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What is Safemoon And How To Buy It ?

    Started in the spring, safemoon is the newest cryptocurrency to make news.

    The cryptocurrency exchange Coinbase* recorded a 910% share price in the middle of April over four days. However, since that time the price has fallen as investors worry themselves with the fee structure to discover a genuine application of digital currency in the world.

    This article explains everything we know about safemoon thus far, including:

  1. How Safemoon Works
  2. How to buy the tokens
  3. Whether safemoon is a good investment

     Safemoon's Rise

    Safemoon is the latest cryptocurrency to be attracted by investors and is hot in digital currencies such as Bitcoin, cardano and dogecoin.

    Even though the cryptocurrency was just launched in March this year, more than two million people already had safemoon investment.

    On April 20, Binance had to briefly halt withdrawals because it was swamped with safemoon investors. The finance regulator has now banned Binance.

    At the start of May, the CoinMarketCap market research company revealed that Safemoon was on the watchlists of more people than Bitcoin — slightly over 1.3m compared to 1.2m.

    Find out more: How to Buy Bitcoin ?

     What is safemoon?

    Like other digital currencies, safemoon operates on a blockchain
    Like other digital currencies, safemoon operates on a blockchain

    Safemoon works on a blockchain, like other digital currencies.

    Safemoon, the latest cryptocurrency, has been described as a decentralised financial token (DeFi). That implies that it is part of an alternative financial system that allows trading over peer-to-peer networks without the involvement of centralised systems such as banks or governments.

    It works on a blockchain network, like Bitcoin and other digital currencies.

    The main distinction between a safemoon token and other cryptocurrencies though is that investors are encouraged to keep their tokens rather than to sell them.

    Fees for Safemoon

  1. Anyone selling safemoon coins is given a 10 percent fee, half of which is distributed to existing investors by means of a dividend.
  2. Founders of Safemoon claim the objective behind this selling penalty is to dismantle day trading and to iron out that other cryptocurrencies experience considerable price fluctuation.
  3. They say investors are shooting the currency safely towards the moon, but it takes time to get there.

Safemoon had a price of $0.000004563 on May 24 when this article was written, according to CoinMarketCap.

On April 20,the price of a single token jumped by 99% to $0.00001399.

This also means that the price is down by 33% since then, indicating that the founders' efforts have not yet stabilised the price rollercoaster.

How to buy safemoon in the UK

It's not easy to buy safemoon in the UK, but it is possible.

Potential investors must first create a Binance crypto wallet and then buy Binance Coins in order to proceed. These may then be exchanged for safemoon coins.

Keep in mind that Binance isn't allowed to carry out regulated activities in the UK. Also keep in mind that if anything goes wrong, your money is not safe.

Where to buy safemoon:

  • Download the Trust Wallet App from the App Store, Google Play, or Android 
  • Choose from binance or bowscoin, two well-established cryptocurrencies.
  • Use the Trust Wallet app's DApp tab to discover PancakeSwap and other decentralised apps.
  • Binance or Bowscoin may be exchanged into safemoon tokens via PancakeSwap.
  • Trust Wallet is where you save your Safemoon tokens.

Should I invest in safemoon?

Investing in safemoon has a high level of risk and should only be considered by those individuals who

Become knowledgeable about cryptocurrency

Have done a lot of investigation

Is capable of bearing the loss of the investment

Cryptocurrency investments are by no means conventional assets that can be depended upon to grow a retirement fund or finance one's nest egg.

Is safemoon a good investment?

Despite efforts to stabilise the market by charging investors who sell their tokens a charge, the price of the cryptocurrency has remained very volatile.

As a result, depending on your own financial position, investors may have earned spectacular profits or suffered catastrophic losses.

Don't put all of your money into cryptocurrencies since it's similar to gambling

Is safemoon safe?

The value of a safemoon coin, like other investments such as equities and shares, may go down as well. On top of capital losses, selling during a decline would result in a 10% penalty for the investor.

Critics further claim that the safemoon's incentive to stay involved makes it no different from an old-fashioned pyramid or Ponzi scheme, in which current investors depend on new participants to increase their profits.

To make matters worse, investments in cryptocurrency are unregulated in the United Kingdom. A "Ask Me Anything" session by safemoon founders to address questions from prospective investors is not a replacement for effective consumer protection.

The Financial Conduct Authority issued a warning to investors about the dangers of investing in crypto assets that promise huge returns in January of this year. Bitcoin's value has doubled in less than a month after hitting record highs during the holidays, prompting the warning.

The Financial Conduct Authority raised many issues, including the following:

Basic anti-money laundering procedures fail to safeguard consumers. If a provider goes out of business, investors are protected up to £85,000 of their capital. They may also turn to the Financial Services Compensation Scheme or the Financial Ombudsman Service for help.

Price swings that are out of control. In addition to the difficulty in properly pricing crypto assets, the regulator warned that this increased the danger of losses.

Because of the intricacy of crypto assets, it's difficult for the average investor to fully comprehend the dangers of investing in them.

It's also worth noting that prospective investors may find it difficult to convert their safemoon – or any other – cryptocurrency holdings back into fiat money, with no assurances that the market would provide the liquidity they want.

Find out more about cryptocurrencies by reading our guide: Crypto advice (and mistakes to avoid)

Find out more: How to use Binance The Beginners Guide 2021

Could safemoon rival dogecoin?

Dogecoin has enjoyed a surge popularity

Recently, Dogecoin's popularity has increased steadily.

A dogecoin vs. safemoon rivalry is definitely being discussed in the media.

Elon Musk, the most famous proponent of Dogecoin, has helped to boost its current popularity.

Tesla recently announced that it will no longer accept bitcoin as payment for cars, due to environmental concerns about the "mining" of the world's most popular cryptocurrency.

Because of the uproar, there was a significant drop in the value of crypto. However, as a result of Musk's backing, dogecoin saw a 15% increase after a previous dip.

This only goes to show how volatile cryptocurrencies may be at any one moment.

A year ago, Dogecoin had a market cap of almost $44 billion (£31 billion). Safemoon had an even smaller market cap, with a value of less than $3 billion.

However, its development potential seems higher at this point of its trajectory - dogecoin was launched in 2013 by contrast.

The future of safemoon

The safemoon pricing has some digital currency experts cautiously hopeful.

Safemoon coin's value is expected to grow to $0.000051 in one year and to $0.000237 in five years, according to WalletInvestor's forecast. The safemoon forecast for Digital Coin is now $0.00000870 in one year, and $0.00001690 in five years.

These are, of course, just guesses. And if any crypto price chart tells you anything, it's that the journey will be rough.

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