I Can’t Believe I Made These Bitcoin Mistakes!

I Can’t Believe I Made These Bitcoin Mistakes!

By johnwege | johnwege | 20 Jun 2020


The world is a stressful place right now, so I thought it would be fun to write about something a little more light hearted.

I’ve made a ton of mistakes since I’ve gotten into cryptocurrency.  I’m sure we all have.  In the moment I will admit these mistakes were painful, but now that I look back on them I can laugh and say that I definitely learned something from them.

So I thought it would be fun to share some of my crypto mistakes with you, and the lessons I learned from each mistake.  I would also love to hear the mistakes that you have made as well.  After-all, knowledge is power and perhaps by sharing we can prevent someone from making the same mistake.

1) Ignoring Bitcoin

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I think this is a mistake that everyone of us has probably made at some point or another.  My brother and I have been into technology all of our lives and in late 2010 he came to me talking about a thing call Bitcoin, and how he thought it had the chance to be revolutionary.  Like so many of us, at the time I had no interest in it.  I was planning to move overseas in the upcoming months and my mind and budget was focused on that.  So naturally I listened to him and forgot about it. How things could be different if I would have invested that early.  But I think we all wish that we would have invested earlier than we did.

After a few years of living overseas I really began to see the benefits of what cryptocurrency could bring us. All along the way my brother continued talking to me about it. So finally in 2013 I finally started investing.  In the grand scheme of things I was still very early, but it could have been even better.

2) Mt. Gox

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The Mt. Gox exchange has become infamous, launching in July of 2010, it was one of the 1st bitcoin exchanges, and at the time it was “the exchange.” Meaning it was the most popular exchange by far, at one point accounting for 70% of all bitcoin transactions worldwide.

For many people, transferring their money to Mt. Gox was a tedious or worrisome thing, because they were required to wire their money to Japan.  But I was living in Japan at the same, so it was a much less stressful experience for me.  All though, looking back on things there were still many red flags about the exchange that I wish I would have paid more attention to at the time. 

When the exchange coins were stolen in 2014, I had withdrawn most of my coins already from Mt. Gox. But, I did still have some funds on there that were lost.  Funds that would have been worth much more today. 

In this situation I definitely learned, “not your keys, not your bitcoin.”  Since then I have become extremely careful with where I store my coins.

3) Altcoin Forest   

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I think I have had a similar journey in the crypto market as many other people have had. First starting with bitcoin, then seeing the higher percentage returns that alt coins could possibly bring.  This return really enticed me to begin dipping my toes into the “Altcoin Forest.”  Some people enter this forrest and never come back, but luckily I have made it back somewhat intact. 

I must admit that I did invest in some coins that don’t even exist anymore.  I should have done more research, studied the market more at the time, and not been in the mind set to just get rich as fast as possible.  Here again I learned an invaluable lesson.  Recently I have been mainly sticking to investing in larger market cap coins that I like, and also that I believe in.  Always doing research before I make any purchases.  Coins that I expect to be around for quite a while.

 

4) Bitcoin Address / QR Codes

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Many people who have gotten into crypto recently don’t know how good they actually have it.  For sending bitcoin we used to be in the “wild wild west” so to speak.  Each time having to input the full bitcoin address, setting your own transaction fees and more.  There have been many, countless times that I nearly input the wrong address, losing ll of the transaction funds.  And to be honest, on a few occasions this actually happened to me.  When I was very tired, I actually did make a mistake and lost my coins. 

QR codes for bitcoin addresses are really a god send that I will never stop appreciating.  They have saved me so much stress during the last few years.  But to this day if I have to input the address I still have some PTSD, and definitely try not to make any transactions while I’m extremely tired.  Better safe than sorry.

As you have seen, I have made some very costly mistakes during my time in the crypto market, but thankfully I have learned from each of them as well.  I would love to hear what mistakes you have made as well!

Thanks for reading!


johnwege
johnwege

Hello I'm John


johnwege
johnwege

Living day by day, stacking sats and trying to retire early. Check out my new Youtube Channel; https://www.youtube.com/channel/UCfl6j85c1ChV32yDiY5dU2w?view_as=subscriber Follow me on Twitter twitter.com/johnwege

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