So all of us are left with the question: how do I buy SafeMoon crypto on Coinbase? Let me explain Safemoon to you first.
If you are kept updated with crypto news, you have often heard about Safemoon in the first half of the 21st century.
If you are interested in day trading, Safemoon’s high volatility and rapidly increasing market cap will pique your interest and increase your curiosity. Additionally, you can also read out How to Buy Luna on Coinbase.
Hence, you’re curious to buy, hold, and capitalize on the next big crypto price rally.
Although we go into depth on how to purchase Safemoon on Coinbase, the short version is that you require to create a Coinbase wallet, purchase and trade crypto like ETH (Ethereum) to your Coinbase Wallet, and use your ETH crypto to swap it for Safemoon on a decentralized exchange like Safemoon Swap or PancakeSwap.
What is Safemoon Crypto?
Safemoon belongs to the memecoins family of tokens. These are crypto tokens or coins based on internet memes.
Safemoon derives its name from a popular slang term in cryptographic discussion forums that is “going to the moon.” This expression relates to the price of a crypto asset increasing quickly over a very short period.
An essential thing you need to understand about Safemoon is that it is not a crypto coin. It is a token that runs on the Binance Smart Chain (BSC).
In short, in cryptographic jargon, a coin is a cryptocurrency that runs its own blockchain, while a token is different and operates on the BSC.
Overview to Understand Blockchains
Bitcoin runs its own blockchain, as does Ether. But, the Binance Smart Chain is a separate blockchain that receives many software features and protocols from the Ethereum network.
The ability to host software programs is one feature of the Ethereum network (and thus the BSC) called smart contracts.
Smart contracts will create and control a supply of digital tokens. They are written for a particular chain with compatible protocols.
Similarly, versions of smartphone apps are written for specific operating systems. You can’t put an iOS app on an Android phone.
Overall, Safemoon is a smart contract-based token. It didn’t contain its own blockchain; a smart contract operates the supply it provides on Binance’s in-house blockchain.
It was launched in March of 2021, and Safemoon started increasing in price last year, thanks to effective marketing by the founding team.
How to Buy SafeMoon Crypto on Coinbase
SafeMoon crypto is not currently available on Coinbase’s centralized exchange. Nevertheless, you can still purchase SafeMoon on Coinbase Wallet, your key to the world of crypto.
Follow the steps below to purchase Safemoon crypto using a Coinbase wallet:
Download Coinbase Wallet: You need to download Coinbase Wallet to purchase SafeMoon. It is available on the mobile app and browser extension.
Choose a Coinbase Wallet Username: You will require to choose a username for your Coinbase Wallet. It lets other Coinbase Wallet users easily send you crypto.
Securely Save Your Recovery Phrase: Once you have created a new self-custody wallet, you’ll be given 12 random word recovery phrases.
Remember that anyone who has your recovery phrase will access your crypto. We highly recommend keeping it saved anywhere and using Coinbase Wallet’s cloud backup feature.
Coinbase would not help you access your wallet if you lost your recovery phrase.
Understand and Plan For Ethereum Network Fees: Fees vary according to how busy the network is, how complicated the transaction is, and how quickly you want the transaction to be completed.
Buy and Transfer ETH to Coinbase Wallet: If you don’t have a Coinbase account, you must create one to buy Ethereum. Then transfer ETH to your Coinbase Wallet either using the mobile app or the Chrome extension.
Use Your ETH to Purchase SafeMoon Crypto in the Trade Tab: After adding ETH to Coinbase Wallet, you are ready to swap your ETH for SafeMoon immediately in the mobile app or browser extension.
Click the “Swap” icon in the Assets tab, then tap “Choose asset” and select SafeMoon.
Enter the ETH you’d like to exchange for SafeMoon and leave enough for transaction fees.
Confirm your order and follow the on-screen instructions to execute the purchase.
Where Can I Buy SafeMoon Crypto?
It is a token on the BSC compared to a coin on its own blockchain. It makes this crypto purchasing very easy. All you need to do is swap other tokens for SafeMoon on a decentralized exchange (DEX) like PancakeSwap on the Binance Smart Chain.
Disadvantages of Buying SafeMoon
It is a risky investment due to its high volatility, which means the price can swing up and down dramatically.
Though it has happened with any cryptocurrency, if you decide to bail on SafeMoon, you will lose your investment and 10% of the selling fee.
Furthermore, Buy SafeMoon crypto on Coinbase is not a good fit for frequent trading because you want to pay a fairly large fee whenever you sell.
Moreover, since it is not listed on major exchanges, SafeMoon is less liquid and requires more effort to convert to cash, as it must first be converted to BNB.
Advantages of Buying SafeMoon
SafeMoon has the potential to go viral and shoot up its value.
Similarly, the Dogecoin cryptocurrency increased by more than 200 times over a few months in 2021.
Therefore, if you plan on holding SafeMoon over the long term, you will benefit from the reflections and receive a part of the fee incurred whenever other people sell their tokens.
This is a financial incentive you get from SafeMoon and not from other cryptocurrencies, and you can make money if the price goes up.
Moreover, SafeMoon has a recent update, SafeMoon 2.0, reducing the transaction fee and appealing to exchanges in the future and for other use cases.
Q1: Can I purchase SafeMoon on Coinbase?
Ans: No, SafeMoon is not available to trade on Coinbase.
Nevertheless, you can buy SafeMoon on other exchanges, such as BitLink.
Q2: How can you buy SafeMoon in the U.S.?
Ans: You can buy SafeMoon in the U.S., just like you can purchase it anywhere else.
The main thing is to get Binance tokens into your wallet. Then, use a Defi application (like PancakSwap) to purchase your SafeMoon tokens.
Conclusion: Buy SafeMoon Crypto on Coinbase
Overall, SafeMoon crypto is not a coin but a token. It saw increasing price movements over just a few months in 2021.
The price increased by tens of thousands of percent in April and May.
In comparison, losing most of this fame by August. However, such volatility is far from unusual in the crypto space.
Despite its bad press, if you believe the best is yet to come for the SafeMoon cryptocurrency token, getting your hands on SafeMoon tokens is very easy.