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!
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
I'm and I've always been on level 2 and 3. Thanks .
On level 2, trying to get to level 3
Taking a picture of your seed phrase
Storing your seed phrase on a computer
Reusing on-chain addresses for receiving
Thanks. This is new learning for me.
For me my biggest mistake was getting drawn into all the various shitcoins in addition to Bitcoin.
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.
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.
hahaha I came here to say the same: the biggest mistake noobs are doing is that they are ignoring Darth's guides
They even come up in search results sometimes.
I usually check in before trying to do something new.
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.
It was before you moved everything to Github, or at least before you announced you were doing that.
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.
Sharing Bitcoin-related things with a friend who doesn't have brain to understand it. 😆
Not being on Stacker News. Haha
Yes. SN is very helpful. I escaped lot of mistakes because of SN.
Measuring Bitcoin in fiat. Thinking it can "go up" 🤣🤣🤣. Being stuck in a fiat denominated mindset.
Why do SN have that price ticker while the general consensus is against it? It's absurd.
Try tapping/clicking it.
mine says 1sat=1sat Working as intended
How To Generate Your Own Seed Phrase
How To Securely Write Your Seed Phrase
Wow! Never thought that seed phrases can be dishonest. Thanks. 🙏 I'm now learning some amazing noob stuff.
Yeah. At the very least, everyone should be using dice rolls to add physical randomness to their wallet when their seed phrase is generated.
shitcoins ETF's not self custodying
Hold your own keys and don't buy shitcoins.
Where to hold the keys? Any recommendations?
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.
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.
Bitcoin only. We are really hitting a tipping point with knowledge and position size!
buy a bunch of btc from a CEX and kyc their buys
Not knowing how to send or receive coins
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.
i think the first one is unit bias thinking it's too late for BTC and then going straight to shitcoins
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.
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.
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.
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