Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
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And while proponents tout cryptocurrencies as potentially lucrative alternative investments, few serious financial professionals view most coins — with the important exception of Bitcoin and a few others — as suitable for anything other than pure speculation.
To buy SafeMoon via PancakeSwap, you'll need to download a wallet compatible with the Binance Smart Chain, such as Trust Wallet. After this, you will need to purchase Binance Coin (BNB) via your wallet. You can then use this BNB on PancakeSwap to exchange for SafeMoon.
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Users can create scenes, graphics, challenges as well as trade digital assets including LAND, estates, and avatar apparel.
The decentralized finance (DeFi) protocol released its highly anticipated wallet at 17:00 CET on August 28. However, less than 30 minutes after, Safemoon’s CEO John Karony posted a tweet revealing that they had encountered “technical difficulties.”
Crypto exchange urges investors to take ‘long-term’ view while results suggest feverish dealings have cooled
Cryptocurrencies are seen as an alternative to traditional banking methods, cheaper to move money around due to not being regulated by the government or its banks.
JPMorgan CEO Jamie Dimon, for instance, made multiple comments throughout the year expressing his general antipathy for cryptocurrency. Dimon’s thoughts could most easily be summed with this quote: “I don’t really give a shit about bitcoin.” Warren Buffett also didn’t have kind words–calling it “probably rat poison squared”–which almost certainly sent a clear message to curious investors.
However, cryptocurrency is unique as it is typically decentralised so there is no control from government interference. Cryptocurrency uses something called a blockchain.
“I think it’s really important to keep your eyes open,” Johnson says. “Don’t get the FOMO at a fever, because it’s very volatile. No one should invest anything that they can’t afford to lose, and that’s the same advice I give for any kind of an investment.”
Bitcoin ETFs, once considered a pipe dream, are now a reality giving investors more avenues to invest in cryptocurrency.
Britain's financial watchdog has barred Binance from carrying out regulated activities in the country. Japan's regulator has said Binance was operating there illegally and Germany's watchdog has warned it risked fines for offering tokens connected to stocks.
As with most cryptocurrencies, there have been mixed reviews so far with one reddit user saying: “I completely agree that once they get listed on an exchange this could easily blow up.”
However, in the wake of the technical issues, the DeFi protocol has met its share of criticisms and FUD. Some Twitter users have even accused SafeMoon of scamming its users.
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