Essential knowledge for beginners 🚀🚀🚀
Things that beginners must know
I. Basic Knowledge (Understand before you invest)
Cryptocurrency ≠ stocks; 24/7 trading, no limit on price fluctuations, and can potentially go to zero (like LUNA plummeting 99.9% overnight). Core concept trio: Blockchain: public ledger, transaction records cannot be altered (but project teams can run away). Wallet: consists of cold wallets (hardware devices) and hot wallets (mobile/computer software), mnemonic phrase = bank card + password; losing it means losing your coins completely. Gas fees: transfer fees, which can sometimes exceed the transfer amount during Ethereum network congestion. Common cryptocurrency categories: Bitcoin (BTC): the gold of the crypto world, relatively low volatility; Ethereum (ETH): smart contract platform with many ecosystem projects; Stablecoins (USDT/USDC): pegged to the US dollar for hedging (but USDT has a history of crashing).
II. Security and Fraud Prevention (Protecting your principal is the key to the future)
Three fatal operations ❌ Screenshotting mnemonic phrases and storing them in the cloud (hackers' favorite); ❌ Clicking on 'official' airdrop links (90% are phishing sites); ❌ Following 'teachers' for contract trading (classic pig-butchering scheme). Identifying low-quality projects: Rough official website + exaggerated whitepaper + anonymous team = high risk; Annualized return over 50% = high probability of fraud; Coin names with 'Elon', 'Satoshi', or other celebrity names are a red flag. Exchange selection principles: Only use the top 10 exchanges globally (Binance/OKX/Coinbase); Withdraw coins to your own wallet, don't keep coins on exchanges for long (accounts may be frozen).
III. Trading Basics (Minimizing losses is profit)
Three things beginners should avoid: Don't play with contract leverage (100x leverage means a 1% drop can lead to liquidation); Don't go all in on one coin (even if you believe in it, don't exceed 20% of your portfolio); Don't chase after rising prices (buying on trending lists can lead to being trapped at peak prices). Fund allocation suggestions: 50% mainstream coins (BTC/ETH) + 30% stablecoins + 20% small coins (consider it like buying a lottery ticket). IV. Risk Warning (Lessons learned from experience) Market risk: Bull markets can also halve in a day (e.g., Bitcoin dropped 30% in a single day on May 19, 2021); The probability of altcoins going to zero is much greater than a hundredfold increase (99% of projects do not survive beyond three years). Final advice: You can make money in the crypto space, but it's money made from knowledge and patience. Start with 100 yuan to test the waters; if you lose it, consider it tuition, and if you make a profit, don’t get carried away.
Remember: "You lose money fastest in a bull market; the bear market is the real teacher" - Only after experiencing two bull and bear cycles should you call yourself a player.
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