1. A Bitcoin private key is a password made up of letters/numbers and encoded in a different format depending on the wallet used. The private key is used to make irreversible transactions that are chained together under a mathematical signature method and used as credentials. It can be represented as one of several different forms, usually as a series of randomly generated numbers and characters, and has multiple variations of combinations of numbers and characters that make it difficult to crack.
   (1) What is a private key
   A private key is the ultimate way of attributing and using absolute cryptographic assets. Whoever has the private key has dominion over the cryptocurrency assets under that address; conversely, without the private key, there is no access to any of the assets at that address. When a cryptocurrency address is generated, it is the private key that is generated first, and then the public key is derived. The public and private keys form a key pair that becomes a cryptocurrency address.
   The private key is a 64-bit hexadecimal string of upper and lower case letters and numbers generated by an encryption algorithm. However, due to its irregularity, it is very difficult to remember the private key. Especially if you have many addresses, remembering each private key accurately can be a struggle. As a result, some people have begun to explore how they can back up and remember private keys in a more convenient and human-readable way.
   (2) What is a mnemonic
   A mnemonic is an alternative representation of a plaintext private key, first proposed by the BIP39 proposal to help users remember and transcribe complex private keys.
   The main purpose of a mnemonic is to help you remember your private key, which has an irregular string, whereas a mnemonic has a certain pattern. Generally, mnemonics have the same function as private keys and should be kept in a safe place.
   These words are all taken from a fixed thesaurus and are generated in a certain order according to a certain algorithm, so there is no need to worry about an address being generated just by typing 12 words.
   (3) Why mnemonics are important
   In the real world, if you lose your wallet or have your bank card money cut off, there is still a possibility of recovery. But because of the decentralised and anonymous nature of blockchain, it is almost impossible to retrieve your wallet if you lose your private key.
   Having said all this, I just want to emphasise the importance of the private key. The private key is the only proof of your assets in the blockchain world, and those who have the private key own the assets on the corresponding address.
   (4) The advantages of mnemonics
   Helicones are not case-sensitive and are more common words, so they are much more convenient to use than private keys, which is why they have gradually become mainstream wallets in recent years.
   Another advantage of a mnemonic wallet is that a set of mnemonic words can generate N private keys, each of which can correspond to a coin. If you have 30 coins (BTC, ETH, LTC, EOS, etc.), you don't need to record a separate private key for each coin, you can just record a set of tokens and control all your assets.
   A wallet such as Bite will display both the key and the token to the user, but it's generally good to have a backup of the token.
   (5) How to keep your mnemonics safe
   ①Copy it on a piece of paper/book
   A more primitive method of storage is to copy the private key/keyword in a piece of paper or notebook, and then store the piece of paper/notebook in a safe place, such as a safe deposit box.
   But paper is not fire or moisture resistant and pets and children can cause a devastating blow.
   ② Presence on a hardware device
   In addition to this, private keys/helper notes can be stored on hardware devices that are not connected to the internet, such as USB sticks and various hardware wallets.
   However, storage media in general have a theoretical life span, and PIN codes are easily forgotten, batteries are damaged and leak, and strong electromagnetic fires are difficult to store for long periods of time in case of accidents.
   Engraving on stone or metal plates
   The PINs can be stored for a long time if they are engraved directly on a stone or a metal plate with a high melting point that is difficult to corrode (e.g. a Cobo gold box) (see various ancient human grottoes) and then stored in a safe.
   However, it is also not safe if the metal plate can be transferred away from the coin by someone with physical access to it.
   Therefore, it is recommended that a metal booster + custom password be used to generate a hidden HD wallet, and that you must have both the booster and the custom password to gain control of the hidden HD wallet. Some wallets currently support this security operation, such as Cobo Vault.
   As custom passwords can generally be complex and easily forgotten over time, it is recommended that they are stored in online password management software such as 1password and Lastpass, after all, digital assets will not be stolen if only the custom password is leaked; and the reliability of these security company cloud services is far greater than personal storage conditions.
   Alternatively, a small amount of assets can be stored as a sentinel wallet in a wallet generated using only the helper word. If the assets of the sentinel wallet are stolen, this means that the helper word is compromised and the assets in the hidden HD wallet need to be transferred urgently.
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?
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