What’s good, DailyCoiners?Just like the market itself, crypto news is relentless. It comes at you from all sides, making it hard to see the forest from the trees.

Give those hyperactive dopamine receptors a rest and go back to basics. Let’s take a look at some cryptopedia essentials:

• Why do big brains like Vitalik send test transactions before moving bags of funds around?

• What’s the point of illegally selling JPEGs to yourself?

• How is wrapped Bitcoin different from normal old BTC?

Test Transactions - Yay or Nay?

Let’s face it, shifting crypto between your wallets is stressful. Your wallet address has up to 35 characters and getting even one wrong means you could lose everything, forever!

Top dogs like Vitalik have habitually sent tiny test transactions before moving large sums. A successful test transaction is like a supportive nod from a friend that says: ‘Don’t worry, it’s safe to send 1,500 ETH here.’

Test transactions also protect you from being hoodwinked by address poisoning scams, sandwich attacks and nefarious honey pot tokens.

It takes less than two minutes to send a test transaction, but it could save you from accidentally misplacing your funds and never seeing them again.

NFT Wash Trading - Why Bother?

It’s illegal, time consuming and expensive but the scoundrels of the NFT market can’t seem to get enough of it. What’s the point of selling NFTs to yourself?

Wash trading is a market manipulation technique used by NFT traders. It helps to artificially hype a collection and boost its floor price by making things look exciting and trendy.But that’s not all. Traders who like to live dangerously and wash trade with impunity might find themselves eligible for juicy airdrops like we recently saw from Blur.io.Masters of this dark art can even chalk up their wash trading to “capital gains tax losses” to offset their yearly tax bills.

If it sounds too good to be true, it probably is. Wash trading might seem like a bright idea, but chances are you’ll end up getting the raw end of the deal when you declare your income to regulators.Probably best to stay in your lane on this one.

What’s the Difference Between wBTC and Native BTC?

We can all agree, Bitcoin is great and cryptocurrency is the future. Otherwise, you probably wouldn’t be reading this.

However, apart from HODLing it in your diamond hands, there’s not a lot you can actually do with BTC. Wrapped Bitcoin is a different story.

Wrapped BTC can be used in dApps and tools across the Web3 world. While normal BTC sits in a wallet collecting dust (and value, hopefully), wBTC is lent, traded, staked, and used as collateral for loans. Wrapping BTC gives deeper functionality to the world’s top digital asset and brings more opportunity and liquidity to decentralized finance on other chains. It’s a win-win. Unless you’re a maxi, but if that’s the case you won’t be used to winning anyway!

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I hope you’ve enjoyed refreshing your memory on some blockchain basics.

I’ll see you back here tomorrow. Same time, same place.