What are the Common Mistakes of Bitcoin Investors?

[Grant]

I think the common mistake is that people think it's going to be this massive win for them. Bear in mind, it takes a lot to mine bitcoin and you aren't going to be able to mine a lot. A friend I know, can mine up to $600+ a month in bitcoin. If you want more, you would need to set up really powerful PCs and have them mining 24/7. That alone will cost you a lot.

Right now a single bitcoin is worth about $58,000, and it's been going up between $50,000-$60,000 as of late. It could possible get low again one day, or it could skyrocket to $100,000 or more. That means if you invest a little now, it could result in some returns later.

 

[Good-Person]

One of the biggest mistakes of bitcoin investors is the fact that they impatiently sell their coins. But I do not really blame them, as anyone would be tempted to sell their assets if the price fluctuates and this has happened to me, too. Crypto investments are all about being patient and being ready to take risks.

 

[Niftyyem]

I feel that panic selling is one of such mistakes that is made by investors. A coin may begin to dip even more from the dip at which you bought, selling off at a loss may seem like a good idea bit it isn't.

 

[Kingsley]

The common mistakes is more since in the area of over estimating their profit. They believe that they will make a fortune over night from bitcoin. And this is far from the truth bitcoin or crypto doesn't make one rich over night rather it takes take and patience to make it in life.

 

[eLdavis]

Waiting for it to rise higher and higher even after they have gotten their profits double

 

[ahmedo24]

Waiting for it to rise higher and higher even after they have gotten their profits double

That is the biggest problem most investors make we are not financially disciplined and we are easily carried away especially when the market is pumping. I have also learnt from the recent crash in the crypto market.

 

[cowantussie]

Without proper knowledge investors in bitcoin normally make big mistakes
Below are the five worst mistakes you should avoid as a crypto coin investor.
Low Price Doesn't Mean its Cheap. ...
Don't Forget Your Risk Tolerance. ...
Buying on Speculation. ...
Putting All Your Eggs in One Basket. ...
Make Your Exit Strategy Before Buying.

 

[eLdavis]

That is the biggest problem most investors make we are not financially disciplined and we are easily carried away especially when the market is pumping. I have also learnt from the recent crash in the crypto market.

Yes, i was also a victim of this in my trade. I had to learn the hard way. I believe if we can practice discipline and self control, it would go a long way

 

[Kayzzy3]

You Chase Cheap Coins
Don’t chase cheap coins with dreams of lambos and private jets.
Lots of uneducated investors in the crypto space buy low priced cryptocurrencies because they think there is a higher chance of big returns. This is a common trap. There are lots of factors that affect a coin’s price, including two important ones: the circulating supply and the real world value of the coin

One of the common mistakes Bitcoin and indeed cryptocurrencies investors make is emotional investment, this means investing or buying a coin or token because you like it, just like buying an item just because you like it and not because of its financial benefits or value it will add.
Investing in cryptocurrencies in this ways will most times lead to loss of money and investments.

 

[btaliat]

Some of the common mistakes of the bitcoin investors is investing with money that's much needed with the aim of making huge money and at times the opposite may be the case.

 

[Eodine]

A lot of newbies including myself, do not take the time to study crypto currency market just go on with the mentality that one is supposed to just buy a coin and watch it grow.

 

[Kunkun]

Trying to get rich quick is a common mistake among investors, when one is too eager for that he tends to make mistake and lose his funds that's why I always recommend trading in the long term

 

[ahmedo24]

Trying to get rich quick is a common mistake among investors, when one is too eager for that he tends to make mistake and lose his funds that's why I always recommend trading in the long term

You are absolutely right because you get panic easily for a drop in price simply because of the target you have set for yourself but very desciplined and operating with reasonable percentage gains make you sucessful in cryptocurrency.

 

[Chibson]

The main reason cryptocurrency and bitcoin investors does not succeed sometimes is because they lack patience and timing. patience is very important in cryptocurrency investment.

 

[Kunkun]

You are absolutely right because you get panic easily for a drop in price simply because of the target you have set for yourself but very desciplined and operating with reasonable percentage gains make you sucessful in cryptocurrency.

Yeah you get the point, due to the volatility of crypto it can drop and it can rise, and when it drops it can indeed cause panic for an investor who is looking to get rich quick with it

 

[ahmedo24]

I keep learning different strategies on cryptocurrencies daily , I don't allow any dip to disturb me because I don't Invest what I can't afford to loose and If I make significant gain I withdraw.

 

[Ralphjoe]

Most newbies and senior investors get greedy in the crypto by wanting to make tonnes of gain in one trade (it's possible) but you need to be conscious of not being too greedy and don't forget to always set stop loss when trading.

I totally agree with you because as a newbie investor into bitcoin, i was once a victim of greed as I thought that I should leave mine bitcoin investment there to make several amount of money even when I started getting the feelers that the cryptocurrency plummeted.

 

[Setfragil]

The mistakes most investors make is over investing when it is not right which is mostly caused by greed and ignorance. Some investors, invest all their monies in a single coin rather than spread it across other coin to earn more profits.

 

[cowantussie]

6 Biggest Mistakes New Crypto Investors Make
You don’t know the basics

What are cryptocurrencies? What is blockchain? Before jumping into the industry, take the time to understand the basics of the technology you’re going to be investing in. If you don’t understand the basics, your digital currency experience will be a short one. You don’t need to rush into it; take your time to educate yourself.

Falling for the hype

There’s a new currency online, and everyone is rushing to buy into it. Sounds like something you need to jump on board with, right? Wrong. Social media has a huge influence in the cryptocurrency world, meaning many currencies get hyped up and crash. If you hear of an upcoming currency, do your own research and don’t fall for the hype. Read blogs from experts and speak to people in the currency community to gather information.

Submitting the wrong wallet address

This happens more often than people would like to admit. It’s easy to give the wrong wallet address and end up sending crypto to a completely different person without the ability to retrieve it. Understandably, selling and buying crypto is exciting; however, one mistake could end up with you losing your currency. Always double-check the wallet address before submitting it.

Falling for the scams

Scams are in every industry, and sometimes, they can look pretty convincing—many scams in the digital currency world prey on new investors who are new in the industry. Never open an account and invest your money into a site before researching them. Pyramid schemes are also in the cryptocurrency world, so be aware of any site that asks you to recruit new investors in exchange for currency.

Investing without a strategy

Not everyone can sit in front of their computer day and night to watch their investments, and not everyone wants to do that. If you’re someone who can only check their investment and trade once a month, you’ll have a different strategy than someone who has five days a week to invest in trading. Know who you are and what you want to get out of your investment. By developing a strategy, you’ll keep yourself inline with your goals.

You don’t read the cryptocurrency charts

When you decide to invest in digital currency, you need to understand the trading market from front to back. The more knowledge you have about the market, the more power you have with your investment. You need to read price charts and learn where you can invest in potentially successful projects. Take the time to educate yourself on price charts to ensure your investments are lucrative.

 

[Giannis]

There are a lot of mistakes for the investors on bitcoin especially the new starters.But the most common I think is when the investors shocked when the price go down.Although it is very risky investing in cryptocurrency and especially in bitcoin