What is the biggest mistake new Bitcoin users make?

[Cookdata]

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.

Some of this mistake were in the early days probably, I didn't experience address mistake but they are rare today. Most modern wallet have error checks, if you paste an address and the wallet is not correct, like there is a missing character, it will detect it because it's having a checksum which helps you to validate the address. Unless you replace a whole address by mistake which I don't think it's a mistake, that's negligence from the sender.

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.

If you enable RBF on your transaction, you should have double spend it with a different input amount and rest to your address as change.

I once made the same mistake when I wanted to buy Bitcoin testnet4 coin from a Chinese supplier. There is a market I could have bought the testnet coin market place but I was trying to avoid excess fee, I will be charged a deposit fee if I want to use the platform. I contacted a seller directly, we agreed on the amount but over send for him. What saved me was the transaction was having RBF enable, so I double spend the transaction and send the agreed amount to the person and return the rest as change to my address.

[osasshem]

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.

You having started your crypto journey, remain in it and try to invest as much as you can, no matter how little it can be. My greatest regret since my crypto journey has been staying off the crypto community/market for numbers of years, and this is one regret that keeps hunting me till tomorrow. All or majority of other precautions never hunted me, neither did I fall victim, cause I was absent from the crypto community for a very long time. This is my biggest regret and I wish I could reclaim those times back, but it's gone and never to return.

[yixichloro2xx]

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.

Emergency funds is very important to our investment and it's isn't something to joke with. Even if someone isn't an investor, there's still a need to save up for emergencies. Not having emergency funds will put an investor in a tight situation where they will be forced to sell off their Bitcoin in order to sort themselves or bills.
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 Apart from emergency funds, another area where newbies make mistakes the most, is investing beyond what they can handle or afford. Some people will pour 70-80% of their income into Bitcoin, leaving small amount for their bills and personal needs. That is a very wrong investment approach.  Settling our bills and important needs should be our first priority, before using the remaining amount as our discretionary income.

[Italian Panic]

Among the worst mistakes a new Bitcoin user can make is certainly using centralised exchanges, paying via bank accounts that can easily be traced back to you, and generating private keys without the correct level of entropy.
Using CEXs puts you at direct risk because you cannot know whether, in the future, you will have 0.1 BTC or 100 BTC; in that case, you would be directly exposed.
Using a bank account that can be traced back to you reveals who you are and where you live, unless you have an online account, in which case you’re just one of many in a huge city.
Creating and using private keys with low entropy, as happened with ColdCard or through sub-optimal generation methods.

[Cossyblack]

Among the worst mistakes a new Bitcoin user can make is certainly using centralised exchanges, paying via bank accounts that can easily be traced back to you.

It when your doing something illegal that you will be scared that you might be traced through your bank account. Centralised exchange is mostly used to buy and sell cryptocurrency and there's no way you can buy bitcoin without making payment with your bank account. Since centralised exchange demand compulsory kyc,you can't use any bank account that doesn't match with the name that you use for your KYC as your asset might be frozen by the exchange. In my perspective I don't see anything that is bad if use your  bank account except you are doing something suspicious probably you  don't want to trace through the transaction.

[Achalugo BTC]

Emergency funds is very important to our investment and it's isn't something to joke with. Even if someone isn't an investor, there's still a need to save up for emergencies. Not having emergency funds will put an investor in a tight situation where they will be forced to sell off their Bitcoin in order to sort themselves or bills.

For me, I think not taking emergency fund seriously is one of the mistakes many new investors make. I experienced this myself and it really delayed my journey, because I used to use up what I had accumulated, whenever life becomes too difficult, especially in times of emergencies. From my experience, I believe Bitcoin is better approached as a long-term investment, which means I have to be prepared to leave my investment untouched for years. That was when I start making plans to ensure I save up an emergency fund before I continue my journey again and I believe, many new investors skip the emergency fund, maybe with the hope that they will have their profits before an emergency hits them, because emergencies don't give them any warning before they happen.

[HelliumZ]

New investors can make several mistakes when they start in the market, especially those who are new to it, often making mistakes about when to buy and when to sell Bitcoin. They make mistakes in choosing a wallet and even new investors do not know which wallet to choose and how to save the security seed of the wallet and not share it with anyone. New investors often face incidents like connecting their valuable wallet to a phishing site provided by someone and compromising Bitcoin. Although I did not face all these problems in the initial stage, but I bought Bitcoin and sold it at a loss because I could not hold it for a long time and I became Fomo in the market.

[GeorgeJohn]

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 users think that investing in bitcoin is the easiest and fastest way to make money, let a beginner in bitcoin investment should desist from such thinking...Secondly, they should avoid investing in a ponzi scheme, ponzi investment doesn't give quick money but rather it will make you to lose what you never intend to lose...

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

Actually, you will buy bitcoin from legitimate source and hold if you wish to hold bitcoin, the security of your wallet is important, especially keeping your seed phrase intact, so seed phrase is your privacy, do not make the mistake of exposing your seed phrase to anyone..And read about bitcoin to understand the methods so that you will not be victim of scam and address mistake in bitcoin transactions...

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

You can also observe the community by reading most of vital threads, or you make a research of bitcoin through Internet or social media like YouTube, to watch video of things you may likely see disturbing to you about bitcoin...

[cocadalcan]

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❓

A few days ago I started Bitcoin with a greedy attitude. The aim was to earn more profit in a short time. My journey with Bitcoin started through trading. Initially I got some success but gradually I started to understand about Bitcoin and started investing for long term. I started trading in the initial stage of Bitcoin, trading was a wrong decision, I would recommend to everyone only for long term Bitcoin investment.

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 had a misunderstanding about how Bitcoin works so I started with short term trading but now I realize that the real success of Bitcoin lies in building regular accumulation for every investor.

[MainIbem]

New bitcoin users think that investing in bitcoin is the easiest and fastest way to make money.

Good point mate, this is one of the most common ideology of many newbies that why some of them don't end up succeeding in making wealth through Bitcoin, cause they threat it like a quick profit opportunity instead of a long term investment option. I don't know the OP'S reason for wanting to note the mistakes of newbies nor do I know his level of knowledge about Bitcoin but if his ideology of choosing Bitcoin is to make quick money with it, then he should reconsider that and embrace buying and holding for long term cause that's the best way wealth can be made with Bitcoin.

[batang_bitcoin]

A few days ago I started Bitcoin with a greedy attitude. The aim was to earn more profit in a short time. My journey with Bitcoin started through trading. Initially I got some success but gradually I started to understand about Bitcoin and started investing for long term. I started trading in the initial stage of Bitcoin, trading was a wrong decision, I would recommend to everyone only for long term Bitcoin investment.

Everyone has to learn that. Many did learned that trading is just the initial thing we'd do in Bitcoin but, as soon as you realized there will be more time to think about the long term holding. That's more productive and profitable if you're going to think about it. If someone still haven't learned that, eventually they'll learn about it and they will agree to the people who have told them that to HODL and that's the best strategy that's ever been made to this investment. No need to have anymore debates about it because it's been proven to be effective for consecutive cycles.

[SuperBitMan]

A few days ago I started Bitcoin with a greedy attitude. The aim was to earn more profit in a short time. My journey with Bitcoin started through trading. Initially I got some success but gradually I started to understand about Bitcoin and started investing for long term. I started trading in the initial stage of Bitcoin, trading was a wrong decision, I would recommend to everyone only for long term Bitcoin investment.

Everyone has to learn that. Many did learned that trading is just the initial thing we'd do in Bitcoin but, as soon as you realized there will be more time to think about the long term holding. That's more productive and profitable if you're going to think about it. If someone still haven't learned that, eventually they'll learn about it and they will agree to the people who have told them that to HODL and that's the best strategy that's ever been made to this investment. No need to have anymore debates about it because it's been proven to be effective for consecutive cycles.

There’s actually no need to debate about long-term bitcoin investment and trading because anyone who has done the two will actually know the best to go into.
Long term bitcoin investment may be good for you and the best for you however it may not be the best for another person, bitcoin trading may actually be the best for the next person.

If you are a trader and you are making good amount of money from trading, and you are comfortable with it, then continue doing it.
Those that are holding for long-term and are comfortable with it should continue with it.
nobody should pressure anybody to go into what they don’t feel comfortable with.
Just do what works for you.

[Charcol]

Among the worst mistakes a new Bitcoin user can make is certainly using centralised exchanges, paying via bank accounts that can easily be traced back to you.

It when your doing something illegal that you will be scared that you might be traced through your bank account. Centralised exchange is mostly used to buy and sell cryptocurrency and there's no way you can buy bitcoin without making payment with your bank account. Since centralised exchange demand compulsory kyc,you can't use any bank account that doesn't match with the name that you use for your KYC as your asset might be frozen by the exchange. In my perspective I don't see anything that is bad if use your  bank account except you are doing something suspicious probably you  don't want to trace through the transaction.

I agree that using a bank account does not make someone a criminal. There are many who buy Bitcoin from legal sources with CEX. But worrying about privacy does not mean doing something illegal.

Centralised exchange is mostly used to buy and sell cryptocurrency and there's no way you can buy bitcoin without making payment with your bank account.

A bank account is not the only way to buy Bitcoin. There are many other ways you can buy Bitcoin. For example @Cossyblack you can buy it with the payment you are currently receiving from the campaign, from an exchange, directly from another person through peer to peer exchange, or even from mining. Of course, each method has different risks, so you have to make the right decision, but a bank account is not the only way to buy Bitcoin.

[batang_bitcoin]

Everyone has to learn that. Many did learned that trading is just the initial thing we'd do in Bitcoin but, as soon as you realized there will be more time to think about the long term holding. That's more productive and profitable if you're going to think about it. If someone still haven't learned that, eventually they'll learn about it and they will agree to the people who have told them that to HODL and that's the best strategy that's ever been made to this investment. No need to have anymore debates about it because it's been proven to be effective for consecutive cycles.

There’s actually no need to debate about long-term bitcoin investment and trading because anyone who has done the two will actually know the best to go into.
Long term bitcoin investment may be good for you and the best for you however it may not be the best for another person, bitcoin trading may actually be the best for the next person.

If you are a trader and you are making good amount of money from trading, and you are comfortable with it, then continue doing it.
Those that are holding for long-term and are comfortable with it should continue with it.
nobody should pressure anybody to go into what they don’t feel comfortable with.
Just do what works for you.

I agree, it is best for us but it cannot be for some people and cases. That's because they are not committed to it and are frustrated after investing because they have lost so much in it that they think it's not worth it despite that it is for all of us. The mistakes that we've made are setting us to the better decision making in the future and we are aware that by having bitcoin and its feats will take us longer and further to this investing journey that we are doing. Those who have lost so much patience will define them whether they are for it or they are not and only passing by as short term investors.

[LUCKMCFLY]

From what I've seen with two close friends, both bought a significant amount of BTC, but they got spooked by the constant FUD and negative rumors that always circulate, so they panic-sold.

The funny thing is, they didn't tell me they had sold until BTC pumped and hit its all-time high. One of them reached out asking how to get back in after selling at a loss. The other was in a worse spot because he lost access to his wallet where he kept the remaining portion—I remember him telling me he had bought 0.014 BTC.

Based on these experiences, I'd say the biggest mistakes are panic-selling due to market noise and not taking self-custody and key management seriously. You need to be confident in your investment and keep your seed phrase extremely secure.

[Catenaccio]

From what I've seen with two close friends, both bought a significant amount of BTC, but they got spooked by the constant FUD and negative rumors that always circulate, so they panic-sold.

The funny thing is, they didn't tell me they had sold until BTC pumped and hit its all-time high. One of them reached out asking how to get back in after selling at a loss. The other was in a worse spot because he lost access to his wallet where he kept the remaining portion—I remember him telling me he had bought 0.014 BTC.

Based on these experiences, I'd say the biggest mistakes are panic-selling due to market noise and not taking self-custody and key management seriously. You need to be confident in your investment and keep your seed phrase extremely secure.

Basic mistakes come together in a combination like buying and selling, so mistakes are a couple of fomo buying and panic selling, that's it.

Traders or investors, in this volatile market, will need to take action in the market, get their experience and improve themselves from psychology, emotional control to action control. They can learn many things like the market cycle, psychological cycle, market patterns and history but without actual practice and own experience, they can not master these things and can not manage risk, control action well enough.

Anyway firstly they need to learn
Psychological pitfalls of market cycle.
Wolong and Dogecoin: the game of deception.

[Solodoski]

One thing I have noticed is that new bitcoin users guarantee theirselves that they will definitely get rich with bitcoin in just a short span of time. They don't realized that investing in bitcoin blindly will lead them to a bigger loss instead, and not accumulating good amount of bitcoin will not make them rich either.

I totally agree with you, because most newbies in bitcoin investment always believe that they can make money very fast in bitxoin investment, so that most times leads to them gambling, because they just want to buy and sell in a short time, for them to start making profit. They tend to forget that the best way to make good profit on bitcoin investment is to accumulate and hold for a long term and definitely sell when the market is favorable and profitable.

[Findingnemo]

Using an exchange as their wallet is most common mistake done by newbie users and the worst thing is they continue to do that in the name of convenience even when they learned about the importance of private keys and self custody to have complete control over our crypto assets. They only change in the event of losing their funds to a silly mistake or due to major hacks.

[HustleZ]

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 the biggest mistake a person makes with bitcoin is mistaking it for something that is made only for the rich, many people that hear about bitcoin aren’t able to accumulate it because of their own thinking, they think that such expensive thing ( per unit ) is only for the wealthy and not the average people and this mentality ruins their chances of ever benefiting from bitcoi. So i think people shouldn’t make mistake of doing this and they should accumulate as little as $5-10 daily or weekly so they can benefit from BTC

[Supreme Donvic]

One thing I have noticed is that new bitcoin users guarantee theirselves that they will definitely get rich with bitcoin in just a short span of time. They don't realized that investing in bitcoin blindly will lead them to a bigger loss instead, and not accumulating good amount of bitcoin will not make them rich either.

I totally agree with you, because most newbies in bitcoin investment always believe that they can make money very fast in bitxoin investment, so that most times leads to them gambling, because they just want to buy and sell in a short time, for them to start making profit. They tend to forget that the best way to make good profit on bitcoin investment is to accumulate and hold for a long term and definitely sell when the market is favorable and profitable.

One of the reason why they usually think this way is because of the story they have heard about other people that made it very big in Bitcoin, they forget that this stories has some things hidden inside of it.
When newbies knows the truth about bitcoin investment they will follow it but when they don't know the truth they will follow what is given to them, I believe one of the reasons why newbies sometimes think that they can make money very fast with bitcoin is because of the information that was given to them or the story that they heard.