Is It Profitable to Trade ETH to SafeMoon in 2022?
Ethereum (ETH) is the most popular online platform to run other cryptocurrencies. It is also the most popular platform to execute smart contracts. Its cryptocurrency, Ether (ETH), has become the second most popular cryptocurrency. It is also the most valuable digital coin by market capitalization after Bitcoin (BTC). Most investors and traders want to have this digital asset in their portfolios.
Vitalik Buterin described Ethereum and its possible functionality in a white paper in 2013. The following year, Buterin and some collaborators secured funding for this project. Officially, the Ethereum blockchain was launched on July 30, 2015. Since then, this platform has been expanding at an impressive pace. On average, ETH has quadrupled its value every year since its launch.
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However, other cryptocurrencies have emerged. Some of them are very attractive because of the possibility to make enormous profits by investing in them. That is the case with SafeMoon (SAFEMOON). This cryptocurrency has attracted the attention of many investors and traders for its unusual approach to reward holders. In fact, some investors are converting Ethereum to SafeMoon to benefit from this rewarding approach.
A Brief Introduction to SafeMoon and Its Projection for the Future
SafeMoon was launched on March 8, 2021. As seen, this cryptocurrency is relatively new. However, it has grown at an impressive pace. This cryptocurrency will address the problem of impermanent loss.
The peculiarity of SafeMoon is its approach to driving up its price. Instead of speculating, this cryptocurrency promotes buying and holding. To do so, it “taxes” a holder that sells SAFEMOON tokens. On the other hand, it rewards holders that refrain from selling for a long time.
So, anyone holding this token could potentially increase its token generation infinitely. Considering the SAFEMOON price performance in 2021, one can understand why many investors were attracted to this digital asset. However, some critics have denounced this crypto as a Ponzi scheme and even an outright scam.
Although this token has the characteristics of a Ponzi scheme, you can make money from trading it. In such a case, it would be profitable to trade your ETH holding for SAFEMOON. In contrast, you probably should not consider this asset for a long-term investment. If you choose to trade this token for short-term gains, looking for a reliable platform to exchange crypto online is necessary. Let’s review the options available.
Choosing the Best Crypto Exchange
To exchange one cryptocurrency for another, you have several options:
- Major centralized exchanges
- Instant exchanges
- Decentralized exchanges (DEXs).
Major centralized exchanges include platforms like Binance and Coinbase. On such platforms, you can exchange cryptocurrencies for fiat money. You can also swap between cryptocurrencies. However, most major centralized exchanges offer custodial services only, which are not entirely secure since you leave your private keys in the hands of a third party. Moreover, these platforms usually charge high fees.
Instant exchanges like LetsExchange usually support crypto-to-crypto transactions only. They also offer non-custodial services, meaning that you should use your own crypto wallet. Most importantly, some instant exchanges charge low fees, making crypto-trading profitable. Moreover, instant exchanges are easy-to-use, which is perfect for beginners and seasoned traders alike.
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Finally, decentralized exchanges offer low fees also. However, they are not suitable for beginners.