What is safemoon? How to buy it using CoinSpot?
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Nowadays, cryptocurrency is one of the most talked-about topics. You will frequently hear individuals talking about cryptocurrencies, whether they are average folks with no financial history or seasoned investors.
The saying “cryptocurrency is on its way to the moon” became quite well-known and was widely discussed on social media. Safemoon used this sentence as inspiration to create a crypto name, and that is how the brand came to be known. However, Safemoon is one of the cryptocurrencies that is frequently quite difficult and risky to obtain.
Brief Intro – Safemoon
In 2021, Safemoon, a blockchain-based cryptocurrency, was developed in conjunction with DeFi technology. Based on Binance Smart Chain, the token uses the BEP-20 token.
The following are the members of the Safemoon’s team:
- John Karony (Cheif Executive Officer)
- Thomas Smith (Chief Brand Officer)
- Jack Haines (Chief Operating Officer)
- Hank Wyatt (Chief Technology Officer)
- Jacob Smith (Web Developer & Designer)
- Charles Karony (Ecevutive Assistant)
Per the team’s statement, the aim of creating the Safemoon platform is to provide users with an investment opportunity for a longer period.
If you visit the official website of CoinMarketCap, you will find out that Safemoon currently has a $3,774,986 diluted market cap with a USD 24,755.64 trading volume. Moreover, the current market cap of Safemoon is USD 2,119,761.
Safemoon — Working
The center of operation for Safemoon is the BEP-20 token, which functions through a blend of reflection tokenomics and auto-liquidity creation. Also, 400 trillion tokens are burned using the deflationary process.
Ten percent of every transaction made on Safemoon is added as a fee; five percent of this fee is distributed to users who own Safemoon tokens, and the remaining five percent is split in half.
Additionally, using the smart contract feature, the ration is divided in half; the first half is sold into Binance Coin, and the other is paired with Binance Coin and listed on PancakeSwap.
The same method rewards users who hold tokens and deter those who sell them. The primary objective of this system is to keep the token price stable.
Factors that Make Safemoon Different from other Tokens
The following are some of the factors which make the Safemoon token different from other tokens:
Dynamic Rewards
Owners of the Safemoon platform receive benefits of 5%. But the number of tokens allocated depends on how many tokens are traded. The primary justification for this comes from the 5 percent costs added to the 10 percent transaction fee. This lessens the detrimental sell pressure when early buyers sell off their digital assets.
Manual Burning
A manual burn is a token burning tactic typically used to raise the token’s price and demand.
Auto-Liquidity Pool
The self-managed liquidity pool that Safemoon uses works to earn tokens from platform transactions. The PancakeSwap liquidity pool receives these tokens as deposit liabilities of fees. The platform gives itself the opportunity to maintain a healthy token price by using this capability.
SafeEarn
The Safemoon platform has added the SafeEarn feature, which enables token holders to increase their earnings using this feature. With a decentralized design built on Binance Smart Chain, the functionality enables token holders to stake their holdings and earn extra rewards.
Steps to Buy Safemoon Using CoinSpot
In order to purchase Safemoon tokens in Australia, it’s crucial to first have cryptocurrencies like Bitcoin or Ethereum in your wallet. It’s crucial to buy the cryptocurrency mentioned above through an Australian-based cryptocurrency exchange if you don’t already have any. Given this, CoinSpot is among the reputable cryptocurrency exchanges available in Australia.
The steps below explain how to purchase Safemoon token using CoinSpot:
- Signup and make an account on CoinSpot.
- Enter details to verify your account.
- Deposit an amount (in Australian currency) using a payment method.
- Go to the buy/sell page for choosing Bitcoin or Ethereum tokens.
- Buy your preferred token.
- Once you have purchased the token, it will be available in your wallet.
- After the purchase, you can transfer the token to the crypto exchange and buy a Safemoon token.
Is Safemoon Reliable?
The sheer nature of cryptocurrency makes it extremely vulnerable and unstable. Given this, it is crucial to conduct your own research before investing in any crypto coin, regardless of whether it makes a legitimate and trustworthy promise.
Given this, it’s critical to ensure that before making a purchase from profit maximizer app or any other platform, you are knowledgeable about the particular cryptocurrency and have done your research on it.
