What is the biggest mistake new Bitcoin users make?

[Charcol]

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.

You have raised an important point. If someone really knows about their wallet and self-custody and still keeps it on the exchange, it is not the right decision. It is unreasonable to keep it on the exchange and claim it as their own. Because exchanges can become victims of minor mistakes or major hacking. As a result, it is almost impossible to get all your money back. However, I think if someone is completely new and is not yet ready about their wallet, self-custody, and security, then it may not be a bad decision for them to start by keeping it on the exchange for some time. This gives them the opportunity to start and learn at the same time. But if they do not understand wallet and self-custody and still choose self-custody just thinking about security, then many times they may misplace the secret phrase or private key without realizing it. Which is even more risky.

[Agathamay]

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.

1. Do not trust anyone on the internet and always make sure you verify every information you get on the internet.
This is the best advise I can give to anyone intending to be part of the bitcoin ecosystem.

2. Make sure you alway double check and cross check every information and details especially when transactions are involved because money sent or received in a wrong wallet might be very difficult to recover.

3. The your privacy and security very personal, the heart of people are very wicked.

[LFC_Bitcoin]

Well there are lots of mistakes people make with Bitcoin but for me, the biggest is probably people who can’t handle their emotions during periods of high volatility and panic sell.

There is a reason why not everybody is cut out for this.

[Humblevirus]

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.

There are many biggest mistakes made by newbies and you have some but if I have to say, I would say the biggest mistake always made by newbies is not giving themselves enough time to learn.knowleage is direct,there is no way that someone will follow the right steps that they are supposed to follow when they don't have the knowledge.So, the biggest thing that leads to the loss of Bitcoin is a lack of knowledge. When someone has the right information, they are always going to make the right decisions. And if the right decision is made, what would lead newbies into the hands of scammers or make them take the wrong steps that could lead to losing their coins will be fully avoided.When I was a newbie, the kind of decision I making were always wrong but now, I can't make that kind of decision not because of anything, but because I did not seek proper knowledge before I started start thing on myself and that could have caused me harm. But as I calmed down and learned the decision I later always make seem to be right.

[Jubilee58]

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.

There many mistakes or errors that can jeopardize your Bitcoin investment journey, and  while some of the investors here may share their own personal experience, their are those that will share their experience based on what happened to other investors. I actually jumped into Bitcoin investing without properly understanding how Bitcoin investing works, and this reason actually cost me many things. In the first place, I was full of emotion, and looking for quick money. This mentality made me to start trading Bitcoin when I don't even have the idea of trading, and I eventually lost my Bitcoin  asset, and sometimes when I wanted to send Bitcoin to another wallet, I made the mistake of using pen to copy my Bitcoin address instead of to copy, and paste. Honestly I was full of many errors.

If you are new to Bitcoin investing, knowing how the market works is very necessary as Bitcoin does not encourage quick money but patience is what makes you win, and also, the safety of your investment is the number one thing to consider.

[JimaGod]

Well there are lots of mistakes people make with Bitcoin but for me, the biggest is probably people who can’t handle their emotions during periods of high volatility and panic sell.

There is a reason why not everybody is cut out for this.

Let me say this, I'm tire of saying it and I still wonder how these newbies always end up panicking and selling out of emotions, this is not just good enough for them. They will always end up on the wrong path because they've chosen not to listen and have gather more losses because of their poor decision making. Bitcoin doesn't just exist for us to have to test our knowledge but what's important it's Bitcoin being able to make a run for our weaknesses.

[Umulala-alala]

Well there are lots of mistakes people make with Bitcoin but for me, the biggest is probably people who can’t handle their emotions during periods of high volatility and panic sell.

There is a reason why not everybody is cut out for this.

Let me say this, I'm tire of saying it and I still wonder how these newbies always end up panicking and selling out of emotions, this is not just good enough for them. They will always end up on the wrong path because they've chosen not to listen and have gather more losses because of their poor decision making. Bitcoin doesn't just exist for us to have to test our knowledge but what's important it's Bitcoin being able to make a run for our weaknesses.

Most of them didn't get the right knowledge of bitcoin before they got started, they may think it's a get rich quick investment and they may not also be told that BTC is a fluctuating asset that goes up and dip down, if you are aware about this you won't panic when the market is downtrending because they know that bitcoin isn't a stable coin it goes up and down, those with the right knowledge will still buy more bitcoin when there is a downtrend hoping that it will increase again and when it increases they make more profits.

Bitcoin investment is long time investment any one who is investing for a long time will not panic and sell when the price goes below what they bought unless traders who wouldn't be patience to hold BTC till they gets to there target.

[Alonso_]

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.

New investors have more tendency of making some mistakes, when they’re just starting with investment in Bitcoin, I think it’ depends where they’re lacking behind, some investors makes mistakes starting their investment with money meant for paying expenses to buy bitcoin, because they don’t know that you need a left over money like a discretionary income to get started with investing in bitcoin, while some approach bitcoin in a different manner of waiting to buy the dip, some might not see it as the best way of buying bitcoin, while others believe that is the best techniques of buying bitcoin, some makes mistakes too with keep their security privately, and probably falls into scam, let me use myself as a case study, when I started investing in bitcoin, I didn’t plan my expenses to know my discretionary income, I was buying bitcoin with money meant for my expenses and bills, and it was a terrible way of investing in bitcoin, not until I came to the forum and learnt about buying with a discretionary income, then I realized I have made a mistake, which resulted in selling my bitcoin because I needed money for my expenses, and i didn’t have a backup funds with a emergency funds and a reserved funds, which was also a terrible mistake from me not having any basic understanding on investing in bitcoin.

[ndutndut]

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.

As for me personally, so far I haven't made any mistakes when it comes to storing bitcoin or scams because from the beginning I got to know bitcoin through a friend. So I was introduced early on about how bitcoin works and bitcoin security to avoid phishing, fraud, and the like.

However, usually the biggest mistakes beginners make when investing in bitcoin are typically because they leave bitcoin on an exchange for too long, and this happened to the friend who taught me about bitcoin. As a result, he lost access because the exchange where he stored his BTC went bankrupt at that time; he stored it on the FTX exchange. From my friend's experience, he advised me to immediately move it to self-custody, whether in small or large amounts, and write down the seed that we consider safe.

But that doesn't mean I never made mistakes. The mistakes I made were because I sold too quickly when prices dropped due to panic, and at that time I didn't fully understand that Bitcoin has a halving cycle, where price drops are normal. But from my experience and that of my friend, I eventually learned how Bitcoin works and realized that prioritizing security from the start is far more valuable than chasing quick profits, and I can still control my emotions when the market gets volatile.

[Sterlino]

Most of them didn't get the right knowledge of bitcoin before they got started, they may think it's a get rich quick investment and they may not also be told that BTC is a fluctuating asset that goes up and dip down, if you are aware about this you won't panic when the market is downtrending because they know that bitcoin isn't a stable coin it goes up and down, those with the right knowledge will still buy more bitcoin when there is a downtrend hoping that it will increase again and when it increases they make more profits.

Bitcoin investment is long time investment any one who is investing for a long time will not panic and sell when the price goes below what they bought unless traders who wouldn't be patience to hold BTC till they gets to there target.

An investor knows that the price of bitcoin can drop a lot. Knowing this, he invests. He tries to hold for a long time. But if he does not plan properly, then if he does not have knowledge, I do not think he will be able to protect himself from selling bitcoin. Although I do not have any experience in investing, I understand that if someone who has money in bitcoin sees the price of bitcoin dropping, he will definitely be upset. First, the volatility of bitcoin's price should be understood well. But at the same time, he should structure finances in such a way that he does not have to sell bitcoin until  profit generated .

[Peanutswar]

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.

Just the concerns Ive seen with the newbies are into wallets because they prefer to use an exchange when if they wanted to stack up some of their crypto assets they prefer to use this because of convenience if they wanted to swap their token with a short scalping in reality in the longer run its not recommendable because the engage have the right to freeze your assets and you cant do anything about this and some of them engage with different projects without doing background checking such as they can easily target once they reach out into a group calls they have joined.  When someone wanted to join crypto most of them I recommend to join here in the forum because if they wanted knowledge and worthy information tons of users here keep always help.

[sunsilk]

Let me say this, I'm tire of saying it and I still wonder how these newbies always end up panicking and selling out of emotions, this is not just good enough for them. They will always end up on the wrong path because they've chosen not to listen and have gather more losses because of their poor decision making. Bitcoin doesn't just exist for us to have to test our knowledge but what's important it's Bitcoin being able to make a run for our weaknesses.

It's normal to see newbies to panic when the price suddenly fluctuates a lot negatively. I've been there and I understand why they're like that. It feels like that it's the end of the world for the new ones.

And I know where they're coming from because of being new, no one sees yet that it's a temporary action of bitcoin.

That mistake should be corrected later on by realizing that Bitcoin is here to stay and each price action that it commits changes eventually and in the end, it always recovers.

[BluebloodCXVI]

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.

Just the concerns Ive seen with the newbies are into wallets because they prefer to use an exchange when if they wanted to stack up some of their crypto assets they prefer to use this because of convenience if they wanted to swap their token with a short scalping in reality in the longer run its not recommendable because the engage have the right to freeze your assets and you cant do anything about this and some of them engage with different projects without doing background checking such as they can easily target once they reach out into a group calls they have joined.  When someone wanted to join crypto most of them I recommend to join here in the forum because if they wanted knowledge and worthy information tons of users here keep always help.

Most folks treat bitcoin as if it is a casino, instead of them to learn how ownership really works.

They are more focused on making the next quick trade or engaging with the next hyped project rather than understanding what the phrase “not your keys, not your coins” means and why it’s an important warning.

The little time I’ve spent on this forum has made me realize how useful Bitcointalk forum is, precisely because the people on here tend to call out the BS instead of entertaining it and amplifying it.
This alone is worth more than being on most paid groups.

[purple_sparkles]

I think one of the most common mistakes is choosing where to store bitcoin. Many people put all of their assets on an exchange without realizing that exchanges can sometimes freeze or block users’ accounts for various reasons. In such cases, your funds may become inaccessible for a long period of time, or, in the worst-case scenario, you could potentially lose access to them altogether. Even if you eventually manage to recover your funds, it can take a huge amount of time, effort, and nerves. Another common mistake is believing the stories told by various crypto and trading “mentors” about how easy it is to get rich quickly, for example, earning six-figure sums in just three days. This is probably one of the most common traps. People often don’t know enough about the market but still want fast money, and in the end, a lack of knowledge and patience can lead to significant losses.

[Zigabel]

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.

One mistake i made in my early days that i will love to advise people against will be waiting for a bull run before you start accumulating or buying Bitcoin, one disadvantage of this practice is that you may get greedy and not know when the run will end so you may buy high and sell low. Although they do say buying now is always the best time to buy but then you need to be mindful with your time of entry, especially if you are in for the short term, you may end up with losses, but if you buy before the bull, you will have enough time to secure some good profit.

Never fall for FOMO. it will do you more harm than good, you may not suffer it's disadvantage severely if you are in for a long term investment, but if you are a short term investor and probably a scalper, falling for FOMO can cost you a lot with your investment. But then it is never too late to invest in Bitcoin, just don't wait, start already and don't think to get quick wealth from it, keep your expectations very realistic and you will have a good Bitcoin journey.

[LUCKMCFLY]

But if they do not understand wallet and self-custody and still choose self-custody just thinking about security, then many times they may misplace the secret phrase or private key without realizing it. Which is even more risky.

If something like this happens, it's because the irresponsibility is very high, or perhaps the person is simply absentminded, but you can't afford to be like that when it comes to money. When it comes to Bitcoin, we must be protective of our investment, remembering that not everyone in the world owns Bitcoin.

Newbies want to see their money multiply almost 1,000 times right from the start and become millionaires, living the high life.

The lack of financial education is evident when people don't have the fundamentals of investing, the Dollar-Cost Averaging (DCA) method, basic concepts like accumulation, and different ways to manage their money, including creating a separate emergency fund and not touching their Bitcoin investment.

[MusaMohamed]

The lack of financial education is evident when people don't have the fundamentals of investing, the Dollar-Cost Averaging (DCA) method, basic concepts like accumulation, and different ways to manage their money, including creating a separate emergency fund and not touching their Bitcoin investment.

It was harder to access educational resources in the past but the development, application and massive adoption of Internet have changed many things including educational resources and learning for many people. Nowadays, in modern world, it's considerably more easy to find and access free and open-access educational resources. With connection to Internet, people who want to learn now can learn about many things freely without extra expensive cost paid to schools or courses.

They can easily search about Dollar Cost Averaging and learn about this strategy for long term accumulation and investment.
https://costavg.com/
https://bitcoindata.science/withdrawal-strategy

[Loyang]

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.

One mistake i made in my early days that i will love to advise people against will be waiting for a bull run before you start accumulating or buying Bitcoin, one disadvantage of this practice is that you may get greedy and not know when the run will end so you may buy high and sell low. Although they do say buying now is always the best time to buy but then you need to be mindful with your time of entry, especially if you are in for the short term, you may end up with losses, but if you buy before the bull, you will have enough time to secure some good profit.

Never fall for FOMO. it will do you more harm than good, you may not suffer it's disadvantage severely if you are in for a long term investment, but if you are a short term investor and probably a scalper, falling for FOMO can cost you a lot with your investment. But then it is never too late to invest in Bitcoin, just don't wait, start already and don't think to get quick wealth from it, keep your expectations very realistic and you will have a good Bitcoin journey.

There is never a time to buy for an investor, every time is a good time to buy for an investor. Even if that time is the highest price of all time, then it is the right time for an investor to buy at that time. An investor's goal should be to continue buying until he is able to reach the goal of building his portfolio.

There is a time to buy for a trader, like they wait for the decline and when the decline occurs they make the decision to buy and they buy. But most of the traders we have seen when they wait for the decline, they did not buy when the decline occurred. Because they thought that maybe there will be more decline or the price of Bitcoin will not increase anymore.

[TheUltraElite]

Well there are lots of mistakes people make with Bitcoin but for me, the biggest is probably people who can’t handle their emotions during periods of high volatility and panic sell.

There is a reason why not everybody is cut out for this.

Entering and exiting at the wrong time.

People also make the mistake of putting their money into things that they think will make millions easily because bitcoin holders did but they forget that the circumstances are different and they would not be able to replicate someone else.

If someone is disciplined and has some background of speculative trading, they can make good in bitcoin trading as well.

[Solokan]

In my opinion, the mistake new BTC users make is always selling quickly when there's a small profit. Another mistake I've experienced is not transferring BTC quickly from exchanges to wallets. This often leads to the temptation to sell BTC when there's a small profit or sell BTC when the price drops for fear of further price drops, ultimately leading to selling BTC at a loss. Fortunately, I've come to my senses and learned from my experience, ultimately focusing more on accumulating BTC and storing it for the long term, transferring it directly from exchanges to wallets.

One mistake new BTC holders make is being impatient in holding BTC for the long term and forgetting about emergency funds and reserve funds.