This year has been crazy for the whole cryptocurrency market which experienced one of the biggest bull runs ever, and we are just entering the fourth quarter of 2021. As we move towards the end of the year, the market is expected to experience another bull run – one biggest than the previous.
The previous bull run was quite interesting, with thousands of new cryptocurrencies and tokens emerging from the shadows and accumulating billions of dollars as market capitalization. One of the most hyped tokens that joined the market this year is SafeMoon – the first-ever reflective token.
What is SafeMoon?
What makes SafeMoon interesting is its weird tokenomics. First off, SafeMoon has a total supply of 1 Quadrillion – a supply so huge that it cannot be compared to the supply of projects like Bitcoin or Ethereum. Secondly, every SafeMoon transaction came with a 10% tax. The reasoning behind this tax is quite comical, with its team claiming that this tax is supposed to serve as an incentive for people to hold (HODL) onto SafeMoon tokens for as long as possible. Last but not least, SafeMoon introduces the concept of reflections. This concept is very similar to the Proof-of-Stake (PoS) mechanism, but with a few tweaks. You do not need to actually stake your SafeMoon for them to grow in number; all you have to do is own them and you will receive airdrop rewards.
One major issue with SafeMoon is buying it. SafeMoon was not listed in any major cryptocurrency exchange when it first rolled out, and the process of buying it was quite complicated. Even though buying SafeMoon today is way easier than months ago, there are still some tweaks to it. Considering that SafeMoon has yet to be listed in major exchanges such as Binance, Coinbase, or Kraken, we made a detailed guide to help you out.
How to Buy SafeMoon in Asia?
If you live in the United States you may have experienced all the hype around SafeMoon during March-April 2021. The token experienced huge growth, making people millionaires. However, it dipped not long after it reached its current all-time high. Even though its price decreased, the SafeMoon hype is all over the crypto space. Lately, SafeMoon has launched its long-awaited wallet. That being said, we will guide you through the process of buying SafeMoon in Asia using the SafeMoon Wallet.
Step 1: Create a wallet
To begin with, you will have to download the SafeMoon Wallet application for Android (Click here) or iOS (Click here). After doing so, you can create a new wallet or import one using your Recovery Phrase. To continue, you must agree with their Terms & Conditions.
Afterward, you will be handed out a recovery phrase and you will be asked to write that down somewhere safe. We recommend you write the phrase on paper and store it in a safe place. To finish the process of creating a wallet, you will be asked to set a login password.
Step 2: Purchase BNB or ETH
Now that you have successfully created a wallet, you have to purchase Binance Coin (BNB) or Ethereum (ETH). The SafeMoon uses Wyre to make it possible for its users to buy cryptocurrencies directly from the SafeMoon Wallet. However, considering the gas fees that come with using Ethereum, we highly suggest you use BNB to buy SafeMoon.
Step 3: Swap BNB/ETH for SAFEMOON
After buying BNB, you are all ready to get your hands on some SafeMoon tokens. To finalize this process, simply go to the “Swap” sector and select the token you want to swap for SafeMoon. As we mentioned before, we recommend you use BNB because of its low fees. To choose BNB, you have to press on “Select Token” and choose the BSC-20 network. On the other hand, if you want to buy SafeMoon using ETH, simply press on “Select Token” and choose the ERC-20 network.
Now simply enter the amount of BNB/ETH you want to swap for SafeMoon and press on “Swap”.
Step 4: Hold On for Dear Life!
To wrap it up, all you have to do is HODL. Considering the potential of SafeMoon, and its low market capitalization, holding may be the best option right now.
Also Read: SafeMoon Price Prediction 2021 and Beyond – Is SAFEMOON a Good Investment?
Takeaways
- SafeMoon almost entered the top 10 cryptos regarding market capitalization in April 2021.
- SafeMoon is the first-ever token that uses the concept of reflections.
- Buying SafeMoon has gotten easier as the project matured. When it first rolled out, the best option to buy SafeMoon was through PancakeSwap.
- Today, you can buy SafeMoon in numerous ways – you can even buy it on Gate.io.
- To buy SafeMoon in Asia, simply download their official wallet, create a wallet, buy BNB or ETH, and swap it for SafeMoon.