1. "As someone who is new to the cryptocurrency space, what should you pay attention to?" This question is already incorrect. Since you are here to answer and share experiences, you are all seasoned players, not newcomers. Even if the meaning of the question is "what should seasoned players pay attention to when they first enter the cryptocurrency space," it is still incorrect. Because the cryptocurrency space is developing too rapidly, some of the experiences from when one first enters are certainly outdated.
Why do I want to challenge this topic right from the start? Because I want to tell you that to survive in the cryptocurrency space, you must have clear logic and always adopt a mindset of questioning everything as the default state. In the absence of self-verification or proof, treat all statements as mere background noise. And when someone asserts a positive fact—like a certain foundation is financially robust, or someone is Satoshi Nakamoto—they must provide proof; otherwise, they are a fraud.
The cryptocurrency space is murky, filled with scammers everywhere. Without a mindset of questioning everything, it is easy to fall into others' traps. Some people are very cautious when they are outside the circle, wondering, "Is Bitcoin a scam?" Once they enter, they let loose, following whatever big shot claims a certain project is good.
Therefore, question everything. Assume others' words are false or wrong; don't trust WeChat screenshots right away; assume new projects are scams; don't click on links from strangers; don't download software shared by others; use Google instead of Baidu; keep a small notebook to record how many times mainstream media in the cryptocurrency space have spread rumors; completely black out those that spread misinformation frequently.
When you look at the points I mentioned later, please make sure to reference the first point.
2. Familiarize yourself with and comprehend the Bitcoin white paper.
Many people feel that Satoshi Nakamoto's white paper is outdated. Indeed, technically speaking, the Bitcoin white paper is somewhat behind the times, and sticking to conventions is not conducive to development. However, the white paper remains the most fundamental tool for understanding blockchain. Only by grasping it can you understand what blockchain can do and what it has changed; then you will know which projects do not need to use blockchain at all.
This will help you directly exclude a large number of scam projects disguised under the banner of blockchain.
3. Learn to use wallets and create a cold wallet with an old phone.
Don't tell me that wallets are not user-friendly for newbies; you should at least aim for tenfold returns when entering the cryptocurrency space. With such high returns, if you are unwilling to invest this little learning cost, then you might as well not play.
4. Trust major exchanges.
Currently, there are only three major exchanges popular among Chinese users: Huobi, Binance, and OKEX. Do not engage with exchanges other than these three. Please obtain the websites of these three exchanges through Google.
It is quite troublesome to deposit and withdraw funds and verify identity on foreign exchanges, so just skip it if you're a newbie.
5. Newbies should only buy mainstream coins.
These are BTC, ETH, BCH, LTC, EOS, ranked in order. XRP is not decentralized; you can research it on your own. BSV is led by a fraudster who claims to be Satoshi Nakamoto; please judge for yourself whether to follow a fraudster based on your personal values.
After buying coins, transfer them to your own wallet. BTC, due to its high price and congestion, if the deposit is small, you can wait until you have accumulated more before transferring it to save on fees.
6. Work hard to learn and keep up with the latest technology.
Learning is tedious, but only through learning can you assess the quality of new projects. The entire cryptocurrency space is still in a rapid development phase, and good projects will continuously emerge. Newbies can ignore them; if they miss out, they miss out. However, if you want to achieve higher returns than mainstream coins, you need to work hard to learn and accumulate knowledge and experience.
7. Don't touch leverage; hold coins and wait.
As the market continues to change, we need to closely monitor market signals and seize new entry opportunities. Like and comment, and let’s navigate through the bull market together to seize this major opportunity!
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