The first time I bought Bitcoin, it was trading around $1,200.
I didn’t know much. I didn’t have a plan. And I made just about every beginner mistake you can imagine.
This isn’t a horror story — it’s a learning story. If you’re new, my hope is that these mistakes save you time, money, and stress. For structured beginner material, the 1Bitcoin.ca Homepage and Resources Hub are good places to start.
Mistake #1: I Rushed In Without Understanding the Basics
I signed up on a sketchy website someone recommended in a forum. No research. No verification. Just excitement.
Looking back, this was reckless. I didn’t understand how Bitcoin worked, how exchanges operated, or how easily things could go wrong.
If you’re researching platforms today, the Avoid Bitcoin Scams Guide explains common red flags.
I also didn’t understand fees.
I assumed buying Bitcoin meant paying “the price” — I didn’t realize transaction fees, spreads, and withdrawal costs mattered.
FOMO (fear of missing out) is a bad reason to invest in anything — especially Bitcoin.
Lesson learned: Move slowly. Learn first. Buy second.
If you do decide to buy, use a simple, non-custodial flow like Bitcoin Express.
Mistake #2: I Left My Bitcoin on the Exchange
At the time, I didn’t understand the phrase:
“Not your keys, not your coins.”
Exchanges felt convenient, so I left everything there. I didn’t think about hacks, account freezes, outages, or policy changes.
But exchanges are custodians — and custodians fail.
Today, I practice self-custody, which means I control my own private keys. That single change completely altered how safe I felt holding Bitcoin.
If you’re unsure why exchanges are risky or how scams often involve fake platforms, read the Avoid Bitcoin Scams Guide.
Mistake #3: I Tried to Trade Instead of Learn
Once I owned Bitcoin, I thought I could “do more” with it.
I started moving funds between altcoins, chasing charts, and checking prices obsessively. I confused speculation with understanding.
What I really needed was education — not activity.
Now, I keep it simple. I dollar-cost average small amounts and focus on fundamentals.
If you’re starting today, the How to Buy Bitcoin in Canada Guide explains safer, calmer approaches.
For broader context on why Bitcoin differs from most “crypto,” the Resources Hub breaks this down clearly.
Mistake #4: I Didn’t Know When to Talk — or When to Stay Quiet
At first, I told no one. Then, once Bitcoin went up, I told everyone.
I became that Bitcoin person — overconfident, loud, and not very helpful.
Over time, I learned that Bitcoin conversations work best when they’re grounded, humble, and practical. Not everyone needs to be convinced — and no one needs a lecture.
Now, when I talk about Bitcoin, I focus on lessons learned, not price predictions.
What Buying Bitcoin Taught Me
Buying Bitcoin changed how I think about money, risk, and responsibility.
If you’re just getting started, here’s what I’d recommend doing differently than I did:
- Learn what a wallet actually is
- Make a small test transaction and verify it on-chain
- Understand how to secure your private keys
- Learn why self-custody matters before holding significant value
Bitcoin rewards patience and understanding — not speed.
For step-by-step learning, the Resources Hub is designed exactly for this.
Final Thought
Everyone makes mistakes the first time they buy Bitcoin. That’s normal.
What matters is learning from them — and choosing better tools and habits going forward.
If you’re buying Bitcoin for the first time, start with the 1Bitcoin.ca Homepage or use Bitcoin Express to begin safely and non-custodially.
Take your time.
Ask questions.
And don’t repeat my mistakes.
