Satozhi (SATOZ) is the Bitcoin-inspired token that uses a unique ‘Proof of Burn’ system to generate value. With a unique focus on coin creation and coin destruction, this token seeks to build upon the designs of the mysterious Bitcoin creator Satoshi Nakamoto.
What is SATOZ?
Satozhi (SATOZ) was launched in March 2021. Given the name of this coin, this token draws heavily on inspiration from the mysterious creator of Bitcoin Satoshi Nakamoto. This token, which runs on the BEP Binance SmartChain system seeks to evolve some of the outdated designs of the progenitor of modern blockchain technology Bitcoin.
By combining a unique systems approach to BTCs Proof of Work, ‘Proof of Burn.’ SATOZ uses POB to attempt to create stable value fluctuations through a recycling system of token burn and token creation. This token and its unique approach are relatively new to the market, so much of the functionality of this system is still yet to be tested out in a broader time frame.
Step 1: Register on Fiat-to-Crypto Exchange
To get some SATOZ, you’ll have to exchange another cryptocurrency, such as Bitcoin (BTC) or Ethereum. (ETH) We’re going to use BTC in this handy tutorial.
To begin, you’ll need to acquire some BTC, and to do that you’re going to have to sign up for a Fiat-to-Crypto Exchange. In this example, we are going to be using CryptoWallet.com, though there are many different options to choose from. Different exchanges will use different systems, charge different fees and offer different services so it’s always wise to shop around. Start by signing up to CryptoWallet.com and following the on-screen instructions to deposit fiat.
Step 2: Buy BTC with Fiat Money
After transferring your fiat currency into your CryptoWallet.com account, you may now exchange it for BTC.
To start, go to the CryptoWallet.com app’s trading page and search for Bitcoin. Now select the desired amount and click “Buy.” Helpfully CryptoWallet.com offers a number of price comparison charts, market statistics, and trading alternatives to help you make the best investment decisions with your money.
Following the completion of your BTC purchase, a brief confirmation time will follow, usually only a few minutes, after which the desired amount of BTC, as well as any remaining funds, will be shown in your CryptoWallet.com account.
Step 3: Transfer BTC to an Altcoin Exchange
Once you have some BTC, you may exchange it for some SATOZ by registering with an Altcoin Exchange.
To begin, look for an altcoin exchange that deals in the BTC/SATOZ pair. In this case, we will be using Hotbit as it is the most straightforward, though other exchanges such as Pancakeswap, ProBit Global, and Bitmart also trade SATOZ. Altcoin exchanges can differ wildly, with some systems requiring greater or lesser registration, different prices, and different services.
Next, you’re going to register with Hotbit, and then you can begin trading. The registration process will be pretty straightforward, requiring information, KYC practice, and industry-standard security.
Once this is completed, Hotbit will alert you that your account is ready to trade, but to do so you’ll need to transfer some BTC from your CryptoWallet.com account to your new Hotbit account. For this step go to the Hotbit “funds” page and choose “deposit funds.” Now, Hotbit will provide you with a wallet address or a QR code. Then go to your CryptoWallet.com account and click the ‘send funds’ button. Now, enter the amount you want to send into your CryptoWallet.com and scan/enter the Hotbit address.
After a brief confirmation time, your BTC will appear on your Hotbit account, and you may swap it for SATOZ. Simply navigate to the Hotbit trading tab and choose the BTC/SATOZ trading pair as well as the trade amount and confirm.
You are now in possession of your very own SATOZ.
Last Step: Store SATOZ Securely
Now that you own some SATOZ you’re going to want to start thinking about where you are going to store it, and for this, you’re going to need a wallet.
Much like altcoin exchanges, there are many different wallet systems to choose from, and each will differ offering different services, security, and cost. In a general sense, the aforementioned CrytpoWallet app offers a good token storage system that is simple and reliable, however it does not currently support SAOTZ.
Currently MetaMask, Binance Chain Wallet, and the native SATOZ Mobile Lite all hold SATOZ.
Once you’ve chosen a wallet, go to Hotbits ‘withdraw funds tab, enter your wallet’s address into the bar and after a brief pause, your SATOZ will be stored safely in your new wallet.
Other Useful Tools for Trading SATOZ
While nothing in this article is to be seen as financial or trading advice to give trading, we can however provide information regarding trading tools in this section, that can help you make better trading decisions when utilized appropriately.
Most trading platforms include some sort of on-screen data that allows you to track an asset’s movement, growth, price, volume, or intensity.
On-Balance-Volume (OBV) is a straightforward indicator that depicts both positive and negative volume movement, as well as the value direction of an asset’s trend.
The Average Directional Index (ADI) is a simple indicator that informs traders about the strength of a trend. The movement intensity of the asset offers you a better picture of how often lengthy movements occur.
The Stochastic Oscillator displays the asset price over time and in relation to a specific condition inside that time frame to traders.
Latest News for SATOZ
In this section, we discuss a few of the news stories associated with SATOZ.
On May 18th, 2021 Coinspeaker discussed much of the hype surrounding this new Proof of Burn concept, lauding its new technological innovations.
In a tweet to their official Twitter account, SATOZ announced a road mapped that featured plans to bridge SATOZ over to the Ethereum blockchain, a move that would have massive implications for its cross-chain operability.
Can I buy SATOZ with cash?
No, like many altcoins SATOZ cannot be purchased directly with fiat cash.
Are there any quick ways to buy SATOZ in Europe?
Hotbit is an altcoin exchange platform that hosts SATOZ and is readily available in Europe.
Are there any alternative platforms to buy SATOZ or Bitcoin with credit cards?
Not in the direct sense, however by following the above guide you’ll be able to quickly and easily purchase SATOZ.