A Guide on Purchasing SafeMoon Cryptocurrency Safely.
SafeMoon, a digital currency launched on the Build and Build (BNB) chain in March 2021, is now available for purchase on exchanges like Binance and Pancakeswap. SafeMoon was created to benefit long-term holders while also imposing a 10% fee on sellers, with a portion of that fee being returned to existing holders. While SafeMoon is viewed as a currency that is resistant to control, investors should engage in thorough research before deciding to include this crypto in their portfolios.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and Initial Coin Offerings (ICOs) comes with high risk and speculation, and markets are highly volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the author to invest in cryptocurrencies and the information's accuracy or timeliness cannot be guaranteed.
Digital currencies are virtual assets secured by cryptographic encryption and decentralized ledger technology, also known as blockchain. Virtual currencies like Bitcoin, Ethereum, and stablecoins act as global mediums of exchange.
Investing in cryptocurrencies can be complex, as many exist but only a few are genuine. As an investor, it is necessary to research the quality and authenticity of a coin prior to investing.
SafeMoon offers unique features, including a static reward where 50% of tokens from transaction fees are distributed to token holders, and manual burn that reduces the supply of SafeMoon tokens, increasing their price and demand. SafeMoon also possesses a self-sustaining liquidity pool that extracts tokens as fees, adding them to the token's liquidity pool on Pancakeswap.
Binance has played a significant role in SafeMoon's development; SAFEMOON tokens were first launched on the BNB chain, and the Trust wallet powered by Binance possesses striking features for the token's wallet.
Celebrities, including UFC boxer Jake Paul, with a YouTube channel of over 20 million subscribers, Brett Ratner, and DJ Afrojack, have invested in and endorsed SafeMoon in the past year.
In December 2021, SafeMoon launched an updated version of the token, consolidating the original at a ratio of 1:1000, but reducing transaction costs. If SafeMoon token holders choose to switch to SafeMoon V2, they can do so manually by following the instructions. SafeMoon wallet users can update the app to the latest version, while other wallet holders can convert their tokens on SafeMoon Swap.
Exchange holders of SafeMoon tokens need not switch to V2, as the exchange handles the migration process and provides updates on its status. SafeMoon V2 processes transactions at lower costs than the original version, with a transaction fee of 2% of the entire transaction.
While crypto exchanges are platforms where cryptocurrencies can be bought or sold, investors must note that not all coins can be bought with fiat currency, but can instead be purchased using other digital currencies; SafeMoon is one such coin not listed on any centralized exchange accepting fiat currency.
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