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What is SafeMoon? New Cryptocurrency Explained

5 min read


What is SafeMoon? New Cryptocurrency Explained

You are probably aware of what Cryptocurrency entails. If not, Cryptocurrency is a virtual currency that is highly impossible to counterfeit. The currencies are decentralized under blockchain technology.

Today, there exist over 4,000 cryptocurrencies since the introduction of crypto coins like bitcoin in 2009. Immerging of new cryptocurrencies like SafeMoon has added to the list of digital tokens in the market. Let's have an insight into what SafeMoon entails.

What is SafeMoon?

A SafeMoon is a United State-Based Crypto that operates under the phrase "safely to the Moon." It is said to be the newest digital token in the market that captures more investors.

SafeMoon uses a mechanism of issuing rewards to stakeholders and involves a 10% penalty tax fee for redistribution. Those who own the currency are entitled to paying 5% of the redistribution fee. So, how do you acquire and trade with SafeMoon?

How does SafeMoon work?

Unlike other cryptocurrencies, SafeMoon is Unregulated, meaning it has no central unit to control it. Some of the attributes that attract investors to SafeMoon transactions are that the holder is awarded rewards, and transaction fees are significantly lower.

The rising demand will highly facilitate the success of SafeMoon. More and more people require the SafeMoon, and if the market is maintained, the price will remain high.

Additionally, SafeMoon Uses white paper to secure the reward token for long. The auto LP is responsible for protocols by providing a price floor on tokens.

Could SafeMoon rival Dogecoin?

A backup from Elon Musk led to the drastic rising of Dogecoin in the recent weeks. Today it is powerful enough to compete with other crypto coins in the market. Over a night, Dogecoin made headlines for making its investors into millionaires.

However, the tables have turned with the most searched Cryptocurrency in the crypto market. The SafeMoon is now on a market cap of 1 billion USD in less than a month. It is a triggering growth of 7,618 percent rise in a month.

The notable rise increased the market cap to at least 2 billion USD. There are speculations that in the coming weeks, SafeMoon will appear on two exchanges. But that does not make SafeMoon overthrow Dogecoin.

The only visible attribute in SafeMoon is that it is few decimals away from Dogecoin. That is quite some distance for the coin to reach the moon. But how can you get to own the SafeMoon?

How can I buy SafeMoon?

SafeMoon is among the number of cryptocurrencies that cannot be purchased directly with fiat currencies. You can easily purchase SafeMoon by first purchasing Bitcoin and later exchange the coins with a trade that offers SafeMoon coins. Here are simple steps to follow when buying SafeMoon.

1. Buy a Major Cryptocurrency
You have to choose one of the various significant cryptocurrencies for purchase. Some of the major cryptocurrencies include Bitcoin (BTC), Litecoin (LTC), or Ethereum (ETH). You can get cryptocurrencies from large markets like Binance, Coinbase, or Bybit.

2. Buy Cryptocoins with a Fiat
After registering, you will now use fiat currency to buy the crypto coins. There are various ways of buying as the processes differ with the exchange market. Once you have confirmed the transaction, you will have your crypto purchased.

3. Transfer bought coins into an Altcoin
Since SafeMoon is an Altcoin, you will need to transfer it to a market where SafeMoon is traded.

4. Deposit Your Crypto Coins Purchased
You will need first to deposit bought crypto coins into a selected altcoin exchange. In the market, you will have access to change the BTC or ETH into SafeMoon.

5. Begin Trading
After acquiring the SafeMoon, you are now set to begin trading.

Conclusion

When planning on keeping your acquired SafeMoon for a considerable long period, there is the need to research the best way to keep the Altcoin safe. Digital currencies are prone to hacking, which adds to the condition of getting secure wallets. Cold Wallets are among the best storage for your coins. You are the only person who has access to the funds.