What is MoonShot Crypto?
Posted by Frank Gogol
Updated on April 26, 2022
MoonShot Crypto is unique in the crypto world as its protocol rewards a buy-and-hold investment strategy over a high-volume trading strategy. MoonShot also rewards users with non-fungible tokens like animated series and games. With all these interesting benefits you might be asking: How do I buy MoonShot Crypto?
Buying MoonShot is slightly more complicated than buying other cryptocurrencies. You cannot use fiat currency to buy MoonShot tokens directly. Instead, you need to use some of your other cryptocurrencies to buy MoonShot tokens.
If you are interested in buying MoonShot Crypto, take a look at the step-by-step guide below – you’ll own MoonShot crypto assets in no time!
Table of Contents
MoonShot Crypto Overview
MoonShot Crypto is a special type of crypto asset. The technical term is that it is a “deflationary, self-regenerating automatic liquidity providing protocol”. Let’s unpack this definition.
“Deflationary” means the total supply of the crypto asset decreases over time. MoonShot Crypto started with a total supply of 1 quadrillion tokens. Currently, over 300 billion tokens have been burned forever.
A “protocol” is simply the description of the blockchain that underlies the crypto asset. A “liquidity providing” protocol is a blockchain that pays out money to the people who hold MoonShot tokens.
This payment is “self-regenerating” and “automatic” because it is coded into every transaction. For every transaction on the blockchain, 4% of the transaction value is paid out to the MoonShot holders directly. Additionally, 6% of every transaction is added to the liquidity pool. The liquidity pool contributes to lower volatility and a continuously increasing price floor.
What is MoonShot’s business model? They want to incentivize you to hold their MoonShot crypto tokens in your wallets. If no one is selling MoonShot tokens, the protocol would ensure that the price of MoonShot increases. The key to success is just buying and holding. Additionally, because they get paid for every transaction, every single Moonshot holder has an incentive to spread the use of Moonshot as much as possible. As more transactions take place in the network, the net worth of every individual increases as well.
In addition to this business model, MoonShot is also looking into launching non-fungible tokens (NFTs) to reward users. This would take the form of an NFT loot box program, an animated NFT series, NFT gamification assets, arcade-style games for competitive playing, and a lottery.
How to Buy MoonShot Crypto
MoonShot has been listed on several crypto exchanges. But unlike the other main cryptocurrencies, you cannot directly purchase MoonShot crypto with fiat money.
The process of buying MoonShot has one extra step. You first need to buy an altcoin from any fiat-to-crypto exchange. Then, you need to transfer the altcoin to an exchange that supports MoonShot crypto.
Here are detailed steps on how to buy MoonShot crypto.
Step 1: Get a verified account with a trusted crypto exchange
You can use any crypto exchange to buy one of the major cryptocurrencies by using Dollars, Euros, or Pounds (fiat currency). To do so, you will need a verified account with the crypto exchange.
Step 2: Buy one of the major cryptocurrencies
Once you have selected your preferred payment method, you can click the “Trade” button on your crypto exchange. Choose whichever major cryptocurrency you prefer and confirm your transaction. Now you own cryptocurrency.
Step 3: Get a verified account with a crypto exchange that supports MoonShot
Select a crypto exchange that supports MoonShot, like Trustwallet or BitMart. Create an account and go through the security verification process.
Step 4: Transfer your major cryptocurrency
Once you have an account with a crypto exchange that supports MoonShot, you can transfer your major cryptocurrency into this account. You can do this either by clicking the “transfer” button on the first crypto exchange or by clicking the “deposit” button in your MoonShot-supported crypto exchange.
Step 5: Use your major cryptocurrency to buy MoonShot
Once you have assets in your crypto exchange, you can exchange your major cryptocurrency coins for MoonShot tokens. Go to the “swap” or “exchange” buttons to select the amount of your major cryptocurrency you want to exchange for MoonShot tokens.
Step 6: Confirm your transaction
After you have confirmed your transaction, you will own MoonShot crypto!
The next step is understanding how to trade your MoonShot token if you need to.
How to Trade MoonShot Crypto
Buying crypto is a fairly straightforward process. You decide that you want a crypto asset, and pay the required fiat or cryptocurrency to get that crypto.
Trading crypto is when you buy and sell assets to make a profit. You are betting on market outcomes or making decisions based on other marker analyses.
MoonShot is not the ideal crypto asset to trade since it rewards the buy-and-hold investment strategy. But it is possible to trade MoonShot Crypto.
On your MoonShot-supported exchange, go to the “Exchange” function. You should now be able to see the candlestick charts and other market information. You can use this view to place buying and selling orders.
Tools for Trading MoonShot Crypto
If you want to trade your MoonShot tokens, you will need the right tools.
The right crypto exchange
One of the most fundamental tools for trading MoonShot is picking the correct crypto exchange. You want a reputable exchange with decent trading volumes and a substantial user base.
This will ensure you will be able to sell your coins at any time and the fees will usually be lower. Take the time to experiment with different MoonShot crypto exchanges and find the one that works best for your trading style.
Invest in a hardware wallet
A hardware wallet is an offline, physical device that stores the private key to your MoonShot tokens. A hardware wallet does require an initial investment – you need to buy the hardware.
Most hardware wallets for sale will support not only MoonShot but other crypto assets as well. If you are serious about crypto trading, investing in a hardware wallet is one of the best moves you can make to ensure the safety of your assets.
An encrypted secure connection
The decentralized nature of cryptocurrency means you are 100% responsible for the security of your assets. Using a hardware wallet allows you to store your cryptos in a safe place.
Similarly, using an encrypted VPN connection while you trade keeps your assets safe while you are on an internet connection. An encrypted secure connection makes it harder for hackers to intercept your sensitive information
Outsource your crypto taxes
Did you know cryptocurrency is also subject to tax? If you are doing high-volume crypto trades, it can be hard to keep track of your capital gains.
You can employ a tax official to keep your tax information up-to-date. Or you can invest in software like CryptoTrader.Tax. This software automates your crypto tax return by integrating with cryptocurrency exchanges. It then imports your transactions and assesses the capital gains on all of the transactions. CryptoTrader.Tax is free to use and you can easily get started right away. You will only need to pay if you want to generate your tax reports.
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Buying MoonShot is slightly more complicated than buying normal cryptocurrencies. You cannot buy MoonShot tokens directly with fiat currency. Instead, you need to use some of your other cryptocurrencies to buy MoonShot tokens.
If you are not currently using a crypto exchange platform, this can sound like a hassle. But using our step-by-step process above, you’ll own MoonShot crypto assets in no time!
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