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Overall, we’d urge you to do your own research if you were to invest in Safemoon. Common investment advice states that the cryptocurrencies which perform the best over the longer term are those with real-world utility, which Safemoon doesn’t seem to have at present. Although the developers may improve the protocol and create some valuable use cases, there is still the chance that this coin could be a ‘memecoin’.
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The difference between a digital currency and a cryptocurrency is that the latter is decentralised, meaning it is not issued or backed by a central authority such as a central bank or government. Instead, cryptocurrencies run across a network of computers. Digital currencies have all the characteristics of traditional currencies but exist only in the digital world. They are issued by a central authority.
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Identical copies of the blockchain are stored in every node of the cryptocurrency’s software network — the network of decentralized server farms, run by computer-savvy individuals or groups of individuals known as miners, that continually record and authenticate cryptocurrency transactions.
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First launched in March of 2021, Safemoon began to surge in price about a month later, thanks to effective marketing by the founding team.
In what traders call a “scam wick,” the one-minute BTC/USD differed dramatically from other major exchanges, which logged a one-minute candle with a floor of around $64,200.
Bitcoin notches new all-time high after inflation data shows prices are surging at the fastest rate in 30 years
This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales.
The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases. It's been a wild ride for bitcoin the last three years.
Bitcoin (BTC) and Ether (ETH) have again risen to a new all-time high on Nov. 10, indicating that the trend remains firmly in favor of the bulls.
That seems to be the overall message from most. Even Innes, who has been critical of bitcoin and crypto-trading for quite a while, admits that this doesn’t mean the blockchain is bunk. He, in fact, sees things looking up. “If this base can hold,” he says, “[the price will] start drifting up.” But not because of fervor or blind faith that bitcoin is the future, but due to advances on the technology side.
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Cryptocurrency investor discusses bitcoin back in 2011, before it earned him a life of luxury
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.