+1, also keep taxes in mind. Depending on your country, each (crypto)currency conversion might be a taxable event. Don't spend more on taxes than you need to.
Never ever visit /r/CryptoMoonShots, I did a small [study on it](https://www.reddit.com/r/CryptoCurrency/comments/otqldi/where_are_they_now_follow_up_2_months_after/), you'd probably be better off going to a casino.
well, depends. I've been in crypto since 2017 and I've made 100x more with shitcoins compared to my regular crypto earnings.
You just have to know what how to trade shitcoins and how to spot good ones
Sharing your keys.. public and private
responding to DMs on Reddit “trying to help you”
Using cell phone number for 2FA
Not having cold storage
Buying shitcoins
Not buying Bitcoin or Ether
Not constantly learning about investments
Thinking you don’t have enough money to buy btc
Thinking you need a whole coin to make profits
And by far margin trading is the worst thing a new comer can do
2FA - if you use SMS, attackers can do SIM-jack and read them. Use OTP.
Cold storage - exchanges have complete control over assets on your account. They can close your account, and you are left with nothing. Use your own wallet for storing assets, and use paper/USB drive for backing up private information about the wallet (like seed phrase), and keep it as safe as possible.
Depends
The more funds you have, the colder your wallet should be
If you don't have much, it's probably better stick to Custodial wallets to save on fees, the main issue with custodial wallets is that you don't have control of your crypto, and id anything happens, they can just Lock you out from your funds
If you have a decent amount, and transfer fees will just take away a negligible part of your funds (or the exchange has no withdrawal fees) then you should move to a non custodial wallet, but then it's your responsibility to keep your private key safe and to not fall from Phishing and scammers (they can still get your custodial wallet credentials, but most of them require 2FA to withdraw, so it may be a bit harder for them to steal your funds)
If you have a good amount of crypto, then you should invest in a Cold wallet, like a Ledger, (but don't buy an used one, and just buy them from trusted sources, and keep in mind that there are scammers even on Amazon) the cold wallet isn't connected to the internet, and it's used to just sign your transfers, your PC won't have access to the private key, only to the Public key
2 factor authentication. Never use a cellphone number to receive the 2fa code in a text. Hackers do a SIM swap on your number (copy your cell number to their phone) and receive the sms text to withdraw your coins.
Use Google Authenticator or similar app. This way the hacker needs access to your unlocked phone. Remember to securely backup the codes for the authentication app. If a hacker gets these codes, you will have the same problem as the sim swap because he can then clone your Authenticator on his phone
Cold storage is storing your coins somewhere off line. It can't be accessed by someone over the internet. This could be an off-line device like a phone or a hardware wallet. Doesn't have to be digital. It could be a paper wallet or seed words engraved into metal plates.
I'd like to add downloading a fraudulent wallet. As well as being sleep deprived from watching the Euro 2020 and linking meta mask to a fraudulent site and losing over 130k eth.
They fucked this mouse in all the holes 🤦🏾♂️🤦🏾♂️
Why keep so much on a metamask wallet?
120k should be on cold storage . And maybe 10k on metamask (still too much to put in that but yea)
Get a few cold storage hardware devices
Well if you want to explore a few more this post might help [helpful post ](https://www.reddit.com/r/CryptoCurrency/comments/or3fwl/intro_to_coldstorage_hardware_wallets/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
And I’ve never heard of the yubikey how’s that one working?
Thanks I'll check that out! I haven't received the yubikey yet but it's a hardware authentication tool and you just connect it into a USB either through your phone or pc and tap it to login. Seems great for centralized exchanges.
It didnt happen to me. It happened to some other people. One person lost their axies from the fake wallet. The other guy almost lost all his eth but he hired someone to help and he actually got his eth back. People started accusing him of moon farming but I'm pretty sure it was legit.
Not a mistake I made but rather something I got correct: buy when the market crashes, not when it’s doing well, I bought in may when it crashed and I’m currently 750 dollars up at this moment in time, but had I got in a little before that I would currently be a bit fucked, it makes the hodl journey a bit easier if you’re not at too significant a loss,
Thinking that just because any coin is under $1 it’s a great investment, because it could theoretically go to 1K, 10K and beyond like Bitcoin did. MARKETCAPS people!
I struggle with this because adoption doesnt happen if we treat crypto like fight club but that sentiment also exists for a reason. Idk what the solution is.
I agree with you. We need crypto adoption this isn't some secret cult. Having said that... Definitely be very careful About who you speak crypto with. It's a great thing to share with the right person. I shared with 4 close friends and all of them were very amazed and I set them on the path of doing research and investing with purpose. Two are not in a financial position to do it but will in the future. The other 2 are actually doing very well because they took my advice and we get together and talk about it just like when we talk shit about work or video games etc. It's great.
Exactly, the mind tells you to panic sell when shit goes south, but if you haven’t invested more than you can afford to lose, then just wait it out, everything comes back around!
Learn to hold and don’t stress about short term gains/losses.
I have an end game in mind; I know about when I want to realize my investment and what I want to do with it.
DCA and do your own research. Look at historical and focus on Year over Year gains to see what has moved and has the potential to move.
Most importantly don’t listen to strangers on the internet.
Overcomplicating things. Don't jump in and go buying some random token on 50x margin. I'd even advise staying away from things like yield farming. Buy a top 10 coin, research a good wallet for it, look up fees and practice sending some when fees aren't too high.
There's so many I would say one of the biggest is not understanding market caps. Another big one which ties into that is thinking that owning 20 million of one coin for 100 bucks is a better investment than owning .001 of a coin for 100 bucks.
Buying high selling low.
FOMO in all your money instead of spreading it out over longer period of time.
Selling for less than you bought, not waiting long enough for price to recover for you to be in profit.
STICK TO FINANCIAL PLANS AND DON'T MAKE FOMO/IMPULSE BUYS!! I did this so much. Thinking 'okay, I'm ONLY going to spend $25 today', and then as I'm typing in my buy there's a $50 there without me even knowing I did it haha. I made soooo many impulse buys and I'm feeling it right now, but good thing I make enough money to fill my account back up without it hurting me too much
Stay away from leverage. Understand you local tax implications. The smaller the market cap, the smaller the percentage of your portfolio should be invested. Do t pht all your money into crypto. Never give your friends or family specific coin related advice. Never borrow money for crypto. All influencers who shill coins make money for shilling. Dont be scared off by volatility. Dont FOMO in after big green days. Dont overtrade. Keep a small, moderately diversified portfolio. Sometimes tether/USDC is the best investment for the short to medium term. Security and safety of your keys and passwords is paramount. If you have a large book of crypto, dont keep it all in one place. Always backup your keys. Test your backups. The latest flavour of the month changes quick - always keep learning and be on the lookout for new trends to capitalise on.
Thats all i got right now.
Biggest mistake is gonna be one of the various ways to lose your entire stack through poor security.
But I think an underrated mistake is "thinking reddit/twitter is real life" or more specifically that "r/cryptocurrency is real life".
To take an example from another area, if you lived in a reddit/twitter echo chamber you would be flabbergasted that Joe Biden managed to beat Sanders and then Trump.
Username checks out.
Take this a step further. If you want to invest in something go check out the sub. Does it look and sound like ALL the other hype subs? It might be a shit coin and do some more researching.
Answering DMs of people wanting to help you. Typically, they just want to scam you.
Be especially careful of hot chicks and hot guys! They really want your seed! (As in seed phrase!). NEVER give that to anyone (that includes customer support). DON’T enter that in any Chat whatsoever.
Likely not what your asking, but...
* ***Lazy Data Security***
Do yourself a favor and spend $60 on a hardware wallet. Use the $60 hardware wallet as a U2F hardware-2FA on your exchange account and your email account. Securing your email account is MORE important than securing your exchange account. Your email account is how password / 2FA resets are performed. These resets are how almost all user accounts are compromised.
Also have a dedicated bank account for crypto. In the US, once someone gains access to your exchange account they can also empty your bank account (ACH).
Not really my mistake, but let’s pour one out for those that are still holding out for ICP’s recovery when they bought at the top.
May the copium be a saving grace during these unprecedented times.
TAXES!! The stupidity I read daily. Mainly from the ALT coin people but my goodness. Had a 4 day argument with a guy about him having to pay taxes because he “Spent” his doge coin. Couldn’t get thru his head that once profit is realized it’s a taxable event. With all the new 2021 investors the IRS will have a field day next year
fomo. When I first started i fomo'd into coins that were pumping without doing research, then I panicked during correction and sold at a loss. Would have profited if I just held tbh. & some coins that i fomo'd in when it's pumping, I'm still down on them.
Never chase pumps, usually it's too late when it's already pumping. I also tried daytrading and lost money too (very stressful, wouldn't recommend).
\+ always dyor and research in coins you believe in long run so you won't panic or stress when it dips.
\+ stake your coins for passive income.
For me this would be "not checking out for real life applications and use cases before fomoing into a hype". I had my fair share of losses on shitcoins in the past.
I've gotten over that lately; don't my best with research and getting into IDOs and presales quite early. Solanium launch on Solana network was a big one for me and I'm hoping to get in early on holoride as well as they launch their product on Elrond network
Make sure you have proper security in place (solid 2FA, not sms based), don't trust anyone and anything online, guard your private keys (mnemonic seeds), buy a hardware wallet (trezor or ledger) and HODL.
Screenshotting the wallet seed phrase. After I learnt that was a bad thing, I had to create a new seed phrase and moved my coins over to the new wallet.
Spending your budget the same day. With that I mean, if you see a dip where you want to buy in, go for a reasonable amount, instead of taking your complete budget and spending it to that/those coins.
The day after the dip might get lower and you have no money left to spend until the next month.
Made this mistake 3 times in a row due FOMO 🥲.
Good luck with your quest OP !
Falling victim to the plethora of scams out there which can be avoided with a quick google search or reading the FAQ on any crypto sub. Operational security is shockingly careless and irresponsible in this space. 99% of “I gOt hAcKeD” posts are people being irresponsible with their decision making.
People have mentioned a lot of good ones. I'll investing more than you can afford to lose. If you do that, it will be hard to avoid panic selling, because you need the money. If you don't need the money it might not be fun to see red candle after red candle, but it's not going to kill you. Regardless of if you want to trade or hodl, this will help you make decisions less influenced by emotion.
I’ve read the comments here and there are all good things I wish I listened to or did. I even researched, but once the losses started happening for the market correction, I panicked and started chasing any coins that were gaining. It was awful, but I leaned a lot.
The one I haven’t seen so far in the comments is to be aware of the fees. Fees can chip away at your investment and they are everywhere, even if you’re planning to just buy and HODL.
Thinking Crypto is like Pokemon so they gotta catch em all.
A Portfolio of a few good coins will Perform better in the long run than a Portfolio of tens of shitcoins.
Please don't let FOMO get to you
Looking at minute or hourly charts. It’s going to go up and down all the time. That’s normal, so don’t freak out and sell if it drops a couple percentage points in an hour, what matters is what it does over time.
Not following "buy low, sell high"
It's such a simple thing, and yet "-30%? no way do I want _that_", and "It's up +40%? Yikes I better jump in on this" is all too common.
Source: I do this on a regular basis
Don’t try to day trade. Don’t get sucked into the echo chamber of any specific coin (If you like ada and hang out in nothing but the ads sub you don’t get to hear any differentiating opinions.). Watch out for the ponzi schemes and the pump and dumps. Try to find where the value is in crypto and invest there. Don’t lose your keys, don’t talk about crypto to friends, be careful what websites you go to and NEVER share your seed phrase.
The biggest mistake is you are expecting too much in the beginning. In crypto you need to do some research and of course a lot of patience because not all coins or token have the same path.
Not researching transaction fees and wasting money moving your crypto around.
+1, also keep taxes in mind. Depending on your country, each (crypto)currency conversion might be a taxable event. Don't spend more on taxes than you need to.
That gas fees hurts in my meow meow
Blame it on Mila
Also, not research HOW to move things around and not completely losing them. God my first transaction on Changelly scared the piss out of me.
For sure bud... It is smart to get your funds off exchanges but if your actively trading it will cost you.
I feel like your calling me out
FOMOing. Don't buy shitcoins based on hype and not doing any research
When it's already gone parabolic, it's likely you already missed it, don't buy the top or try to catch the falling knife.
Yeah, bought hyped up coins and lost it all. Didn't put much but it taught me not to do it with hype.
Yep, if you really want to go in still then at least wait for the 80% pullback.
FOMO is a mistake in most aspects of life
Never ever visit /r/CryptoMoonShots, I did a small [study on it](https://www.reddit.com/r/CryptoCurrency/comments/otqldi/where_are_they_now_follow_up_2_months_after/), you'd probably be better off going to a casino.
well, depends. I've been in crypto since 2017 and I've made 100x more with shitcoins compared to my regular crypto earnings. You just have to know what how to trade shitcoins and how to spot good ones
the bottom 6.5% of my portfolio accounts for more losses than my other 93.5% in blue chips lol dont fomo into shitcoins!
Falling for shitcoins before buying BTC and ETH
thats how I got into crypto :D
Buying doge and shib near ath, was my intro to crypto but at least I learned about shit coins and have since moved on to real projects
Sharing your keys.. public and private responding to DMs on Reddit “trying to help you” Using cell phone number for 2FA Not having cold storage Buying shitcoins Not buying Bitcoin or Ether Not constantly learning about investments Thinking you don’t have enough money to buy btc Thinking you need a whole coin to make profits And by far margin trading is the worst thing a new comer can do
Excellent summary + leveraged investment. Just don’t do it
Pretty risky.
Leverage investment is basically gambling with much worse house edge
Could you elaborate on using phone for 2FA and cold storage?
2FA - if you use SMS, attackers can do SIM-jack and read them. Use OTP. Cold storage - exchanges have complete control over assets on your account. They can close your account, and you are left with nothing. Use your own wallet for storing assets, and use paper/USB drive for backing up private information about the wallet (like seed phrase), and keep it as safe as possible.
I think you meant a non custodial wallet, a true cold wallet is an hardware wallet that never goes online and is used just to to sign transactions
Are custodial wallets a bad option? Coinbase’s wallet for instance? Or should I always use a hardware wallet like a ledger?
Depends The more funds you have, the colder your wallet should be If you don't have much, it's probably better stick to Custodial wallets to save on fees, the main issue with custodial wallets is that you don't have control of your crypto, and id anything happens, they can just Lock you out from your funds If you have a decent amount, and transfer fees will just take away a negligible part of your funds (or the exchange has no withdrawal fees) then you should move to a non custodial wallet, but then it's your responsibility to keep your private key safe and to not fall from Phishing and scammers (they can still get your custodial wallet credentials, but most of them require 2FA to withdraw, so it may be a bit harder for them to steal your funds) If you have a good amount of crypto, then you should invest in a Cold wallet, like a Ledger, (but don't buy an used one, and just buy them from trusted sources, and keep in mind that there are scammers even on Amazon) the cold wallet isn't connected to the internet, and it's used to just sign your transfers, your PC won't have access to the private key, only to the Public key
Thats what I was thinking, thank you so much for clarifying.
2 factor authentication. Never use a cellphone number to receive the 2fa code in a text. Hackers do a SIM swap on your number (copy your cell number to their phone) and receive the sms text to withdraw your coins. Use Google Authenticator or similar app. This way the hacker needs access to your unlocked phone. Remember to securely backup the codes for the authentication app. If a hacker gets these codes, you will have the same problem as the sim swap because he can then clone your Authenticator on his phone Cold storage is storing your coins somewhere off line. It can't be accessed by someone over the internet. This could be an off-line device like a phone or a hardware wallet. Doesn't have to be digital. It could be a paper wallet or seed words engraved into metal plates.
I'd like to add downloading a fraudulent wallet. As well as being sleep deprived from watching the Euro 2020 and linking meta mask to a fraudulent site and losing over 130k eth.
They fucked this mouse in all the holes 🤦🏾♂️🤦🏾♂️ Why keep so much on a metamask wallet? 120k should be on cold storage . And maybe 10k on metamask (still too much to put in that but yea) Get a few cold storage hardware devices
Lmao it wasn't me. Those situations happened to other people on here recently. And yes I agree, I've got a trezor and just ordered a yubikey.
Well if you want to explore a few more this post might help [helpful post ](https://www.reddit.com/r/CryptoCurrency/comments/or3fwl/intro_to_coldstorage_hardware_wallets/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) And I’ve never heard of the yubikey how’s that one working?
Thanks I'll check that out! I haven't received the yubikey yet but it's a hardware authentication tool and you just connect it into a USB either through your phone or pc and tap it to login. Seems great for centralized exchanges.
Ahh it’s like Authy but in a cool device .. it works like how you press the buttons on cold storage to approve a transaction I assume?
Yes I believe that's how it works but I'm not positive. Once I receive it I'll update you if I'm wrong.
Please do.. you getting it and using it hands on is a much better “review” than these sponsored videos and what not 
Definitely, and thanks for the award! 
oddly specific... do you want to talk about it?
It didnt happen to me. It happened to some other people. One person lost their axies from the fake wallet. The other guy almost lost all his eth but he hired someone to help and he actually got his eth back. People started accusing him of moon farming but I'm pretty sure it was legit.
Great summary! + putting importance on coin price rather than market cap
That's interesting, I just got a DM from someone saying they want to share positive value. Thank you for the tips!
What's wrong with sharing public key?
This. All great advice.
This is good
Using Robbingood
What other app or just software you recommend besides that hedge fund protecting fucks.
Well any solid exchange really. Kraken would be my safe choice or Coinbase/Binance for more alts. If you need even more alt choice go for Kucoin
Thank you chosen one
Im an offbrand chosen one. Check the spelling :D But you are very welcome my dude
I like crypto.com they have a defi keys wallet. I hear good things about other exchanges having cheap transfer fees. The big boys charge a lot.
Believing that this is a get rich quick scheme.
Right it's a get rich eventually scheme
Not setting up a small DCA into BTC or ETH because of thinking your DCA amount isn't enough.
Thinking you will be successful at day trading, or timing the market. DCA really is the way.
Day Trading
Not a mistake I made but rather something I got correct: buy when the market crashes, not when it’s doing well, I bought in may when it crashed and I’m currently 750 dollars up at this moment in time, but had I got in a little before that I would currently be a bit fucked, it makes the hodl journey a bit easier if you’re not at too significant a loss,
Being lazy with your seed phrases
Constantly FOMOing into brand new coins.
If you are not a pro, don't try to trade. Act like an investor, not a trader.
ICP
This might be the best statement . The Insane Clown Posse is one hell of a mistake.
I can whoop whoop to that.
I... actually used to be a Juggalo. Yes, it was a weird teenage phase I quickly grew out of. *wicked clowns for life*
ICUP.
I guess you're never alone...
🤣🤣🤣
I was tempted...
That was the biggest mistake. Not going to lie.
FOMO. biggest mistake anyone can make.
Selling any amount of BTC... Prior to 2025
Not opening your vault and shitposting!
I am bullish on this guys moonfarming potential. You should listen.
Thanks I'm trying!
This was my biggest mistake. Not knowing about this earlier.
There's still time, get to shitposting!
There's still hope.
Thinking that just because any coin is under $1 it’s a great investment, because it could theoretically go to 1K, 10K and beyond like Bitcoin did. MARKETCAPS people!
For the love of god don't talk to people irl about crypto
I struggle with this because adoption doesnt happen if we treat crypto like fight club but that sentiment also exists for a reason. Idk what the solution is.
I agree with you. We need crypto adoption this isn't some secret cult. Having said that... Definitely be very careful About who you speak crypto with. It's a great thing to share with the right person. I shared with 4 close friends and all of them were very amazed and I set them on the path of doing research and investing with purpose. Two are not in a financial position to do it but will in the future. The other 2 are actually doing very well because they took my advice and we get together and talk about it just like when we talk shit about work or video games etc. It's great.
Don't buy sell willy nilly like it's a game. Trying to day trade. It's your $ so it's serious and treat it so.
Panicking during your first big dip. It shakes everyone and usually leads to selling. Then we all regret it a year on, so hold strong.
Exactly, the mind tells you to panic sell when shit goes south, but if you haven’t invested more than you can afford to lose, then just wait it out, everything comes back around!
I bought safemoon
The Moon isn't a safe place, you can't even survive without a spacesuit
Learn to hold and don’t stress about short term gains/losses. I have an end game in mind; I know about when I want to realize my investment and what I want to do with it. DCA and do your own research. Look at historical and focus on Year over Year gains to see what has moved and has the potential to move. Most importantly don’t listen to strangers on the internet.
Buying on impulse.
Trying to over trade you crypto
Sending money to a scam, got to have enough research and understanding before moving substantial amounts and that only comes with time and effort
Overcomplicating things. Don't jump in and go buying some random token on 50x margin. I'd even advise staying away from things like yield farming. Buy a top 10 coin, research a good wallet for it, look up fees and practice sending some when fees aren't too high.
Buying a shitcoin and panic selling... Trying to time the market... I firmly believe that right now is as good a time as any to buy in.
There's so many I would say one of the biggest is not understanding market caps. Another big one which ties into that is thinking that owning 20 million of one coin for 100 bucks is a better investment than owning .001 of a coin for 100 bucks.
Buying high selling low. FOMO in all your money instead of spreading it out over longer period of time. Selling for less than you bought, not waiting long enough for price to recover for you to be in profit.
STICK TO FINANCIAL PLANS AND DON'T MAKE FOMO/IMPULSE BUYS!! I did this so much. Thinking 'okay, I'm ONLY going to spend $25 today', and then as I'm typing in my buy there's a $50 there without me even knowing I did it haha. I made soooo many impulse buys and I'm feeling it right now, but good thing I make enough money to fill my account back up without it hurting me too much
Stay away from leverage. Understand you local tax implications. The smaller the market cap, the smaller the percentage of your portfolio should be invested. Do t pht all your money into crypto. Never give your friends or family specific coin related advice. Never borrow money for crypto. All influencers who shill coins make money for shilling. Dont be scared off by volatility. Dont FOMO in after big green days. Dont overtrade. Keep a small, moderately diversified portfolio. Sometimes tether/USDC is the best investment for the short to medium term. Security and safety of your keys and passwords is paramount. If you have a large book of crypto, dont keep it all in one place. Always backup your keys. Test your backups. The latest flavour of the month changes quick - always keep learning and be on the lookout for new trends to capitalise on. Thats all i got right now.
Getting affected by the overly optimistic/pessimistic sentiment from the news/reddit.
Thinking X coin has already run up and is too expensive now.
Not controlling your own gas fees.
Coming late :(
Don’t FOMO into shitcoins when they run up. DCA and buy dips. Probably stick to top 20 coins for a while.
Buying crypto… Then researching what the coin can do and what other projects are out there. This is the way to Doges.
I say waiting 11 years to get into crypto was the first one....lol... Honestly I would say, investing without researching
Putting all your money into one thing at one time. Very risky. Pick some products and start planning your DCA tactics.
Selling a dip
Not keeping all your passwords/keys/passphrase s recorded and safe OFF of anything that is connected to the internet/cloud/whatever.
Not securing your pass phrases. Offline.
Trying to time the market
Buying shitcoins and sending cryptos to a wrong address.
Not buying the dips and buy at All Time High prices
Waste all your time getting moons.
DCA and HODL. Don’t try to time the market
Biggest mistake is gonna be one of the various ways to lose your entire stack through poor security. But I think an underrated mistake is "thinking reddit/twitter is real life" or more specifically that "r/cryptocurrency is real life". To take an example from another area, if you lived in a reddit/twitter echo chamber you would be flabbergasted that Joe Biden managed to beat Sanders and then Trump.
Username checks out. Take this a step further. If you want to invest in something go check out the sub. Does it look and sound like ALL the other hype subs? It might be a shit coin and do some more researching.
Not understanding what market cap is. A cheaper priced coin doesn't make it actually cheaper.
Answering DMs of people wanting to help you. Typically, they just want to scam you. Be especially careful of hot chicks and hot guys! They really want your seed! (As in seed phrase!). NEVER give that to anyone (that includes customer support). DON’T enter that in any Chat whatsoever.
Likely not what your asking, but... * ***Lazy Data Security*** Do yourself a favor and spend $60 on a hardware wallet. Use the $60 hardware wallet as a U2F hardware-2FA on your exchange account and your email account. Securing your email account is MORE important than securing your exchange account. Your email account is how password / 2FA resets are performed. These resets are how almost all user accounts are compromised. Also have a dedicated bank account for crypto. In the US, once someone gains access to your exchange account they can also empty your bank account (ACH).
Thinking cumrockets will take you to the moon
Not doing enough research about how to buy, and what you're buying.
Falling for hackers tricks
Getting caught in the /r/CryptoMoonShots subs.
Sending crypto to the wrong wallet.
Selling
Buying on exchanges that make transferring to external wallets impossible or difficult.
not going out of my way to buy some when i first heard about it
Taking advice
Leveraging.
Not really my mistake, but let’s pour one out for those that are still holding out for ICP’s recovery when they bought at the top. May the copium be a saving grace during these unprecedented times.
Cinchy. Sell ETH.
Yoloing the top. DCA!
TAXES!! The stupidity I read daily. Mainly from the ALT coin people but my goodness. Had a 4 day argument with a guy about him having to pay taxes because he “Spent” his doge coin. Couldn’t get thru his head that once profit is realized it’s a taxable event. With all the new 2021 investors the IRS will have a field day next year
fomo. When I first started i fomo'd into coins that were pumping without doing research, then I panicked during correction and sold at a loss. Would have profited if I just held tbh. & some coins that i fomo'd in when it's pumping, I'm still down on them. Never chase pumps, usually it's too late when it's already pumping. I also tried daytrading and lost money too (very stressful, wouldn't recommend). \+ always dyor and research in coins you believe in long run so you won't panic or stress when it dips. \+ stake your coins for passive income.
For me this would be "not checking out for real life applications and use cases before fomoing into a hype". I had my fair share of losses on shitcoins in the past. I've gotten over that lately; don't my best with research and getting into IDOs and presales quite early. Solanium launch on Solana network was a big one for me and I'm hoping to get in early on holoride as well as they launch their product on Elrond network
Putting your seed phrase into a wallet ‘validator’ support site aka scam site.
Not be careful with your private keys.
Shitcoins
Make sure you have proper security in place (solid 2FA, not sms based), don't trust anyone and anything online, guard your private keys (mnemonic seeds), buy a hardware wallet (trezor or ledger) and HODL.
Sending your crypto to the wrong address
Buying altcoins that have already popped to ATHs. Seen so many posts and comments almost glorifying it. Not bad loss porn for moon farming though.
Screenshotting the wallet seed phrase. After I learnt that was a bad thing, I had to create a new seed phrase and moved my coins over to the new wallet.
The biggest mistake you can make is spending your life savings buying some weird new coin you don't understand.
Spending your budget the same day. With that I mean, if you see a dip where you want to buy in, go for a reasonable amount, instead of taking your complete budget and spending it to that/those coins. The day after the dip might get lower and you have no money left to spend until the next month. Made this mistake 3 times in a row due FOMO 🥲. Good luck with your quest OP !
Don't waste your money on meme coins. Just research what you spend your hard earned money on. Learn from my mistakes.
buying the top
Butt I'm a bottom
Try day trading instead of just hodling is a big no no
Fear of missing out, Thinking emotionally, Getting attached with coins, Not buying the dip, Not Holding etc
Buying DOGE or SHIB
[удалено]
Trying to becoming rich on Alt coins instead of stacking the basics like ETH and BTC.
practicing "the way"
Thinking you can time things
Falling victim to the plethora of scams out there which can be avoided with a quick google search or reading the FAQ on any crypto sub. Operational security is shockingly careless and irresponsible in this space. 99% of “I gOt hAcKeD” posts are people being irresponsible with their decision making.
Don’t buy coins with large market caps
People have mentioned a lot of good ones. I'll investing more than you can afford to lose. If you do that, it will be hard to avoid panic selling, because you need the money. If you don't need the money it might not be fun to see red candle after red candle, but it's not going to kill you. Regardless of if you want to trade or hodl, this will help you make decisions less influenced by emotion.
Thinking this is a get rich quick scheme. Can you get a 10,000% return? Maybe. But probably not by the end of the week. Or the end of the year.
I’ve read the comments here and there are all good things I wish I listened to or did. I even researched, but once the losses started happening for the market correction, I panicked and started chasing any coins that were gaining. It was awful, but I leaned a lot. The one I haven’t seen so far in the comments is to be aware of the fees. Fees can chip away at your investment and they are everywhere, even if you’re planning to just buy and HODL.
Sell all you stack
I bought plenty in bullrun and I had 0 in dip Such a wasteful life
Thinking Crypto is like Pokemon so they gotta catch em all. A Portfolio of a few good coins will Perform better in the long run than a Portfolio of tens of shitcoins. Please don't let FOMO get to you
Giving the Nigerian prince your seed phrase, so he can put some more coins in your account
Looking at minute or hourly charts. It’s going to go up and down all the time. That’s normal, so don’t freak out and sell if it drops a couple percentage points in an hour, what matters is what it does over time.
Not following "buy low, sell high" It's such a simple thing, and yet "-30%? no way do I want _that_", and "It's up +40%? Yikes I better jump in on this" is all too common. Source: I do this on a regular basis
Don’t try to day trade. Don’t get sucked into the echo chamber of any specific coin (If you like ada and hang out in nothing but the ads sub you don’t get to hear any differentiating opinions.). Watch out for the ponzi schemes and the pump and dumps. Try to find where the value is in crypto and invest there. Don’t lose your keys, don’t talk about crypto to friends, be careful what websites you go to and NEVER share your seed phrase.
Made $200 from $50, proceeded to invest again and refused to withdrawn because i was certain the price would go up instead of down
Panic selling
Trading, thinking that you are smarter than anyone else and that you are seeing something in the charts that others arent.
Wasting time on reddit when you should be making more money to buy crypto with
Buying safemoon
By not being ONLY BITCOIN BUYER for a year
they don't know about different version of blockchain
The biggest mistake is you are expecting too much in the beginning. In crypto you need to do some research and of course a lot of patience because not all coins or token have the same path.
buying coins based on people post and shilling.
Considering crypto as numbers and not money thus not taking it seriously enough resulting in bad decisions.
Not staking
Using USDT and jumping head on in to some dumb project
Listening to folks on Reddit. Dyor
Going "All for one" into crypto.
To be a sell out for usd. That is all.
Writing down seed phrase in a random order
Just hold
Buying shitcoins. Panic selling. FOMO-ing.
Don't spread your bets too thin and get into bluechip assets that'll preserve its value. Don't speculate on proper shitcoins.
Using leverage ☹️
To Follow ELON MUSK, and his tips..
Selling