why safemoon isn’t the crypto you want to buy
If you been getting into cryptocurrency recently you might have heard of a little cryptocurrency know as safemoon. What this cryptocurrency tries to do is make a crypto coin safe to invest in no matter what and that it will always go up in terms of value. There are many ways they go about achieving this goal. But that doesn’t mean its legit and a good smart investment. That’s why in todays blog I’m going to be covering the reasons why you should not invest into this crypto at all. Hopefully I will convince you enough to drop this pyramid scheme type scam and invest into an actual legitimate cryptocurrency that won’t sucker you into there to good to be true scheme. Lets now dive into this cryptocurrency I think is a shitcoin.
How safemoon makes and keeps its gains
What makes this crypto so special is the fact that it is meant to be the safest cryptocurrency you can invest in and is suppose to guaranteed you profits no matter what. So how this crypto operates is whenever a transaction happens on the blockchain there is a 10% fee not matter the size of the transaction. However where this fee goes is split up between 5% going back to the safemoon holders community wallets. Then the other 5% is burned away to keep the value up. If you don’t know what burning a coin means then let me explain. What it basically means is that amount of cryptos that is selected is then deleted and destroyed to increase the value or relive traffic from the blockchain to increase speeds and lessen fees. This is how the price is kept stabled.
How safemoon is a scam or a shitcoin
What this fee tries to do is add a penalty to those that try to day trade the crypto or manipulate it’s price. However what this is aimed for is for the small budget and investment holder. Which is you average retail investor. Which is who this crypto is exactly trying to aim for. Why that well it’s because these types of investors don’t do to much research before buying into cryptos or just don’t care enough. This isn’t all retail investors but it is your typical one. They know they can get away with whatever with these investors because they know they’re not going to look into them. However I’ve been doing some research myself so I can tell you exactly why this crypto is a scam. One is because of the fee that’s meant to keep people to hold. With a ten percent fee you can’t do do big transactions without loosing a huge…