ProtectedMoon is one among the latest and fastest-growing cryptocurrencies, even in a market that’s not too long ago seen Bitcoin attain record-high values and even the tongue-in cheek Dogecoin rising by over 8000%.
Even so, ProtectedMoon is a most uncommon digital foreign money, because it imposes a penalty on anybody who tries to commerce their cash (or “tokens”). Only a couple of weeks outdated, its sheer newness additionally may lead some potential crypto patrons to see it as an unknown amount. So, right here’s all the pieces you need to know about ProtectedMoon, and the way you should purchase the fledgling foreign money for your self.
What is ProtectedMoon?
ProtectedMoon is an altcoin: a blockchain-based digital foreign money broadly comparable to Bitcoin, however with some clear distinctions as effectively. It launched in March 2021 and has already racked up over 1 million customers.
ProtectedMoon’s distinctive function is that it prices a ten% price to anybody who sells their tokens; 5% of this price is then redistributed to all different ProtectedMoon homeowners, primarily rewarding those that grasp onto their tokens and disincentivizing promoting.
One criticism of cryptocurrencies like Bitcoin is how they’ve strayed from their unique purpose of offering a working, decentralized foreign money to merely turn out to be investable commodities; it’s not clear what, if something, you’ll really have the ability to purchase with ProtectedMoon, however the promoting price is not less than encouraging homeowners not to simply purchase and promote their tokens for now.
ProtectedMoon may be seen as a extra critical tackle Dogecoin, the tongue-in-cheek altcoin with an unofficial rallying cry of “To the moon” — ProtectedMoon’s slogan is “Safely to the Moon.”
Like Dogecoin, ProtectedMoon is value so much lower than Bitcoin or Ethereum per-unit, however has been climbing in worth. Coin Market Cap at the moment has every token at $0.000005, lower than half its peak from earlier in April however a pointy improve from its $0.0000000010 launch worth.
As such, it’s already attracting consideration from potential buyers trying to become involved whereas ProtectedMoon is nonetheless low-cost — regardless of the promoting price.
Is ProtectedMoon secure?
Cryptocurrencies are sometimes extremely risky, and on present proof ProtectedMoon doesn’t look to be a lot totally different: at the same time as its worth grows it’s nonetheless susceptible to massive slides, one among which already occurred in April.
While that’s par for the course with lots of investments, ProtectedMoon has additionally been in contrast to a Ponzi scheme, as any earnings you may make in future are based mostly on somebody paying extra for the tokens than you did additional down the line. The promoting price and redistribution mannequin may be stated to encourage early adopters, who would then achieve the most from subsequent gross sales.
Cryptocurrency investor and influencer Lark Davis warned towards ProtectedMoon on Twitter, saying, “Remember simply because you earn a living off of a Ponzi doesn’t change the proven fact that it is a Ponzi.” Davis additionally compared SafeMoon to BitConnect, a cryptocurrency that shut down in 2018 after two U.S. state-level securities regulators publicly warned buyers of its similarities to a Ponzi scheme.
Remember simply because you earn a living off of a ponzi doesn’t change the proven fact that it is a ponzi. #safemoonApril 21, 2021
WarOnRugs, an anti-scamming collective centered on cryptocurrency, has additionally criticised ProtectedMoon’s homeowners for locking away greater than 50% of its personal liquidity pool. The group claims this might lead to a “rug pull,” a type of exit rip-off whereby liquidity is deliberately drained from a market, leaving merchants unable to promote. ProtectedMoon CEO John Karony maintains that liquidity is held to make the foreign money safer.
❌ Scam Advisory #115 – ProtectedMoon #SAFEMOON (0x8076C74C5e3F5852037F31Ff0093Eeb8c8ADd8D3)Reason: Owner owns greater than 50% of the liquidity and refuses to repair it. He may pull LP and promote tokens, making a rug pull.Likeliness of dropping all funds: AbsoluteDYOR. #WARONRUGS❌ pic.twitter.com/bzmr9JflWDApril 20, 2021
How do I purchase ProtectedMoon?
If you’re prepared to take the danger, then you should purchase ProtectedMoon from one among 4 crypto exchanges: PancakeSwap, BitMart, WhiteBit and Bakery Swap. It’s a extra advanced course of than merely shopping for a foreign money like Bitcoin, although: you principally need to purchase Binance cash, one other cryptocurrency, then swap them for ProtectedMoon.
To use PancakeSwap, for example, you first need to obtain the Trust Wallet app, then purchase Binance cash (both BNB or BSC) and add them to the pockets. You then go to PancakeSwap by way of the Trust Wallet app, discover the ProtectedMoon web page and swap your Binance there.
A devoted ProtectedMoon pockets is in the works, so hopefully this can simplify the course of. Just do not forget that utilizing cryptocurrencies as investments is dangerous at the better of occasions, and in the finish it’s your personal cash on the line.
