Blockchain, Web3, DeFi, NFT, and other new terms are emerging one after another, making the cryptocurrency world full of temptation and confusion for newcomers. Many friends often find themselves in such confusion when they first enter the crypto space:
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Besides Bitcoin and Ethereum, there are countless tokens; what are the differences between them?
Want to buy some coins to try, but worried about the security of exchanges and the risk of losing assets due to operational errors;
Don't worry, this article will guide you from scratch to build a clear cognitive map, master the core skills of safe operations, and avoid common pitfalls for beginners.
How can a crypto novice quickly get started? Understand the basic knowledge and operational tutorials.
Basic knowledge for entering the crypto space
- Core concept literacy
The essence of blockchain: a decentralized public ledger where all transaction records are synchronously stored across the network and cannot be tampered with. (Blockchain ≠ Bitcoin)
Public chain: the underlying blockchain network (such as Bitcoin, Ethereum, Solana, Polygon). Like different operating systems.
Token:
Coin/token: usually refers to the native tokens of public chains (like BTC, ETH, SOL), used to pay network transaction fees (Gas Fee).
Token: assets issued on existing public chains (like Ethereum), representing certain rights or functions (like governance token UNI, stablecoin USDT).
Token
Stablecoin: cryptocurrency pegged to fiat currency (like 1 USDT ≈ 1 dollar), used for trading hedging and value storage (like USDT, USDC, DAI).
Exchange:
Centralized exchange: platforms operated by companies (like Binance, Coinbase, OKX), functioning similarly to stock brokers, easy to operate, requires KYC (real-name authentication), and assets are held on the platform.
Decentralized exchange: operates based on smart contracts (like Uniswap, PancakeSwap), users need to create a self-custody wallet for direct trading, no registration/KYC required, but operations are more complex, and users bear Gas fees themselves.
Centralized exchanges in the crypto space
Gas Fee: the transaction fee required to execute transactions or operations on the blockchain (priced in the native tokens of the public chain, like ETH). Fees soar during network congestion. - Essential information tools
Market data: platforms like CoinMarketCap, CoinGecko (to check coin prices, market capitalization, rankings, and information).
Blockchain explorer: Etherscan (Ethereum), BscScan (Binance Smart Chain), etc. (used to check transaction status, address balances, contract information).
News and community: industry media (like Jinse Finance, PANews - pay attention to information quality), Twitter (project updates).
Crypto novice operational tutorial: the complete process from registration to trading - Choose and register an exchange
Selection: prioritize global leading, reputable, and regulated exchanges (like Binance, OKX, Coinbase). Check their security measures, supported fiat deposit and withdrawal methods (very important!), trading pairs, fees, and user reviews. Be cautious of unknown small exchanges.
Choosing an exchange
Registration: - Visit their official website and follow the prompts to register an account.
- When registering, it is recommended to use a strong password (a combination of letters, numbers, and symbols), and set up account security: enable two-step verification (2FA), strongly recommend using Google Authenticator or hardware keys, avoid SMS verification codes.
- Complete KYC verification (provide identity information as required). This enhances account security and trading limits.
- Fiat deposit
C2C trading: transfer fiat currency (Alipay, WeChat, bank card) to certified merchants on the exchange's C2C platform (like Binance's "Quick Buy"), and the merchant releases an equivalent amount of cryptocurrency (usually USDT) to your exchange account. Be sure to choose reputable merchants with high trading volumes.
Key points:
Confirm that the payment account information is correct, use your real-name account for the entire transaction process, and strictly follow the platform's procedures for C2C trading.
Initial small amount test: regardless of the method, it is recommended to conduct a small amount test for the first operation to confirm the process is correct.
Fiat deposit tutorial - Basic trading operations
Understanding trading pairs: for example, BTC/USDT means buying and selling BTC with USDT.
Order types:
Market order: executed immediately at the current best market price. Suitable for quick buying and selling.
Limit order: set a desired price, and it will only execute when that price is reached. Suitable for traders who want to control costs.
The fee difference between limit orders and market orders can be significant; if you want to save on fees, check the crypto fee reduction tutorial.
Operational steps (using the exchange app as an example): - Transfer the USDT purchased with fiat from the "funds account" to the "trading account."
Fiat transfer - Go to the "trading" page and select the trading pair (like BTC/USDT).
- Enter the amount of BTC to buy (or the amount of USDT to spend), select "market" or "limit" (if limit, enter the target price).
- Confirm the order information (price, quantity, fees) and click "buy."
Operational steps (using the exchange app as an example)
Summary
The cryptocurrency market is a 24/7 global battleground, where wealth myths and zero tragedies unfold every day. The market is highly volatile, with opportunities and risks coexisting. As a newcomer, maintaining rationality and managing risks well is essential to go further in the crypto space. I hope this guide helps you further understand the crypto world.