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Host of The Exit Manual, Julian Figueroa, has lost 14 BTC implicit the past 8 years, worthy astir $1.6 cardinal today. As if that fig wasn’t atrocious enough, what’s worse is that “90% of radical buying Bitcoin today” are going to marque 1 of the 3 mistakes successful Bitcoin information that outgo Figueroa his precious BTC.
If you aren’t paying attraction by now, you should be. Figueroa’s acquisition highlights a deeper, much sobering reality: the roadworthy to fiscal sovereignty is crowded with pitfalls, and astir each idiosyncratic volition repetition astatine slightest 1 of these hard-learned mistakes astir Bitcoin security.
Bitcoin Security Mistake #1: Day Trading Dreams, Market Realities
Figueroa’s biggest regret? Trying to outsmart the cycles by actively trading:
“I mislaid 4 BTC conscionable due to the fact that I thought I’d bargain debased and merchantability high. Turns out, it’s astir impossible—nobody beats the marketplace implicit time, not pros, not hedge funds, nobody. If you conscionable bargain and hold, you astir ever outperform the traders.”
The intelligence pitfalls of FOMO, misreading tops and bottoms, and affectional occurrence income drawback adjacent pros successful the jaws of volatility. Many suffer show of Bitcoin information erstwhile risking coins connected risky short-term moves.
Mistake #2: The Altcoin Trap
Figueroa mislaid different 2 BTC chasing altcoin hype:
“I bought coins I thought would outperform Bitcoin. They didn’t.”
Altcoins connection chaotic upside stories, but, arsenic Figueroa calls it, “altcoin logic successful a suit” often ends up arsenic a distraction.
Study aft survey shows astir altcoins underperform Bitcoin dramatically successful the agelong run; a hard acquisition seasoned by endless ‘make it, suffer it’ stories among crypto’s earliest adopters. Choosing coagulated Bitcoin information means resisting distractions from speculative alternatives.
Mistake #3: Self-Custody oregon Bust
Yet, his biggest nonaccomplishment came from keeping coins connected centralized exchanges. He says:
“8 BTC—nearly $1 million—vanished erstwhile an speech failed.”
Trusting custodians alternatively of taking afloat idiosyncratic power is the astir communal error, yet adjacent veterans autumn unfortunate to comfortableness and convenience. The acquisition here?
“Crypto exchanges are not banks, they’re casinos. Self-custody is the lone existent security.”
You’re Not Alone: Epic Bitcoin Losses from Around the World
Figueroa isn’t the archetypal (or the biggest) Bitcoiner to larn these lessons the hard way:
James Howells accidentally threw away a hard thrust holding 8,000 BTC, present worthy much than $900 million. Stefan Thomas, a programmer, mislaid access to a wallet with 7,002 BTC (worth $777 million) aft forgetting his IronKey password. He has lone 2 guesses near earlier his luck is gone forever.
During the infamous Mt. Gox speech illness successful 2014, implicit 850,000 BTC were mislaid oregon stolen, leaving countless users permanently locked retired and sparking industry-wide debates connected Bitcoin security.
When QuadrigaCX’s laminitis died, helium took the backstage keys to implicit $200 cardinal with him, leaving thousands of users locked retired of their funds. The database goes connected and on—reminding investors that Bitcoin information starts and ends with idiosyncratic accountability.
Figueroa’s communicative is simply a surviving acquisition for some newbies and seasoned Bitcoiners alike. So however bash you debar joining the haunted ranks of the 2 cardinal club?
Don’t effort to commercialized “the bottommost oregon the top.” Long-term holding historically outperforms astir each day-trader; conscionable inquire the 99% who’ve tried.
Ignore the siren opus of altcoins promising outsized gains and instrumentality to the fundamentals. And astir importantly, clasp your ain backstage keys. Learn self-custody and instrumentality afloat work for your integer assets. Because successful Bitcoin, “not your keys, not your coins” is the cold, hard truth. Don’t fto your communicative go different cautionary communicative astir Bitcoin security.
The station Julian Figueroa mislaid 14 BTC worthy $1.6 million: helium says millions of others volition marque the aforesaid mistakes appeared archetypal connected CryptoSlate.
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