A cautionary but encouraging tale
I Thought I Was Being Smart…
I still remember the day clearly. It was early 2017. Bitcoin was around $1,200. I’d heard about it on the news, skimmed a few Reddit posts, and thought, why not?
I signed up on a sketchy website someone recommended in a forum and sent $500 using my debit card.
That’s when the mistakes started.
Like many Canadians today, I had no idea where to begin or what mattered. In hindsight, I wish I’d slowed down and learned the basics first—starting with a reputable way to Buy Bitcoin in Canada instead of rushing in blind.
Mistake #1: I Rushed In
I didn’t research the platform.
I didn’t understand the fees.
I didn’t even know if the site was legitimate.
I was driven entirely by FOMO—the fear that the price would go up without me.
Lesson learned:
FOMO is a terrible reason to buy anything, especially Bitcoin. Move slowly. Learn first. Buy second.
Mistake #2: I Left It on the Exchange
After buying, I felt accomplished. I watched the number go up and down and assumed the platform was keeping it safe.
It wasn’t.
I didn’t yet understand the phrase “Not your keys, not your coins.” Exchanges get hacked. Platforms go offline. Accounts get frozen.
I got lucky. Many people didn’t.
Today, I self-custody—and I emphasize this lesson constantly, especially to entrepreneurs who later encounter Bitcoin through operational use cases like Bitcoin for Businesses Canada.
Mistake #3: I Tried to Trade
Once I owned Bitcoin, I convinced myself I could outsmart the market.
I traded into altcoins.
I watched charts all day.
I tried to time dips and tops.
The result? I lost more than I made.
What I really needed wasn’t better timing—it was a plan.
Now I simply dollar-cost average small amounts and hold long term.
Mistake #4: I Told No One… Then Everyone
At first, I told nobody.
Then the price doubled—and I told everyone. Loudly. I became “that Bitcoin person.”
When the price dropped, nobody forgot.
Today, I talk about Bitcoin with humility. I share lessons, not predictions. Bitcoin has a way of teaching patience the hard way.
Final Thought: Mistakes Made Me Wiser
Buying Bitcoin changed how I think about money.
It taught me:
- Patience
- Responsibility
- The importance of self-custody
- The value of learning by doing
If you’re just getting started, here’s my best advice:
- Start small
- Learn how wallets work
- Make a test transaction
- Secure your keys
- Stay curious
Bitcoin rewards those who take the time to understand it.
