Kusama KSM is the “canary network” for the Polkadot blockchain, designed to facilitate an audit system for Polkadot. Kusama tests new features before being deployed to Polkadot. Kusama’s native cryptocurrency is KSM.
CoinStats provides real-time price updates for Kusama on a number of crypto platforms.
Continue reading to find out everything about Kusama KSM and how you can buy Kusama tokens.
Let’s get started with the Kusama There are pros and Cons list:
Pros
- Scalability: Kusama has the ability to scale up unlimited numbers of projects and not slow down the network.
- You don’t need a fork! Kusama’s network upgrade and scaleability disputes are protected, so that hard forks will not occur.
- Decentralized Governance: Kusama can be truly decentralized because the KSM holders manage the network, not individuals.
- High security: Kusama is extremely secure due to its decentralized nature. There are very few chances for it to be compromised.
- Different blockchains are available to developers: Developers have more options to use different blockchains with the KSM token.
Cons
- Competition: Kusama faces intense competition from smart contracts and Proof of-of-Stake initiatives, just like Polkadot.
- It is not suitable for all types of projects. Although Kusama is more than just a testnet for Polkadot, it’s still basically a testing ground for projects, some of which may not thrive on it and must be moved to Polkadot.
- Limitations of parachain Kusama and Polkadot’s Parachain seem superior to Ethereum in terms of scalability. To launch any Polkadot application, however, the Parachain must be in existence.
Four Steps to Purchase Kusama KSM tokens
The Kusama KSM Token is currently ranked #71 in terms of market capital ($676 Million Q22022). It is currently available for purchase on cryptocurrency exchanges such as Huobi Global, Binance and Kraken. The token can also be purchased on decentralized exchanges like Uniswap or PancakeSwap. First, choose the platform that best suits your investment goals to purchase Kusama KSM.
Step 1. Choose a Trading Platform
KSM can be traded on a variety of cryptocurrency exchanges. You’ll have to compare them to choose the one that supports Kusama and has the features you want, such as low transaction fees, an easy-to-use platform, and 24-hour customer support. Consider whether the exchange supports KSM purchase with any of your preferred payment options, like a credit card or debit card, another cryptocurrency or bank transfer.
You have two choices when it comes to cryptocurrency exchanges.
Centralized Crypto Exchange
Centralized crypto exchanges (CEX) are similar to traditional digital asset trading exchanges. These CEXs can be governed and charged fees by a centralized organization. This is where the majority of cryptocurrency trading occurs. Users can convert dollars and euro into crypto easily through centralized exchanges. Users must comply with KYC (know your client) and AML rules on centralized exchanges by providing personal information as well as identification documents. However, a CEX holds your digital assets on its platform while trades go through – raising the risk of hackers stealing the assets.
Decentralized crypto exchange
Decentralized exchanges (DEX) are not managed by any central authority. They operate over blockchain and charge no fees, except the applicable gas fee on specific blockchains, such as the Ethereum blockchain. Smart contracts are used to allow users to trade in crypto assets with no regulatory authorities. To remove intermediaries, they use an automated market maker and allow users to have complete control of the funds. The interface and currency conversion are not as easy with decentralized exchanges. For instance, they don’t always allow users to deposit fiat money in exchange for crypto; users have to either already own crypto or use a centralized exchange to get crypto. As DEX is peer-to-peer, it takes longer for someone to look at you and offer you a quick sale or purchase of low volume crypto.
Step 2: Register
You will need to have a cryptocurrency wallet that has crypto funds you can use to trade KSM for KSM.
Below, we’ll focus on centralized platforms such as Binance, as it’s a popular choice globally.
You will need your email address and a phone number to register with Binance.
Customers can create Binance accounts, perform restricted transactions and submit KYC information without having to provide KYC. You must verify your KYC information to have full access, increase withdrawal and deposit limits and get higher deposits. You can deposit funds on the platform and start trading now that you’ve created an account!
Step 3: Deposit the funds
You must verify your account before you can deposit any funds to buy KSM or other cryptocurrencies. Many fiat deposit options are available on big platforms, such as Binance. Kusama can be purchased with a debit or credit card or a bank account. You also have the option to buy crypto using a cryptocurrency wallet. KSM’s payment method will depend on the location and your preferences.
Your fiat money can be deposited to your Binance account and traded for crypto currencies such as Bitcoin (BTC), Tether stablecoins (USDT), or exchanged for Kusama KSM.
NOTE: You should always double-check what you are putting in, since transactions can often be reversed.
These are some helpful tips for beginning users
It is not easy to obtain your first crypto.
Tip 1.
BTC deposit can take a bit longer than ETH, and might result in more fees. Low trading fees, while not guaranteed, depend on the platform you use and what digital asset that you buy.
Tip 2.
If you’re just starting, and this is your first deposit on a chosen platform, don’t go all in. To gain access to different assets, start with a lower amount as your first deposit. Once you get some experience, proceed to the amount you’d like to trade for Kusama tokens. It is important to be cautious, particularly in crypto.
Tip 3
Before trading, check the token’s current price. KSM’s price is subject to fluctuation as the cryptocurrency market changes. To ensure you are fully aware of all the potential risks and rewards, it is a good idea to explore trading strategies.
Step #4: Buy Kusama KSM
Voilà! All you need to do is click here to order KSM. Open the menu bar in the upper right corner of the page. Funds> Balances to check your balance. You can place your order for Kusama KSM tokens at http://www. exchange> Basic. We’ll assume you have BTC to trade, but there’s no difference in the process itself. To order a trade, select BTC from the upper right corner. It should display the KSM / BTC trading pair.
You must verify the trade amount, since the transaction cannot be reversed. Place your order, and you’re the proud owner of your very own Kusama KSM tokens!
Kusama KSM Coins: What are you doing with them?
After you purchase Kusama KSM from Huobi Global, Binance or another platform, it is possible to store, stake or sell them. Let’s revise your options below.
Option 1: Store Kusama
Kusama can be considered a profit-making store of value, and the price could rise in the future. You may store tokens long-term. You can store your KSM tokens on the trading platform. However, some traders prefer to keep their digital assets in private crypto wallets. There are two types of Software Wallets (Hot Wallet and Hardware Wallets) that we distinguish.
If you’re looking to trade KSM regularly, software or hot wallets provided by your selected crypto exchange will suit you. Software wallets can be used easily and are free. While they are not as secure and user-friendly than traditional hardware wallets, their simplicity makes them great for those who have just a few tokens.
Cold wallets or hardware, like a Ledger Hardware wallet They are often the best way to keep your cryptocurrency safe because they allow offline storage. This greatly reduces the risk of hackers. You can lock them with a pin, and they will wipe out all data after multiple failed attempts to prevent physical theft. You can also sign and verify transactions using a hardware wallet, which provides additional protection from cyber-attacks and phishing websites. They are best for those who have a lot of tokens and are experienced.
Option #2: Stake Kusama
There’s nothing wrong with storing your Kusama in a hardware wallet. Hardware wallets, however, aren’t a great option if you intend to put your tokens to good use. Kusama Network offers holders a way to stake their tokens and earn interest.
Kusama token owners can make income from validating transactions and locking their tokens on Kusama. They will also earn rewards by participating in the Proof of Stake mechanism.
KSM’s price can fluctuate, so staking may be risky. You should monitor the KSM market cap and fluctuations as well as general market trends using various cryptocurrency portfolio trackers such CoinStats or CoinMarketCap.
Option #3: Sell Or Exchange Kusama Coins
Traders can exchange Kusama tokens any time during the journey. If you buy Kusama, then realize you don’t want to keep it any longer; you can simply exchange it for other digital assets or exchange it for fiat to leave the game entirely.
KSM tokens may be traded on the same trading platform as they were purchased.
Now that you have plenty of choices, we’re confident that your newly purchased Kusama will serve you well.
Conclusion
Kusama can be used to test the efficacy of new features prior to the official launch on Polkadot. Kusama has a flexible governance structure, minimal stake requirements and a rich reward system. This guide can help you find your way around the Kusama fun.
It’s not possible to buy Kusama directly on Binance, but you can buy Bitcoin with a credit card or debit card on Binance and then exchange that for Kusama.
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It is highly volatile, so do your own research. Only invest in what you can afford. Kusama’s past performance is not indicative of Kusama’s future.
CFDs and stocks trading can pose significant risk. CFD trading can cause losses of between 74-89% in retail investor accounts. Before making an investment, you should carefully consider your situation and explore your options.