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In this detailed blog, we will go over the specifics of purchasing SafeMoon, a cryptocurrency that has caught the interest of investors worldwide.
This post will guide you through an easy-to-follow method for purchasing SafeMoon, regardless of your degree of experience with investing or if it’s your first crypto purchase.
According to the currency’s creators, 2 million individuals have bought SafeMoon so far.
What is SafeMoon Crypto?
SafeMoon is a meme coin, which is a type of token. Meme coins are cryptocurrencies or coins based on viral memes.
Plus, SafeMoon gets its name from a famous slang expression in cryptocurrency chat forums: “going to the moon.” This term describes the increase in a cryptocurrency asset’s price over a brief period.
First of all, you need to understand that SafeMoon is not a cryptocurrency. This currency is connected with the Binance Smart Chain (BSC) system.
What are the Basics of Blockchain?
As Bitcoin’s rules and software have been transferred to Binance Smart Chain, Bitcoin and Ether run on separate blockchains. Smart contracts created for specific chains control the supply of digital tokens.
Binance’s private blockchain manages the smart under-contract currency known as SafeMoon. The cost jumped in March 2021 due to the founding team’s successful advertising strategy.
SafeMoon Features
SafeMoon offers multiple unique features that have received both approval and criticism. Its smart contract, for example, charges a 10% exit fee to holders who wish to sell.
Half of this charge is “burned,” and the rest gets distributed to the remaining token holders, improving their holding value over time.
Another often criticized feature of SafeMoon is the token’s living ownership setup. Members of the founding team hold most of SafeMoon ‘s total cash.
These funds are in what is known as a lockup, but their level of ownership in the crypto field is typically the reason for significant worry. This is due to the impact of so-called important holders on prices at the time of sale.
More criticism has been made at the founding team as multiple planned creatives in SafeMoon’s “ecosystem” (including a unique wallet application) have fallen short of expectations.
How to Buy SafeMoon: Step-By-Step Process
SafeMoon is a unique option for investors as it is an investment that can be bought or sold on multiple cryptocurrency exchanges but is not listed on any single market that takes cash.
Although SafeMoon isn’t available on centralized platforms such as Coinbase or Binance, you may still purchase the tokens on these exchanges by following the instructions below.
- Download the Wallet and Sign Up
Installing your wallet through a browser application or PC is one option; you can also download it from mobile app stores like the Apple App Store or Google Play Store. You must create a username for the wallet that you should keep secret after downloading it.
- Protecting Your Recovery Period
When a wallet is downloaded, and a username is created, a 12-word recovery password appears for storage, verifying that the cryptocurrency wallet will remain if the device is damaged or lost.
- Verify That You Have Enough Ethereum to Cover All Expenses
The size, speed, and volume of a transaction all affect how much it will cost and how busy the Ethereum network is at the time. The term “natural gas fees” also refers to Bitcoin network costs.
- Purchase Ethereum, Then Send It to the Wallet
You can deposit money into your wallet to purchase Ethereum coins when you’ve satisfied the user verification rules. The Ethereum wallet is where the Ether (ETH) currencies remain after purchase.
- Purchase SafeMoon Using Ether (Eth)
You may immediately swap ETH into SafeMoon by having the coins in the wallet. You must choose SafeMoon, click the “swap” sign in the accounts tab, and then swap ETH for the desired SafeMoon amount.
Should You Buy SafeMoon in 2024?
It is high risk and a big comeback to invest in SafeMoon. It is only ideal for some individuals, but it should be mainly depended upon to pay for retirement or build savings. When attempting to trade SafeMoon and enter the investing world, be sure that you:
- Know about cryptocurrencies
- Recognize the risks that are involved.
- Able to deal with losing your investment
- Have looked over the cryptocurrency stock of your choice
Is it Safe to Buy in SafeMoon on Robinhood?
The SafeMoon crypto share has a few unique advantages and disadvantages. The coin’s creators have taken unusual steps to ensure its stability.
On the other hand, despite the sale fees meant to keep buyers from selling their tokens, SafeMoon has still seen significant price swings.
Due to all of this, SafeMoon investors run the risk of facing both vast gains and losses. Making such a coin takes a lot of effort, passion, and experience.
However, this currency may produce enormous wealth with a bit of creativity and good luck. Just be cautious not to invest all of your future cash in this fund type!
SafeMoon Crypto: Where Can I Buy It?
Like coins on different blockchains, SafeMoon is a token on the Binance Smart Chain. This feature makes buying SafeMoon very easy. On a decentralized exchange (DEX) such as PancakeSwap, on the creation of BSC, you may exchange other tokens for SafeMoon.
A Secure Path to Crypto Success
SafeMoon provides investors with a satisfying possibility in the ever-changing world of digital currencies.
Investors have a safe path to cryptocurrency success and profitable ventures by choosing SafeMoon, practicing innovative safeguards for their assets, and keeping up knowledge.
Marrium Akhtar
November 13, 2023
6 months ago
