A cautionary but encouraging tale
I Thought I Was Being Smart…
I still remember the day: it was early 2017. Bitcoin was around $1,200. I’d heard about it on the news, read a few Reddit posts, and decided—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.
Mistake #1: I Rushed In
I didn’t research the platform. I didn’t understand fees. I didn’t know if the site was even reputable. I just wanted in before “the price went higher.”
Lesson learned? FOMO (fear of missing out) is a bad reason to invest in anything—especially Bitcoin. Move slowly. Learn first. Buy second.
Mistake #2: I Left It on the Exchange
After buying, I felt accomplished. I saw my balance go up and down. But I didn’t withdraw it. I figured, “It’s safer on the platform, right?”
Wrong.
I didn’t know the phrase “Not your keys, not your coins.” Exchanges get hacked. Websites go down. Accounts get frozen. I got lucky—mine didn’t. But many others weren’t so lucky.
Today, I self-custody. And I teach others to do the same.
Mistake #3: I Tried to Trade
Once I had Bitcoin, I thought I could be a genius day trader. I moved funds between altcoins, watched charts all day, and tried to time the dips.
Result? I lost more than I made. What I really needed was a plan—not a rush.
Now, I simply dollar-cost average (DCA) small amounts and hold for the long term.
Mistake #4: I Told No One, Then Everyone
At first, I kept it a secret. Then, when the price doubled, I told everyone—loudly. I became “that Bitcoin person,” and when the price dropped, they all remembered.
Now, I talk about Bitcoin with humility. I share what I’ve learned, but I never claim to have all the answers.
Final Thought: Mistakes Made Me Wiser
Buying Bitcoin changed how I think about money. It taught me patience, responsibility, and the importance of learning by doing.
If you’re just getting started, here’s my best advice:
- Start small
- Learn about wallets
- Make a test transaction
- Secure your keys
- Stay curious
Bitcoin rewards those who take time to understand it.