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The value of cryptocurrency is also driven by scarcity. This alludes to the cryptocurrency’s finite mechanism. The Bitcoin protocol sets the maximum amount of BTC that can be mined at 21 million. Therefore, as more people enter the crypto space, Bitcoin’s scarcity will inevitably increase, causing its price to increase. Some coins also use the burning mechanism to increase their value by destroying a portion of the supply.
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Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s undergone multiple corrections that take it down by half or more. Other coins are even more volatile – the memecoins bounce back and forth wildly at times – and scams and hacks occur with some frequency.
The process is more complicated than this, but when most coins are mined, the mining rate decreases so that the total supply is only replenished to account for lost units. If you’re aware of basic economics, you’ll know that supply and demand determine prices. For the sake of our discussion, let’s consider supply to be limited or highly restricted.
A hardware "cold" wallet for safely storing and using your crypto. Meant as a better replacement with more features than competitors, and military grade encryption.
The wallet has been a subject of excitement, particularly among the SafeMoon community, for some time. Earlier this month, John Karony posted a video showcasing the product’s “safety, quality and accessibility.”
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Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.
Like many other meme-based altcoins, Safemoon is a very high-risk investment. If you’re game, read on and find out how to buy Safemoon tokens of your own.
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Security is the highest priority for us when it comes to safeguarding your funds. Store your crypto safely with the Binance.US app.
Crypto-marketing. A scheme in which promoters of securities tied to cryptocurrencies recruit investors to pitch the investments, often to friends and family and through social media and blogs. In return, these investors are promised a generous return plus the promise of commissions on their sales.
Safemoon offers a unique way of investing in cryptocurrency, as people who hold Safemoon and then sell it are subject to a 10% fee. This fee is halved, with 5% of it being given back to other Safemoon holders – the developers call this ‘reflection’. The additional 5% is split again, with 2.5% being used within the liquidity pools on exchanges such Pancake Swap, with the other portion being converted into BNB.
These protocols also mask the identities of cryptocurrency users, making transactions and fund flows difficult to attribute to specific individuals or groups.
Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.