The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

In the currency circle, when it comes to Bitcoin trading, most investors have heard of leverage. Some people even thought that Bitcoin cannot be traded without leverage. Is this really the case?

## Does Bitcoin have to be leveraged to trade?

Bitcoin does not require leverage to trade. If you want to trade Bitcoin, you only need to meet the following conditions:

 **1. Trading time**

Bitcoin trading is a 24/7 transaction, and transactions will only be interrupted during settlement or delivery at 16:00 (UTC+8) every Friday. In the last 10 minutes before delivery of a contract, positions can only be closed but not opened.

 **2. Transaction type**

Transaction types are divided into two categories, opening and closing positions. Opening and closing positions are divided into two directions: buying and selling:

Buying to open a long position (bullish) means that when a user is bullish on the index, he or she will buy a certain number of new contracts. Carry out the "buy and open long" operation, and the long position will be increased after successful matching.

Selling to close long positions (closing long positions) refers to the selling contracts that users cover when they are no longer bullish on the future index market, and offset with the currently held buying contracts to offset the exit from the market. Perform the "sell to close long" operation, and the long position will be reduced after successful matching.

Short selling (bearish) means that when the user is bearish or bearish on the index, he or she will newly sell a certain number of certain contracts. Carry out the "sell and open short" operation, and the short position will be increased after the matching is successful.

Buying and short closing (short closing) refers to the user's buying contract that is no longer bearish on the future index market and covering it, and hedging with the currently held selling contract to offset the exit from the market. Carry out the "buy and close short" operation, and the short position will be reduced after the matching is successful.

 **3. How to place an order**

Limit order: Users need to specify the price and quantity of the order. Limit orders can be used for both opening and closing positions.

Place an order at the counterparty price: If the user chooses to place an order at the counterparty price, the user can only enter the order quantity and cannot enter the order price.

The system will read the latest opponent price at the moment it receives this order (if the user buys, the opponent price is the sell 1 price; if the user sells, the opponent price is the buy 1 price), and places an order for this opponent. price limit order.

 **4. Position**

After the user opens a position and completes the transaction, he or she will own the position, and the positions in the same direction of the same contract will be merged. In a contract account, there can only be a maximum of 6 positions, namely long position on the current week's contract, short position on the current week's contract, long position on the next week's contract, short position on the next week's contract, long position on the quarterly contract, and short position on the quarterly contract.

 **5. Order restrictions**

The platform will limit the number of positions held by a single user for a certain period of contract and the number of orders placed for a single opening/closing position to prevent users from manipulating the market.

## Bitcoin trading principles

Bitcoin mainly uses the elliptic curve digital signature algorithm (
ECDSA), this algorithm has two crucial characteristics: first, as long as you know the private key, you can calculate the corresponding public key; second, if you signed something with the private key, you can use the public key to calculate You didn't sign it.

In fact, Bitcoin does not have a wallet during the transaction process, only transaction bills. The entire Bitcoin transaction is a lot of transaction bills. For example, Bill 1, transferred from A to B, transferred X Bitcoins; Bill 2, transferred from B to C and D, transferred X Bitcoins; Bill 3, transferred from C to E, transferred X Bitcoins
As long as you download the client, you can receive all bills from the day Bitcoin was established. Therefore, as long as you download all the bills, you will naturally know how much money should be left in each account. Each Bitcoin transaction bill is a piece of data, which will be sent to the entire network after signing.

Let's reverse the data structure into an easy-to-understand Chinese explanation, as follows:

FROM (who sent it)

It consists of two parts: one is Previous Tx, that is to say, any money spent should be transferred to you, and the bill ID needs to be shown; the other is Script
Si is to use your private key to Hash (hash algorithm) the list. Only you can do this Hash.

TO (who accepted it)

This includes two parts: one is Vae, which is the amount to be sent; the other is Script Pub Key, which is the other party's public key. The Bitcoin account is a public key.

After signing the order, start sending it to the entire network. How to send it? Bitcoin communication is very simple and can be compared to an iRC channel. Different from ordinary IRC, its client is an IRC server. When the client is started, it will receive the surrounding client addresses with public network P, which is the "server" list. This list will be constantly refreshed by other Bitcoin users. If you "shout" something in this IRC, people around you will hear it, and then spread to the world.

After the signed order is sent to the world, the client that receives the order will verify whether the order is correct. For example, verify your signature to see if it was issued by you; verify whether you have that much money. After calculation, if it is found that there is no problem with the transaction, the transfer is basically considered successful. Now, even if the other party accepts Bitcoin, if you want to spend it, you must have the private key corresponding to that address (public key) and so on. This is how Bitcoin transactions work.

In the process of Bitcoin trading, be sure not to over-trade, because from the perspective of operational planning, there is no plan, orders are placed casually, and orders are placed emotionally, resulting in an unbalanced mentality and a high loss rate, just like cutting flesh with a dull knife. The land is gone. In the field of investment, it would be a lie to say that there is no element of chance. What we have to see is that there must be certainty in chance. Investors who make long-term profits must have many ideas that are highly consistent. Yes, learn to persevere and be patient.