The wave of cryptocurrency, which set off in 2009 with Bitcoin, does not seem to stop anytime soon. Moonshot is one of such crypto tokens that has emerged in this spate of cryptocurrencies. The crypto enthusiasts who find it difficult to start investing in Moonshot no longer be confused after reading this blog.
In this guide, we will explore:
Being a fully community-driven cryptocurrency, Moonshot, as it claims on its official website, is a deflationary, self-regenerating automated liquidity offering protocol. As the term, deflationary suggests the total supply of Moonshot cryptocurrency decreases over time. Moonshot was launched with a total supply of 1 quadrillion tokens, of which over 300 billion tokens have been burned forever. MOONSHOT is the native cryptocurrency token of the protocol.
Moonshot’s holders get fixed rewards in the form of payouts and non-fungible tokens (NFTs) like animated series, gamification assets, arcade-style games for competitive playing, and a lottery for buying and holding crypto assets. It pays out rewards to those who hold Moonshot tokens through an automatic self-regenerating liquidity offering protocol. For every transaction executed on Moonshot, 4% of the transaction value is to be rewarded to the holder, and 6% additional is added to the liquidity pool on every transaction, which helps in decreasing volatility and increasing the price floor. The net worth of every individual increases with the increase in the number of transactions in the network.
While traditional cryptocurrencies are based on a high-volume trading strategy, Moonshot works on a buy-and-hold investment strategy. Based on the Binance smart chain, it was developed as a fixed reward token for long-term investors. The user stays longer with Moonshot and gets more rewards. Moonshot started functioning in the first quarter of 2021 when its whitepaper was published.
A transaction fee of 10% is charged for buying, selling, or a transfer from wallet to wallet. From each wallet holding, Moonshot receives 40% of the transaction cost (4% of the entire transaction value), while the PancakeSwap liquidity pool receives the remaining 60 percent of the transaction charge (6 percent of the overall transaction value). PancakeSwap is a decentralized exchange (DEX) where users can exchange BEP-20 tokens.
Being listed on several popular cryptocurrency exchanges, Moonshot can’t be purchased directly with fiat money. In order to purchase Moonshot tokens, the first step is to buy an altcoin from a crypto exchange that supports fiat-to-crypto transactions. Now you will have to transfer that altcoin to a crypto exchange on which Moonshot works.
You can start your investment journey with Moonshot through the below steps:
Since trading Moonshot is quite different from other cryptocurrencies, it needs special tools and techniques to make your investment grow. Use the following tools to start trading on Moonshot:
A perfect crypto exchange can make your investment grow exponentially. You need to pick the best crypto exchange to trade your Moonshot assets. A crypto exchange with a good reputation, huge trading volume, and decent user base will be suitable for your investment. Ensure that the crypto exchange you select must be available 24/7 and charge lower transaction fees.
Online hot wallets provided by crypto exchanges are prone to security breaches that can wipe out all your earnings and holdings. To ensure the protection of your Moonshot crypto assets you can use an offline wallet that comes in the form of a hardware device like a small chip or pen drive. A hardware wallet works as offline cold storage to store your private key to your Moonshot tokens.
Since cryptocurrency works on a decentralized network, it has no central authority to be held responsible for any hack and theft. You are solely responsible to secure your crypto assets. Trading crypto on the public internet certainly has risks of being stolen or hacked. To protect your digital assets from online hackers, you need to use an encrypted VPN connection.
In many countries earnings from cryptocurrencies have been taxed by the government. It may not affect small investors, but it would be hard to keep track of capital gains for high-volume crypto traders and investors. To avoid tax evasion and potential regulatory scrutiny you may outsource a professional crypto tax expert or use an online resource like CryptoTrader.Tax to automate your crypto tax return by integrating it with your cryptocurrency transactions.
Unlike major crypto tokens, Moonshot cryptocurrency works on the principle of buy and hold and give fixed reward to its holders in the form of layouts and non-fungible tokens (NFTs) like animated series, game, lottery, etc. It cannot be bought directly on a crypto exchange using fit money. A user can purchase Moonshot in the exchange for another crypto asset on a crypto exchange that supports Moonshot. Although buying Moonshot is quite complicated in comparison to other major cryptocurrencies, you can start trading Moonshot using the above steps.