This content originally appeared on DEV Community and was authored by Guy Torbet
I'll preface this by saying that this is not financial advice by any stretch of the imagination, furthermore, I have no idea how this whole crypto thing works, so take everything written here with a grain of salt.
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I have always wanted to give day trading a shot, but with so many options, it can start to get overwhelming. I attempted it for the first time a few months ago, and was disappointed - most large markets tend to be slow moving, boring, and require a large investment to make any meaningful returns; this is where crypto steps in. Crypto is generally a lot more volatile than traditional stocks and shares, the price of a coin can plummet or soar in a matter of hours - high risk high reward, I like it.
Now, I'm ashamed to admit this, but in an attempt to decrease the endless boredom of lockdown, I caved and downloaded TikTok. Before long, I had made it onto finance recommendations (for whatever reason). I was scrolling meaninglessly until I discovered a video on the new cryptocurrency "SafeMoon".
Initially, I was sceptical - I mean, how many times have you heard "become an early investor in the next Bitcoin", so I did some more digging. SafeMoon is unique in that it rewards holding the coin for longer periods of time, #HODL if you're THAT cool. Every time someone sells their SafeMoon, 5% of it gets reimbursed to current holders, 5% gets burned, and the rest released back into the pool. This means that when people sell their SafeMoon, your amount increases and the value goes up.
The nature of crypto is that there is a finite amount, meaning the laws of supply and demand apply to it; the more that is bought, the lower the supply is, the higher the price. Given that this specific coin was garnering a lot of attention and therefore demand, the price curve already showed tremendous growth, so I decided to give it a try.
My Attempt
I put in £200 initially, and lost a lot of it. This was partly because it was my first time trying out crypto, I had no idea what I was doing, and spent a lot of withdrawal and transfer fees. But also because Guy Torbet apparently has the power to cripple an entire market under the sheer weight of his presence, because as soon as I figured out how to actually GET SafeMoon, the entire crypto market took a massive dip. Luckily it bounced back the next day.
This wasn't the end of the world, I had seen the potential growth of Aragon ($ANT), invested in it, and it took off - mostly covering my losses. This was a pure fluke, and nothing on what I was expecting to make on my new love, SafeMoon.
Now, when crypto dips, what do we do?
A) call it quits, sell it all, give others a free 5% of our holdings and end up losing money.
B) invest even more while the price is low and hope for the best.
If you picked A, shame on you, you have no place in this HODL cult. If you're a B, firstly, you have balls the size of coconuts, and secondly, please don't put in money that you cant afford to lose.
Now, a major reason why SafeMoon appealed was because of how new it is, it was developed just a few weeks ago, and hence, is not on the open-market or exchanges (yet). This will change in the coming weeks when it gets released more publicly, and should cause the price to skyrocket due to the increased demand for the coin.
As I became more confident in how crypto works, I felt more comfortable sinking a few more dollars into it. There was a huge dip in Polkadot, so I bought some for cheap, and the price has been rising steadily ever since.
There is definitely some safer options (ironically), and crypto can be a very worthy long time investment, but I'm more a low effort big rewards right now kinda guy, so, I said fuck it, and went for it.
How to Buy SafeMoon
- Buy Binance coin ($BNB), I originally used Crypto.com to do this, but bailed due to their extortionate withdrawal fees, I recommend Binance themselves for this, fuck crypto.com.
- Make a Trust Wallet account and transfer your BNB into it.
- Swap your coins to BNB smart chain in the Trust Wallet app.
- Open up pancake swap, connect your Trust wallet, and swap your Binance coins for SafeMoon. It is not officially on the PancakeSwap list, so enter the token (0x8076C74C5e3F5852037F31Ff0093Eeb8c8ADd8D3) or go directly here.
Additional steps: apparently Binance in the US is super duper shit, so you may need to find an alternative exchange to purchase your BNB. Occasionally PancakeSwap will drop an error when swapping to SafeMoon, click the settings icon and set your slipping rate to 11% (or slightly higher if it doesn't work).
I'm not upset about the losses, the way I see it, I invested in learning something new. SafeMoon, and most cryptocurrencies for that matter, is a massive gamble - but I'm gonna continue to hodl until we react the moon!
I like crypto, and will spend more time understanding it and researching, as it becomes more and more mainstream, the returns should only get bigger!
If you have some money to play around with, I'd put a bit into SafeMoon, but nothing that you can't afford to lose. It has massive potential in all aspects, but if you want a more long term investment, keep being an "A" and put your money in the S&P 500 like a normie.
This content originally appeared on DEV Community and was authored by Guy Torbet
Guy Torbet | Sciencx (2021-05-01T12:52:58+00:00) Everything you Need to Know about SafeMoon. Retrieved from https://www.scien.cx/2021/05/01/everything-you-need-to-know-about-safemoon/
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