Space Grime is truly something to be excited about!
It is an experimental Spontaneous Decentralized Autonomous Community that aims to become a decentralized financial technology ecosystem whose value comes from digital art such as video games and NFTs.
But its aspirations don’t stop there.
It also has a goal to be the people’s space program, establishing partnerships with a number of space technology companies. GRIMEX is the native token of Space Grime and is a BEP-20 token on the Binance Smartchain.
As well as being powered by the value of memes, Space Grime’s goals are not just interplanetary but multi-planetary too. How is this going to be achieved?
By setting up nodes which will enable transactions on cubesats which will orbit Earth, Mars, Venus, and the moon, as well as other planetary and celestial bodies in the solar system.
Solar panels will power these nodes in the inner solar system, while in the outer solar system laser beams will be used to transmit blockchain data.
This expands the reach of financial markets and commerce to the entire solar system without the interference of centralized banks, governments or other third parties, although these bodies will not be exempt from the network.
So how do you get in on this exciting new cryptocurrency? Read on to find out!
Buying Space Grime Cryptocurrency: Step-By-Step
Step 1: Sign Up For Fiat-to-Crypto Exchange
Binance is becoming more regulated across the world, making buying crypto using fiat money easier and more secure.
First, you will need to buy one of the more popular cryptocurrencies, and for the purposes of this article, I’ll be recommending Bitcoin.
The two most popular fiat-to-crypto exchanges are Coinbase and Uphold, and we recommend checking out their fee policies and features to see which exchange better suits your needs.
Step 2: Use Fiat Money To Buy Bitcoin
Once you’ve signed up for either Coinbase and Uphold, you will need to add a payment method. This can be with a credit or debit card or a bank transfer.
The transaction fee might be rather high, it will all depend on your credit company. But buying fiat money with a credit card allows you to buy bitcoin instantly.
A bank transfer is cheaper but also slower, especially depending on where you live. But some countries will allow immediate cash transfers with relatively low fees.
Now on the ‘transact’ screen you can select your fiat currency under the ‘from’ field, and under the ‘to’ field select Bitcoin.
You can review your transaction by clicking preview, and if you’re happy with what you see you can go ahead and click ‘confirm.’
Step 3: Transfer Your Bitcoin To An Altcoin Exchange
So now you need to convert your bitcoin into GRIMEX. At the moment GRIMEX is listed on PancakeSwap so I’ll be taking you through how you can convert your bitcoin to GRIMEX on that platform.
Since PancakeSwap is a decentralized exchange, how you convert bitcoin to GRIMEX on this platform will be different to centralized exchange.
Due to it being decentralized you don’t need to create an account, but you do need to manage your own private key that opens your altcoin wallet.
You need to be extra careful with your private key, as if you lose your key you will permanently lose access to your cryptocurrency, and there is no customer service you can contact to retrieve your assets.
However, if you manage your private key in the right way, it is actually more secure to keep your assets in your own private wallet rather than exchange wallets.
However, if using a decentralized exchange makes you nervous, it might be worth checking if GRIMEX is available on centralized exchanges.
Step 4: Store Space Grime Crypto In Your Hardware Wallet
If you would like to keep your GRIMEX for an extended period of time, it’s a good idea to research other options of keeping your crypto safe.
After all, while Binance is one of the most secure cryptocurrency exchanges, they have been hacked before and investors lost funds.
These wallets are always going to be online, and that exposes them to risk and vulnerabilities. The safest possible way you can currently store your coins is to put them into a cold wallet.
A cold wallet is a wallet that is only accessible on the blockchain, and you can only send out funds, which helps to curb the risk of hacking.
A paper wallet is also a kind of cold wallet, and is a pair of public and private addresses that are generated offline and that you keep filed somewhere safe. Still, this isn’t as durable and as long-lasting as an online wallet.
The best kind of cold wallets are undoubtedly hardware wallets. Hardware wallets are normally USB-enabled devices that hold important information about your wallet and are considerably durable.
They have military-grade security, their firmware is regularly updated, and is incredibly safe.
So why should you consider investing in GRIMEX? Well, it’s grown 217.32% over the past three months, although its market capitalization is still on the small side.
This suggests that the price of GRIMEX is rather volatile in comparison to larger market caps when big market moves are happening.
Still, as GRIMEX has steadily grown over the last three months it definitely has the potential to keep growing and yield pretty decent gains.
However, you should always trade crypto with a degree of caution – especially relatively new ones. You should always do your research when thinking of investing in new cryptocurrencies.
Paul Martinez is the founder of BendingDestiny.com. He is an expert in the areas of finance, real estate, and eCommerce.
Join him on BendingDestiny.com to learn how to improve your financial life and excel in these areas. Before starting this blog, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.