There’s a new type of charitable fundraiser that is attracting many to its quickly growing crypto community. This is Life Token, a charity-orientated token on the Binance Smart Chain. Its goal is to use the profits and donations generated from Life Token to help aid suicide prevention charities. After the release of Life Token in late May 2021, the project has already picked up a lot of attention in the crypto world despite being so new to the market.
What is Life Token?
Life Token takes the same technology used in SafeMoon to distribute initial fees to its holders, marketing and now charities. Life token sets itself apart from the other “scam coins” like SafeMoon by actually providing a justifiable reason to invest besides just hype generated from social media influencers. Instead of your fees going to a privately held address to be burned, it goes to a wallet specifically for donating to suicide prevention charities picked by a community vote.
Brief History of Life Token
Life Token is extremely new but has gained a lot of attraction over the few weeks it’s been around. The price of the coin started at around $0.0000001113 and has risen a wapping 1000% to $0.000001124 within the past month.
The project makes promises on its website to keep a consistent engagement with its community by consistently hosting live streams and charity events. The token smart contract has also been audited by cybercrimeshield.org which concluded that no backdoors or overflows are present in the contract. In its brief history, the token has made some good first steps and could definitely continue to grow.
How To Buy Life Token
- Make an Account with Binance.
Since Life Token is so new, most of the major exchanges such as Coinbase and Gemini do not support the token. This can be confusing for investors wanting to join this charitable community.
To buy Life Token, which is a token on the Binance Smart Chain, you will first need to set up a Binance account. This is because you’ll need BNB tokens to use PancakeSwap, the leading exchange for Life Token. If your IP address is located in the U.S, you’ll need to use Binance.us and get approved for an account. To get approved for an account Binance needs to verify your identity by submitting them your Social Security number, Driver’s license and home address.
Once approved, you will need to buy BNB which will later be exchanged for Life Tokens. Be careful to take into account the 10% initial fee from Life token and the 0.075% transaction fees for purchasing BNB.
- Download MetaMask or Trust Wallet
After purchasing BNB, you’ll need to send your newly acquired BNB tokens to a PancakeSwap compatible wallet. Trust Wallet and MetaMask are the best wallets to use for PancakeSwap. Both of these wallets will require you to set up an account but no personal information is needed. When you generate a new crypto wallet, be sure to save your private keys somewhere safe –– it’s the only way to recover your funds if you lose access to your wallet.
MetaMask makes transactions with platforms like PancakeSwap easy to do with its Google Chrome extension that’s interoperable with decentralized exchanges.
- Convert Your BNB Tokens
By default, MetaMask will be set to Ethereum’s main network as you can see in the top-right drop-down menu when you press on the MetaMask Chrome extension icon. To connect to Binance Smart Chain, you need to click on this dropdown and change from “Ethereum Mainnet” to “Custom RPC.” Then enter the information below to connect your wallet to the Binance Smart Chain.
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
Once this information is inputted, you should see the BNB token as your default cryptocurrency. You can then go back to Binance and send your BNB tokens to your MetaMask wallet using your MetaMask BNB cryptocurrency address –– make sure to choose the Binance Smart Chain network when you send your BNB to MetaMask.
- Make Your Purchase
Now most of the hard work is over; the process from here is relatively straightforward. Go to PancakeSwap’s website and press the button in the top right corner to connect your wallet. Once connected, go to trade then exchange on the right hand side of the website. Then press swap and now you can search for LTN. If that doesn’t show up, then you can paste Life Token’s contract address (0x36f66d61db3497f7fdba22efd2a251753a95d0e2) in the same search bar to find the asset.
Then, you’ll be prompted to approve the transaction back in your crypto wallet before the transaction is executed. Once executed your Life Tokens will arrive in your wallet within a few seconds. If you receive an error when processing your transaction, you may need to increase your slippage tolerance to 15%
Keep in mind when buying Life Token that it is still in its infancy stages and can see extreme price volatility like what has already happened within the 1st month of its release. A lot of the token’s price depends on its good or bad publicity, rather than the project itself.
Use a U.S Based Exchange
Onboarding cash from your bank account is most easily done through U.S. based exchanges, like Coinbase and Gemini. These exchanges let you invest in most popular altcoins, but you’ll need to send your crypto to Binance in order to purchase BNB to use on PancakeSwap. The best cryptocurrencies to send to Binance are those with low transaction fees and quick transaction times, like Litecoin (LTC) and Stellar Lumens (XLM).
Leverage Your Crypto & Earn Interest
New and upcoming altcoins can be great additions to your crypto portfolio. However, many crypto investors don’t want to sell their current cryptocurrency positions to enter into this risky market. This is where using BlockFi can be utilized by investors to keep their current positions and also enter into this growing market. BlockFi lets investors take out crypto-collateralized loans, allowing you to leverage your investments to buy more cryptocurrency. Once the loan is paid back, the cryptocurrency you put up as collateral will remain yours.
BlockFi also offers lower-risk financing options like interest bearing accounts that let you earn extra cryptocurrency on your investments. Simply set up and fund your BlockFi account with your crypto of your liking and you’ll instantly start earning 5% to 10% annual interest in your chosen cryptocurrency.
Is Life Token a Good Investment?
Life Token is definitely an altcoin that has the potential to be profitable, especially if you get in at a low price. It may be the most respectable “shitcoin” out there, and it’s picking up a lot of traction for its charitable features.At the end of the day, Life Token seems a bit hyper-focused to become a big project, and there is a lot of competition for similar coins on Binance Smart Chain. For these reasons, it’s hard to tell whether or not Life Token will be able to gain significant market share in the crypto industry.
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