin investment, should approach Bitcoin with a clear purpose, know the reason why you want to start accumulating Bitcoin and only invest money that is not needed for daily expenses. If the money available on you is needed for paying bill, house rent, buying food, for emergency or other important things, then you should not put that money into Bitcoin.

[icebar]

New investors can make various mistakes. Some common mistakes almost always happen. There are some investors who make mistakes in taking decisions related to Bitcoin. Many are harmed by making wrong decisions such as buying when the market is bullish, panicking when the market starts to fall, and using everything they have to invest completely.

There are some who make mistakes without knowing much about Bitcoin knowledge or due to carelessness such as the address to which they send Bitcoin is wrong. New investors are also harmed by not properly storing the seed phrase keys of their wallet, those important keys are stolen or hacked. However, I think that if someone does not know about Bitcoin and invests an amount of money that they cannot lose, that is the biggest mistake. For beginners, it is better to learn about Bitcoin first and if possible, start with a small amount.

[Renampun]

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❓

They think Bitcoin is a quick way to make more money because they see crypto influencers on X and assume they can do the same... Most new users need to understand that Bitcoin isn’t a get-rich-quick scheme... They might see influencers who’ve gotten rich through crypto, but that shouldn’t be a reason to jump in.. their success may not be as straightforward as it seems... It’s possible they were just lucky enough to make that much money from their investments, or they’re simply good at showcasing their success while hiding the fact that they’re just pretenders.

Investing in Bitcoin requires patience and consistency over the long term... If they think they can get rich quickly, they risk losing their money because the price of Bitcoin can fluctuate in a short period of time.. It all takes time and it can't be achieved overnight, so this should be treated like building long-term wealth, not a quick way to make money.

[Faisal2202]

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.

The one mistake that I made is that I could also earn free Bitcoin back in 2018 (it is a long story don't want to repeat but I was involved in online mining platforms, which were free and also involved in faucets).

I made nothing so left, and then joined crypto via this forum back in 2021, it was a good start my first earning was after three months from bounties, I learned many things due to bounty work because I started joining article campaigns and that required real readings, and comparison of different materials to curate one article so it was really helpful anyway the only bad experience that if I would have invested money in 2018 instead of earning it for free then I might be rich today haha.

So here I am still DCAing and accumulating some sats trying to be rich, not knowing when I will die haha.

[fredericktaylor]

Another thing that new investors expect to make quick profits buy Bitcoin is that they do not have an emergency fund for bad times that will allow them to buy Bitcoin and hold it for a long time and cannot consistently manage the investment in future bad times, which results in them having to sell all their investments midway, which is really painful for an investor.

To profit from investing in Bitcoin, you must first have a long-term plan. In addition, you must invest consistently to the best of your ability. You must hold Bitcoin with patience and confidence. You cannot make a decision to sell all your investments quickly due to emotional situations. You must wait for better times in the future. As a result, profits can be expected from Bitcoin.

[GbitG]

........

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

Well, everyone give you so many suggestion with different aspects.....

But here I will give you advice to you about Bitcoin investment. Initially when every newbie hear about Bitcoin they think they I will buy it for just long term but when they invest few bucks then immediately they swapped their intentions that " wow it's too easy buy at bottom and sell it on top" like it's a quick rich scheme. But infact at last they breach all of his fund because they never understand that Bitcoin is volitility assets and here in on short period you will also got trapped....

So I have a suggestion for you. Never do such kind of run.... Always invest for long term through DCA

[Hamza2424]

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.

That was great if you had a script but I could not get enough referrals so I just created more accounts haha but wasted my time and energy but you are right if we keep those sats secure to this date maybe the profit would have been much better than those times.

I always thought of creating a faucet site instead of using them, because I knew this is the only way to make BTC if I can't mine or buy but that was when I was newbie. Now I prefer buying over mining and doing anything else like faucets.