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What mistakes have you done with BTC?
306 sats \ 5 comments \ @Bitcoiner1 2h bitcoin_beginners
The idea of this post is to create a list of mistakes that people (including myself) have made, so that smart Bitcoin beginners can hopefully avoid them by learning from someone else’s experience.
I’ll start with a couple of mistakes I made some time ago, and I hope no one repeats them.
I deposited some sats on Celsius and BlockFi because they were offering around 6.5% APY, and I wanted to earn more Bitcoin. Now I understand much better the importance of self-custody.
Another mistake I remember was mixing KYC and non-KYC UTXOs. I had bought BTC both on exchanges and via P2P, but I wasn’t using a proper wallet with labeling features. At some point, I consolidated some of those UTXOs together… and now I no longer know which sats came from KYC sources.
What about you guys? What rookie mistakes did you make? Let's help others avoid them.
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100 sats \ 1 reply \ @Scoresby 2h
I do not say I should have bought it earlier (though I wish I had) because that is the nature of the beast. You get it when you get it.
My main mistake was wasting a lot of time and sats on half assed privacy measures. Buying at atms or using mixers -- if your main use case is buy and hold, I suspect you are better off just being careful when the time comes to spend, rather than on the way in to your cold wallet. Coin control can do wondrous things.
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0 sats \ 0 replies \ @DarthCoin 2h
Good point ! I used also some coinjoins in the pre-fork era. But once the LN was well established, I stopped doing it, I realized that I could put my sats in a better place to work.
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0 sats \ 1 reply \ @0xbitcoiner 2h
Waiting for the dips to start buying.
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0 sats \ 0 replies \ @Bitcoiner1 OP 1h
That is a classic one! Thanks for sharing it
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0 sats \ 0 replies \ @DarthCoin 2h
  1. I didn't start earlier in 2010 when I read something about Bitcoin but I ignore it until 2012.
  2. I stopped mining too early.
  3. I gave too many BTC to losers in hope that they will learn more about Bitcoin. Most of them they sold all those BTC for fiat or shitcoins. I totally regret doing that at meetups.
I never lost any sat or do stupid things with my BTC.
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