Where to Find SafeMoon Down Under

Token of the cryptocurrency SafeMoon, which was released in the early part of 2021 and is based on the blockchain technology developed by Binance

Throughout the entirety of the year 2021, SafeMoon was able to secure celebrity endorsements from individuals such as sports blogger David Portnoy, rapper Lil Yachty, and YouTuber Jake Paul. This assisted in quickly driving up SafeMoon's value, despite the fact that its price has fallen nearly 90% from its all-time high as of this writing.

The most distinguishing characteristic of SafeMoon is the fact that it levies a fee of ten percent whenever the token is sold. To put it another way, if you sold $1000 worth of SafeMoon, you would be responsible for paying a fee of $100 on the sale. This is in addition to any fees that you might owe a cryptocurrency exchange for the use of their platform to facilitate the sale.

According to Shaun Heng, vice president of growth and operations at CoinMarketCap, a website that tracks the prices of cryptocurrencies, "the developers of SafeMoon say that this is done to encourage long-term holding, by both discouraging selling and rewarding holders of the coin." CoinMarketCap is a website that displays the prices of various cryptocurrencies.

A "reflection" is a type of distribution in which SafeMoon takes the proceeds from all sales fees and distributes 50% of those proceeds to token holders who already have tokens. The remaining fifty percent of the fee is put into a liquidity pool that SafeMoon utilizes to ensure that prices remain stable.

Aside from serving as a decentralized vault for value, SafeMoon does not have any other unique applications. In contrast to Ethereum, it does not serve as a platform for the execution of any automated contracts or decentralized applications.

In December of 2021, SafeMoon introduced an improved iteration of the token that was referred to as SafeMoon V2. The new token plans to consolidate the older version at a ratio of one to one thousand, and it will significantly reduce the costs of conducting transactions.

Take note that individuals who keep their original SafeMoon tokens in cryptocurrency wallets will not have their coins automatically migrated to V2 when the upgrade occurs. To move their SafeMoon tokens over to the V2 platform, wallet holders will need to manually transfer them.

Changing holdings to V2 is a simple process. Users of SafeMoon Wallet should make sure they have the most recent version of the application and then follow the instructions for consolidation. Users who have cryptocurrency stored in wallets of any other type should visit the SafeMoon Swap website to consolidate their holdings.

There is no action required on your part if you have SafeMoon tokens held on an exchange; the exchange will handle the migration process and notify you when it is finished.

A new transaction fee of 2% has been implemented for SafeMoon V2. As in the previous iteration, current token holders receive a share of the fee equal to fifty percent. The remaining fifty percent is distributed between the SafeMoon liquidity pool and the various managers of the SafeMoon ecosystem as a whole.

There are a few obstacles that must be overcome in order to acquire SafeMoon, the most significant of which for newcomers is the fact that the only way to pay for purchases of SafeMoon in Australia is with other cryptocurrencies. This is due to the fact that it is not currently listed on the vast majority of exchanges that deal in fiat currency, such as dollars.

This brings up another one of SafeMoon's challenges, which is the fact that major exchanges such as CoinBase and Kraken do not support trading in SafeMoon. In the United States, it is also unavailable on trading apps such as Robinhood.

To acquire SafeMoon, one must first use the company's in-house cryptocurrency exchange, known as SafeMoon Swap, to exchange other cryptocurrencies, such as Binance Coin (BNB), for SafeMoon tokens.

If you do not already possess cryptocurrency, it is highly likely that you will need to open an account on another exchange that enables you to trade dollars for coins. You can do this with a number of the choices that Forbes Advisor has made for the best cryptocurrency exchanges.

After that, you will be required to remove the coins from the exchange, store them in a wallet that you have downloaded, and then move the coins from the wallet to an exchange using SafeMoon.

Due to the high volatility of the SafeMoon price, investing in this cryptocurrency is fraught with peril because the price can move wildly in either direction. This is true of every cryptocurrency; however, if you decide to sell your SafeMoon, in addition to the loss you would incur from the value of your investment, you would also suffer an additional 10% loss due to the selling fee.

Because of the sizeable fee that must be paid whenever a trade is completed on SafeMoon, frequent trading is not recommended for use with this exchange. In addition, because it is not listed on major exchanges, SafeMoon is less liquid than other cryptocurrencies, and it is more difficult to convert it into fiat currency. For instance, you must first convert it to BNB before you can turn it into cash.

According to Jeremy Britton, the Chief Financial Officer of Boston Trading Co, a cryptocurrency investment fund, a major red flag is the fact that SafeMoon is not listed on any of the major exchanges. "After conducting the necessary research, the exchanges have determined that the project is deficient. Ignore the advice of the specialists at your own peril, he warns.

SafeMoon has the potential to go viral as a memecoin, and if that happens, the value of the cryptocurrency could skyrocket to the moon, just like its name does. Consider, for example, what transpired with Dogecoin in 2021: The value of the cryptocurrency skyrocketed by more than 200 times in a matter of months, and all it took was word of mouth and the considerable backing of Tesla and Twitter CEO Elon Musk.

You will gain additional benefits from the reflections if you intend to keep your SafeMoon holdings for an extended period of time. These benefits include receiving a portion of the fee that is incurred whenever other people sell their tokens. When you hold most other popular cryptocurrencies, the only way to make money is if the price goes up, so this is a financial incentive that you won't get from holding bitcoin.

In addition, SafeMoon's most recent iteration, SafeMoon 2, was released. Because the 0 update reduced transaction fees, it may become more appealing to exchanges in the future and for other uses as well.

Before investing in SafeMoon, you need to ensure that you have the stomach for short-term losses because it is a long-term investment that carries a moderately high level of risk.

Even so, Britton is not completely sold on SafeMoon as an investment opportunity. He says, "I would suggest that anyone considering SafeMoon should either run away screaming or do some due diligence and then run away screaming." "I would suggest that anyone considering SafeMoon should either run away screaming or do some due diligence and then run away screaming."

However, this does not imply that you should completely avoid cryptocurrency. "Rather than putting your money at risk on a token that is difficult to buy and may become impossible to sell, consider a coin that is in the top 20, listed on all major exchanges, or invest in a diversified crypto fund." "Rather than putting your money at risk on a token that is difficult to buy and may become impossible to sell." It will be simple for you to exit your position when you need to sell because major recognized names and a reasonable amount of market liquidity are both present," he says.

In the event that you do choose to purchase SafeMoon, you must ensure that any money you spend on it is money you can afford to lose.

This article does not constitute a recommendation of cryptocurrency as an investment class, nor does it offer support for any specific cryptocurrency, broker, or exchange. Nor does it offer any endorsement of any particular cryptocurrency.