Julian Figueroa Warns of Common Bitcoin Security Mistakes

Julian Figueroa has revealed that he lost 14 Bitcoin over the last eight years, an amount now worth around $1.6 million. His story is not just about his personal losses. It is also a warning to others who may fall into the same traps. He believes that 90% of people buying Bitcoin today are likely to make the same three mistakes that cost him dearly.

Trading Losses and the Altcoin Trap

Figueroa says his first mistake was trying to trade the market. He lost 4 BTC by attempting to buy low and sell high. The idea looked simple at the time, but he soon found out that even experienced traders struggle to beat the market. 

Price swings, poor timing, and emotional decisions all played a role in his loss. In his words, long-term holders often end up doing better than those who try to trade every move.

He also lost 2 BTC chasing altcoins. Figueroa believed some alternative coins would perform better than Bitcoin. Instead, they dropped in value and left him with losses. He now calls altcoins a distraction, explaining that most of them fail to keep up with Bitcoin over time. 

For many investors, the promise of quick gains often ends with disappointment. In related news, Corporate Bitcoin treasuries have surpassed 1,000,000 BTC, with firms adding nearly 9,800 BTC. This is valued at about $1 billion, between September 1 and September 6.

The Danger of Leaving Coins on Exchanges

The largest loss came when Figueroa left 8 BTC on a centralized exchange. The platform failed, and his funds were gone. That mistake cost him close to one million dollars. 

He now stresses that keeping Bitcoin on an exchange is risky. Unlike banks, exchanges can collapse without notice, and customers are often left with nothing. He believes self-custody is the only way to ensure true Bitcoin security.

Past events support his warning. When Mt. Gox collapsed in 2014, 850,000 BTC disappeared. QuadrigaCX also locked users out of more than $200 million when its founder died without sharing the keys. 

On a personal level, people like James Howells, who threw away a hard drive with 8,000 BTC, and Stefan Thomas, who lost access to 7,002 BTC due to a forgotten password, show how fragile ownership can be.

Lessons for Bitcoin investors

Figueroa’s story is a reminder for both new and experienced Bitcoin holders. Avoid day trading, ignore the lure of altcoins, and most importantly, take control of your own coins. “Not your keys, not your coins” is a rule he now lives by. 

It is important to add that for him, the hard truth is that Bitcoin security depends only on the person holding it. 

In related news, on Thursday, blockchain tracker Lookonchain reported that three linked wallets moved 137 BTC, worth about $15.6 million. The transfer came from a larger stash of 955 BTC, valued at more than $108 million.