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 The Many Errors Made By Crypto Users

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One of the biggest issues in the crypto space is a lack of education for new users. I’ll share several errors I’ve made in the past and cover the many user-submitted responses as a FAQ breakdown for new crypto users to give them an idea of the pitfalls they should avoid.

https://odysee.com/@ScottCBusiness:4/Crypto-User-Errors:5

I’m going to cover several things that I thought were important as well as briefly go through the many user responses I got from all of you across many different platforms. Some of these are using the wrong network or wrong address, not owning your keys, no recovery help, thinking you’re using something private, thinking a cryptocurrency is anonymous, not understanding withdrawal or gas fees, amongst so many other things.

 

User Responses:

·         Panicking and selling on dips making the whales exorbitantly rich. - @FrankStarr on Flote

·         Leaving it on exchanges - @Sjacobs926 on Flote

·         Not buying any at all - @HaleksMTL on Flote

·         Not owning their keys - @JoshFuhs on Minds

·         Not having a basic cyber security education and rushing into things. - @GastonTrussi on Twitter

·         Buy something before understanding it first. - @Forkyishere on Twitter

·         Don’t hold it when it dips— they panic and take a loss - @Hilaryengland on Minds

·         The two biggest mistakes that I've seen are: First, investing hastily in trend coins without doing any research; Second, panicking during bear markets. - @dci1456 on Minds

·         Buying the top, selling the bottom - @GerardBechard on Minds

·         1. Keeping all their coin in a custodial account and not having their private keys. 2. Following new coins or trendy advice, without spending the time to do their own independent research. 3. Trying to run a 'get rich quick' scheme through frequent trading. - @Nemestrinus on Minds

·         Basically, not understanding the need. What are cryptocurrencies for? If they can't explain the basics to you, they're not going to make it. - @Raftus on Minds

·         Invest in promises. Trust and not verifying - @Cryptopath on Minds

·         I would expect the first issue is that user do not expect the volatility of some crypto currencies. - @Marcuse1 on Mastodon

·         They invest in currency that has no immediate use. - @Jag on Pocketnet

·         Telling friends, family, and coworkers all about it all day long until they hate crypto. - @Thedirtfarmer on Pocketnet

·         I think one big one is that they get into it not having any idea how to invest. - @Porwest on Noise.Cash

·         Confusing trading with investment. - @Thegreatestdoc on Twitter

·         Jumping into a project without DYOR and forgot the risk of investing. - @LadyApple77 on Twitter

·         Going with what their friends say and failing to DYOR. - @Cryptocrew__ on Twitter

·         Can’t forget panic selling when the value of their holdings falls, when they should be buying more - @ethereumbae on Twitter

·         Allocating too much on “potential” - @Chibi_dinos on Twitter

·         Panic sale, losing their keys, leave their coins in the exchanges buy high selling low - @Gus217nyc on Twitter

·         Listening to the twitter bloggers - @KennieKing on Noise.Cash

·         My mistake was to jump in too many projects at the time... You must choose a base - @Szbarnaus on Noise.Cash

·         Choosing an exchange with high fees. - @LucyStephanieSeller on Noise.Cash

·         Lack of patience - @Hedayat on Noise.cash

·         Expect a positive market with good profit - @Makimak on Noise.cash

·         Not doing research and buying sh*tcoins. - @SubatomicAsh on Twitter

·         They 'start with cryptocurrency' instead of bitcoin. - @Sunny_bitcoin on Twitter

·         Not paying attention to fees when transferring and trading - @Divinegrackle on Twitter

·         Approaching it with the mindset of traditional stocks. - @Drixxmadison on Twitter

·         Get FOMO after the ah ha moment and going all in. - @KregEverett on Twitter

·         They transfer tokens to a Validator's address instead of staking (delegating) or the most common, they fall prey to scammers on Telegram - @Kryptoschain on Twitter

·         They think crypto is a get rich quick thing - @roselinks on Torum

·         Thinking it can be used to 'Get rich quick' - @TeeGee on Torum

·         They fall for scams - @Mima_Kiora on Pocketnet

·         Getting scammed - @Spiritglove on Pocketnet

·         Getting involved with scams like rise coin or many others that appear out of thin air get pumped & dumped and noobies end up holding an empty bag, it's so wrong - @Timothy_mcduff on Twitter

·         My mistake in 2017 was buying cryptocurrencies that were hyped and pumped - @Pantera99 on Noise.Cash

·         They follow the seasoned crowd and ape into coins because everyone is doing it. - @Belemo_ on Twitter

·         Not buying when it was low - @Mwaff on Flote

·         Buying high selling low - @Moonie on Noise.cash

·         Buy high and sell low - @Saduone on Twitter

·         Buy HIGH Sell LOW - @pourlafranc on Twitter

·         Getting involved in scam airdrops of investment schemes - @Evandaescobar on Twitter

·         Go broke. - @Illmeister80 on Twitter

 

My 20 Rules For Investing:

https://odysee.com/@ScottCBusiness:4/Investing:d

https://youtu.be/vLG4eel2id8

 

Do you agree with what I’ve covered? Am I missing anything? Share a story about an error you’ve made to help out new users below. Let me know what you think about this in the comments below and don’t forget to subscribe!

 

*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*

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Comments

Very informative for the newcomer like me who want to know about cryptocurrency. I have zero knowledge about cryptocurrency but this post gave a superficial idea. Thanks for sharing this valuable information with us

$ 0.01
3 weeks ago

I felt identified with many of the comments, precisely because I am new in this crypto world, for now I confess that my worst mistake has been to take all this as a game at the beginning, I was making changes without knowing what I was really doing, I was losing in commissions and coins of little use because I took everything lightly, Nowadays I am taking everything more seriously and I am consciously using all this range of possibilities that cryptocurrencies offer us, especially coming from my country Venezuela where every penny counts and cryptos are helping many to protect themselves from the voracious economy of our nation.

$ 0.01
1 month ago

Exactly buddy! Yeah there should be a proper guidelines about cryptocurrencies. When i was new in crypto world,i lost my money because i had no idea where i was investing that is stable crypto currency like BCH or not. I invested and bear loss. I already watching you on YouTube i always get enough information from your vlogs. Thanks for that!

$ 0.01
1 month ago

This basically compiled all the mistakes I am about to do when I start to decide hastily. Thanks for the effort. This will surely prevent noobs like us from making mistakes.

$ 0.02
1 month ago

I just happen to think that too many "investors" are not actual investors in this "asset class," if we want to call it that. I don't care what it is one invests in; the stock market, real estate, annuities, the bond markets (both municipal and corporate), you have to know WHY you are invested. You have to understand HOW that investment will make you money. You have to understand HOW that investment makes and retains value. And moreover, you have to understand why it is worth MORE.

If people cannot answer basic questions about an investment, they are gamblers. One thing I have learned over 30+ years in the stock market is that WE make money because we know what we are doing. But we ALSO make money because so many people DO NOT know what they are doing.

When I write a covered call, for example, I have a main aim. I do NOT want to sell my stock. I have investigated where I think the stock will actually go. I am confident my stock will not hit the strike price. And as such, I will keep my premium simply because the guy on the other end who buys the right to buy my shares does not know what I know.

I keep my stock. I keep the premium. I make money.

The other guy loses quite simply because he is not playing the stock market. He is playing a game of darts, and his aim is not very good. lol

Crypto is not like the stock market. It is a different beast entirely. But if I can't tell you WHY any of the coins in my portfolio is going to go up, then I am investing on blind faith, hope, and wishful thinking.

No one, to my mind, has any business expecting to win if all they are doing is putting some money on the table but have no idea why.

$ 0.02
1 month ago

My newbie error was investing in a token without doing my due diligence as to its immediate and potential future use case . That token turned out to be a pump and dump scheme of some sorts. That experience 'burnt' me badly. Since then I do well to stay clear of 'hot' tokens.

$ 0.02
User's avatar M3i
1 month ago

the greatest error that i made is that, i deleted my seed phrase and now i cant even withdraw my bch money

$ 0.01
1 month ago

cool

$ 0.01
1 month ago

Hii

$ 0.01
1 month ago