A must-have for newcomers in the cryptocurrency world: some in-depth knowledge and plain language.

There are a few small pieces of knowledge that you must keep in mind

First of all, for you who are new to the cryptocurrency world, you may be attracted by various wallets, but I want to tell you that at the beginning, it is a safer choice to put your currency in a well-known exchange. This is like when you first enter a strange city, you choose to stay in a well-known hotel chain instead of taking the risk of staying in an unknown small hotel. Safety is always the first priority.

Secondly, facing the endless new coins in the market, you may feel dazzled and want to try your hand. I would like to solemnly remind you that the rise and fall of new coins are often very large, like a storm that is unpredictable. As a novice, you lack sufficient experience and judgment, so it is best to temporarily avoid these risky new coins.

Moreover, contract trading is like stepping into an unknown minefield for novices. If you are not careful, you may fall into huge losses. This is not an area that you can easily grasp. If you are confused about investing in the cryptocurrency world, then choosing to buy mainstream currencies such as Bitcoin and Ethereum will be a safer choice.

Before entering the cryptocurrency world, you need to be fully prepared. Market volatility is the norm, and it is not uncommon for the price of a currency to fall by 20% in a day. In addition to mainstream currencies such as Bitcoin and Ethereum, you should avoid investing all your money in other single currencies, especially those unknown altcoins. They are extremely risky and may return to zero overnight.

Finally, I want to emphasize the importance of position allocation. In the cryptocurrency world, never go all-in and invest all your money in one project. You should learn to diversify your investments and keep enough bullets so that you can respond flexibly when the market changes.

In the cryptocurrency world, what kind of people can make money? In my opinion, there are mainly two types of people.

The first type is those who will wait patiently with empty positions. They can stay calm when the market plummets, add high-quality currencies to their favorites in advance, and wait for the right time to enter the market with full positions, thereby earning huge profits.

The second type is value investors. They can have firm beliefs in the bear market, buy high-quality currencies and hold them for a long time, and let compound interest roll up through fixed investment and reinvestment, and finally get huge returns.

Remember these tips and suggestions, they will help you move forward steadily in the cryptocurrency circle.

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