Cryptocurrencies are not an alien concept anymore. Several crypto investors are always looking to put something in the bucket of the digital currency world.
However, volatility has always been linked with the crypto world, but now things are changing around — a piece of great news for all the crypto enthusiasts out there. A new cryptocurrency that gets into the eyes that might turn the tables another way around is called Safemoon.
Today I will help you with all your questions regarding this new cryptocurrency, whether you should buy Safemoon or let it pass as a spoof. Either way, in the end, you will be all aware of Safemoon, and who knows where your next investment would land?
What is Safemoon Crypto?
Safemoon crypto is another digital cryptocurrency made on Binance Smart Chain (BSC) that hopes to be used as a medium of exchange. Like other cryptocurrencies such as Bitcoin and Ethereum, Safemoon is also based on the distributed ledger technology, Blockchain.
Who Created Safemoon Cryptocurrency?
Safemoon cryptocurrency was created in March 2021 by SafeMoon LLC. It got in the limelight when its prices skyrocketed in April. Primarily it was created to keep the highly volatile prices of cryptocurrencies in a balance, as its name indicates, “Safely to the Moon.”
What is the difference between Safemoon Crypto and the rest?
There is a huge buffet of cryptocurrencies in the market, but what makes Safemoon different than others?
Safemoon is made to keep your principle amounts safe and prevent the constant fluctuation of the prices. Developers of Safemoon want to prevent day-traders, which is why they provide 10% fees as a reward to long-term holders.
For instance, Jacob had bought Safemoon tokens from Binance in March, when it was created and became live. Now, if he wants to sell it, he would only have to pay 10% fees instead of 15% as he wasn’t day-trading with Safemoon crypto.
Another feature that differentiates safemoon from the popular cryptocurrencies is that safemoon doesn’t need loads of energy for verifying the transactions like Bitcoin. It uses the Binance Blockchain as a proof of stake that seeks approval from the wallet alone.
These are unique features that you will get only from Safemoon coins, and it was one of the reasons it got so much attention at first.
How to Buy Safemoon Crypto?
The process of buying safemoon is just like narrating ABC. On the official website, Pancakeswap is mentioned as the primary exchange for exchanging safemoon tokens. The first step is to create a trusted wallet.
Next, you have to buy Binance coins (BNB) and convert them to Binance smart chain via wallet. Pancakeswap comes into the game for the next step, and you have to convert Binance smart chain to Safemoon.
After completing the entire process, the safemoon will be in your wallet. Also, this entire process is mentioned on the official website as well.
Can I Mine Safemoon Crypto?
Yes, you can mine Safemoon cryptocurrency, but it is not similar to Bitcoin mining or any other coin mining. Since Safemoon doesn’t use a proof of work system like Bitcoin and Ethereum where miners have to set up their dedicated frameworks to verify the transactions.
Safemoon uses the Binance Blockchain, which looks upon your trusted wallet for the approval of transactions. And you will see your coins in the wallet going in re-distribution, which is the same as mining.
Therefore, if you’re keeping Safemoon coins, you are basically mining and getting rewards. Hence, a viable option for crypto investors out there who want to keep their finances in cryptocurrency and earn rewards without doing much hassle themselves.
Is Safemoon Crypto Dead?
Although Safemoon had got a lot of eyes in the past, it doesn’t mean that it was permanent. According to Coingecko, it has a market capitalization of only $924,028,282 as of today that is relatively less than Bitcoin and Ethereum, which are $966,070,983,045 and $411,892,170,621, respectively.
This doesn’t mean that Safemoon crypto is dead. However, experts believe that people should avoid putting their finances in cryptocurrency Safemoon. Even now, Safemoon price is not showing any spikes because of people losing their trust in it.
However, with constant updates and the developing world around us, no one knows what might float your boat. So, if you think you should buy Safemoon, you should go for it.
Bottomline
In the end, there is no doubt that Safemoon crypto has a vision for the crypto world, but since several Ponzi schemes are going around in the market, people are less likely to put their trust in something, which is fresh and delicate.
However, if we study the safemoon price with the rest, there are quite a few chances that it might skyrocket in the future with a strong market capital. So, it wouldn’t be bad to put a few eggs in Safemoon’s basket as well.