Web3 Beginner's Guide to Avoiding Pitfalls: 10 Things You Must Know Before Going from 0 to 1
One, first understand 'what Web3 is not'
Don't be misled by concepts like 'decentralization' and 'disrupting the internet':
- ❌ Not a shortcut to 'get rich overnight', 99% of projects will go to zero
- ❌ Not a 'Technological Utopia', smart contract vulnerabilities and on-chain regulation are still being improved
- ✅ It is a new paradigm of 'value interconnection', with the core being users mastering data and asset sovereignty
Two, private key = your 'digital lifeline'
- Never share your private key/seed phrase with anyone (including exchanges, wallet support)
- Handwrite 2 copies and store them in a safe, do not screenshot/take photos to save on phone/cloud drives (hackers may attack screenshot albums)
- Use hardware wallets (like Ledger) to manage large assets, small amounts can be managed with MetaMask and other hot wallets
Three, be cautious of 'Web3-style scam packages'
1. Phishing links: Official website URL has an extra letter, Discord private message sends 'airdrop claim' link (confirm the activity's authenticity on the project's official website first)
2. Fake contracts: Use on-chain tools (like Etherscan) to check if contract addresses match the official ones, be wary of 'high APY phishing pools'
3. Celebrity/Influencer impersonation: Twitter blue checks may also be fake, click on account details to check certification information
Four, understand 'Gas fees' before you act
- Small knowledge: Gas fee = on-chain transaction fee, determined by 'fuel price (Gwei)' and 'fuel consumption (Gas Limit)'
- Practical skills:
- Use MetaMask's 'Gas Tracker' to observe real-time gas fees, avoid peak periods (like during NFT minting)
- Beginners should start with low-fee chains (like Polygon, Arbitrum), as ETH mainnet transfer costs are high
Five, wallet ≠ bank, learn 'self-custody'
- Exchanges (like Binance) are 'custodial wallets', assets are stored in platform accounts (essentially centralized institutions)
- A real Web3 wallet (like Phantom, Trust Wallet) is a 'non-custodial wallet', you control the private key, if lost, no one can help you recover it
- Recommendation: Keep large assets in non-custodial wallets, only leave small trading funds on exchanges
Six, don't pay 'intelligence tax' for 'air tokens'
- Three key factors for assessing projects:
1. Does it solve a real need (for example, Uniswap solves decentralized trading, not just creating tokens to raise funds)
2. Is the team real and capable of implementation (check GitHub code update frequency, LinkedIn team background)
3. Is the economic model healthy (avoid projects with high inflation rates or tokens fully controlled by the team)?
- Newcomers are advised to start learning with blue-chip projects (like ETH, BTC, AAVE), and gradually explore niche sectors
Seven, test on the 'testnet' before interacting with DApps
- Many public chains (like Aptos, Sui) have testnets, use faucets to obtain test coins, familiarize yourself with wallet authorizations and transaction processes
- Key practice: 'Cancel DApp authorization' (regularly check in wallet settings to avoid malicious contracts reading your assets for a long time)
Eight, stay away from the 'hundred-fold currency myth' narrative
- Beware of phrases like 'private placement quotas', 'insider information', 'the next BTC', 99% are just marketing setups before operators harvest profits
- Remember: there is no 'guaranteed profit' in the Web3 world, invest with 'spare money', and do not hold more than 10% of your total funds in a single asset
Nine, use 'on-chain tools' to protect yourself
- Data tracking: DappRadar (check project TVL), Nansen (track whale address movements)
- Security audits: Certik (check contract audit reports), PeckShield (monitor on-chain risks)
- Public Opinion Monitoring: LunarCrush (Check project social media popularity)
Ten, first be an 'observer' then a 'participant'
- Spend 1-2 months immersing in communities: Join project Discord to observe operational quality, watch KOL analyses (focus on objective analysts, stay away from pump-and-dump groups)
- Start with 'on-chain social': Post short articles on Lenstube, write blogs on Mirror, understand the Web3 logic of 'attention as an asset'
- Remember: True Web3 players are not crypto trading machines, but 'co-builders' — participating in governance and contributing to the ecosystem is how you understand the value of decentralization
Final summary:
The core of Web3 is not 'adventure', but 'cognitive upgrade'. Spend time understanding the technical principles and ecological rules, then practice with a small amount of funds, and you will avoid 80% of the pitfalls.
