Bitcoin is both simple and complicated; here are five common mistakes new Bitcoiners make…
- Don’t know what Bitcoin is
This sounds obvious, but most people don’t know what Bitcoin is. Most of us jump into Bitcoin because it’s trending up… but Bitcoin is still very early, so it could be trending down the same day.
Learn the very basics about what Bitcoin is and why it exists. This will not only help with conviction during challenging times in the market, but it will help you decide how much you should allocate to the internet of money.
Read more about the basics of Bitcoin HERE.
- Don’t buy real Bitcoin
Being ‘Bitcoin-only’ will save you A LOT of time when it comes to all the other ‘cryptocurrencies’. There is only one Bitcoin. Don’t confuse the other coins that many exchanges show alongside Bitcoin as the real thing but cheaper. They are NOT the same.
Look for ‘BTC’ if you are on a regular crypto exchange.
It’s also worth learning about the many other ways to buy Bitcoin – Bit Buy Bit is a great resource for more info.
- Don’t own their Bitcoin
If your Bitcoin is on an exchange, it’s not your Bitcoin. Take steps to learn how to hold your own private keys. Bitcoin lets you be the bank. This is crucial.
Learn more HERE.
- Price watch
Looking at the price every day won’t do you any favours. If anything, you’re more likely to make a bad decision early on in your journey.
This is not a short-term ‘trade’. Zoom out and don’t get swept up in the drama.
- Not using a Bitcoin-only exchange
Ok, self-shill, but at FastBitcoins.com, we are only interested in Bitcoin. We aren’t here to push you into trading or DeFi or NFTs… we just want to provide people with a platform to easily accumulate Bitcoin for the future.
Find out more about why we’re Bitcoin-only HERE.
You might have noticed that all of the above ties back to number one and learning more about Bitcoin. Knowledge is power, and here are some of our favourite books.