The cryptocurrency market is having a boom in history, breaking through the charts for a few months now.
However, one particular crypto token raised my attention quite recently.
For myself, SFP came out of nowhere on February 8(5 days ago), and immediately had a price jump of almost 2000%.
At the time of the release of this coin on Binance, it had a price of $0.1 for one SFP. On the same day, the unluckiest traders had to pay as much as $2.2 for it.
Jumps like this are quite common for new Binance listings, but usually slightly less insane(500-600%).
And so I had to take a look.
What is SafePal and what is the SFP token?
For starters, SafePal is an app where you can buy, sell, store, swap, and invest in DeFi projects for various cryptocurrencies.
But SafePal is also a hardware wallet from the same company, taking the safety of your crypto assets to another level.
And the connection of the two(the app and a hardware wallet), makes this a very solid combination for trading as well as keeping your wallets secure.
So in a nutshell, they made a cold wallet(hardware wallet) for crypto and made it possible to also trade with your assets from it.
This is also the first hardware wallet in which Binance invested, which speaks a lot as I consider Binance a leader in the crypto trading world.
Let’s now see the main characteristics of the SafePal wallet
- Practical design– the SafePal hardware wallet looks and has dimensions similar to a 4-inch phone, making it easy to be carried around in your pocket.
- Innovative cold storage connection– No Bluetooth, no Wi-Fi, no USB(only for charging), and no NFC connections.
- Vast support for coins– even though tiny, this wallet supports around 20 blockchains and 10000+ tokens.
- Good materials– this device is very light and easy to carry around, plus it operates in temperatures from -20 to 70 degrees Celsius.
- Integrated QR code scanner– for high-speed scanning and using crypto directly from your hardware wallet.
- Updateable– meaning you can install new firmware from time to time, thus adding support for additional and newer crypto coins.
- Security– Besides the amazing connection, this device features several other security layers, such as a true random number generator, security sensors, and a self-destructing mechanism.
All in all, not bad for a $40 hardware crypto wallet. However, I’d rather say amazing!
In my humble opinion, it is currently the best hardware wallet in the world, and for half the price of a Ledger and similar ones.
What is the SFP token?
SFP is a native utility token for the entire SafePal ecosystem.
It is based on the Binance Smart Chain(BEP20) and has a limited total supply of 500,000,000.
While it wasn’t available for trading and investing before January this year, a seemingly bright future is behind the corner.
This token powers the entire SafePal system, and usually coins that fuel prospective products, end up being prospective for investors as well.
For now, the SFP token can be used to:
- Get discounts for buying SafePal products(like their hardware wallet).
- Claim coupons to use for special yield programs.
- Getting token airdrops from SFP partners.
- Receiving staking rewards.
- Vote and actively engage in the SafePal roadmap, suggesting features and voting between different ones.
Why did I invest in SFP tokens?
The last 6 months were pretty lucrative for most traders and investors in the crypto markets.
All you had to do was buy almost any crypto, and see 2-10x your initial investments after holding for a while.
Unfortunately, most of the time, earning while trading and investing in crypto isn’t that easy.
When the bear tide comes, most people lose fortunes and end up out of their trading business.
This is for a simple reason while you can earn a lot in crypto trading, you can also lose a lot, usually over days or even hours.
But the practice I utilize over the last couple of years has served me well so far.
Although I’m not a dedicated investor that waits for years(unfortunately) and does “scalp” from time to time(when gains are 50%), I do utilize value investing.
Simply put, value investing means investing in things that have an actual value, and will hopefully get that value x10 over the next few years.
By doing this, you can usually minimize risks and also recover faster after a bear market.
And even in bear markets, certain stocks and crypto tokens can go up, exactly because they have value and aren’t there just for a quick buck.
And this is why I made my decision and made an investment in SFP a few days ago.
- They have what seems the best hardware wallet if we measure the price and quality/features ratio.
- They are backed up by Binance.
If you don’t believe me about Binance, take a look at the history of their native token BNB.
Back in 2017, it was worth a “miserable” 10 cents per coin.
Less than 4 years later, BNB is killing it and right now has a price of $161.08! That’s an x1610 return on investment or 161000% in less than 4 years!
Even without Binance backing it up, SFP seems a very solid investment for me, simply because of what they provide.
But please do your research and make your own investment decisions :)