SafeMoon is an unassuming newcomer to the cryptocurrency market. It’s well-known for its extreme volatility, high transaction costs of 10%, and social media buzz. SafeMoon, like other major cryptocurrency coins such as Bitcoin and Ethereum, as well as blockchain’s Ether, is based on distributed ledger technology. It will be released in March 2021 on the Binance Smart Chain blockchain.
SafeMoon’s creators claim it was created to encourage long-term investment. Unlike Dogecoin, ShibaInu Coin, and a variety of other cryptocurrencies that appear to be either absurd or untrue at first glance, a portion of what is charged during transactions is distributed among long-term owners, with the remainder going to a liquidity pool designed to stabilise the value of SafeMoon.
Since the cost of investing in SafeMoon dates back to previous shareholders, SafeMoon has been regarded by certain people–including one SafeMoon investor–as being a “Ponzi” scheme–an accusation that the CEO of SafeMoon strongly rejects.
The creators of the project claim they created SafeMoon to be a long-term investment and that the transaction fee of 10% is deliberately excessive to discourage users from selling their coins and encourage long-term hoarders.
SafeMoon is regarded as one of the more risky investments in the cryptosphere. Similar to ShibaInu, Safemoon does not have a specific usage and its value comes entirely from other investors who invest in it. That’s the reason why some have branded SafeMoon as a “shitcoin.”
SafeMoon Cryptocurrency: How Does It Work?
As with other cryptos like Bitcoin and Ethereum, SafeMoon is powered by a technology called a ledger, also known by the name of a blockchain. SafeMoon is built upon the Binance Smart Chain (BSC) blockchain. It has a market cap of over 865 million as of September 24, 2021, as compared to 834 billion in Bitcoin (CoinMarketCap).
Security firm in the blockchain industry, CertiK, audited SafeMoon and discovered that the owners buy currency from the pool of liquidity, which allows them to control the tokens generated through the fees. In its report, CertiK identified this part of SafeMoon as a major problem, and recommended improvements to its security measures.
SafeMoon developers manually decrease the quantity of SafeMoon available to decrease the quantity and boost the cost. The price increased shortly after the launch in March and reached an all-time record (ATH) of $0.000014 on April 20th (CoinMarketCap). However, the price has dropped by roughly 80% since then.
How to Mine Safemoon Cryptocurrency
Safemoon crypto cryptocurrency mining is the process of adding fresh or new complete transactions to the cryptocurrency currency blockchain. Safemoon cryptocurrency mining can be described as the process of creating new Safemoon crypto through solving math or puzzles. It is made up of computers that are equipped with special chips to solve physical, mathematical, and mathematical puzzles.
The first cryptocurrency Safemoon Crypto miner such systems are known to solve a problem or puzzle and are delighted (rewarded) by Safemoon cryptocurrency cryptocurrencycoinmarketcap stock, news, Wallet Calculator, Power Mining Software Website.
With Crypto Safemoon cryptocurrency mining, you are able to earn Safemoon cryptocurrency without needing to pay to get it. Safemoon crypto miners accumulate crypto currency as an incentive for completing “blocks” of verified transactions that add value to the Blockchain Gpu Rig Process.
· Is it safe?
With all the buzz about the new cryptocurrency, there’s a valid reason to ask whether it’s safe. Some analysts have concerns about SafeMoon. In contrast to other cryptocurrency initiatives, SafeMoon doesn’t actually do anything. Its primary goal appears to be to convince customers to purchase it and increase the cost.
The wallet could attract more customers over the next few months as the wallet gains popularity. While over 100,000 Android users had downloaded the wallet on Google Play by Oct. 1, According to BSC News, the iOS version was launched through the App Store on October 6, and it climbed to the top 10 after just 12 hours. SafeMoon declared in a post.
The most significant criticisms of SafeMoon:
SafeMoon, like other digital currency coins, is a speculation-driven asset that has no intrinsic value. Here are some additional risks worth considering.
Since its inception, its price has been extremely volatile, rising over 20,000% before plummeting more than 70%.Because cryptocurrency coins do not have intrinsic value, the amount you earn is contingent on the amount you paid and how much you could trade them for.
Cryptocurrency currencies are still in their infancy, and governments are only now learning about their significance and potential.China has restricted cryptocurrency trading due to the risk of financial loss they represent, as well as the speculative trading they enable.The higher tax rates for cryptocurrency earnings could be a way of regulating them.
For those who want to move in or out of SafeMoon quickly, however, the fact that they do not allow selling through the 10% cost could create a liquidity issue. SafeMoon is traded through Binance and PancakeSwap platforms that allow many crypto coins for trading.
Due to the centrality of the proof of authority, SafeMoon, as with all other tokens listed on BSC, is in essence dependent on Binance. However, all ships tend to rise with the tide. If Bitcoin continues to climb in this current bull market, there’s a chance that SafeMoon will too rise and that other investors with speculative views could push it higher.