Let me tell you about my own experience of entering the industry from a rookie. The Bitcoin industry is a circle full of greed and deception. It is also a place that is close to money but also very far away. My understanding of it after entering the industry is completely different from my understanding before entering the industry. This article mainly talks about software and the Wanxie legend.
I was introduced to the industry by a realistic friend who has been in the circle for many years. One day he came to me and downloaded a bunch of software for me. He only told me their uses and told me not to listen to anyone else's recommendations to buy, and then let me study it on my own.
The first two in the first row are wallets (Little Fox and TP). Their functions are to store and transfer money, which is equivalent to a bank card, except that the wallet stores virtual bank cards and legal currency. There is also a cold wallet (equivalent to a bank card without online banking), which will give you something similar to a U-shield, which is the safest way to store coins for a long time.
The third one in the first row is Google Authenticator, which can be understood as a dynamic password. It is used when logging into the trading software. It provides double protection. Even if someone knows your account password, they still need a dynamic password to log in, thus preventing your account from being stolen.
The first two in the second row are the world's first and second exchanges. As the name suggests, an exchange is a place for trading, where you can buy and sell, mine, manage finances, and use contracts (similar to futures where you can buy and sell), as well as CtoC (which can be understood as recharge and withdrawal). Its role is similar to that of a brokerage firm, which means it can be used for both trading and safekeeping.
There is no need to climb over the firewall to use exchanges and wallets, you can use them directly on the domestic network.
Flow of funds: Funds can be transferred within the same exchange (between friends or strangers), and funds can be transferred between exchanges and wallets.
First of all, we have all heard about the situation where the circle is tens of thousands or hundreds of thousands times larger, but it may be different from what we thought before entering the circle. Currently, there are only two situations.
First, bet on Dogecoin and be able to hold on to it. What is Dogecoin? Simply put, it is not listed on the exchange. It has no endorsement and can be understood as an enhanced version of altcoin. Its risks are numerous and its value may drop to zero at any time. If you are lucky enough to bet on it, the probability of holding on to it is also very low. If you do not sell it when it doubles, then what about 10 times or 100 times? Few people can hold on to it, because human nature is to pursue certainty.
The second contract is a high-leverage rolling position, represented by Liang Xi. In the 519 market (a continuously falling market), the capital was 1,000 and reached 10 million. However, the final outcome was a liquidation of the position and the debt became a neurotic online beggar, and many people in the circle called him an electronic pet.
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