He is a callous man whose thoughts are not swayed by the torrents of the Internet. It is a pantheon of contraband inventions and imitations where a latent fascination with the latest fashion finds its root. To try to deny its existence is to be an ostrich seeking refuge in denial. While I may have digressed a bit, the overwhelming presence of the cryptocurrency deities compels me to pay my due respects. A moment of silence, and we’ll continue with our guide to befriending the newest kid on the block, how to buy a SafeMoon. This is by no means an exhaustive guide to the ins and outs of crypto trading; it’s more of a rite of passage to wet feet.
What is SafeMoon coin?
SafeMoon was launched on March 10, 2021 as a cryptocurrency token under the Binance Smart Chain blockchain. It was rightly called “the fastest growing cryptocurrency in the world” when it rewarded early investors with returns of over 20,000%. A later launch of the SafeMoon wallet app was also scheduled for September this year with beta testing done in mid-June.
Is SafeMoon a long-term investment?
SafeMoon has garnered a lot of criticism from financial enthusiasts, giving it the label of a meme coin. Moreover, since the DOGE and SHIBA INU have already caused much of a buzz in the market, only time will tell if SafeMoon will land on the moon or fall among the stars (like the memes of years past).
Investing in Safemoon has proven extremely profitable for early investors. But lately we have seen a lot of price volatility. Its history of frequent ups and downs shows more of a gambling investment. Although cryptocurrencies such as the popular DOGE and SafeMoon can help you recover quick losses, they are not considered sustainable investments for the long term. Can’t advise me to spend my entire life savings on this asset for now.
The future is good if WalletInvestor is to be believed, with WalletInvestor forecasting the price of Safemoon to rise to $0.000051 in one year and up to $0.000237 in five years. Digital Coin echoes similar sentiments, predicting Safemoon price at $0.00000870 in one year and $0.00001690 in five.
I may sound mean, but when people can seriously invest in a meme-fueled cryptocurrency like Dogecoin, the well-designed Safemoon falls flat.
Recommended reading: How to withdraw money from crypto.com to a bank account?
How to buy SafeMoon coin?
SafeMoon wallet integrated with BNB Buy button
The Safemoon coin has been controversial since its launch. Because of this, it is not supported on conventional exchange platforms such as Coinbase and Gemini. This is the reason why the process of buying Safemoon coins is more tedious. However, a recent update to the SafeMoon Wallet site has enabled a direct exchange option. In this article, we will look at both ways to buy SafeMoon, the enhanced version and the conventional one (so far).
An easier way to buy SafeMoon would be to choose a custom SafeMoon wallet. On June 15 of this year, the wallet opened for beta testing with the finished product hitting the Play Store shelves in September and the App Store market in October. Constant updates have been the norm until now, with many focusing on strengthening security. One of their more recent updates is the option to directly exchange BNB for SafeMoon.
The BNB buy button is integrated into the SafeMoon wallet to buy BNB which can later be exchanged for Safemoon cryptocurrency. As a result, someone could very well buy BNB and then convert it into SafeMoon tokens within the wallet limits. The move instilled faith in the hodlers who had made the earlier tricky process smooth enough.
Safemoon, a relatively new coin cannot be bought for cash nor is it available on the best cryptocurrency exchanges. Several users find it difficult to use due to technical difficulties and regional restrictions. While some can’t wait to leave.
Using this direct option would be our recommended strategy, if it weren’t for some complaints circulating on Twitter. There is also an issue with the wallet not working well in the international forum with purchases being rejected or automatically cancelled. Moreover, some Indian banks do not offer such international transactions.
Many SafeMoon patrons are disappointed with the 10% portion that would be taken from each transaction. Some of the original contributors also derided this “price sliding” measure. With all this in mind, it’s worth considering an alternative. So here “a little” goes a long way to securing your Lunar Currency.
SafeMoon is under the jurisdiction of Binance Smart Chain. SafeMoon crypto cannot be obtained through regular cash purchases. Instead, one should buy Binance cryptocurrency and later exchange it for SafeMoon assets.
Traditional methods of buying Safemoon Coin
To begin with, it is necessary to have an account created on the Binance platform in order to be able to use the decentralized exchange, the PancakeSwap platform. The integration of the Safemoon software wallet with Binance Smart Chain will follow. Trust Wallet and Metamask are recommended.
Safemoon Token Purchase Checklist
160 hours
Create an account on the crypto exchange platform Binance (BSC)
Transfer ETH to Binance Exchange account
Convert ETH to Binance Coin in your Binance account
Create an account on TrustWallet/ MetaMask soft wallet
Integrate BSC with TrustWallet/ MetaMask
Add SafeMoon to TrustWallet/ MetaMask
Transfer Binance Coin (BNB) from Binance to TrustWallet
Use PancakeSwap to exchange BNB for SafeMoon
SafeMoon transferred to TrustWallet/ MetaMask wallet
How to buy Safemoon on Pancakeswap?
PancakeSwap Exchange is a more conventional way of exchanging cryptocurrencies. The process is not that complicated though. Just follow the instructions below and you should be safe as home.
How to use PancakeSwap Exchange to buy SafeMoon?
- Select “DApps” from the Trust Wallet bottom menu (labeled “Browser” on iPhone)
- Select Pancake Swap from the menu
- Choose the option to exchange Binance coins for SafeMoon
- Select the amount of Binance Coin you want to trade
- Select the desired cryptocurrency by typing SafeMoon in the search bar
- An estimate of the expected amount of SafeMoon you are likely to receive will be provided
- Press “Swap” when you are ready to exchange
- There will be a notice highlighting the implications of trading in SafeMoon (*slippage tolerance-12%). Make sure you agree to it
- You can also go to SafeMoon’s PancakeSwap Exchange page and select your preferred medium of exchange.
* Slip tolerance is a setting for the amount of price slip you are willing to accept for a trade. It creates a safety net for an accepted token minimum despite price increases or decreases.
Once you are approved to trade SafeMoon coins, you will be prompted to purchase Binance Coin (BNB). These tokens will have to be exchanged for SafeMoon, it is advisable to buy as much BNB as needed to invest in SafeMoon.
Buying SafeMoon using the above method will probably be the least easy.
How to use TrustWallet to buy SafeMoon?
After activating your Pancakeswap account, create a software wallet account that is compatible with Binance Smart Chain. You can download the Trust Wallet application from the Play Store. The application works on both mobile and desktop versions without problems. After installation, select “Create a new wallet” if you are using the app for the first time.
Trust Wallet will provide a recovery passphrase that should be carefully guarded. A recovery key can help you get your crypto stash if you lose access to your wallet. It goes without saying that you should not disclose the key to any third-party sources.
Buying Binance:
- Use Binance Coin (BNB) to start buying cryptocurrencies
- Select “Smart Chain” on the home screen. It can be found in the list section
- Go to the Binance Coin page
- Select “Buy”
- Enter the amount in the desired currency* of your choice
- Enter your payment information and confirm your purchase by verifying your identity
- * There are restrictions in some Indian banks when buying cryptocurrencies. I recommend you try MasterCard or Visa linked to an international bank like HDFC or Kotak.
How to buy Safemoon on Binance Smart Chain?
Other options like Coinbase do not actively support SafeMoon. Nevertheless, there are other alternatives. Using Binance Smart Chain to acquire SafeMoon is a recommended choice.
Steps to Buy Safemoon on Binance Using Binance Smart Chain Wallet:
- Once you get to the Pancake Swap Exchange, select “Trade” and select “Swap”
- You will need to link your wallet first. A notification will appear confirming your exchange.
- Link your wallet by selecting the “Link” option at the bottom of the webpage
- Exchange your Binance coins for SafeMoon by entering the desired amount
You can try other options, however, the transaction might be a little easier if you went with Binance (without unnecessarily delaying your purchase).
How to buy SafeMoon in India?
Getting some cryptocurrency in India is still a bit of a gray area. As a result, questions regarding the legitimacy of the purchase are only to be expected. Nevertheless, crypto trading and purchases definitely have a lot more patrons.
However, both the RBI and the Government refuse to recognize crypto as legal tender. Regardless, there are no fixed laws that prohibit crypto trading. They have potential asset value, and because they can be traded online, they are an asset class.
In short, you are not breaking the law in any way by trading cryptocurrencies. Moreover, the Government could soon adopt a proposal to regulate their work. There is, of course, the caveat emptor stamp. Cryptocurrency can be somewhat volatile due to its decentralized and inconsistent nature; watch out.
Preferred Crypto Wallets in India
It would be wise to opt for a wallet that has seen some degree of success in India. So using American Robinhood or CashApp to do your crypto transaction can be a bit frustrating. Here is our compilation of crypto wallets in India that might help you out.
- WazirX
- Zebpay
- Trust Wallet (also our pick)
That concludes our mini guide to getting to know SafeMoon. However, if you’re interested in more details on how cryptocurrency can be turned into money through local bitcoins, head straight here.
If you found this article useful, let us know below. For more similar content, visit us here.
Categories: How to
Source: newstars.edu.vn