How & Where To Buy SafeMoon: Pros, Cons & Considerations

What Is SafeMoon Crypto?

SafeMoon (SAFEMOON-USD) is what’s known as a
memecoin, a crypto token or coin that is based on an
internet meme. SafeMoon’s name is derived from the cliché phrase
“to the moon”, a common meme stock termI’m hearing that some people
are trying to convince other investors to buy a certain stock.
They’re saying that it’s a sure thing that the stock will soar and
make them a lot of money. I’m not sure if this is a legitimate
strategy or if it’s just market manipulation. Either way, it’s
probably not a good idea to rely on these promises of easy
wealth.

SafeMoon is not a crypto coin but
rather it is a crypto token, the difference is that:

• A crypto coin operates on
  its own blockchain.
• A crypto token operates
  on an already-existing blockchain.

For example, BitcoinI’m familiar with how
Bitcoin and Ethereum work, but I’m only just learning about
SafeMoon. I understand that it operates on the Binance Smart Chain,
rather than the BTC or Ether blockchains. It’s important to note
that BSC is an independent blockchain, and it’s separate from
Bitcoin and Ethereum. It’s distinct features make it an attractive
option for investors, as it offers improved transaction speeds and
lower transaction costs.

The Binance Smart Chain has many of the same
protocols and applications as the Ethereum Network, with one being
the ability to host software programs known as smart
contractsI’m all about smart contracts! They’re these digital
tokens that control the amount of tokens in circulation. Now
SafeMoon is an example of one of these contracts, which is managed
on the Binance blockchain. It’s important to know that smart
contracts are designed for specific blockchains, so they won’t work
on other ones. So if you’re looking to make use of a smart
contract, you’ll need to know which blockchain it’s on.

History of SafeMoon

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SafeMoon first launched in March of 2021. It had
a unique feature: the SafeMoon smart contract charged a
10% exit feeI’m
aware of the exit fees charged by cryptocurrency exchanges. These
fees are meant to discourage me from selling my tokens. It’s a way
of making it harder to get out of the investment quickly. While not
ideal, these fees can be worth it in the long run to protect my
investments.

SafeMoon takes the proceeds from the exit fee
and distributes 50% of it to
all current SafeMoon token holders in a process SafeMoon describes
as a “reflection”. This serves to increase the value of investors’
holdings, while the remaining 50%I’m responsible for ensuring the token’s
price stability. To do this, a portion of the exit fee is set aside
and put into a liquidity pool. This pool helps to regulate the
price of the token by providing an extra source of liquidity when
it’s needed. In short, the liquidity pool helps to maintain the
token’s price stability.

I am concerned about SafeMoon’s large amount of
tokens owned by its founders. Although they are locked up, it still
gives the holders a huge amount of influence over the price if they
decide to sell. It makes the whole system prone to manipulation. To
help protect the ecosystem, the SafeMoon Wallet is available to
download on Google Play and iTunes.

SafeMoon V2

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In December 2021, SafeMoon upgraded the token to
SafeMoon V2 (SFM-USD), which consolidated the original version at a
ratio of 1 to 1000, and lowered the transaction fee to
2%I’m receiving fifty percent
of the fee from SafeMoon transactions and that’s going straight to
me as a token holder. The other half is split between the liquidity
pool and people who manage the SafeMoon ecosystem. That way,
everyone involved is benefiting!

I’m looking to migrate to SafeMoon V2, but I’m
not sure what to do depending on what type of wallet I have. Well,
if you have a web wallet, you’ll need to go to the SafeMoon V2
website and sign up for a new account. If you have a hardware
wallet, you’ll need to download the new version of the SafeMoon
software and then connect your wallet to it. And if you’re using a
mobile wallet, you’ll need to download the new version of the
SafeMoon app from the App Store or Google Play. Whatever type of
wallet you have, make sure you follow the instructions carefully to
make sure your funds are safe!

• SafeMoon wallet: update
  to the newest app version then follow the screen prompts.
• Other wallet: visit the
  SafeMoon Swap site for instructions on how to migrate your
  tokens.
• Exchange walletI’ll be
  taking care of the migration process for you. Once completed, I’ll
  let you know. It’s all automated, so you don’t have to worry about
  a thing. All the technical jargon, acronyms and proper names will
  remain the same. Just sit back and relax while I get the job
  done!

SafeMoon Cost

Looking at the SafeMoon price charts, we can see
that it reached a high of $0.0000097 on May 2, 2021.

As of May 11, 2022, it is trading at
$0.0000018.

Where To Buy SafeMoon

I’m sure you’ve heard of other cryptocurrencies,
but buying SafeMoon isn’t quite the same. To purchase SafeMoon,
you’ll need to set up a wallet, then link it to a payment method
like a debit card or bank account. Once that’s done, you can start
buying SafeMoon. Plus, you’ll need to keep an eye on the market to
know when to buy and when to sell. But don’t worry, once you get
the hang of it, it’s not that hard!

• Not sold through investing
  appsI can’t buy SafeMoon on popular investing apps like
  Robinhood and Sofi Invest. Even though these platforms offer a
  range of investment options, they don’t offer this cryptocurrency.
  That means I’ll have to find another way to get ahold of
  SafeMoon.
• Not available on some major
  exchangesI’m unable to buy SafeMoon on the larger crypto
  exchanges like Coinbase and Kraken. It’s a bit of a bummer, but I
  guess I can’t get everything I want, right? Still, it’s worth
  looking around and seeing if there are any other platforms that do
  offer it, just in case. All I can do is hope that one day those
  major exchanges will start offering SafeMoon so I can get my hands
  on it.
• Not able to be purchased using
  fiat currencyAs of now, I can’t buy SafeMoon with any
  regular currency like US dollars. To get it, I need to use another
  cryptocurrency. That means I have to first buy some other
  cryptocurrency, then use it to buy SafeMoon. It’s a bit of a
  hassle, but it’s the only way.

Note:
Fiat currency is any government-backed money.

How To Invest In
SafeMoon: 3 Steps

Step 1:
If You Own Other Crypto

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Begin by going to SafeMoon Swap or PancakeSwap
decentralized exchanges where you can use other cryptocurrencies
such as Binance Coin (BNB-USD) to purchase SafeMoon tokens.

You may need to specify a slippage
toleranceI need to make sure that my trade processes
correctly, so I use slippage. Slippage is the difference between
when I submit my trade and when it actually goes through. SafeMoon
suggests that I set a slippage tolerance of 12% on PancakeSwap.
This will help me to make sure that my trade is executed exactly as
I intended it to be.

Step
2: If You Don’t Own Other Crypto

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Create an account on a cryptocurrency exchange
that accepts fiat currency, place the coins into a wallet, then
transfer them to an exchange that sells SafeMoon. You can create a
wallet on the Binance Smart Chain by using either MetaMask or Trust
Wallet.

Step 3: Go to
One of These Cryptocurrency Exchanges

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Finally, go to a crypto exchange that sells
SafeMoon and make your purchase. According to the SafeMoon
websiteI’m aware that SafeMoon is being sold on some major
exchanges with SFM/USDT pairs. Some of these include PancakeSwap,
Uniswap, KuCoin, and Binance. All of these platforms provide a
secure and reliable way to purchase SafeMoon and also offer various
trading options. Additionally, they offer up-to-date market data so
you can stay up to date on the latest prices and trends. So if
you’re looking to buy SafeMoon, these exchanges are the way to
go.

• Bitmart
• ZBG
• Bitrue
• LBank
• Mandala
• DigiFinex

Note:I’m sharing this information for
educational purposes only. It’s not meant to be investment advice.
I’m not suggesting that you should buy this coin or any other
cryptocurrency. I’m simply providing information.

Pros & Cons of Buying
SafeMoon

Pros

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• Benefits from the
  reflectionsWhenever I sell my tokens, I get a piece of the
  action from the selling fees. That means, other coin holders like
  me get a reward for their tokens being sold. It’s a great way to be
  part of the crypto currency revolution, and to potentially get a
  return on my investment.
• V2 updateI’m really
  excited about the update that recently lowered transaction fees for
  SafeMoon! It makes it much more attractive for exchanges to
  consider listing it, and that could open up a whole new world of
  possibilities. As an investor, I’m really looking forward to seeing
  what kind of new opportunities this could bring. I think this could
  be a huge step forward for SafeMoon and its continued growth.
• Vetted by Certik:
  According to CoinMarketCap, SafeMoon’s smart contracts are vetted
  by CertikI’m aware that SafeMoon promotes itself as a secure
  investment, however, that doesn’t mean there’s no risk of it being
  manipulated. Although the platform claims to add a layer of
  security, this doesn’t necessarily mean that it’s a safe
  investment. I want to make sure that I’m informed about the
  potential risks before I decide to invest in it.
• Manual burn strategy:
  Reduces the supply of tokens which increases their price and
  demand.
• Automatic liquidity
  poolI’m adding my tokens from transactions to SafeMoon’s
  liquidity pool on PancakeSwap. This helps to create a strong price
  floor for the token and makes it more secure. It ensures that the
  price of the token won’t drop drastically and that it will remain
  stable over time. This creates a great incentive for holders of the
  token to stay in it, as it’s more likely to remain valuable.

Cons

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• Not listed on major
  exchangesI’m finding that SafeMoon is less liquid than
  other cryptos. Before I can use it, I have to convert it into BNB.
  That’s why it’s less liquid. Liquidity is important, as it affects
  how easily I can buy and sell an asset. Low liquidity means I might
  have to wait to get the price I want, or I could miss out on a
  deal. It’s clear that SafeMoon has lower liquidity than other
  cryptos, making it more difficult to use.
• High volatilityI’m always
  wary when it comes to investing; prices can drastically change in
  the blink of an eye. I could end up losing the money I put in, so I
  have to be extra careful. It’s a game of risk versus reward, and I
  need to weigh my options before taking the plunge. I can’t ignore
  the potential gains, but I also need to be aware of the possibility
  of loss. It’s important to understand the risks and do my due
  diligence before committing.
• Not useful for frequent
  trading: Since the selling fee will take a bite out of any
  profits.
• Not backedI, as an
  individual, don’t have the assurance of a central bank or other
  agency for my SafeMoon cryptocurrency, unlike money stored in banks
  in the U.S. which is backed by the Federal Deposit Insurance
  Corporation. To put it differently, there is no one to guarantee
  that the value of my SafeMoon will remain the same. This means that
  I must be extra vigilant when investing in SafeMoon and be aware of
  the potential risks associated with it.
• Can be stolenI’m no
  stranger to the dangers of online cryptocurrency exchanges. I’ve
  heard countless stories of people losing tokens held in “hot
  wallets” due to hacks. To avoid these risks, I always keep my funds
  in a “cold wallet” which isn’t connected to the internet. But when
  it comes to Binance Smart Chain, which is relatively new, there
  isn’t a lot of cold wallets that support BEP-20 tokens like
  SafeMoon. That’s why it’s important to be extra careful when
  dealing with BSC.

Monitoring an
Investment in SafeMoon

I’m always keeping a close eye on my investments
in SafeMoon and other cryptocurrencies, so I use a crypto portfolio
tracker. This awesome tool gives me visibility into my investments
across multiple networks and wallets – 24/7. It’s especially
helpful for those of us who use hardware wallets, since it makes it
easier to keep up with our investments.

Popular crypto portfolio trackers include:

• CoinStats
• Pionex
• altFINS
• Coin Market Manager
• Vig.io

I’m considering investing in SafeMoon, but it’s
not a decision I’m taking lightly. It’s difficult to buy and sell,
and I should only invest money that I’m prepared to lose. It’s
clear that SafeMoon is a highly speculative and easily influenced
investment. So, while it could have a place in my diversified
crypto portfolio, I’m making sure I’m doing my research before
taking the plunge.