What mistakes have you done with BTC? \ stacker news ~bitcoin

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671 sats \ 10 comments \ @Bitcoiner1 12 Nov 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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142 sats \ 1 reply \ @Scoresby 12 Nov

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.

0 sats \ 0 replies \ @DarthCoin 12 Nov

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.

0 sats \ 0 replies \ @Angie 13 Nov

1- Nunca olvides las claves de las billeteras eso es lo peor, asegúrate de escribirlas con claridad,si es posible hazlo legible plasticalo y guardalo en la caja fuerte haz un testamento si es posible o seguro económico en fin perder la dirección de tu billetera de criptomoneda es lo peor y no se lo recomiendo a nadie así que pon correo asociado con Google, día año y mes incluso la hora y un OJO bien grande y si por casualidad pierdes la memoria una copia para tu familia o amigo real de confianza. 😭 Dónde están mis Bitcoin satoshis o mis 7mil dólares 😭.

0 sats \ 0 replies \ @DP0604 12 Nov

I had a friend who didn't put a password or key on his Phoenix wallet where he had a channel, and his young son closed it while playing. Luckily, he recovered it, but this taught me that I should be more careful with my sats.

0 sats \ 0 replies \ @j7hB75 12 Nov

Sending sats to the same address and not using a unique address.
Stopped looking into Bitcoin in 2010/2011 after downloading the all-in-one client that was presumably mining on my PC at the time. No idea if I had mined a block but those sats are long gone…probably.
Stopping DCAing. Just leave it.
Not starting home mining earlier.
If you’re home mining and you’re directing exhaust out of a mechanical closet be mindful of negative pressure interfering with combustion exhaust mechanisms.

0 sats \ 0 replies \ @fishious 12 Nov

I was using Boltz swap service and juggling multiple swaps and messed up by sending the wrong amount to the wrong address from a canceled swap. Thankfully I was able to RBF successfully before it got confirmed. I'm sure I could've worked things out with Boltz after the fact, but I was shitting bricks while I was trying to RBF.

0 sats \ 0 replies \ @SatAttack 12 Nov

Pre mature orange pilling and pre mature pushes to get people to self custody. I am damaged by the heavy weight of my friends losses. Ultimately it’s their fault for not taking my warnings and advice seriously, but it wouldn’t have been a problem if I had more patience and understanding.

Not everyone is ready. Not everyone cares. These days I am extremely selective with who I really talk bitcoin with.

0 sats \ 1 reply \ @0xbitcoiner 12 Nov

Waiting for the dips to start buying.

0 sats \ 0 replies \ @Bitcoiner1 OP 12 Nov

That is a classic one! Thanks for sharing it

0 sats \ 0 replies \ @DarthCoin 12 Nov

I didn't start earlier in 2010 when I read something about Bitcoin but I ignore it until 2012.
I stopped mining too early.
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.