1. Grayscale Bitcoin Trust, or GBTC for short, is Grayscale's largest investment vehicle. Founded in 2013 by Digital Currency Group and headquartered in New York, USA, Grayscale is a trusted authority on digital currency investments. and is registered with the US Securities and Exchange Commission (SEC) with total greyscale bitcoin trust assets of $7,619 million as of 9 November 2020. At this stage, when the Bitcoin ETF is still not approved by the SEC, it is a compliant way to passively invest in Bitcoin, where customers can purchase a number of GBTC shares from Grayscale in cash or Bitcoin and trade them on the traditional OTCQX marketplace. (1) How GBTC works Although GBTC can be traded like a stock, it is not a stock, but a trust. The principle of its operation is easy to understand: Grayscale invites investors to inject money into the fund, then buys a large amount of bitcoin, and then the fund is listed on an exchange, allowing investors to buy and sell shares of the trust publicly. At the time of its initial listing, GBTC's share price was just US$0.54, and has now risen to US$44.35 as the value of the bitcoin has risen. GBTC tracks the value of the bitcoin on the CoinDesk Bitcoin Price Index (XBX), but does not follow the index as closely as mainstream passive ETFs, and often has a spread. Based on historical trends, GBTC has been trading at a premium most of the time, but has become a negative premium since early 2021. For example, on 5 May 2021, the Grayscale website showed that each share of GBTC was equivalent to 0.000943688 bitcoins, which suggests that GBTC should be worth around US$50 per share, but the actual market value at the time of market close was only US$46, representing a negative premium of around 10%. (2) What is Grayscale It is the first private equity fund dedicated to investing in Bitcoin. People can buy and sell bitcoins without having to learn anything about bitcoin, without having to create a cryptocurrency wallet, without having to go to a bitcoin exchange to buy bitcoins, without having to worry about bitcoins being stolen, without having to worry about losing bitcoins in poor private storage. (3) How Bitcoin becomes GBTC Raising. Setting up a bitcoin trust and raising money is the first thing Grayscale does. The first collection was made over 7 years ago, on September 25, 2013. According to US law, only institutional and qualified investors, can buy into Grayscale's Bitcoin Trust. So-called qualified investors are, frankly, wealthy enough people who are officially considered to have a high risk tolerance. Funding. Eligible investors can contribute in cash, or in bitcoin. With Bitcoin, 1 Bitcoin is exchanged for 1,000 GBTC, which means 1 GBTC = 0.001 Bitcoin. For a cash contribution, the same applies, converting 0.001 bitcoins to cash to calculate the number of GBTC shares a client can receive. Lock-in. Under US law, customers have a 12-month lock-in period after purchasing this fund. Later, through the tireless efforts of Grayscale, on 21 January 2020, Grayscale became an SEC reporting company and the lock-in period was changed from 12 months to 6 months. However, even after the lock-up period, customers still cannot redeem. Liquidation. Getting qualified investors to exit smoothly so that more people can can buy GBTC is the most important and crucial thing. Eventually, Greyscale found a 'shortcut' through FINRA approval and in March 2015, qualified GBTC was made available for trading in the 'over-the-counter secondary market', allowing qualified investors to exit satisfactorily and smoothly. On 4 May 2015, US shareholders began to be able to purchase GBTC. grey GBTC's value, for qualified investors, is liquidity. However, the greater value is that ordinary people can henceforth trade GBTC as if it were a stock. Because, there is a link between this secondary market and the traditional stock market, with a stock account comes the opportunity to buy and sell GBTC. (4) Advantages of GBTC -Easy trading GBTC can be traded through a general securities account, which is easy to operate and more familiar to the general traditional investor than a cryptocurrency exchange. It is also generally easier and cheaper to withdraw funds from a securities house than from a cryptocurrency exchange. -Simple storage There is no need to learn how to manage a cryptocurrency e-wallet and there is no need to worry about any risk of losing your private key or having your wallet hacked. -Safe and Secure GBTC is a listed trust and is regulated by the SEC, making it highly reliable. (5) Disadvantages of GBTC -Expensive management fees GBTC has an annual management fee of 2%, which is much more expensive than a typical US stock ETF. However, as the first Bitcoin ETF will not be available in the US stock market until October 2021, US stock investors have had no choice but to use GBTC as their main alternative in the past. -The premium issue GBTC often commanded a premium of 20% to 30% in 2020, reflecting investors' willingness to buy the trust at a higher price, but since the launch of the three Canadian Bitcoin ETFs, they have taken away much of the demand for GBTC, resulting in a negative premium for GBTC from February 2021 onwards, indicating a decline in demand and compromising Grayscale's ability to continue buying Bitcoin, with knock-on effects could affect the uptrend of Bitcoin and GBTC. -Unable to trade 24 hours a day One of the features of cryptocurrencies is that they can be traded 24 hours a day. GBTC is listed on a stock exchange and is naturally restricted to traditional stock market trading hours, so investors may not be able to take advantage of the best time to buy or sell.

2. The content introduced above is only about the basics of cryptocurrency, which is related to whether we can make money through cryptocurrency. Cryptocurrencies make money not only by scientific methods to increase income, but also by finding ways to save money. The handling fees are small, but they must not be ignored. I have calculated that with frequent transactions and long trading hours, the accumulation of fees can add up to more than 10,000 U a year. Next I will introduce a few common ways to reduce fees on large trading platforms. (1) Lowering Binance's fees Binance is currently the world's largest digital currency exchange, and you must sign up for Binance if you want to speculate on coins. The transaction fee is deducted from the assets received. For example, if you buy Ethereum/USDT, the fee is paid in Ethereum. If you sell Ethereum/USDT, the commission is paid in USDT. Example. You place an order for 10Ethereum at a price of USD3,452.55 per share. Transaction fee = 10Ethereum0.1% = 0.01Ethereum Or you place an order to sell 10Ethereum at 3,452.55 USDT per share. Transaction fee = (10Ethereum3,452.55USDT)*0.1% = 34.5255USDT What many people do not know is that the Binance transaction fee can also be reduced. If you want to reduce your Binance trading fees, you must register using the invitation link below or use the invitation code "Q022W7SC". https://accounts.binance.com/en/register?ref=Q022W7SC

(2) Reducing OKX fees OKX is a professional digital currency trading platform loved by many users, and its transaction fees can be reduced. Depending on the volume of transactions, OKX divides its users into two levels: normal and professional. Ordinary users are graded according to their OKB positions, while professional users are graded according to their trading volume and asset size. The different tiers determine the trading fees for the next trading day. When calculating the fee levels, if the coin trading volume, total trading volume of delivery and perpetual contracts (USDT delivery contract, coin-based delivery contract, USDT perpetual contract, coin-based perpetual contract), option contract trading volume, and asset volume meet the conditions of different fee levels, users will enjoy the fee discount of the highest level. First method: OKX has an official maximum saving of 20%. Use the link below to register with OKX and save 20% on fees. https://www.ouyi.business/join/BTC1ETH Second method: Open the OKX website and enter "BTC1ETH" in the "Invitation Code" on the registration page to see the cashback percentage: 20% at the bottom. Be sure to enter this invitation code, otherwise you can not get 20% cashback percentage. (3) Reduce FTX fees FTX is currently a very fast-growing, contract players more exchange, you must register FTX if you play the contract. if you want to reduce the FTX transaction fees, you must use the following invitation link to register. https://ftx.com/referrals#a=121031692 3, trading road is long, together with forward Want to know more about how to reduce the commission? telegram: btcethcool We have set up a community dedicated to researching trading, add telegram friends to pull you into the community.

1. Grayscale Bitcoin Trust, or GBTC for short, is Grayscale's largest investment vehicle. Founded in 2013 by Digital Currency Group and headquartered in New York, USA, Grayscale is a trusted authority on digital currency investments. and is registered with the US Securities and Exchange Commission (SEC) with total greyscale bitcoin trust assets of $7,619 million as of 9 November 2020. At this stage, when the Bitcoin ETF is still not approved by the SEC, it is a compliant way to passively invest in Bitcoin, where customers can purchase a number of GBTC shares from Grayscale in cash or Bitcoin and trade them on the traditional OTCQX marketplace. (1) How GBTC works Although GBTC can be traded like a stock, it is not a stock, but a trust. The principle of its operation is easy to understand: Grayscale invites investors to inject money into the fund, then buys a large amount of bitcoin, and then the fund is listed on an exchange, allowing investors to buy and sell shares of the trust publicly. At the time of its initial listing, GBTC's share price was just US$0.54, and has now risen to US$44.35 as the value of the bitcoin has risen. GBTC tracks the value of the bitcoin on the CoinDesk Bitcoin Price Index (XBX), but does not follow the index as closely as mainstream passive ETFs, and often has a spread. Based on historical trends, GBTC has been trading at a premium most of the time, but has become a negative premium since early 2021. For example, on 5 May 2021, the Grayscale website showed that each share of GBTC was equivalent to 0.000943688 bitcoins, which suggests that GBTC should be worth around US$50 per share, but the actual market value at the time of market close was only US$46, representing a negative premium of around 10%. (2) What is Grayscale It is the first private equity fund dedicated to investing in Bitcoin. People can buy and sell bitcoins without having to learn anything about bitcoin, without having to create a cryptocurrency wallet, without having to go to a bitcoin exchange to buy bitcoins, without having to worry about bitcoins being stolen, without having to worry about losing bitcoins in poor private storage. (3) How Bitcoin becomes GBTC Raising. Setting up a bitcoin trust and raising money is the first thing Grayscale does. The first collection was made over 7 years ago, on September 25, 2013. According to US law, only institutional and qualified investors, can buy into Grayscale's Bitcoin Trust. So-called qualified investors are, frankly, wealthy enough people who are officially considered to have a high risk tolerance. Funding. Eligible investors can contribute in cash, or in bitcoin. With Bitcoin, 1 Bitcoin is exchanged for 1,000 GBTC, which means 1 GBTC = 0.001 Bitcoin. For a cash contribution, the same applies, converting 0.001 bitcoins to cash to calculate the number of GBTC shares a client can receive. Lock-in. Under US law, customers have a 12-month lock-in period after purchasing this fund. Later, through the tireless efforts of Grayscale, on 21 January 2020, Grayscale became an SEC reporting company and the lock-in period was changed from 12 months to 6 months. However, even after the lock-up period, customers still cannot redeem. Liquidation. Getting qualified investors to exit smoothly so that more people can can buy GBTC is the most important and crucial thing. Eventually, Greyscale found a 'shortcut' through FINRA approval and in March 2015, qualified GBTC was made available for trading in the 'over-the-counter secondary market', allowing qualified investors to exit satisfactorily and smoothly. On 4 May 2015, US shareholders began to be able to purchase GBTC. grey GBTC's value, for qualified investors, is liquidity. However, the greater value is that ordinary people can henceforth trade GBTC as if it were a stock. Because, there is a link between this secondary market and the traditional stock market, with a stock account comes the opportunity to buy and sell GBTC. (4) Advantages of GBTC -Easy trading GBTC can be traded through a general securities account, which is easy to operate and more familiar to the general traditional investor than a cryptocurrency exchange. It is also generally easier and cheaper to withdraw funds from a securities house than from a cryptocurrency exchange. -Simple storage There is no need to learn how to manage a cryptocurrency e-wallet and there is no need to worry about any risk of losing your private key or having your wallet hacked. -Safe and Secure GBTC is a listed trust and is regulated by the SEC, making it highly reliable. (5) Disadvantages of GBTC -Expensive management fees GBTC has an annual management fee of 2%, which is much more expensive than a typical US stock ETF. However, as the first Bitcoin ETF will not be available in the US stock market until October 2021, US stock investors have had no choice but to use GBTC as their main alternative in the past. -The premium issue GBTC often commanded a premium of 20% to 30% in 2020, reflecting investors' willingness to buy the trust at a higher price, but since the launch of the three Canadian Bitcoin ETFs, they have taken away much of the demand for GBTC, resulting in a negative premium for GBTC from February 2021 onwards, indicating a decline in demand and compromising Grayscale's ability to continue buying Bitcoin, with knock-on effects could affect the uptrend of Bitcoin and GBTC. -Unable to trade 24 hours a day One of the features of cryptocurrencies is that they can be traded 24 hours a day. GBTC is listed on a stock exchange and is naturally restricted to traditional stock market trading hours, so investors may not be able to take advantage of the best time to buy or sell.

2. The content introduced above is only about the basics of cryptocurrency, which is related to whether we can make money through cryptocurrency. Cryptocurrencies make money not only by scientific methods to increase income, but also by finding ways to save money. The handling fees are small, but they must not be ignored. I have calculated that with frequent transactions and long trading hours, the accumulation of fees can add up to more than 10,000 U a year. Next I will introduce a few common ways to reduce fees on large trading platforms. (1) Lowering Binance's fees Binance is currently the world's largest digital currency exchange, and you must sign up for Binance if you want to speculate on coins. The transaction fee is deducted from the assets received. For example, if you buy Ethereum/USDT, the fee is paid in Ethereum. If you sell Ethereum/USDT, the commission is paid in USDT. Example. You place an order for 10Ethereum at a price of USD3,452.55 per share. Transaction fee = 10Ethereum0.1% = 0.01Ethereum Or you place an order to sell 10Ethereum at 3,452.55 USDT per share. Transaction fee = (10Ethereum3,452.55USDT)*0.1% = 34.5255USDT What many people do not know is that the Binance transaction fee can also be reduced. If you want to reduce your Binance trading fees, you must register using the invitation link below or use the invitation code "Q022W7SC". https://accounts.binance.com/en/register?ref=Q022W7SC

(2) Reducing OKX fees OKX is a professional digital currency trading platform loved by many users, and its transaction fees can be reduced. Depending on the volume of transactions, OKX divides its users into two levels: normal and professional. Ordinary users are graded according to their OKB positions, while professional users are graded according to their trading volume and asset size. The different tiers determine the trading fees for the next trading day. When calculating the fee levels, if the coin trading volume, total trading volume of delivery and perpetual contracts (USDT delivery contract, coin-based delivery contract, USDT perpetual contract, coin-based perpetual contract), option contract trading volume, and asset volume meet the conditions of different fee levels, users will enjoy the fee discount of the highest level. First method: OKX has an official maximum saving of 20%. Use the link below to register with OKX and save 20% on fees. https://www.ouyi.business/join/BTC1ETH Second method: Open the OKX website and enter "BTC1ETH" in the "Invitation Code" on the registration page to see the cashback percentage: 20% at the bottom. Be sure to enter this invitation code, otherwise you can not get 20% cashback percentage. (3) Reduce FTX fees FTX is currently a very fast-growing, contract players more exchange, you must register FTX if you play the contract. if you want to reduce the FTX transaction fees, you must use the following invitation link to register. https://ftx.com/referrals#a=121031692 3, trading road is long, together with forward Want to know more about how to reduce the commission? telegram: btcethcool We have set up a community dedicated to researching trading, add telegram friends to pull you into the community.