Who Wants Crypto That Can Explode???
Updated: Jan 15, 2022
Like many people I suffer from 'FOMO' or the Fear Of Missing Out. I don't know if it's because I'm nosey, or a gossiper, or whatever it is that causes me to wonder what people are up to and if it sounds cool, makes me want to be a part of it. The good news is that I've limited my FOMO to mainly 2 items: gambling and weed. The bad news is that these are expensive vices. Weed isn't too bad, even Snoop can only smoke so much in day. However, gambling can have unlimited losses (and gains).
This potential gambling upside has caused me to bet on longshot horses, penny stocks, tons of parlays, and even roulette numbers that one of my friends "knows is going to hit". They usually never do. But the few occasions when the longshots do come in, those celebratory drinks taste a whole lot sweeter.
All that leads me to my most recent bout of FOMO, Cryptocurrency. I do plan on writing about the crypto industry in general and how it started and the long term potential. This isn't that post. This is for those that are jealous of the all the new crypto millionaires and want a chance to taste the glory!
(***quick aside, 90-95% of investable assets should be in well-balanced investments, but with 5-10%, feel free to go for the moon!***)
DOGECOIN & SAFEMOON
I'm officially a Crypto investor!
But true to my gambling nature, I'm not in those "boomer coins" like Bitcoin and Ethereum (if you've never heard of these, think of them as the digital "gold" and "silver" of this digital gold rush). Both of these have seemingly gone from being speculative, to accepted, to the old guard, all within the 13 years since Bitcoin was first introduced to the world by Satoshi Nakamoto.
It's not that I don't believe in them as valuable assets, but they don't have the kind of upside to satisfy my gambling nature. This has led me to look into Alt Coins, or alternate coins, that are just starting to gain traction in the meme world.
DOGE
The first of these is Dogecoin (DOGE), backed by people like Elon Musk and Mark Cuban, the coin was literally started as a joke to poke fun at the wild crypto speculation in 2013. Its now the 3rd most valuable crypto by market cap and continues to set new record highs. It was at less than a penny ($0.009730) at the beginning of 2021 and is now up to $.70!, in anticipation of Elon championing the coin on SNL tomorrow. Doge has been "Meme'd to the moon", similar to GameStop stock, and is another example that we should never underestimate the power of the online masses.
Even the most bullish of Doge hodlers (yes, the online meme stock world spells it incorrectly based off a drunk reddit post) couldn't have seen it jumping this high, this fast, but welcome to the world of crypto. Fair warning, it can easily drop as fast as it's launched, and nobody knows the ultimate upside, or downside. It may still be worth investing in, but doing so is jumping in a high point, so should only be done if you believe in the long-term potential.
None of this makes sense. This is not advice.
How To Purchase DOGE
If you would like to join the #DogeArmy, the easiest place to do so is on Robinhood (using my link helps me out!). It's as simple as signing up, moving cash into the account, and purchasing DOGE using a "limit" price, which means setting a price you are willing to purchase the shares for. You can also purchase on Bitmart, which I'll explain below.
This is pure speculation at this point, never invest more than you can afford to lose.
SAFEMOON
I'm not an expert at crypto by any means, but I figure the best way to learn about the technology/industry is to jump right in. With crypto, that means investing. I mentioned the power of the online masses. It's definitely fun to be a part of the larger group like DOGE, but the real gain comes from being able to predict where they will go next. I've been looking to purchase a token with real upside, and thanks to Twitter, I found one with a lot of 0's, that seems to have a passionate following. By 0's, I mean it's currently value at $0.00000975.
What is this asset that's literally worth close to nothing? It's called Safemoon.
Aside from an amazing name, and a growing following, I did read the white paper (please check the white paper of any token before investing) and the main way it keeps its value is by charging a 10% fee on sales: 5% get redistributed to existing holders, while the other 5% is used to create a liquidity pool which in theory will lead to price stability during volatility. To be honest, the tech side doesn't excite me as much as the growing chatter I read by people who also have FOMO and are looking for major upside. Translation: pump and dump.
My plan is to put around $200 into this, with the expectation that I could lose it all, but hopefully will learn a lot along the way. The first lesson is that I just so happened to find a currency not listed on a big exchange, like Robinhood, or Coinbase. So follow along as I walk through how I purchased Safemoon:
How To Purchase Safemoon
1. BitMart Exchange
The first step is to either open a wallet, or an account on an exchange. I chose to open an account on the BitMart exchange, which allows for SafeMoon Trading.
It be great if you used my link to open your account: www.bitmart.com
2. Buy Cryptocurrency - USDT
The next step is to fund the account, which you can do via a debit card, credit card or Apple Pay. The credit card may be charged as a cash advance, so be careful with that.
In order to purchase Safemoon, you first need to purchase the cryptocurrency: USDT and use that currency to purchase Safemoon.
Once registered, on the top left you'll see the prompt to "Buy Coins". You'll see 3 options, I used my debit card and have used MoonPay and Simplex. MoonPay took about 8 hours for the first transaction to clear, while Simplex took about 5 minutes. Both required ID checks, where you have to send in a picture of both sides of ID and one made me take selfie holding the ID (awkward).
3. Swap USDT for Safemoon
The final step is to purchase the Safemoon using the USDT, whenever it finally hits your account. You do this by accessing the trading platform on the top left under "Spot" and "Standard" view
Once on the trading platform, search for Safemoon on the top right and you should see the prompt for the SAFEMOON/USDT pairing. Click the pair and make sure the top left says SAFEMOON/USDT
Finally, purchase the Safemoon using the "Buy SAFEMOON" box in the middle of the page. You'll see your USDT balance, and can either enter a Limit or Market order. If you enter a Market order, you only need to input how much of the USDT you want to use, either 25%, 50%, 75%, or 100%. For the Limit orders, enter the price you want to pay for the Safemoon, along with the amount of USDT you wish to exchange.
