Note: This is not financial advice. This how-to article is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class; only invest what you can afford to lose.
"How to buy Saitama Inu" is one of the most searched queries at the moment as folks question how they can get their hands on one of the newest dog-themed tokens. First, it was Dogecoin, now it's Shiba Inu. Could Saitama be the next canine token to take the throne? Only time will tell.
Keep in mind, though, that Saitama is a meme token — just like Dogecoin and Shiba Inu. In other words, it doesn't have inherent value or utility, but it's rising through the ranks due to social media chitchat and its passionate community. Before you buy Saitama, there are some caveats you must be aware of before taking the plunge.
What you should know before buying Saitama
Saitama, launched in May 2021, is an ERC-20 token, which is just a fancy way of saying that it runs on the Ethereum blockchain. On one hand, this is a positive because Ethereum is known to be a secure, well-protected blockchain, but on the other, executing transactions on this network can be expensive.
In order to buy or sell ERC-20 tokens, you often must pay gas fees. If the Ethereum network is too congested and busy, the gas fee can set you back $250 — even if you're only buying $10 worth of tokens. However, there are some crypto platforms (e.g. Nexo) that take care of Ethereum fees on the backend, so you don't have to pay a single cent.
According to Saitama's white paper (a document that outlines a cryptocurrency's main mission), 2% of all transactions are redistributed to token holders. This is great if you're a token holder, of course. By simply owning Saitama, your token amount will increase every day automatically as the community transacts. But it's disadvantageous when you're initiating transactions with Saitama. Whether you're buying, selling, or moving it to another wallet, you'll lose 2%.
How to buy Saitama Inu
The best way to buy Saitama whilst avoiding those pesky gas fees is to use BitMart. Check out the following step-by-step instructions to get started.
1. Sign up for an account on BitMart here.
2. Once you've completed the onboarding process, your first order of business is to get USDT (Tether). Why? In order to buy Saitama, you need to swap Tether for it. There are two ways you can get USDT. The first way is to buy it on Bitmart using PayPal or a credit/debit card. Another way is to purchase USDT from Coinbase and deposit it into BitMart.
3. Once you've secured your USDT, you can now buy Saitama. Navigate to Markets and type in Saitama into the search bar.
4. You'll see Saitama/USDT pop up. Click on Trade.
5. The next screen may be a little intimidating because it's for pro-level cryptocurrency investors, but don't worry, it's not as bad as you think. Scroll down to the bottom of the page and click on Market.
6. Next, tap on 100%. This will ensure that all of your USDT gets traded for Saitama.
7. Click on Buy Saitama.
Voila! Now you've purchased your first cluster of Saitama tokens. You can see your newly purchased crypto by going to Spot and clicking Standard.
I can't stress this enough. Cryptocurrencies, especially meme tokens, are extremely volatile assets. Make sure to properly assess your risk tolerance and invest accordingly.
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Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!