Despite a recent and ongoing price correction across the industry, cryptocurrencies remain the future of finance.
Although there is fear, uncertainty and doubt about cryptocurrencies, it is quite easy to acquire some of the biggest ones. , more proven currencies like bitcoin (btc) and ethereum (eth). but getting smaller altcoins can be more challenging.
Reading: Can i buy safemoon with ethereum
In this article, I will guide you through the steps to acquire safemoon, launched on March 8, 2021 on the binance smart chain, dubbed the “world’s fastest growing cryptocurrency” by developers.
Don’t be intimidated, it looks like a lot at first glance. but if you follow the steps in order, soon (with a little patience), you’ll be a proud hodl’er (a deliberate misspelling of the word “hold” used in the crypto industry) of this new cryptocurrency digital token. fast growth. .
A disclaimer before we begin: This is not financial advice. While I’ll do my best to provide detailed and easy-to-follow instructions, please note that making a wrong move may mean you lose your coins in cyberspace, and I can’t take responsibility for that! as one redditor points out, sending coins to the wrong or incompatible address is “the digital equivalent of throwing cash out of your pocket on the street and having it picked up almost instantly by a random person.”
furthermore, even though in just two months safemoon has appreciated more than the s&p 500 has in the last decade, there is no guarantee that these gains will continue to advance. I advise you not to invest money that you are not willing to lose.
Here’s a shortened version of the steps we’ll be going through (a more detailed explanation of the details follows):
- purchase ethereum (eth)
- create an account on crypto exchange binance.us
- transfer eth to binance.us
- on binance. us: convert eth to binance coin (bnb)
- download/create account in crypto wallet metamask
- set binance smart chain support in metamask
- add safemoon functionality for metamask
- send bnb from binance.us to metamask
- use pancakeswap app/website to exchange bnb for safemoon
- safemoon will appear on your metamask portfolio
Before we begin, here are some notable points:
- this how-to guide is for users in the united states.
- binance.us (more on this service below) it takes a day or two to verify your identity; this is because the united states practices stronger know-your-customer (kyc) laws than many other countries.
- binance.us versus binance.com – Although not recommended, people familiar with virtual private networks (vpns) can set their location to a country that allows the use of binance.com. binance.com, unlike binance.us, allows traders to use the service right away without entering a lot of personal information. (Remember: binance.com and binance.us are different platforms that require separate login/account details – check the url to make sure you are on the desired platform.)
- cryptocurrency trading it often comes with associated fees, so be sure to keep that in mind and give yourself a little padding. for this experiment i started with ~$275 in eth and ended up with just under $250 in safemoon.
- you will be creating several different accounts and wallets – be sure to write down your usernames, passwords, and initialize phrases and save them in a safe place.
- While I’ll walk you through the basics, if you’re unsure about any of the terms or phrases in this guide, the bitcoin wiki is a great resource. you can also click on any hyperlink for more detailed explanations of some of the more complicated steps.
- be careful and take your time: you can also check the safemoon website, reddit or even google.
crypto-savvyis an occasional inverse series that explains the world of cryptocurrencies and their next destination.
steps: how to acquire safemoon
To start the safemoon acquisition process, you will need a cryptocurrency wallet containing ethereum. if you don’t have eth I recommend using coinbase.com. With coinbase, you can create an account and after verifying your identity, connect a debit card/bank account to buy the coins effortlessly.
step by step guide:
1. buy some ethereum (as above) or convert another currency to ethereum. I had some bitcoin holdings in my blockchain.com wallet and converted some btc to eth in minutes.
2. Create an account on binance.us and verify your identity. Once verified, binance.us allows you to buy, sell, trade and store a variety of coins.
3. transfer some eth (as stated, i used about ~$275 worth) from your eth wallet to your newly created binance.us wallet. To do this, you will copy your binance.us wallet address (“to”) and paste it into the wallet that contains your ethereum (“from”). the transfer should only take a few minutes. binance.us offers more detailed instructions on how to deposit crypto on their platform here.
4. Once you have the eth in your binance.us wallet, “convert” the eth into the exchange’s native cryptocurrency binance coin (bnb). we are using bnb (on the binance smartchain) to buy our safemoon because the associated transaction fees are much lower than ethereum transaction fees.
5. The next element of the process is to download the Metamask crypto wallet app on iOS or Android. To make things easier, I suggest you download the metamask browser extension for google chrome and sync it with the app.
6. Next, we need to configure binance smart chain compatibility in metamask. in the app (or browser extension), click “settings” > “networks” > “add network” and enter the following:
network name: smart string
rpc url: https://bsc-dataseed.binance.org/
string id: 56
block scanner url: https://bscscan.com
will look like this:
7. click “save” or “add”. binance smartchain will now support metamask.
8. Go back to the home screen of the metamask app and at the top click where it says “wallet – ethereum mainnet”. scroll down and select “smart chain”. it should now read “wallet – smart chain” at the top of the screen, and the units will no longer be denominated in eth but in bnb. for more detailed instructions on how to connect metamask to binance smart chain, you can find the instructions from binance here.
Below are two screenshots: before on the “ethereum mainnet” (on the left) and after on the “smart chain” network (on the right).
9. now that we have binance smart chain compatibility with metamask, we are going to add the secure moon functionality. at the bottom of the main screen, click “add tokens” and enter the following in the “token address” field:
after entering this “token address”, the “token token” should autocomplete to “safemoon” and “precision tokens” should autocomplete to “9”.
will look like this:
click “add token”. On the main metamask screen, you should now see 0 safemoon next to your 0 bnb.
10. copy your metamask wallet address (address will start with “0x”) and return to binance.us. go to your binance.us wallet, click “withdraw”, paste your metamask wallet address where it says “recipient bnb address” and transfer your bnb. the process will take a few minutes as it needs to be verified; shortly the bnb will appear in your metamask wallet.
11. we are almost there! then go to the pancakeswap website/app and in the top right corner click “connect” and select your metamask wallet.
under ‘from’ make sure bnb is selected (you should see your bnb balance) and click ‘max’. in “to” search and then select “safemoon”.
now go to the settings (click on the slider bar) and change the “slip tolerance” to 12 percent and then close the box.
at this stage your pancake trading screen should look something like the following screenshot (except you will have a larger bnb balance where mine reads 0.00578943 and you won’t (yet!) have a sure moon balance where the mine reads 41,453,300):
12. click “change”. You’ll have to wait 10-20 minutes for the network to verify the transaction, and then your new Safemoon should show up in your Metamask wallet (along with a small amount of BNB for future transaction fees).
This is what mine looks like:
13. Now you have your moon safe in your possession and safe in your metamask wallet!
Use coinmarketcap to check the (rapidly) fluctuating price of the digital asset. maybe he could decide to sell it for a profit, or maybe, like me, he intends to “hodl” until he gets to the moon!