How to Buy SafeMoon Crypto
SafeMoon was designed to reward long-term holders and charges sellers a 10% fee, with part of that fee going back to existing holders. First launched on the Build and Build (BNB) chain in March 2021, SafeMoon can now be bought on some exchanges such as Pancakeswap.
Though some may claim SafeMoon is resistant to manipulation, others note the dramatic volatility and fall of SafeMoon’s price in 2022 as potentially unusual trading behavior. Investors should conduct thorough research before making all investment decisions, including and especially those involve cryptocurrencies.
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 tokenâs liquidity pool on Pancakeswap.
In the past year, some celebrities have invested and endorsed SafeMoon. They include social media personality and professional boxer Jake Paul, with a YouTube channel of over 20 million subscribers, who has claimed that investing in SafeMoon can make everyone rich in the long run. Others are Brett Ratner and DJ Afrojack.
SafeMoon vs. SafeMoon V2
SafeMoon launched an updated SafeMoon token in December 2021.4Â 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.
How to Buy SafeMoon
With this information in hand, should you still decide SafeMoon is the type of investment best suited for your portfolio, there are crypto exchanges where you can buy SafeMoon. Crypto exchanges are platforms where a diverse ecosystem of 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 arenât 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 walletÂ
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 SafeMoonÂ
With your ETH in the wallet, you can swap ETH coins for SafeMoon directly. All you need to do is click the âswapâ icon in the assets tab, choose SafeMoon, and swap ETH for the value of SafeMoon you desire.