According to Safemoon’s white paper, the 10% tax on every sale rewards long-term holders and stabilizes the price. Another key part of Safemoon is manual burns.
What this means is that the Safemoon team will regularly burn tokens and reduce the supply, which is intended to raise the price.
Over 400 trillion Safemoon tokens have been burned so far, counting the first 223 trillion that was burned before launch.
Many crypto enthusiasts are skeptical about Safemoon because it doesn’t have any use cases or advantages over other cryptocurrencies. Safe moon has gotten by on popularity so far, but that’s not a recipe for long-term success.
The cryptocurrencies that stick around are the ones that have a specific purpose or have a competitive advantage.
Safemoon is one cryptocurrency that sets a rage in the market. This new altcoin has proved to be an interesting buy in the cryptocurrency market.
While the process to buy Safemoon on many cryptocurrency exchanges is pretty simple, many people wish to know precisely how it’s done on Bitmart.
This article provides a full guide on what Safemoon is, and how you can buy safe moon on bitmart.
What is Safemoon?
Safe moon, though popularly known for its high volatility, is a newcomer to the cryptocurrency world. The token was created in March 2021 on the Binance Smart Chain blockchain.
This altcoin has high transaction fees of 10% with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin’s authors and social media hype, necessary for people to buy, and more buyers mean a lot of money for investors.
The slogan of SafeMoon, “Safely to the moon”, derived from the phrase “To the moon”, meaning “to quickly rise in price”. The CEO of SafeMoon is John Karony, a former analyst for the United States Department of Defense.
Safe moon, like well-known crypto coins like Bitcoin and Ethereum block chain’s Ether, is based on distributed ledger technology and was created in March 2021 on the Binance Smart Chain blockchain. Safemoon’s creators say it was designed to encourage long-term investment.
Half of the 10% charged during transactions is shared among long-term holders, and the other to a liquidity pool that is intended to stabilize the price of Safemoon. Safe moon gained huge popularity as there was nobody in the crypto world that did not know about safemoon.
Due to its popularity, SafeMoon has been regarded by some as a “Ponzi” scheme, an allegation that SafeMoon’s CEO emphatically denies.
According to Vice, between March 14 and April 21, 2021, SafeMoon increased in value by 23,225% following celebrity endorsements from musicians Lil’ Yachty and Nick Carter and YouTuber Logan Paul, social media hype, new exchange listings, and retail investors.
SafeMoon has announced plans to launch its blockchain, cryptocurrency exchange, hardware wallet, and macro Internet of things infrastructure on its blockchain.
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What Should You Consider When Buying Safemoon On Bitmart?
With cryptocurrency, like stocks, do your research and know the actual reasons why you want to buy into a token.
You should consider the founders, the charts, the risks, and the benefits of buying a coin. You can buy safe moon on bitmart.
The factors you should consider are-
- When buying safe moon on bitmart, you should be ready to lose your entire investment. With cryptocurrency, the market fluctuates, and you can lose your money.
- Also, you should consider the volatile nature of safemoon. Since its introduction, the price of Safemoon has been extremely volatile, rising over 20,000 percent before tumbling over 80 percent recently. Because cryptocurrencies have no underlying value, your return is based on what you can sell it for to someone else.
- You must also consider the regulations revolving around Safemoon. Since governments understand the impact of cryptocurrency, they have set up regulations to control these impacts. Regulation could also come as higher tax rates on cryptocurrency gains.
- Consider the long run. The name Safemoon seems to have been chosen to capitalize on the current mania by conveying an asset that is safe and “going to the moon,” rather than having a real underlying purpose.
- Finally, consider the liquidity. If you want to get in or out of Safemoon quickly, that they discourage selling through the 10 percent fee could challenge liquidity.
See Also: Best Bitcoin Debit Cards Of 2023
What is Bitmart?
Founded in 2017, Bitmart is a centralized cryptocurrency exchange now considered one of the most secure cryptocurrency exchanges in the world. It is an exchange where you can buy Safemoon, and it currently has over 5 million users worldwide.
Many people use this exchange for up-and-coming coins because this platform lists many of the new cryptocurrency coins that are yet to join any exchanges around the world. In addition, the exchange also has almost 300 and more cryptocurrencies to trade anytime.
Bitmart is available in over 180 countries worldwide. They specialize in bringing newer coins to people as quickly as possible to make cryptocurrency open to the public as soon as possible. Their goal is to ensure financial freedom to all classes of society by granting them access to many investment opportunities available in the world.
Although it is headquartered in New York, it has branch offices in Greater China, Seoul, and Hong Kong.
On the BitMart home page, you would see ‘Top Coins’ and ‘Top Gainers.’ This is how you know you are on the legitimate BitMart site. As for trading fees, BitMart charges a flat fee of 0.25% as maker and taker fees are merged into one.
How to Buy Safemoon on Bitmart
Before now, you could only buy Safemoon was through the trust wallet only. However, Bitmart has adopted Safemoon and is now offering its customers better and streamlined access to buy this crypto token by offering exchanges in other stable coins as well.
The steps you should take when you have considered buying safe moon on bitmart and want to take the steps are:
#1. Create a Bitmart Account
The first step you should take is to create a Bitmart account. Unlike most other exchanges, whether you are using an iOS or an android, you can comfortably create a bitmart account without worrying about compatibility.
All you need to do is to go to the app store or play store as the case may be, then download the app.
The process for this is:
- Download the app
- Create an account using your email id or phone number, or both
- Verify your identity by providing your government-issued financial or any other identification proof.
- After you have been verified, you are now sure that you can comfortably buy and sell any cryptocurrency on Bitmart.
Related Article: How to Buy Bitcoin with Credit or Debit Card
#2. Fund Your Account
After you have set up your account and verified your identity, the next thing you should do is to fund your Bitmart account.
Funding your account is:
- Click on ‘Spot’ at the bottom of the home page and you would be taken to another screen. The main trading screen can intimidate for a first-timer, but it has all the necessary information you would need.
- You will see the “Buy and Sell” option on the upper left corner of the main screen. Click it.
- After you have clicked it, you will be redirected to a page where you can buy bitcoin, Ethereum, and other stable coins of your choice. You can also use anything from US Dollar, UK pound sterling, Japanese Yen, and Indian rupee. Whatever currency you choose, the rate of the amount required would be shown to you in that currency.
#3. Buy USDT
Once you are on this page, buying a Tether coin, commonly known as “USDT,” is highly recommended using your country’s fiat currency.
Tether is a stable coin that is tied to the US dollar. One Tether is always equal to one of the US dollar. If you wish to buy Safemoon, the Tether is your best option to buy it on Bitmart.
Using this coin would be ideal for exchanging Safemoon tokens whenever you please. You should use stable coins when buying other cryptos, as they will not fluctuate much.
To do this:
- In your BitMart account, you can search for USDC or USDT.
- When you have located the coin, look for the deposit button.
- Your deposit address will be displayed when you click on the ‘address’ button.
- The deposit might take a while and not immediate due to the blockchain.
- If you used USDC, you would have to trade it against USDT. This means you have to find the USDC/USDT pair and click on sell.
- If you use USDT, then you do not need to perform any trade in this step.
#4. Trade USDT/Safemoon
After successfully buying USDT, the next step is to trade your USDT for SafeMoon. To do this,
- Go to the market section on the main screen of your BitMart
- Navigate to the search tab and find the Safemoon token.
- Once you have discovered Safemoon, select its option to exchange it with a Tether (USDT). This should be displayed as “SAFEMOON/ USDT.” You can also click on the SFM/USDT pair and place a trade.
- Select this pair and choose the amount of Safemoon you would like to purchase.
- Once you execute your order, you can finally have Safemoon safely deposited in your BitMart account.
This balance can be held in your Bitmart account indefinitely for as long as you like, and you can use it for any other purposes you would want to, including investing and day trading.
Viola! You have purchased safe moon on bitmart.
The most valuable aspect of SafeMoon currently is its branding. Since its inception, SafeMoon has constantly been trending on social media and poses serious threats to major cryptos. High-profile influencers support it.
Endorsements from high-profile celebrities like Dave Portnoy have helped SafeMoon to gain massive popularity. Most types of cryptocurrency are risky investments, but some are much riskier than others.
Because it has no legitimate uses and relies so much on popularity, Safemoon is one of the most dangerous places to spend money. There’s a good chance that Safemoon’s best days are already behind it.
- coingecko.com – Safemoon
- decrypt.co– What Is SafeMoon and Why Are So Many People Talking About Its New Wallet?
- newsweek.com – What Is SafeMoon? How to Buy the New Cryptocurrency
- stilt.com – How to Buy Safemoon
- blockchain-council.org – Everything You Need To Learn About Safemoon, The New Sensation In Crypto World
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