No intermediaries. Unlike fiat, virtual currency transactions are conducted directly between two parties, on a peer-to-peer basis, using a decentralized computer network that involves no banks or other intermediaries. Trust in the system is based on digital proof, or the ability of users to access a permanent record of all of the transactions that have taken place.
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The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin.
And that, we regret to inform you, has led to some rather silly thinking (highly unusual in the crypto community, we know), specifically of the chart-crime variety:
Developed in 2012 by Toronto-based programmer Vitalik Buterin, and backed by an initial $18 million crowdfund, Ether (ETH) is a cryptocurrency that underpins a blockchain network called Ethereum. While Bitcoin was designed to be a digital currency, Ethereum is a more general implementation of blockchain technology.
Cryptocurrencies either have a limited or predetermined coin supply—although, with over 2,500 cryptos listed on hundreds of online exchanges, a number which is sure to increase over the coming years, it’s hard to generalise.
Profit-booking near the resistance line pulled the price back toward the critical level at $49.54 on Nov. 9. The strong rebound off this level on Nov. 10 suggests that bulls are defending this level with vigor.
Trading of SafeMoon will continue surging through all over and with its back and forth, it’s safe to say that it could possibly reach the milestone of $1 by the end of this decade by 2030. The Global Coverage
In the meantime, the Indian government is considering a middle path on cryptocurrencies, as it finalises legislation on the virtual asset to be introduced in the upcoming winter session of Parliament. The hard-line stance for an outright ban of cryptos is not being found feasible in view of large investments in such instruments by Indians, and these unregulated virtual currencies are also unlikely to be allowed as a legal tender.
As of Wednesday 9 AM (GMT+3) November 10th, here are the prices of the top 10 cryptocurrencies:
A look at the recent charts shows that Safemoon has been on a downward trend since the start of November. Safemoon has also not been doing very well since its last all-time high around 21st April 2021. Despite a surge in mid-May, the next time Safemoon experienced bullish growth was the end of October.
Fig 5. Wavelet coherence scalograms between online factors and price (with GSADF test bubble overlay) for Litecoin and Bitcoin.
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SafeMoon captured attention from the get-go. Its name evokes a prudent form of the “to the moon” mantra embraced by crypto crowds looking for prices to burst straight up.
DigbethRaihan Ahmed, 20, was doing more than double the speed limit when he hit much-loved Ghulam Nabi
Not a huge amount is known about SafeMoon meaning the risk to your investment may be even higher.
In the meantime, cryptocurrency users (and nonusers intrigued by cryptocurrency’s promise) need to remain ever-mindful of the concept’s practical limitations.