Alternative cryptocurrency (or altcoin) investments continue to attract a lot of attention, with many crypto noobs and seasoned investors constantly searching for the next “big bang” in the industry. The trick, ideally, is to get in early, buying these tokens as cheaply as possible and selling them off when their value has increased significantly. With a slew of cryptocurrency projects churned out almost on a daily basis, major cryptocurrency exchanges can only keep track of a handful of them, thus necessitating a few additional steps in purchasing some of the tokens (such as Snoge) on exchanges where they are listed.
Have you ever been interested in expanding your investment to include some Snoge tokens but do not know how to do so. This piece provides a step-by-step guide on how to secure some Snoge tokens.
What is Snoge?
Snoge (aka Snoop doge) is a reflective token inspired by popular DogeCoin clones like HOGE and WOGE. Like these tokens, $SNOGE is a community-driven deflationary token that levies a 2% tax on every Snoge transaction with 1% burned and permanently removed from the total supply and the other 1% distributed amongst holders of the Snoge tokens.
Snoge (SNO) was just released for the first time in late 2017 with a heavy investment in the cannabis industry. According to the project’s developers, Snoge aims to leverage the decentralized and censorship-resistance nature of blockchain technology to provide an investment avenue for interested parties looking to capitalize on the current undervaluation of cannabis products and companies. Some other features that set the token apart include the ability to mine it solo, a transparent staking pool, as well as an innovative software development fund. Although the Snoge token has been in existence since 2017, it only just became tradeable for the first time on May 22, 2021 and currently has an unknown total supply – hence, it has no market valuation at the time of this writing.
Snoge, like many other altcoins, has been listed on many exchanges since its inception. However, there is currently no existing means to buy the tokens directly with fiat as is the case with popular cryptocurrencies like Bitcoin and Ethereum. But with the steps detailed below, you are well on the way to securing your first set of investments in Snoge.
Step 1: Register on Fiat-to-Crypto Exchange
To begin, you need first create an account and register on a cryptocurrency exchange that supports fiat-to-crypto transactions. This is primarily due to the fact that the exchanges that have Snoge listed do not support these kinds of transactions.
Ideally, you can choose to register on any of the numerous fiat-to-crypto exchanges available today. However, the choice should be guided by a number of factors including, but not limited to, the platform’s ease-of-use, security, reputation, and supported purchase methods.
Most platforms offer a simplistic onboarding process and guide you through a seamless registration process. Bear in mind that many platforms will demand you to complete a Know-Your-Customer (KYC) verification process before you can initiate any transactions. Also, ensure to have handy a valid means of identification (such as a driver’s license or an international passport) as it is often required to complete the KYC process.
Step 2: Buy BTC with Fiat Money
Given that many of the exchanges that list the $SNOGE token do not support fiat-to-crypto trades, one would need to own any of the top cryptocurrencies like Bitcoin or Ethereum. You can purchase BTC with fiat money on any major exchange in two main ways – via bank transfer or debit card. While both methods are relatively convenient, they differ in the speed and cost of transactions. As it were, card transactions are generally more expensive but are settled almost instantly when compared to bank transfers. On the other hand, bank transfers are relatively cheaper in comparison to card transactions.
As stated above, you should put into consideration the platform’s ease of use as it makes this step easier to achieve. For example, CryptoWallet only requires three simple steps to purchase any of its listed 5-high cap cryptocurrencies (including BTC) — deposit a fiat currency (such as USD) via debit card or bank transfer, identify the current trading price of BTC on the CryptoWallet exchange, input the amount you want to buy and confirm the transaction.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have successfully purchased a principal cryptocurrency like Bitcoin (or Ethereum), the next step is to make a swap for some $SNOGE tokens. However, before this can be achieved, you need to have a presence and some crypto holdings on any exchange that has SNOGE listed, generally referred to as altcoin exchanges.
Similar to major exchanges, altcoin exchanges also require that you complete a registration process to access the majority of its features. There are several altcoin exchanges with a wide range of altcoin options, a vast user base, and large trading volumes that you can choose from. Popular exchanges include Hotbit, Gate.io and MEXC global; however, we recommend you carry out your own research.
The registration process is not tedious on most platforms, as you will be guided through their requirements for a successful registration. Once the registration process is duly completed and confirmed, you then need to make your Bitcoin available on the new exchange by initiating a transfer process.
While altcoin exchanges may differ in many areas, the transfer of crypto assets on most platforms is essentially identical. First, look out for the “deposit” button on the platform, select the crypto asset you would like to transfer (BTC, in this case), and you will be issued a unique Bitcoin wallet ID. Carefully copy the ID and head over to the crypto exchange where your BTC currently resides, input the wallet address and click “send”.
Suppose you purchased your BTC on CryptoWallet, simply identify the cryptocurrency you want to transfer, input the quantity of BTC you want to send, paste in the Bitcoin wallet ID you obtained from the altcoin exchange, confirm the transaction, and wait for your BTC to appear in the new exchange. CryptoWallet provides a step-by-step guide on how to go about this.
Once you have received your crypto on the altcoin exchange, the rest is relatively easy. Simply search for the “SNOGE/BTC” pair on the exchange, enter the number of SNOGE you would like to own and click “Swap”.
Last Step: Store Snoge Securely
Alas! You have successfully purchased your first set of SNOGE tokens. However, the last and probably the most important step is to consider your best storage option as the crypto industry is no stranger to hacks.
Cryptocurrencies are primarily stored in either hot wallets or cold wallets. While cryptocurrency wallets fall out of the scope of this piece, it is worth mentioning that the primary difference between these two methods lies in their level of security, convenience and accessibility. Hot wallets are constantly online, making them readily accessible and convenient for quick cryptocurrency transactions.
This is the storage method most crypto exchanges employ, with the security of assets often guaranteed by an independent and trusted third-party security company. For example, CryptoWallet secures its 5-high cap cryptocurrencies stored on its platform through Bitgo – an industry-leading digital asset custodian.
However, cold wallets (or hardware wallets), which remain constantly disconnected from the internet, are considered the best option for storing crypto assets. This is mainly because they only come online when a transaction is initiated – thus, drastically reducing the possibility of a hack or asset theft. Ledger Nano S and Nano X are two of the most popular hardware wallet options available today in the crypto space with support for a wide range of crypto assets.
Other Useful Tools for Trading Snoge
With a wide array of altcoins available today, our best guess is that you have a number of cryptocurrency investments and keeping track of them can quickly become a tedious task. Whether or not this is the case, i.e. even if SNOGE is your first investment in the cryptos, portfolio trackers are one of the most essential tools for trading cryptocurrency.
Portfolio trackers (such as Blockfolio) provide an all-in-one view of your cryptocurrency investment in a simplistic user interface. They help you track the total value of your crypto investment, the 24-hr change in your portfolio, and the individual performance of your portfolio tokens, thus providing an avenue to constantly reassess your position in the crypto markets.
Can I buy Snoge with cash?
To keep it simple, the short answer is No. It is recommended to buy Bitcoin or Ethereum on a reputable exchange that supports fiat-to-crypto transactions, then swap them for SNOGE on any altcoin exchange of your choice.
Are there any quick ways to buy Snoge in Europe?
Yes! Some European banks, such as Bunq and Revolut, enable anyone living in Europe to open an account via an online platform and purchase cryptocurrencies on select exchanges like Coinbase.
Are there any alternative platforms to buy Snoge or Bitcoin with credit cards?
Yes! For instance, Changelly is one of many platforms that support purchasing BTC with credit cards. Once this is done, you can then transfer to your preferred altcoin exchange to buy STONK tokens.