What Is SafeMoon And How Can I Buy It?

The post What Is SafeMoon And How Can I Buy It? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The cryptocurrency industry is growing and maturing at an incredible pace. As of March 2022, there are more than 18,000 cryptocurrencies in existence. However, some of these are not active or valuable anymore, highlighting the fact that some of them just fail to take off because of many reasons, such as security issues, poor programming, or fraud. Not counting the dead projects, we can say that the coins in circulation are just over 10,000. This is an incredible number, considering the young age of the crypto market. One of the latest trends in the cryptocurrency world is definitely the SafeMoon project. 

What is SafeMoon about?

SafeMoon (SAFEMOON) is a meme coin that operates as a BEP-20 token on the Binance Smart Chain, launched on March 8, 2021. Immediately after its launch it has caught the attention of numerous people, especially newbies, attracted by a noticeable SafeMoon price increase. The reason can be found in the fact that this currency was created specifically to be deflationary and destined to grow in value over time. The developers are keen to promote the ‘buy and hold’ philosophy, to get away from the cryptocurrencies reputation as the wild frontier of investments. In fact, they came up with a mechanism that incentivises holders to the detriment of sellers, by penalizing them with a 10% fee and redistributing half to token holders. The upside of SafeMoon is that you will keep making money as new people buy in, but the downside is that if no one buys SafeMoon, low demand can cause the price to drop drastically. 

How Do I Buy SafeMoon?

Despite the great attention it attracted on itself, SafeMoon did not appear as a coin to buy on many platforms. It may be because the project is still in its early stages and needs to develop.

The method recommended by the team is to download the original SafeMoon wallet and purchase Binance coin (BNB). Once you do this, you have to proceed with the BNB-SAFEMOON swap. This process can be a bit too difficult for beginners, as well as the second method that we will explain below. 

Another method to swap BEP-20 tokens is to use PancakeSwap, a decentralized exchange. It is required to have the wrapped version of BNB in order to be able to make the swap, in fact the available coin pair is SAFEMOON-BNB. 

The most easy and common way for a beginner to start interacting with cryptocurrencies is definitely going through a crypto exchange. In fact, these platforms are able to offer different ways to buy and sell cryptocurrencies, as well as many other financial instruments suitable for any level of risk. Nowadays there is a wide choice of this type of service, the challenge is to be able to choose which one is more suitable for us. 

What is the best exchange where to buy SafeMoon?

The best crypto exchange platform where people can safely buy SafeMoon is definitely Gate.io cryptocurrency exchange, one of the top 10 international digital currency trading platforms in the world. On Gate.io you can easily buy SafeMoon by using USDT, the stablecoin pegged to the price of the dollar. If you want, you can also keep your coins into your account, without having to worry about managing a private wallet. Over time, Gate.io has managed to create a very comfortable and safe trading environment suitable for any type of user, from the most conservative ones to the more risk taking ones.