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1. What is the cryptocurrency circle?
   The "cryptocurrency circle" refers to the market and community related to cryptocurrencies, primarily involving aspects such as trading, investment, mining, and project development of digital currencies. Unlike traditional financial markets, the assets in the cryptocurrency circle are based on blockchain technology, and these assets are often decentralized, meaning they are not controlled by any central authority. Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) hold significant positions in the cryptocurrency circle.

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2. Basic steps for beginners in the cryptocurrency circle

3. Register an exchange account
   Choose a suitable cryptocurrency exchange (Binance or OKX) and register an account. Most exchanges require you to provide basic identity information and complete real-name verification to ensure compliance with relevant laws and regulations. When registering, be sure to enable two-factor authentication (2FA) to enhance account security.

4. Deposit funds
   Once registration is complete, you can deposit fiat currency (such as RMB, USD, etc.) into your exchange account via bank transfer, credit card, or other payment methods. Most exchanges also support transferring existing cryptocurrencies into your account for trading.

5. Purchase digital currency
   In the exchange, you can choose spot trading, futures trading, etc., to make purchases. Select the cryptocurrency you want to buy, enter the purchase amount, and confirm the transaction. For beginners, it is advisable to start with mainstream coins to avoid overly complex investment operations.

6. Learn technical analysis and market trends
   The price fluctuations in the cryptocurrency circle are significant, and novice investors need to learn to analyze market trends. Technical analysis is a method of studying price movements by analyzing indicators such as candlestick charts, trading volume, support and resistance levels to determine market buy and sell signals. Additionally, understanding some market sentiment indicators, such as the Fear and Greed Index, can help assess whether the market is in an extreme emotional state, thus making reasonable investment decisions.

7. Basic knowledge for beginners in the cryptocurrency circle

8. Understand cryptocurrencies and blockchain
   Cryptocurrencies are digital currencies realized through cryptographic technology, with Bitcoin being the most famous representative. Blockchain is the core technology supporting cryptocurrencies; it is a decentralized distributed ledger that can securely and transparently record transactions. Understanding the basic principles of blockchain is the first step to entering the cryptocurrency circle.

9. Wallet: A tool for storing digital currencies
   To enter the cryptocurrency circle, you first need a digital wallet to store your cryptocurrencies. There are two types of wallets:
   Hot wallet: An online wallet that is convenient for trading and using at any time. The downside is that it is relatively less secure and vulnerable to hacking.
   Cold wallet: An offline wallet, usually in the form of hardware devices, which is more secure. It is suitable for long-term asset storage.
   Choosing a wallet that suits you and ensuring the security of your private keys is very important. Remember, do not disclose your wallet's private key or recovery mnemonic phrase to anyone.

10. Exchange: A platform for buying and selling cryptocurrencies
    Buying and selling cryptocurrencies must be done through exchanges. Common exchanges include Binance, Huobi, and OKX. Beginners can conduct spot trading through these exchanges, and can also use leverage, futures, and other tools for more complex operations. When choosing an exchange, pay attention to the following points:
    Security: Choose a reputable exchange with strict security measures to ensure the safety of funds.
    Trading fees: Different exchanges have different fee structures; understanding trading fees helps reduce trading costs (trading fee calculation).
    Usability: For beginners, choosing an exchange that is easy to operate and has a user-friendly interface will make it easier to get started.

11. Common cryptocurrencies
    As a beginner, you need to understand some common cryptocurrencies. Here are a few mainstream coins:
    Bitcoin (BTC): The first and largest cryptocurrency by market capitalization, known as "digital gold."
    Ethereum (ETH): The second-largest cryptocurrency globally, supporting smart contracts and widely used in decentralized applications (DApps) and decentralized finance (DeFi).
    Stablecoins (such as USDT): Digital currencies pegged to fiat currencies, with relatively stable prices, suitable for fund transfers and hedging.

12. Avoid common investment pitfalls

13. Blindly following investment trends
    Many beginners are easily influenced by market trends and buy into the so-called "next Bitcoin." This practice often carries high risks and can lead to losses. The correct approach is to choose projects with potential based on your own research and analysis, rather than blindly following others.

14. Over-reliance on leveraged trading
    Leveraged trading can amplify profits, but it also amplifies risks. Beginners should not engage in leveraged trading too early; it is advisable to start with basic spot trading and consider leveraged trading only after gaining some experience.

15. Ignoring risk management
    Risk management is particularly important in the cryptocurrency circle. Investors should set reasonable stop-loss and take-profit points based on their risk tolerance to avoid significant losses due to market fluctuations.