Hello Newcomer! 

The benefits of digitally scarce hard money are unquestionable. 

But starting out in the crypto space is a daunting task. 

With all the FUD (fear, uncertainty, and doubt) and horror stories reported in the media, it’s enough to keep a beginner up at night. 

To help ease your transition from petrified newbie to savvy investor, we’ve created this list of beginner mistakes, to help you minimize the risks and keep you safe so you can boldly step into this new frontier.

To assure your success in this space, avoid these beginner mistakes:

Gambling on inferior assets

Fiat is broken due to uncontrolled money printing.

Not the broken Fiat we are talking about in here
Not the broken Fiat we are talking about in here

Bitcoin fixes this

Other cryptocurrencies are just more money printing. 

Stick to bitcoin and you cannot fail. 

Trying to passively increase your stack

Passive income through trading, yield farming, or mining is enticing, but risks outweigh the rewards. 

Don’t gamble and you can’t lose. 

Not taking self-custody

The only way to ensure nobody can take your bitcoin is by keeping it in your own wallet


Non-standard Opsec Practices

Storing your seed online or writing it in cypher will introduce risk, not security. If you want to step up security, use a complex passphrase wallet or multisig.

Poor wallet choices

Store bitcoin in bitcoin-only phone and hardware wallets

They have better features and security than closed source, desktop, and multi asset wallets. 

Store alts separately.

Poor UTXO (Unspent Transaction Output)  management

On-chain fees are going to increase with demand. 

One withdrawal = one UTXO. 

Each one costs money to spend. 

10 small UTXOs is more expensive than 1 large one for the same amount, so try to withdraw bitcoin in amounts of 0.01BTC or more.

Manage UTXO’s prudently!
Manage UTXO’s prudently!

Fiat mindset 

If you’re speculating for fiat gains, you may make a few dollars but you’re missing the big picture. Bitcoin is not a tool to gain fiat. Bitcoin is the goal.

And that’s it for now. 

If you have any questions, or ideas of things we’ve missed, please let us know

We hope you’re as excited about this space as we are, and wish you nothing but success in your bitcoin journey!

This reply has been handcrafted by BitcoinVN Security Consultant BTCMachineElf.

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