SafeMoon And Non-Custodial Wallets: How It Empowers Its Users To Control Their Assets
By combining SafeMoon with Non-Custodial Wallets (NCWs), users can enjoy the benefits of both a deflationary and community-driven token, and a self-sovereign and secure wallet.
Author:James PierceReviewer:Camilo WoodJun 13, 202346 Shares46.2K Views
By combining SafeMoon with Non-Custodial Wallets (NCWs), users can enjoy the benefits of both a deflationary and community-driven token, and a self-sovereign and secure wallet. In this section, we will explain how to use SafeMoon with a non-custodial wallet, and what are the advantages and risks of doing so. If you want to invest in bitcoins then visit online trading platform like Immediate Bitcoin systemnow!
How SafeMoon and NCWs Work Together
SafeMoon is a cryptocurrency token that operates on the Binance Smart Chain (BSC) and aims to be a community-driven, deflationary, and self-sustaining ecosystem. SafeMoon's unique feature is its 10% transaction fee, which is split into two parts: 5% is redistributed to existing holders, and 5% is locked away in a liquidity pool to increase the token's value and stability.
A non-custodial wallet is a type of cryptocurrency wallet that allows users to hold and manage their own private keys, instead of relying on a third-party custodian. By holding their private keys, users can have full control and ownership over their digital assets, and can transact with anyone in a decentralized and peer-to-peer manner.
To use SafeMoon with a non-custodial wallet, users need to follow a few steps:
Choose a compatible wallet: Not all non-custodial wallets support SafeMoon, so users should make sure to choose a wallet that can store Binance Smart Chain tokens, such as Trust Wallet, Metamask, or MyEtherWallet.
- Get some Binance Smart Chain (BSC) coins: SafeMoon is a BSC token, which means it operates on the Binance Smart Chain, not on the Ethereum network. Users who want to buy SafeMoon with fiat currency need to first purchase BSC coins on a cryptocurrency exchange, such as Binance, and then transfer them to their non-custodial wallet.
- Connect the wallet to the Binance Smart Chain: Users need to configure their non-custodial wallet to connect to the Binance Smart Chain network, so that they can see their BSC coins and SafeMoon tokens. This usually involves adding the Binance Smart Chain network to the list of networks in the wallet settings, and specifying the BSC RPC endpoint and chain ID.
- Buy or transfer SafeMoon to the wallet: Once the wallet is connected to the Binance Smart Chain, users can buy SafeMoon on a cryptocurrency exchange that supports it, such as BitMart or Gate.io, and then transfer it to their non-custodial wallet by copying their wallet address and pasting it into the exchange withdrawal form.
- Manage and monitor SafeMoon in the wallet: Users can now see their SafeMoon balance and transaction history in their non-custodial wallet, and can send or receive SafeMoon tokens to and from other wallets or exchanges. Non-custodial wallets often provide additional features, such as staking, swapping, or accessing decentralized applications (DApps), that can enhance the user experience and utility of SafeMoon.
The Benefits of Using Safemoon With a Non-Custodial Wallet
When using a non-custodial wallet, users have full control and ownership over their private keys and digital assets. They don't need to rely on a third-party custodian to manage or access their funds, which reduces the risk of hacks, thefts, or insolvency of the custodian.
Non-custodial wallets use various security measures, such as encryption, multi-factor authentication, or biometrics, to protect the user's private keys and transactions. This means that even if the device or application used to access the wallet is compromised, the attacker still needs to bypass the security layers to steal the assets.
FNon-custodial wallets can support multiple cryptocurrencies, tokens, or networks, including the Binance Smart Chain used by SafeMoon. This means that users can manage and transfer different assets in the same wallet, without having to switch between different platforms or interfaces. Some non-custodial wallets also offer advanced features, such as staking, swapping, or accessing decentralized applications (DApps), that can enhance the user experience and utility of SafeMoon.
Some non-custodial wallets or protocols offer incentives or rewards for holding, staking, or trading certain tokens or assets. This means that SafeMoon holders who use a specific wallet or protocol can earn additional rewards or fees, on top of the redistribution mechanism built into the token. For example, some wallets offer high-yield savings accounts, liquidity mining programs, or governance tokens that entitle users to participate in the decision-making process of a protocol.
Conclusion
In summary, using SafeMoon with a Non-Custodial Wallet can be a powerful way to empower users to control their assets and engage in decentralized finance. By following the steps and best practices outlined in this section, users can enjoy the flexibility and security of NCWs, while benefiting from the deflationary and redistributive features of SafeMoon. However, users should also be aware of the risks and trade-offs involved, and should always do their own research and seek professional advice when investing in cryptocurrency.
James Pierce
Author
Camilo Wood
Reviewer
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