1. Preparation before entering the cryptocurrency space
What is the cryptocurrency space?
The cryptocurrency space refers to the circles of Bitcoin and other cryptocurrencies, a community centered around digital currency. With the rise of Bitcoin, the cryptocurrency industry has garnered increasing attention.

The cryptocurrency space is actually a vast field, including aspects of cryptocurrency trading, investment, research, and technology development. In this field, there are various figures and events, with countless stories and legends.

The cryptocurrency space has unique characteristics, the first being decentralization. The essence of cryptocurrency is decentralization; there are no institutions controlling currency issuance and trading, but rather secure and transparent transactions ensured by blockchain technology.

Secondly, the cryptocurrency space is a globalized field. Due to the nature of digital currencies, trading can occur globally, and people can trade and cooperate across borders.

Moreover, the innovation in the cryptocurrency space is also very strong. In this field, various new technologies and projects are constantly emerging, bringing revolutionary changes to the entire financial industry.

In the cryptocurrency space, there are several hot topics that everyone is paying close attention to. One of them is the price fluctuations of Bitcoin. As the first digital currency, the price volatility of Bitcoin has garnered widespread attention and has sparked various speculations and discussions.

Another hot topic is the application of blockchain technology. Blockchain technology is the foundation of cryptocurrencies and is also considered one of the core technologies of the future; thus, its application areas are also receiving much attention.

The last hot topic is the changes in policies and regulations. Due to the uniqueness of cryptocurrencies, governments around the world are continually adjusting their regulatory policies, which often become the focal point of discussions in the cryptocurrency space.

Although the cryptocurrency space is full of opportunities and potential, it also comes with various risks. The first is the risk of price fluctuations; the volatility of digital currency prices is significant, and investors need to have sufficient risk awareness.

Secondly, there are security issues. Due to the virtual nature of the cryptocurrency space, cybersecurity is also an important consideration, and investors need to be cautious in choosing trading platforms and storage methods.

Additionally, regulatory risks are also a major issue in the cryptocurrency space. Different countries have varying attitudes towards cryptocurrencies, and investors need to pay attention to changes in relevant policies and regulations to avoid legal risks.

Common digital currencies
Bitcoin (Bitcoin) is the benchmark in the cryptocurrency space, and many people want to understand the cryptocurrency space through Bitcoin, undoubtedly the King of digital currencies.

Ethereum (Ethereum) is the King of altcoins in the cryptocurrency space, being the second largest currency by market cap, many other currencies are based on its layer two network.

Dogecoin (Dogecoin) is the King of the MEME sector. Due to its exaggerated price increase, it made headlines in 2021. Those interested can take a look; Elon Musk also highly praises Dogecoin.

Trading market
Divided into primary and secondary markets, the primary market is where anyone can issue, and pools can be withdrawn at any time, including various meme coins, air coins, and Pi Xiu coins.

The secondary market refers to exchange types, commonly including Binance (Binance) and OKX (OKX). All investment transactions are based on security guarantees, and other exchanges are not recommended.

Risk management
Any investment carries certain risks, but we need to understand where the risks come from. As mentioned in the primary market, there are too many coins that have run away, and many cannot be sold once bought.

In the secondary market exchanges, the biggest risk in spot trading is that the coin may be delisted, and behaviors such as high-leverage contract trading and high-frequency trading can trigger liquidation mechanisms, which are also key risk points in contract trading.

Security protection
Whether downloading or registering, it is crucial to go through official channels and never download through links from regular searches; phishing websites are everywhere.

Android: Download through official channel links or installation packages.

Apple: Change the region ID in the app store to download.

Legal compliance
This is also a point of great concern for many people: is digital currency trading legal and compliant? Currently, it is clearly stated that virtual currency trading may involve illegal transactions.

This refers to the process of converting USDT into RMB, which may involve some risks. However, it can also minimize certain risks. Conducting spot or contract trading does not constitute any violation.

For example, only trade C2C on exchanges, and never trade privately!!! There is a merchant in Binance with a shield, choose those with a long registration time and high transaction volume for some assurance! Remember to take screenshots of each transaction record!!!