Newbie Quest: Understanding SafePal (SFP)

Newbie Quest: Understanding SafePal (SFP)

By Steven_BA | Crypto-Newbie | 10 Feb 2021


Another day, another post about crypto. I will continue the Top 100 crypto-currencies mini-series with a presentation and some inside thoughts about the SafePal Token or SFP

Before starting, I would like to share with you some ideas about Elrond and how they did not disappoint. It is a nice project with huge potential. In just 8 days, the price went from $50 to over $200. The nicest part of the entire project is that Elrond and the in-house built application and wallet, Maiar, conquered tens of countries so far, in just a couple of days - actually just 6 days!!! According to the Elrond's developers, with thousands and millions of users, the price of EGLD will boom!! Besides this, just wait and see how many cool projects will Elrond bring with the support of Miami's Mayor, Florida.  

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So, SafePal Token is a project that I followed closely since the beginning of February, when they started the pre-sale on Binance. Actually, even before, my friend Paul, had told me for the first time about SafePal, when he also guided me to install the SafePal application and to claim SFP rewards. 

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In today's post, I will share with you some information about SFP, as I already used you, in a simple way so that everybody could understand. I will talk about its prices, potential and I will tell you my personal opinion about SafePal. 

Store, Secure, and Manage crypto assets at your fingertips

SafePal is dedicated to providing a secure and user-friendly crypto management platform for the masses to secure and grow their crypto assets safely and conveniently. It is the first hardware wallet invested and backed by Binance.

SafePal is now serving more than 60,000 users from more than 80 countries through its unique hardware wallet and software wallet product lines, all paired and managed through the SafePal App, where users can easily secure, manage, swap, trade, and grow their crypto wealth without compromising asset security.

Let's start with the beginning. The first two questions that have to be asked when it comes to SafePal is what it is and what it does? The answer is very simple. SafePal is an Utility Token which will serve the following purpose: SafePal developers created a ledger, a device, where you can store over 10.000 different crypto-currencies.

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It is compatible with almost all existent exchanges. This means that you can move or transfer from different exchanges and wallet onto this device and the other way around. It is a very safe storage device.

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Developers have already combined this device, this hard wallet actually, with a virtual wallet. The SafePal Token will offer discounts and many advantages to the users. 

Looking at the crypto-market, I think that many people will end up owning this type of device, because not everyone will trade permanently, especially since during the period when the market will fall, people will not be as active in crypto-trading and will want to keep their crypto-currencies safe. So this device, if you are thinking of buying coins and keeping them for a year, 2, 5, 7, even 10 years, is exactly what you need. We change our smartphone quite often, they have problems and errors and then we need security and this device is one that seems very safe to me. SFP is a utility token that will help you when using this device to have lower costs.

Now, that I talked about what does this token do, I will focus on the numbers. As many of you already know and many of you already do not know, SFP was listed on Binance, on the 8th of February, which is the only exchange right now where we can trade SFP. 

SafePal occupies the 212th position in the Market Rank, which is a pretty much decent position, being just a new project. 

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Its price right now is $3,07. 

The Market Cap of the entire project is $347.283.171 and the Trading Volume registered in the last 24 hours is $1.672.716.916, with an increase of 218,83% since the last 24 hours. But this is normal, as long as the token was launched 2 days ago. People started to buy it massively.  

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Currently, there is a Circulating Supply of 108.166.667 SFP, which means 22% of the Max Supply, which is 500 million. The Max Supply is big, but comparing with other projects, it is OK. If we are to compare it with Bitcoin's Max Supply, then yes, it is huge. But with just 500 million token, I think that there is a big space to grow for this project.   

Before being launched, SFP was worth even $0,10, but after the launch, its prices boomed. The All Time Low was registered on the 8th of February 2021, when the value was $0,9614 and the All Time High, just a few hours ago, on the 9th of February, when SFP's price was $4,39.   

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It seems a very solid project, which I think will prevail in the market. I find their product interesting and I can't say that it has any sensational competitors right now. So, at the moment, the offer of hard wallets is not so big, especially for a global market. With the value of 500 million coins as Max Supply, I think it can reach higher in price without problems. That would mean the Market Cap would exceed $1 billion. Given that Binance is the financier of this project, I think it's a matter of time and patience. So, my personal opinion for those who want to make a medium-term investment, is that it is a very good project. With patience and discipline, it is a good option.

In conclusion, it is a good project with potential, in my opinion. Those who want to invest in something safe, I  do not know how they will fail with this project. The only condition is if you buy it now, it may have a 40%-50% correction, but you don't have to worry because it's a new project and volatility is omnipresent in crypto. My advice is do not be afraid! That's all that matters, don't panic, especially on a young project like this. You can make money, it's all about having discernment and patience.

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Steven_BA
Steven_BA

BA and MSc in International Relations. New to cryptocurrency. One of the best political analysis. Expert in terrorism, post-conflict states and state-building. Up-to-date to everyday political and foreign news.


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