What are some of the biggest mistakes Bitcoin noobs make? \ stacker news ~bitcoin

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What are some of the biggest mistakes Bitcoin noobs make?

671 sats \ 35 comments \ @IamSINGLE 25 Jan bitcoin_beginners

I'm a Bitcoin noob, call me a little advanced, I've been on SN for almost a year now. Just wanna make sure that I don't commit a mistake and lose my stack.

Not giving you any personal context so that all my noob mates would gain something from the answers.

Just a bit of clue what happened with me when I was an ultra noob..

So, please share what are some of the biggest mistakes Bitcoin noobs make?

Thank you in advance!

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517 sats \ 1 reply \ @ZezzebbulTheMysterious 25 Jan

I would say the allure of fast money via shitcoins. I meet a lot of new people who are getting into the space. They ignore Bitcoin because they think it is too expensive. They feel like they missed out. They want the next big thing, which, little do they realize, is Bitcoin! The message gets less clear with every new token.

Level 0: I want to trade Shitcoins to make fiat Level 1: I want to trade Shitcoins to make Bitcoin Level 2: I want to buy Bitcoin with my fiat Level 3: I want to earn Bitcoin through Proof Of Work

20 sats \ 0 replies \ @IamSINGLE OP 25 Jan

I'm and I've always been on level 2 and 3. Thanks .

249 sats \ 1 reply \ @WeAreAllSatoshi 25 Jan

Taking a picture of your seed phrase

Storing your seed phrase on a computer

Reusing on-chain addresses for receiving

20 sats \ 0 replies \ @IamSINGLE OP 25 Jan

Reusing on-chain addresses for receiving

Thanks. This is new learning for me.

231 sats \ 1 reply \ @SimpleStacker 25 Jan

For me my biggest mistake was getting drawn into all the various shitcoins in addition to Bitcoin.

20 sats \ 0 replies \ @IamSINGLE OP 25 Jan

Yes, this urge is hard to resist. I'm fortunate to have the guidance in person and from SN from the get go in Bitcoin.

27 sats \ 0 replies \ @suraz 25 Jan

Sharing Bitcoin-related things with a friend who doesn't have brain to understand it. 😆

136 sats \ 5 replies \ @NovaRift 25 Jan

I'm much less than a noob. Read https://darth-coin.github.io/. I could have made so many mistakes, but every mistake a noob and even advanced Bitcoiners could make can prevent by reading Darthcoin's guides.

114 sats \ 4 replies \ @DarthCoin 25 Jan

hahaha I came here to say the same: the biggest mistake noobs are doing is that they are ignoring Darth's guides

21 sats \ 2 replies \ @Undisciplined 25 Jan

They even come up in search results sometimes.

I usually check in before trying to do something new.

21 sats \ 1 reply \ @DarthCoin 25 Jan

search on SN? I doubt it. I am banned on SN 😂😂 But outside SN searching for some btc guides (without "darthcoin" term) can come up the ones from substack. The github ones are still not indexed so well.

0 sats \ 0 replies \ @Undisciplined 25 Jan

It was before you moved everything to Github, or at least before you announced you were doing that.

0 sats \ 0 replies \ @NovaRift 25 Jan

Yeah, you did all the experiments, tested all the wallets, and wrote the guides so that we don't have to go through all this, and you did it all without asking for even 1 sat, all for free (In today's world, who even does that?). Thanks for this.

27 sats \ 1 reply \ @grayruby 25 Jan

Not being on Stacker News. Haha

40 sats \ 0 replies \ @IamSINGLE OP 25 Jan

Yes. SN is very helpful. I escaped lot of mistakes because of SN.

19 sats \ 2 replies \ @Jon_Hodl 25 Jan

Trusting any random wallet to generate their seed phrase and just hoping that it’s both honest and that their random number generator (RNG) is random enough. It’s not difficult to generate your own physical entropy.

How To Generate Your Own Seed Phrase

Not stamping their seed phrase into metal.

How To Securely Write Your Seed Phrase

20 sats \ 1 reply \ @IamSINGLE OP 25 Jan

Wow! Never thought that seed phrases can be dishonest. Thanks. 🙏 I'm now learning some amazing noob stuff.

0 sats \ 0 replies \ @Jon_Hodl 25 Jan

Yeah. At the very least, everyone should be using dice rolls to add physical randomness to their wallet when their seed phrase is generated.

21 sats \ 3 replies \ @kilianbuhn 25 Jan

Measuring Bitcoin in fiat. Thinking it can "go up" 🤣🤣🤣. Being stuck in a fiat denominated mindset.

20 sats \ 2 replies \ @IamSINGLE OP 25 Jan

Why do SN have that price ticker while the general consensus is against it? It's absurd.

0 sats \ 0 replies \ @000w2 14h

Try tapping/clicking it.

0 sats \ 0 replies \ @ZezzebbulTheMysterious 25 Jan

mine says 1sat=1sat Working as intended

10 sats \ 0 replies \ @BITC0IN 25 Jan

shitcoins ETF's not self custodying

10 sats \ 3 replies \ @ChrisS 25 Jan

Hold your own keys and don't buy shitcoins.

20 sats \ 2 replies \ @IamSINGLE OP 25 Jan

Where to hold the keys? Any recommendations?

10 sats \ 1 reply \ @ChrisS 25 Jan

I can't answer that question for you. Learn about hot vs cold wallets. Software vs hardware wallets. There are plenty of good guides out there. It depends on how much you understand about bitcoin, how many SATs you are holding, how technical you are and personal preferences. Use many and see which one you like the best and fits your needs.

20 sats \ 0 replies \ @IamSINGLE OP 25 Jan

Thank you. I get it. I right now hold most of it non custodial in LN wallets. I'm going to migrate to cold wallet very soon.

0 sats \ 0 replies \ @itsMoro 17m

buy a bunch of btc from a CEX and kyc their buys

0 sats \ 0 replies \ @e34655df8f 25 Jan

Not knowing how to send or receive coins

0 sats \ 0 replies \ @e34655df8f 25 Jan

Buying in when it's over 100k a coin. Not researching ways to earn Sats or mining on the cloud. Thinking buying a mining machine will be big profits in very little time.

0 sats \ 0 replies \ @stack_harder 25 Jan

i think the first one is unit bias thinking it's too late for BTC and then going straight to shitcoins

0 sats \ 0 replies \ @Coinsreporter 25 Jan

Holding Bitcoin on an exchange, getting FOMOed, selling thinking "it's already too much", thinking shitcoins have some better use cases, not knowing that Bitcoin can be used as MoE.

0 sats \ 1 reply \ @gregtonoski 25 Jan

Noobs mistakenly think that they have much more time, e.g. to create backup copy of secrets, improve security, stack more, learn more, verify etc.

20 sats \ 0 replies \ @IamSINGLE OP 25 Jan

Sorry, I don't think this way. I started melting my fiat into Bitcoin before really even knowing what Bitcoin is. I believe learning by doing. So, I'm stacking while learning. The time that I have is exactly the same everyone has.

0 sats \ 0 replies \ @Roll 25 Jan

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