How To Buy SafeMoon Crypto
First launched on the Build and Build (BNB) chain in March 2021, SafeMoon can now be bought on some exchanges such as Binance and Pancakeswap.
SafeMoon was designed to reward long-term holders and charges sellers a 10% fee, with part of that fee going back to existing holders.1 While SafeMoon is seen as a currency that is resistant to manipulation, investors should conduct thorough research before making the decision to add this crypto.
What Is SafeMoon?
Digital currencies are virtual assets, secured by cryptographic encryptions and powered by the distributed ledger technology known as the blockchain. Virtual currencies such as Bitcoin, Ethereum, and other stablecoins now serve as media of exchange globally.
Investing in cryptocurrencies can be complicated since thousands of them exist but only a handful are real. As an investor, you should research the quality and realness of a coin before leaping.
Some distinct features of SafeMoon include the static reward where 50% of tokens from its transaction fees (usually 10%) are distributed to token holders, as well as the manual burn where the supply of SafeMoon tokens reduces to increase the price and demand.
SafeMoon also has a self-sustaining liquidity pool that can siphon tokens in the form of fees, which are then added to the token’s liquidity pool on Pancakeswap.2
In addition, Binance has played a significant role in the development of SafeMoon.
SafeMoon tokens (SAFEMOON) were first launched on the BNB chain.3 The token’s wallet has striking features with the Trust wallet powered by Binance.
In the past year, some celebrities have invested and endorsed SafeMoon.
They include UFC boxer Jake Paul, with a YouTube channel of 20.4 million subscribers, who has claimed that investing in SafeMoon can make everyone rich in the long run.
Others are Brett Ratner and DJ Afrojack.4
SafeMoon vs. SafeMoon V2
SafeMoon launched an updated SafeMoon token in December 2021.5 The updated token consolidates the original version in a ratio of 1:1000 while ensuring transactions cost lower.
If you hold original SafeMoon tokens in a wallet and choose to switch them to SafeMoon V2, it can only be done manually. The switching process is quite easy.
SafeMoon wallet users can update the app to the latest version and follow the instructions while those with other kinds of wallets can visit SafeMoon Swap to convert their tokens.
Additionally, if you hold your SafeMoon tokens on an exchange, you don’t have to switch to the V2 tokens.
This is because the exchange handles the migration process and gives an update on the status of the process.
Compared to the original version, SafeMoon V2 processes transactions at a much lower cost.
The V2 transaction fee is now 2% of the entire transaction.67
How To Buy SafeMoon
Crypto exchanges are platforms where cryptocurrencies can be bought or sold. However, investors must understand that not all coins can be bought with fiat but with other coins.
One such coin is SafeMoon as it isn’t listed on any centralized exchange that accepts fiat currency.
While SafeMoon isn’t available on the Coinbase or Binance centralized exchanges, you can still buy the tokens on these exchanges using the steps outlined below.
Step 1: Download the wallet and sign up
You can install your wallet on your computer or browser extension or directly download it via mobile app stores such as the Google Play Store or the Apple App Store. After downloading the wallet, you must set a username that should be kept safe.
Step 2: Securing your recovery phase
After downloading a wallet and setting up the username, a 12-word recovery phrase will be presented to you for safekeeping.
This recovery phrase is a key to your crypto that helps you retain your wallet should your device get damaged or lost. Remember that you aren’t supposed to share this phrase with anyone.
Writing it out and keeping it in a safe is ideal.
Step 3: Check to ensure you have enough Ethereum to cover fees
The cost of a transaction depends on how busy the Ethereum network is, how quickly you want the transaction to be processed, and the size of the transaction. Ethereum network fees are also known as gas fees.
Step 4: Buy and transfer Ethereum to the wallet
Once you have met the user verification requirement, you can transfer cash to your wallet and proceed to buy some Ethereum coins with it. After purchase, the Ether (ETH) coins will be stored in the Ethereum wallet.
Step 5: Use the Ether (ETH) to buy SafeMoon
With your ETH in the wallet, you can swap ETH coins for SafeMoon directly. All you need to do is click the “swap” icon in the assets tab, choose SafeMoon, and swap ETH for the value of SafeMoon you desire.
Alternative Ways To Buy SafeMoon
An alternative way of buying SafeMoon is to use the SafeMoon Swap decentralized application that is available on the Build and Build chain. This way you trade BNB tokens for SafeMoon tokens.
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC).
Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.8
What Are the Advantages of SafeMoon?
As a meme coin, SafeMoon has a couple of advantages. First, just like Dogecoin, it has the potential to go viral and generate profit in the long run.
Additionally, SafeMoon holders are rewarded with 50% of transaction fees.9 The SafeMoon v2 enables users to complete transactions at a much lower cost, usually 2%.10
What Are the Disadvantages of SafeMoon?
There are reasons why SafeMoon may not be worth all the hype.
First, the token is extremely volatile and can lead to a possible loss of investment. Since it isn’t listed on common exchanges, buying or converting SafeMoon could be stressful for investors.
In addition to spending a significant amount on swapping and transaction fees, SafeMoon not being on major exchanges is a sign that it could be lacking in regulatory requirements.
Byinvestopedia
