Preface#
- First, let's understand what Web3 is.
Answer: Please read the book WEB3.0: Empowering the Digital Economy Era on WeChat Reading. This book will answer all your questions in detail. - Then, let's focus on: How does Web3 make money?
Answer: 👇🏻
To do a good job, one must first sharpen one's tools#
Next, let's explain what essential tools are needed for beginners and how to obtain them.#
Essential tools: 👇🏻#
- Virtual Private Network (VPN): Used to access major project platforms worldwide without barriers. It can help us obtain real-time updates on major projects and information.
- Cryptocurrency exchanges: Essential platforms for trading digital assets, providing necessary channels for deposits and withdrawals. Knowledge and experience in using cryptocurrency exchanges are essential for understanding and participating in the Web3 world.
- Cryptocurrency wallets: Used to securely store and manage your digital assets. Whether it's for trading, purchasing goods, or simply storing your cryptocurrency, a cryptocurrency wallet is indispensable.
! ! ! These three are only essential tools for beginners. There are many more tools required for the two money-making methods mentioned in the preface. They will be explained in detail in separate sections in the future. Please stay tuned.
How to obtain: 👇🏻#
Step 1: VPN#
VPN is a simple thing. Here, I will introduce a VPN that I have been using: SnowCloud VPN
The specific steps are also simple:
- Open the official link of SnowCloud VPN.
- Register and log in according to the steps.
- Purchase a package for as long as you want. The minimum seems to be one day or one week. I usually renew it monthly.
- Download the VPN software according to the official tutorial documentation, and you're done.
Step 2: Register for a cryptocurrency exchange: If you can't open it, copy the link and open it in a browser#
Binance: https://accounts.suitechsui.io/zh-CN/register?ref=849581429
OKEx: https://www.okx.com/cn/join/51684374
Currently, the most secure exchanges globally are Binance and OKEx. I only recognize Binance and OKEx.
- Binance: The largest exchange globally, with sufficient funds and guarantees. It is used worldwide. Holding BNB can save up to 45% on transaction fees (invitation code: 849581429).
- OKEx: One of the top three exchanges, user-friendly for those who don't understand English and for the Chinese community. After downloading, there will be 30 days of official benefits and 24-hour manual teaching guidance in the new user group. If you don't know something, just ask. [Note: If you don't fill in the invitation code 51684374 or use the referral link, you won't enjoy the benefits and will incur losses.]
Holding OKB can receive up to 55% cashback on transaction fees (invitation code: 51684374), and the system will automatically return your transaction fees to your account every day.
Fill in my invitation code to enjoy up to a 50% reduction in transaction fees for each transaction and a maximum of 50u BTC as a gift when you download and register.
Next, I will provide a detailed introduction to each registration process:
Binance registration process#
- For Apple mobile devices, it is recommended to change the address of your Apple ID from mainland China to Hong Kong. You can find out how to do this (search on Baidu). This is because you cannot download exchange software from the Chinese mainland App Store. Attention!!! Do not purchase temporary IDs from Taobao. Based on my personal experience, it is too easy to leak your phone information. Changing the Apple ID to the Hong Kong region is not very useful, but I have been doing it this way.
For Android mobile devices, you can open a VPN and then download Google Pay. You can directly search for and download exchange software in Google Pay. - Select the place of residence normally.
- After entering your email and password, click on register. If you are registering through the Binance website or app, the referral code will not be automatically filled in. Please manually enter 849581429 to enjoy up to a 50% reduction in transaction fees (automatic upgrade to greater discounts with BNB holdings).
- After registration, you will be prompted to bind Binance security or Google security. It is recommended to use Google security because it can manage verification codes for various websites, which will be very useful in the future. Note that you should only download the official security app from the app store, such as Google Play. Carefully read each step and record the recovery code.
- After registration, the system will prompt you to complete identity verification, which can be done directly using a Chinese ID card.
OKEx registration process#
- It is recommended to use a VPN to locate in an unrestricted location (China, the United States, Japan, Singapore, etc. may be regulated and restricted). You can choose Taiwan or other encryption-friendly locations.
- You can continue to use your ID card for verification, and you can also freely choose your place of residence.
- It is recommended to use an email for registration. I recommend registering with Google Mail or QQ Mail (requires a VPN, if you don't have one, click here).
- Click on the OKEx referral registration link
- Register using your email. The referral code is automatically filled in and shows a 50% discount. If you are registering through the OKEx website or app, remember to manually enter the invitation code: 51684374.
- After registration, proceed with identity verification as usual.
Step 3: Buying coins and on-chain transactions#
- Where to buy coins?
- Where to buy NFTs?
- How to buy new coins that some exchanges don't have?
Where to buy coins?#
The first thing for beginners to enter the cryptocurrency market is to register on an exchange. However, beginners are often led to smaller exchanges, which may result in scams, exit scams, etc., and loss of funds! Therefore, it is essential to prioritize the use of top-tier exchanges worldwide.
Below are referral registration links for top-ranked exchanges. If you don't register through these links, your account will permanently lose the eligibility for benefits, and you won't be able to add them later.
Referral registration link for Binance and referral registration link for OKEx
Where to buy NFTs?#
Currently, global NFT trading is mainly concentrated on the Ethereum blockchain on the platform Opensea, and there is also the aggregated trading platform GEM.
In addition, there is active NFT trading on the Solana blockchain. You can visit MagicEden for trading. However, it requires the installation of a Sol wallet, and the largest one currently is Phantom.
There are also some NFT tools that you can check out, such as NFTGo and Cryptoslam, to understand the price trends and daily trading volumes (which determine whether you can sell immediately after buying) of NFTs on the Ethereum blockchain.
!!! Do not buy high-priced NFTs indiscriminately, as you may not be able to sell them and lose everything!
Where to buy new coins?#
More and more new coins are listed on decentralized exchanges (DEX), such as the largest one, Uniswap. Anyone can issue coins on these exchanges, and anyone who connects their wallet can buy any coin without identity verification. This type of exchange is classified as DEX, while centralized exchanges like Binance are classified as CEX.
Uniswap is the largest DEX in terms of trading volume and user base, and I recommend it for beginners. However, if you are trading a large amount at once, it is recommended to use 1inch, which is an aggregator for DEX and can provide better prices. It can also prevent a type of attack called frontrunning (for example, if you want to buy several ETH tokens with $50,000, robots can detect this transaction and trade ahead of you by paying higher fees, resulting in significant losses for users!)
When trading on these DEX, you only need to connect your wallet and fill in the tokens you want to pay, the tokens you want to buy, and the corresponding quantities to make a purchase.
Please note: All decentralized exchanges, including Uniswap, have many "fake coins" because anyone can issue coins without permission.
To avoid this, in addition to the default coins displayed in the system, you must paste the "smart contract address" (the ID of the token) into the address bar of exchanges like Uniswap to ensure that you are buying the desired coin—some fake coins can only be bought and cannot be sold!
You can obtain the smart contract address of a token through the official website of the respective token or directly search on Coingecko. This website provides information on the official website, official announcements, and smart contract addresses of all mainstream tokens!
Step 4: Cryptocurrency wallet#
The biggest feature of blockchain is decentralization, and a wallet is a wallet protected by a private key. It does not require any identity verification and can be retrieved anywhere in the world at any time using the private key. It absolutely belongs to the owner of the key. Therefore, a blockchain wallet ensures that your money belongs only to you.
If you want to use a wallet on your mobile phone, you can use the MetaMask wallet or directly use the Web3 wallet provided by OKEx or Binance. When entering the wallet, a 12-word mnemonic phrase will be created.
! ! ! Absolutely do not disclose the mnemonic phrase to anyone. Anyone who knows the mnemonic phrase can steal all the assets in the wallet managed by the mnemonic phrase, and it cannot be prevented or recovered!
! ! ! Do not copy and paste or take screenshots of the mnemonic phrase. Write it down with pen and paper because many apps, including input methods, may monitor the clipboard and read the phone's photo album, leading to leaks.
Currently, most blockchain applications are on the PC side, and I recommend using the Chrome browser with the Metamask wallet browser extension, which is the most widely used wallet globally.
! ! ! It is recommended that beginners only use the wallet's deposit and transfer functions. Use other functions with caution, as there may be third-party protocol thefts, resulting in financial losses!
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