How to start in the crypto space with zero knowledge? This article explains it all!

As terms like Bitcoin and Ethereum appear more frequently in the public eye, more people are beginning to pay attention to the 'crypto space'. Many newcomers ask: 'I know nothing about blockchain, but I want to learn about crypto and even participate, where should I start?'

Don't worry, this article is written for 'you'. Even beginners can understand it, and it will guide you step by step through the world of crypto.

1. What exactly is the crypto space?

In simple terms, the crypto space = digital currencies + blockchain technology + investment and speculation ecosystem.

It includes the following key sections:

  • Bitcoin (BTC): The first decentralized digital currency, regarded as the 'ancestor' of the crypto space.

  • Ethereum (ETH): A programmable blockchain, many projects and applications are built on it.

  • Altcoins: All cryptocurrencies other than BTC, such as SOL, AVAX, DOGE, etc.

  • DeFi (Decentralized Finance): No banks required, users can participate in lending, staking, and trading by themselves.

  • NFT: Digital collectibles, which can be images, music, game assets, etc.

  • Web 3.0: The next generation of the internet, emphasizing user ownership and decentralization.

2. How can newcomers get started quickly?

1. Learn the basics

Here are a few recommended learning resources:

  • Bilibili & YouTube: Search for 'Blockchain Introduction', 'Digital Currency Tutorials'

  • Zhihu Column: Search for 'Newbie Guides to Crypto', 'DeFi Introduction' and other keywords

  • Some quality public accounts: Such as Odaily, 8btc, and Blockchain in Plain Language

Key concepts to understand include the following:

  • What is blockchain?

  • What is the difference between decentralization and centralization?

  • What are wallets, private keys, and mnemonic phrases?

  • What is the role of an exchange?

2. Register for a reliable exchange account

The first step into the crypto space is usually buying cryptocurrency. Domestic users can use exchanges that support RMB trading, such as:

  • Binance (Contact me for registration link)

  • OKX (Contact me for registration link)

  • Gate.io Sesame Open (Contact me for registration link)
    3. What are the ways to make money in the crypto space?

    Here are a few common methods that newcomers often encounter:

    1. Spot Trading

    Buy low and sell high, similar to stock trading. Suitable for long-term holding if you believe in the project’s value.

    2. Contract Trading

    Leverage your capital, which can lead to great wealth but also easy liquidation. Not recommended for beginners!

    3. Claim Airdrops / Testnet Interactions

    Participate in early testing tasks for projects, and you may have the chance to receive free tokens after the project goes live (for example, ARB and ZKsync have previously airdropped tokens worth thousands).

    4. Staking / Mining

    Put your coins into a project to earn interest or rewards, which is considered passive income.

    4. What are the risks in the crypto space?

    There are many opportunities in the crypto space, but also many pitfalls, especially for newcomers:

    • Project Exit Scams: Especially some high-yield 'investment' projects.

    • Private Key Theft / Mnemonic Phrase Leakage: Equivalent to telling someone your bank password.

    • Being Liquidated: Cryptocurrency prices can fluctuate wildly, making it easy to buy at a high point.

    • Fake Websites / Phishing Links: Many 'clone websites' trick you into entering your wallet information.

    One piece of advice: Never invest money you are not willing to lose in the crypto space.

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