There are a lot of controversial ideas and comments regarding cryptocurrencies. Many influencers and investors like Warren Buffet have made numerous negative statements in the past regarding the credibility of this market, calling it a scam and a fraud. These comments inflicted fear upon the masses and this caused the market to be denied by many.
However, everything started to change as they got more and more attention. In addition, huge investments were made from the people who believed in the market, causing the market to grow rapidly. Even though volatility was also considered a red flag for many investors, those who HODLed onto their tokens through all the dips were left with enormous gains.
This year, thousands of new cryptocurrencies and tokens have joined the market. Moreover, 2021 has been the most fruitful year for the crypto market whose capitalization surpassed the $2 trillion milestone for the first time ever.
One of the new crypto tokens that joined the market this year is SafeMoon – a revolutionary DeFi token.
What is SafeMoon?
SafeMoon is the first reflective token to ever join the market. It entered the market in March 2021 and mooned just some days after joining it. According to CoinMarketCap, SafeMoon experienced a 2,000,000% increase on a 30-day period. This growth was never seen in the market, and it literally made people millionaires.
At first, SafeMoon was considered to be a scam because of its sketchy founders and tokenomics. The token has a total supply of 1 Quadrillion and fines a 10% tax to anyone who tries to move their tokens around. The tax is believed to serve as an encouragement for people to hold onto their tokens for as much as they can. Moreover, half of the tax is reallocated as rewards to SafeMoon holders – hence comes the concept of reflection.
Related: SafeMoon Tokenomics – How Does SafeMoon Work?
Similar to the Proof-of-Stake (PoS) mechanism, reflections also reward people who keep their tokens. Nevertheless, to receive rewards in a Proof-of-Stake network, you are required to lock your crypto. This is not the case with reflections where simply owning tokens of a specific kind makes you eligible for rewards.
So, how do I buy SafeMoon if I live in Europe?
How to Buy SafeMoon in Europe?
Lately, SafeMoon has been quite open to crypto innovations, being one of the first political entities to begin works for accepting them legally. Moreover, Sweden, a country in the European Union, is considering its own cryptocurrency. The tokenomics of this currency have yet to be decided, however, it is likely that its name will be e-Krona. That being said, buying cryptocurrencies in Europe is way easier than in most places.
Without further adieu, let us begin explaining the process of buying SafeMoon in Europe.
Step 1: Create an Exchange Account
SafeMoon is available in just a few exchanges, therefore, your choices are quite limited. At the time of writing, you can buy SafeMoon in Gate.io, BitMart, PancakeSwap, and HotBit. There are some other smaller exchanges that can be used for buying SafeMoon but they lack liquidity. We highly suggest you use BitMart or Gate.io because they are more credible than most exchanges.
For this example, we will use Gate.io because of its simple interface and high liquidity of SafeMoon markets. Simply go to the gate.io website and create an account. To do so, you will need to provide your name and email.
Step 2: Fund Your Account
Funding your account is quite easy in Gate.io. There are several ways to fund your account, however, Gate.io offers direct Bank Transfers or payments through a Debit/Credit card. Depending on the scale of your investment, choose wisely. We recommend you use a debit/credit card for depositing under $1000, while a Bank Transfer for anything bigger.
For SafeMoon, a debit/credit card transaction should be fine.
Step 3: Buy SafeMoon
Now that you have deposited funds onto your account, you are all set to buy SafeMoon. To do so, all you have to do is go to “Markets”, find a SafeMoon market pair and process with the trade. We suggest you use USD Tether since it is one of the most credible stable coins. So, go to SAFEMOON/USDT and proceed with buying as much SafeMoon as you are interested in.
Also Read: How to Buy SafeMoon in Asia – A Detailed Guide
Takeaways
- The cryptocurrency market was considered a fraud by many when it first caught the attention of the public.
- Today, big influencers and investors have turned in favor of this market and are continuously investing in it and promoting it.
- SafeMoon is a BSC-20 reflective token that joined the market in March 2021.
- This token caught the attention of everyone because of their amazing marketing done through social media.
- If you live in Europe, you can buy SafeMoon easily through Gate.io. Simply open an account, fund it, and proceed to purchase SafeMoon tokens.