💰 Beginner's Guide to the Crypto World | From 0 to 1, Essential for Newbies
💰 Beginner's Guide to the Crypto World | From 0 to 1, 10 Basic Knowledge Points Newbies Must Learn (Essential for Avoiding Pitfalls)
Just entered the crypto world and feeling confused? Don't worry! This note will help you get started quickly and avoid 90% of the pitfalls! After reading this, you can instantly become a crypto veteran! 👇
🚀 I. 5 Most Basic Concepts in the Crypto World
1. What is Blockchain?
✅ Blockchain = Decentralized Ledger
All transactions are public, transparent, and cannot be tampered with (like the Bitcoin network).
Not all coins are blockchain-based; many altcoins are actually "air coins"!
2. What are Bitcoin (BTC) and Ethereum (ETH)?
✅ BTC = Digital Gold (largest market cap, most secure)
✅ ETH = Blockchain Operating System (supports smart contracts, rich ecosystem)
⚠️ Newbies are advised to start with BTC/ETH and avoid small coins!
3. Exchange vs. Wallet
✅ Exchange (e.g., Binance, OKX): A place to buy and sell coins, suitable for trading
✅ Wallet (e.g., MetaMask, Trust Wallet): More secure for storing coins, but more complex to operate
❌ Don't leave coins on exchanges for long! They may run away (like the FTX incident)
4. Spot vs. Contract
✅ Spot: Buy coins directly, profit when they go up, lose when they go down (suitable for beginners)
❌ Contract (Leverage): You can add leverage, but the risk of liquidation is extremely high! (Beginners, stay away!)
5. What is USDT?
✅ USDT = Stablecoin (1 USDT ≈ 1 US dollar)
Universal "cash" in the crypto world, avoiding the impact of price fluctuations on holdings
Buying coins generally starts with RMB → USDT → BTC/ETH
⚠️ II. 3 Biggest Pitfalls Newbies Are Most Likely to Fall Into
1. Blindly Following Trends to Buy "100x Coins"
❌ Anything like "Musk Dogecoin" or "the next Bitcoin" is 99% a scam!
✅ Only buy BTC/ETH, and consider other coins after you are familiar with the market
2. Messing with Contracts and Losing Everything Overnight
❌ Are you tempted when you see others showing off "10x returns"? Liquidation warning!
✅ Newbies should play with spot first, and consider contracts after at least 3 months
3. Storing Coins in Small Exchanges
❌ Small exchanges may run away (like the many exchanges that went bankrupt in 2023)
✅ Choose large exchanges such as Binance (currently the largest) and OKX, and withdraw large assets to wallets
