To store cryptocurrency, you need a cryptocurrency wallet. Roughly speaking, a cryptocurrency wallet is a program that stores your private and public cryptographic keys that you need to access the blockchain in your own name and transact with your cryptocurrency. The public key is similar to the wallet address, while the private key is used to unlock the public key. When someone wants to send you money, the other party will reassign their address to you. To do this, the sender needs access to their private key. Subsequently, to unlock and use the newly received money, you have to enter the private key that corresponds to your public key. (1) What is a hardware wallet A hardware wallet is a device designed for the secure storage of private keys. It is considered more secure than a desktop computer or smartphone wallet, mainly because it is not connected to the internet under any circumstances. A good hardware wallet ensures that the private key never leaves the device. They are usually stored in a special place in the device and cannot be removed. (2) Differences between hardware wallets and software wallets A software wallet allows users to use cryptocurrencies on any browser and mobile device, and it usually offers some additional features that make it easier for users to use cryptocurrencies. However, software wallets must be chosen with care as their security is affected by the service provider. Hardware wallets, being always offline, they must be used in conjunction with another machine. The special way they are built dictates that they can be plugged into an infected PC or smartphone without the risk of private keys being compromised. They can then interact with the software to allow the user to view their balance or make transactions. These features significantly reduce the attack vectors available to malicious parties, as they cannot tamper with the device remotely. (3) Advantages of hardware wallets A hardware wallet is like an unbreakable vault with small slots. When a user wishes to create a transaction that is accepted by the network, it is pushed into this slot. Imagine that on the other side of the slot there is a genie performing some cryptographic magic to sign the transaction. This genie never leaves the vault - because the vault has no door and the genie can't go through the slot. All it can do is accept the transaction and send it out. Even if the hardware wallet accidentally falls into the hands of someone else, it gets extra protection in the form of a PIN code. The device will usually reset if the wrong PIN is entered a certain number of times. (4) Disadvantages of hardware wallets Hardware wallets strike a balance between security and usability. Whereas smartphone/software wallets are convenient and easy to use, hardware wallets can be cumbersome to operate - after all, hardware wallets must be used with both devices in order to actually send funds. Nevertheless, hardware wallets are not foolproof. Users may be forced to unlock their wallets for the perpetrator in the event of a physical threat, but there are other influencing factors as well. An experienced malicious party could potentially exploit the device if they gain physical access to it. So far, however, no hacker has succeeded in obtaining a private key from a hardware device in a real-life scenario. Once a vulnerability has been reported, manufacturers are usually quick to patch it. This is not to say that stealing a private key from a hardware wallet cannot happen - researchers have shown that even the most popular wallets can be attacked. Supply chain attacks can also effectively compromise the security of hardware wallet devices. This can happen if a malicious person gains access to the wallet before it is delivered to the user. This allows them to tamper with the wallet, weakening its security and stealing funds after the user has deposited their tokens. Another limitation is that the hardware wallet needs to be held by you personally. Many see this as an advantage, as your funds will not be managed by a third party. However, it also means that there is no support in the event of a problem. (5) How to pick a hardware wallet Before choosing a hardware wallet for your hard-earned cryptocurrency funds, don't forget to check the history of the wallet provider. Your money is at stake, so make sure you choose a provider that is honest and reliable. You'll also want to check their security features and customer support so that you can get answers in case of emergency device issues. It's also a good idea to choose a wallet that is easy to access and easy to use. ① Price is not the main factor in choosing a hardware wallet, remembering that neither the more expensive nor the cheaper is better. The current global mainstream, well-built, secure and reliable hardware wallets are generally priced between $100 and $200, with the lower end of the range probably not guaranteeing good quality, and the higher end probably pinpointing your "expensive is better" consumer mentality. The purpose of buying a hardware wallet should be to safely store large amounts of bitcoin and blockchain assets, not to show off, where security and safety are more important. ② Please choose an open source hardware wallet solution. There was actually a broad consensus in the Bitcoin community five or six years ago about the need for an open source hardware wallet. ③ A fully open source, auditable and verifiable hardware wallet solution is the only way to ensure that third parties can't do evil, and to truly meet the needs of users who can safely store blockchain assets like bitcoin without having to trust third parties. Why trust someone else when you've already decided to buy a hardware wallet to keep your digital currency assets on your own? Otherwise, just keep your coins on a big exchange, you just want a third party you can trust anyway. In addition, it is important to emphasize that by open source, I mean "true open source", as there has been a very bad phenomenon in the cryptocurrency and chain world in the past two years, where "pseudo-open source" is used for promotional purposes (only a small part of the code is released, and then it is advertised as (only a small part of the code is released and then it is advertised as open source). Remember, "true open source" means that someone else can build exactly the same products and services based on the open source content, which in the case of hardware wallets means that you can build your own identical hardware wallet based on the open source hardware design, compile and package your own firmware based on the open source firmware source code and swipe it to your hardware wallet. This is important because it is the only way to be truly auditable and verifiable, so that even the project owners of hardware wallets cannot do evil.
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.
To store cryptocurrency, you need a cryptocurrency wallet. Roughly speaking, a cryptocurrency wallet is a program that stores your private and public cryptographic keys that you need to access the blockchain in your own name and transact with your cryptocurrency. The public key is similar to the wallet address, while the private key is used to unlock the public key. When someone wants to send you money, the other party will reassign their address to you. To do this, the sender needs access to their private key. Subsequently, to unlock and use the newly received money, you have to enter the private key that corresponds to your public key. (1) What is a hardware wallet A hardware wallet is a device designed for the secure storage of private keys. It is considered more secure than a desktop computer or smartphone wallet, mainly because it is not connected to the internet under any circumstances. A good hardware wallet ensures that the private key never leaves the device. They are usually stored in a special place in the device and cannot be removed. (2) Differences between hardware wallets and software wallets A software wallet allows users to use cryptocurrencies on any browser and mobile device, and it usually offers some additional features that make it easier for users to use cryptocurrencies. However, software wallets must be chosen with care as their security is affected by the service provider. Hardware wallets, being always offline, they must be used in conjunction with another machine. The special way they are built dictates that they can be plugged into an infected PC or smartphone without the risk of private keys being compromised. They can then interact with the software to allow the user to view their balance or make transactions. These features significantly reduce the attack vectors available to malicious parties, as they cannot tamper with the device remotely. (3) Advantages of hardware wallets A hardware wallet is like an unbreakable vault with small slots. When a user wishes to create a transaction that is accepted by the network, it is pushed into this slot. Imagine that on the other side of the slot there is a genie performing some cryptographic magic to sign the transaction. This genie never leaves the vault - because the vault has no door and the genie can't go through the slot. All it can do is accept the transaction and send it out. Even if the hardware wallet accidentally falls into the hands of someone else, it gets extra protection in the form of a PIN code. The device will usually reset if the wrong PIN is entered a certain number of times. (4) Disadvantages of hardware wallets Hardware wallets strike a balance between security and usability. Whereas smartphone/software wallets are convenient and easy to use, hardware wallets can be cumbersome to operate - after all, hardware wallets must be used with both devices in order to actually send funds. Nevertheless, hardware wallets are not foolproof. Users may be forced to unlock their wallets for the perpetrator in the event of a physical threat, but there are other influencing factors as well. An experienced malicious party could potentially exploit the device if they gain physical access to it. So far, however, no hacker has succeeded in obtaining a private key from a hardware device in a real-life scenario. Once a vulnerability has been reported, manufacturers are usually quick to patch it. This is not to say that stealing a private key from a hardware wallet cannot happen - researchers have shown that even the most popular wallets can be attacked. Supply chain attacks can also effectively compromise the security of hardware wallet devices. This can happen if a malicious person gains access to the wallet before it is delivered to the user. This allows them to tamper with the wallet, weakening its security and stealing funds after the user has deposited their tokens. Another limitation is that the hardware wallet needs to be held by you personally. Many see this as an advantage, as your funds will not be managed by a third party. However, it also means that there is no support in the event of a problem. (5) How to pick a hardware wallet Before choosing a hardware wallet for your hard-earned cryptocurrency funds, don't forget to check the history of the wallet provider. Your money is at stake, so make sure you choose a provider that is honest and reliable. You'll also want to check their security features and customer support so that you can get answers in case of emergency device issues. It's also a good idea to choose a wallet that is easy to access and easy to use. ① Price is not the main factor in choosing a hardware wallet, remembering that neither the more expensive nor the cheaper is better. The current global mainstream, well-built, secure and reliable hardware wallets are generally priced between $100 and $200, with the lower end of the range probably not guaranteeing good quality, and the higher end probably pinpointing your "expensive is better" consumer mentality. The purpose of buying a hardware wallet should be to safely store large amounts of bitcoin and blockchain assets, not to show off, where security and safety are more important. ② Please choose an open source hardware wallet solution. There was actually a broad consensus in the Bitcoin community five or six years ago about the need for an open source hardware wallet. ③ A fully open source, auditable and verifiable hardware wallet solution is the only way to ensure that third parties can't do evil, and to truly meet the needs of users who can safely store blockchain assets like bitcoin without having to trust third parties. Why trust someone else when you've already decided to buy a hardware wallet to keep your digital currency assets on your own? Otherwise, just keep your coins on a big exchange, you just want a third party you can trust anyway. In addition, it is important to emphasize that by open source, I mean "true open source", as there has been a very bad phenomenon in the cryptocurrency and chain world in the past two years, where "pseudo-open source" is used for promotional purposes (only a small part of the code is released, and then it is advertised as (only a small part of the code is released and then it is advertised as open source). Remember, "true open source" means that someone else can build exactly the same products and services based on the open source content, which in the case of hardware wallets means that you can build your own identical hardware wallet based on the open source hardware design, compile and package your own firmware based on the open source firmware source code and swipe it to your hardware wallet. This is important because it is the only way to be truly auditable and verifiable, so that even the project owners of hardware wallets cannot do evil.
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.
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BTCWhat is OKX? Team Background and History (OKX's most authoritative mystery solving)
1. OKX was founded in 2017 as a cryptocurrency trading services company. The company has since amassed over 20 million users and expanded its digital asset investment portfolio, which includes OKX Earn, a tool for earning passive cryptocurrency income, an NFT trading platform and decentralised app discovery centre, and the recently launched MetaX, OKX's new decentralised model that offers a cross-chain dashboard and self-hosted Web 3.0 wallet for storing (digital assets such as NFT). Wit...
BTCWhat is pledging
You can think of an equity pledge as a less resource intensive alternative to mining. This option involves placing holdings into cryptocurrency wallets to provide security and operational support for the blockchain network. Simply put, equity pledging is the act of locking up cryptocurrencies for rewards. (1) What is a Pledge of Interest A pledge of interest is a process by which holders of a particular token can receive a reward. Pledges of interest originate from a proof-of-interest mechani...
BTCHow to play the perpetual contract (the most authoritative) translation
A perpetual contract is an "innovative" futures contract, pioneered by BitMEX. Traditional contracts have an expiration date, while perpetual contracts do not have a delivery date and can be held forever, so they are called perpetual contracts. (1) What is a perpetual contract? A perpetual contract is an innovative financial derivative that is based on a delivery contract, but has many differences from the previous one. A perpetual contract is similar to a secured asset market in that its pri...
BTCWhat is OKX? Team Background and History (OKX's most authoritative mystery solving)
1. OKX was founded in 2017 as a cryptocurrency trading services company. The company has since amassed over 20 million users and expanded its digital asset investment portfolio, which includes OKX Earn, a tool for earning passive cryptocurrency income, an NFT trading platform and decentralised app discovery centre, and the recently launched MetaX, OKX's new decentralised model that offers a cross-chain dashboard and self-hosted Web 3.0 wallet for storing (digital assets such as NFT). Wit...
BTCWhat is pledging
You can think of an equity pledge as a less resource intensive alternative to mining. This option involves placing holdings into cryptocurrency wallets to provide security and operational support for the blockchain network. Simply put, equity pledging is the act of locking up cryptocurrencies for rewards. (1) What is a Pledge of Interest A pledge of interest is a process by which holders of a particular token can receive a reward. Pledges of interest originate from a proof-of-interest mechani...
BTCHow to play the perpetual contract (the most authoritative) translation
A perpetual contract is an "innovative" futures contract, pioneered by BitMEX. Traditional contracts have an expiration date, while perpetual contracts do not have a delivery date and can be held forever, so they are called perpetual contracts. (1) What is a perpetual contract? A perpetual contract is an innovative financial derivative that is based on a delivery contract, but has many differences from the previous one. A perpetual contract is similar to a secured asset market in that its pri...
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