I spent a year making a thoughtful Bitcoin explainer without all the rookie mistakes (script was edited by many experts & reddit users). Please share with those who need to be enlightened. (Now part of James Lopp’s edu guide)

I spent a year making a thoughtful Bitcoin explainer without all the rookie mistakes (script was edited by many experts & reddit users). Please share with those who need to be enlightened. (Now part of James Lopp's edu guide) submitted by /u/britcruise
[link] [comments]

Bitcoin – The Currency of the Internet

How Bitcoin Cash Can Avoid the Same Mistakes as Bitcoin Core, Part 1 (news.bitcoin.com)

The following opinion piece was written by Jonald Fyookball.
The bitcoin cash (BCH) community understands key principles: Bitcoin should be a peer to peer Electronic Cash system; most users can use SPV wallets instead of running their own node; “second layer” scaling solutions are often unnecessary and problematic. While important, and it places the BCH ahead of

Bitcoin

Don’t repeat my mistakes. I had everything, now i am broke

After reading all these bitcoin success stories around here, i decided to share my story of failure, in order to protect people from the mistakes i made. I have no intend to ask for a help, but a bit of moral support will be very helpful. I am very ashamed of my ignorance, it's hard to admit it, but i will try.

I was into bitcoin for about a 2 years. All that time i was buying btc and hodling, never sold a single satoshi, waiting for times when i could spend it without converting into fiat. I was lunatik about how cryptocurrency will make a world a better place (and i am still is), this ideology changed my life. My family and friends, which mostly are people from my christian community, never supported these interests. We were always arguing about gambling component and how our religion is against it. And about bank system, etc.

I wont brag you how much i had btc, but for me and my family it was a very big money.

And i did couple major mistakes. Frankly, i think i did EVERYTHING wrong and it ruinded my life.

  • I borrowed money to buy crypto
  • I kept other people's crypto in my wallet
  • I never thought enough about securing my wallet
  • I have lost cold mind and become obsessed

So, first of all, i was so blinded with bitcoin success, that i was maniacally looking for a money everytime the price was dropping. Especially last half a year, if i had no money, i started borrowing as much, as i could return in 2018, "after some saving". It was very obviously for me that price will be higher and i will easily return the debt… But that's not a main problem.

You remember how i was obsessed with crypto? So i began to attract all relatives, friends and coworkers in cryptocurrency investing. Well, my boss was interested, but not as much to deal with "registration and stuff". And he gave me some money, so i could buy coins for him. At first, ammounts was so small, i didnt bother to make a separate wallet for him. And all the time i was thinking that soon it will be done. But as price was growing, boss became more interested and start to invest more and more money, never bothering to make himself a wallet. And i didnt thought much about it aswell. That was a big mistake.

And finally, the main reason i am telling this story. I think you already know what happened. I lost my wallet. I had only 2 copies of my wallet, "cold storage" as i thought. One on usb stick, and one on my old laptop, that i was using only for cryptocurrencies. I was stupid enough to keep both copies in one place, but this is not that fact that have destroyed me. My obsession pushed me to check my wallet all the time, not only looking online in the blockchaine, i had to check it by logging into wallet on my "cold laptop", and sometimes to check if usb-stick are working properly. Yep, i am idiot, and deserve to suffer, i know. One time i was stupid enough, to check both laptop and stick, after that i was distracted by a phone call and i forgot about everything. Went to a bedroom, got sleep and went to the job at the morning. when i returned from work, i found out that i had been robbed, they took both laptops (one new and that "old one" with a usb-stick in it) and some minor other things. Some time has passed, the police said they will take care of my laptops as soon as they catch all the murderers and stuff… Frankly, that's normal for my country i did not expect more. Wallets were encrypted with a password, no movement in my addresses. To be honest i doubt that the robbers understood what they had stolen. Btw, seed have been saved in txt file… On the same laptop and usb-stick.

Now i am broke, boss fired me, threatens me and has already contacted all possible employers in our town. I owe money to everyone i know. And the worst thing, that i have no support from my family and friends… They just saying things like "we told you!". I am depressed and completely confused in my believes, my loved ones and everything else.

Today i am going to an interview for some job. I will try my best to get things done. But you have no idea how it is tough to knowing you have lose everything. So please, don't make such mistakes. Secure your wallet, make some copies, don't keep all the copies in one place, and PLEASE NEVER BORROW money to buy crypto!

Sorry for my english and God bless you!

submitted by /u/simpl3guy
[link] [comments]
Bitcoin – The Currency of the Internet