Top 5 deadly crypto mistakes..!

[zahid 0]

Hello FRIENDS!

Today I discuss the top 5 deadly mistakes, the crypto lovers should avoid.

There are many mistakes crypto users can easily get caught in. While some of them are most dangerous one should avoid.

These are as below:

1- The very first, most common and very dangerous mistake is not backing up your wallet. In any case, if you have lost, damaged or stolen your private key you cannot access your wallet from any other method and you will lose all the money in the wallet.

2- Another common and dangerous mistake is mixing up different forks e.g. if you send coins from BCH to BTC you will lose your coins.

3- Another big mistake is to keep your coins on crypto exchanges because it is so risky. The hackers mostly attack crypto exchanges.

4- Ignoring the market timing is another big mistake of crypto investors and traders.

5- Investing more than you afford to lose is a big and common mistake of crypto lovers. Specially, new users are the victims. They have a passion to earn money by trading but don’t have knowledge about it and they lose their money.

These are most common mistakes. There are many others also. Keep avoiding these mistakes otherwise it could be more costly for you.

Thanks for reading

[miskyming 1588]

I agree with these top 5 mistakes and yes these are the common mistakes especially newbies in the crypto world.. thank you sharing this info. Your post is very helpful to newbies..

[williamz902 696]

8 hours ago, zahid said:

Another big mistake is to keep your coins on crypto exchanges because it is so risky. The hackers mostly attack crypto exchanges.

I get that this is geared to newbies, but I usually disagree with this one. At the moment, I have all my holdings on an Exchange, because I might need to sell them at a moments notice. And I keep all my bitcoin on an exchange, because I will often discover a new coin that I want to buy, or perhaps the price of something will drop and I will want to buy more. One day when I have spare funds that I'm not using, I will send them to a cold wallet, but for now, I need all my money close at hand. But I do make sure I only store them on an exchange that has a good reputation and which I trust.

[Nicecrypto 543]

I totally agree with you on this list out and when you hear some of the complains from crypto trader about making mistakes, there are mostly from this and should be really careful and observe the above points.

[salakka 76]

bch and btc address now its totally different ,if we talk before bch split with abc and bsc yess it look like same.but now i think its totally different

[bestprofi 372]

We all make mistakes. The difference between those that fail and those that succeed is winners learn from their mistakes, where losers stew in their own misery.

[setifien 1016]

Very nice content, but let me suggest you to add some important points : 

panic sell

not setting up stop loss and targets 

 

[Lucifer 134]

1 hour ago, Jarrem said:

Don't forget the one of the deadliest mistakes in crypto is ignorance. If the user is new to the platform he or she must research or talk to the experts how this world rotates to avoid the scammers and others. So we must remember to read and understand the platform we entered.

Exactly nothing is worth doing many trades every day but not knowing what you are doing or why you do it, is the worst mistake of all. Also studying hard but not applying concepts will not earn you anything.

[Great Commander 659]

1 hour ago, Jarrem said:

Don't forget the one of the deadliest mistakes in crypto is ignorance. If the user is new to the platform he or she must research or talk to the experts how this world rotates to avoid the scammers and others. So we must remember to read and understand the platform we entered.

Good analysis out there. Knowing how to tame wild beast or well known as greedy ones, will make a way for you to locate its weaknesses and eventually get out of there as you learn new knowledge. Same on crypto world, one must review the site before signing up and check the credibility multiple times to avoid mistakes. 

Edited November 2, 2019 by Great Commander

[GhoulSlayer 226]

Very good points. Holding your coins on an exchange and never losing your keys are huge. I have several places I keep my keys as I had a computer failure once and luckily I had they keys on a thumb drive & written down. I have one other copy in a safe. Always good to have a secure wallet too as hackers will attack on any front they can.

[mo.mirzaeipour 227]

10 hours ago, zahid said:

Hello FRIENDS!

Today I discuss the top 5 deadly mistakes, the crypto lovers should avoid.

There are many mistakes crypto users can easily get caught in. While some of them are most dangerous one should avoid.

These are as below:

1- The very first, most common and very dangerous mistake is not backing up your wallet. In any case, if you have lost, damaged or stolen your private key you cannot access your wallet from any other method and you will lose all the money in the wallet.

2- Another common and dangerous mistake is mixing up different forks e.g. if you send coins from BCH to BTC you will lose your coins.

3- Another big mistake is to keep your coins on crypto exchanges because it is so risky. The hackers mostly attack crypto exchanges.

4- Ignoring the market timing is another big mistake of crypto investors and traders.

5- Investing more than you afford to lose is a big and common mistake of crypto lovers. Specially, new users are the victims. They have a passion to earn money by trading but don’t have knowledge about it and they lose their money.

These are most common mistakes. There are many others also. Keep avoiding these mistakes otherwise it could be more costly for you.

Thanks for reading

i think number 5 is the most risky one ! some people lose their all capital and even their Property on cryptocurrency ,bad trading, bad luck ... after all it's like gambling and it's addictive.

[Rg123 318]

11 hours ago, zahid said:

Hello FRIENDS!

Today I discuss the top 5 deadly mistakes, the crypto lovers should avoid.

There are many mistakes crypto users can easily get caught in. While some of them are most dangerous one should avoid.

These are as below:

1- The very first, most common and very dangerous mistake is not backing up your wallet. In any case, if you have lost, damaged or stolen your private key you cannot access your wallet from any other method and you will lose all the money in the wallet.

2- Another common and dangerous mistake is mixing up different forks e.g. if you send coins from BCH to BTC you will lose your coins.

3- Another big mistake is to keep your coins on crypto exchanges because it is so risky. The hackers mostly attack crypto exchanges.

4- Ignoring the market timing is another big mistake of crypto investors and traders.

5- Investing more than you afford to lose is a big and common mistake of crypto lovers. Specially, new users are the victims. They have a passion to earn money by trading but don’t have knowledge about it and they lose their money.

These are most common mistakes. There are many others also. Keep avoiding these mistakes otherwise it could be more costly for you.

Thanks for reading

Thanks for this mate, i always forgot to save and copy for back up my private key and wallet file, thanks for reminding us this is important in terms for security.

[PunkGrunge 36]

13 minutes ago, star11 said:

Nice post. One should also be aware of the tricks used by scammer or they will be out of their coin in no time. Never send any payment to anyone no matter how desperate they may seem. Also check out for phishing attempts. Also check if the RAT tool is installed in your pc by hackers to steal your data.

What is RAT tool and how we check that?

3 hours ago, williamz902 said:

I get that this is geared to newbies, but I usually disagree with this one. At the moment, I have all my holdings on an Exchange, because I might need to sell them at a moments notice. And I keep all my bitcoin on an exchange, because I will often discover a new coin that I want to buy, or perhaps the price of something will drop and I will want to buy more. One day when I have spare funds that I'm not using, I will send them to a cold wallet, but for now, I need all my money close at hand. But I do make sure I only store them on an exchange that has a good reputation and which I trust.

I agree with both OP and you. It all depends upon how you chose the exchange to hold ur coins. As long as we chose top most reputed exchange to hold our coins, i think we should be fine but it will never be as secured as holding it in our private wallet with own private keys.

[kjames 139]

to me, the dangerous thing is sharing private keys with anyone like a hacker convening you  to give the private key  be aware of them.

[myaccount1 584]

4 minutes ago, kjames said:

to me, the dangerous thing is sharing private keys with anyone like a hacker convening you  to give the private key  be aware of them.

Sharing a private key with other people is a very bad thing i think in this era we need to not trust anyone because nowadays every people are greedy.

[btcexpert20 7]

Nice Post bro, Thanks for the advice!. Its nice to see advices like this for us beginners who are just getting in to bitcoin.

[williamz902 696]

20 hours ago, PunkGrunge said:

I agree with both OP and you. It all depends upon how you chose the exchange to hold ur coins. As long as we chose top most reputed exchange to hold our coins, i think we should be fine but it will never be as secured as holding it in our private wallet with own private keys.

There are lots of things that can go wrong with a private wallet also. You computer could crash, or you could lose your private key among other things. Also, most reputable exchanges have insurance, so if they are ever hacked, they usually give you back most of your funds. But yes, I do get that an exchange is less safe than your own wallet.

[Nicecrypto 543]

19 hours ago, kjames said:

to me, the dangerous thing is sharing private keys with anyone like a hacker convening you  to give the private key  be aware of them.

That is a mistake no one should even make is like someone telling you to give them the passcode to your account, no one needs an advice on that.

[Crypto123 0]

Indeed, these are big mistakes and are common to traders, especially novices, and we have already made these mistakes before, but now I think we have more experience to overcome these mistakes.
The first mistake is very important to pay attention to already many are lazy to take a backup copy of their private key and this may cause a great loss to them and you should pay attention to this well.

[Emma 611]

On 11/2/2019 at 9:07 AM, zahid said:

Hello FRIENDS!

Today I discuss the top 5 deadly mistakes, the crypto lovers should avoid.

There are many mistakes crypto users can easily get caught in. While some of them are most dangerous one should avoid.

These are as below:

1- The very first, most common and very dangerous mistake is not backing up your wallet. In any case, if you have lost, damaged or stolen your private key you cannot access your wallet from any other method and you will lose all the money in the wallet.

2- Another common and dangerous mistake is mixing up different forks e.g. if you send coins from BCH to BTC you will lose your coins.

3- Another big mistake is to keep your coins on crypto exchanges because it is so risky. The hackers mostly attack crypto exchanges.

4- Ignoring the market timing is another big mistake of crypto investors and traders.

5- Investing more than you afford to lose is a big and common mistake of crypto lovers. Specially, new users are the victims. They have a passion to earn money by trading but don’t have knowledge about it and they lose their money.

These are most common mistakes. There are many others also. Keep avoiding these mistakes otherwise it could be more costly for you.

Thanks for reading

all mistakes you wrote is absolutely right and i have one of these. i keep my money on binance. you forbade us to do this. now tell me how risky is this?

[Zzoro6110 19]

Thank you for these useful alerts and remind us
It will certainly benefit a lot of beginners
In order to protect themselves

[dentolas 551]

On 11/2/2019 at 3:07 AM, zahid said:

Hello FRIENDS!

Today I discuss the top 5 deadly mistakes, the crypto lovers should avoid.

There are many mistakes crypto users can easily get caught in. While some of them are most dangerous one should avoid.

These are as below:

1- The very first, most common and very dangerous mistake is not backing up your wallet. In any case, if you have lost, damaged or stolen your private key you cannot access your wallet from any other method and you will lose all the money in the wallet.

2- Another common and dangerous mistake is mixing up different forks e.g. if you send coins from BCH to BTC you will lose your coins.

3- Another big mistake is to keep your coins on crypto exchanges because it is so risky. The hackers mostly attack crypto exchanges.

4- Ignoring the market timing is another big mistake of crypto investors and traders.

5- Investing more than you afford to lose is a big and common mistake of crypto lovers. Specially, new users are the victims. They have a passion to earn money by trading but don’t have knowledge about it and they lose their money.

These are most common mistakes. There are many others also. Keep avoiding these mistakes otherwise it could be more costly for you.

Thanks for reading

nice list, I bet it will help a few newbies!! I would only add: "never catch a falling knife" - buying when the asset is falling is not a good idea

and on number 3 - ... "The hackers mostly attack crypto exchanges." And Exchanges also attack their customers 😉

 

[cryptoboy 35]

On 11/2/2019 at 12:29 PM, miskyming said:

I agree with these top 5 mistakes and yes these are the common mistakes especially newbies in the crypto world.. thank you sharing this info. Your post is very helpful to newbies 

You are right mate I'm agree with your opinions that newbie usually make this types of mistakes. When I was newbie I also made this type of mistakes so many times.    

[Great Commander 659]

Once sent bch to btc wallet and I've waited three days and realized, I've entered the wrong wallet address. Still keeping my ether wallet woth my mnemonics so I think I must back it up in case something bad happens. 

[khan22 3478]

I agree with your all mistakes but mostly if we lost our wallet info then this is our fault not the company or the owner fault because this is an online business and in every business there is an rule regulation and we must follow the rules of that business.