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, the KSM token.
CoinStats is one of the most popular crypto platforms. Get real-time updates about Kusama’s price on CoinStats.
Continue reading to find out everything about Kusama KSM and how you can buy Kusama tokens.
Let’s get started with the Kusama The pros and Cons list:
Pros
- Capacity to scale Kusama is able to scale unlimited projects, without slowing down the network.
- You don’t need a fork! Kusama has been fortified against any disputes regarding network upgrades and scalability. Therefore, hard forks on this project are unlikely to happen.
- Governance decentralized: Kusama can be truly decentralized because the KSM holders manage the network, not individuals.
- Very secure Kusama is extremely secure due to its decentralized nature. There are very few chances for it to be compromised.
- Developers have access to various blockchains Developers have more options to use different blockchains with the KSM token.
Cons
- Competition: Like Polkadot and Kusama are in fierce competition with smart contracts, Proof-of-Stake, and other projects.
- This isn’t the right tool for every project: 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. For any Polkadot-based application to launch, it must exist on another Parachain.
In 4 Easy Steps, How To Buy Kusama KSM Coins
The Kusama KSM Token is currently ranked #71 in terms of market capital ($676 Million Q22022). It is currently available for purchase on several crypto exchanges around the world, including Huobi Global. Binance. Kraken. You must first choose an investment platform to buy 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. You should also consider whether the cryptocurrency exchange permits you to purchase KSM using your preferred payment method, such as a debit or credit card, another cryptocurrency or bank transfer.
There are two options for cryptocurrency exchanges. One can be centralized and one can decentralize. Each has its advantages and disadvantages.
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 system. The majority of cryptocurrency trading is done on centralized exchanges. They allow you to instantly convert your fiat currencies, such as the dollar or euro into crypto. 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. To allow people to trade crypto assets, decentralized exchanges make use of smart contracts. The automated market maker removes all intermediaries from the trade and gives complete control to customers. 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: Sign up
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.
Binance lets customers create accounts and make limited transactions, without the need to submit KYC information. To gain full access to the platform and withdraw more funds, KYC verification must be completed. You can deposit funds on the platform and start trading now that you’ve created an account!
Step 3: Deposit funds
You must verify your account before you can deposit any funds to buy KSM and other cryptocurrency. There are many options available for fiat deposits on large platforms such as Binance. You can buy Kusama using a bank account or credit card. The platform you choose to purchase KSM, your location and personal preferences will determine the payment method that you use.
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: As transactions often cannot be reversed, it is important to double check the amount that you wish to deposit.
Here are some tips for beginners
It can seem confusing to get your first cryptocurrency as a beginner. Here are some tips:
Tip 1
BTC deposits can be more time-consuming than ETH deposits and may result in higher fees. Low trading fees, while not guaranteed, depend on the platform you use and what digital asset that you buy.
Tip 2
Tip 2: If you’re just starting, and this is your first deposit on a chosen platform, don’t go all in. You can gain more exposure later by starting with a lower amount. Once you get some experience, proceed to the amount you’d like to trade for Kusama tokens. In the crypto-world, caution is always a good idea.
Tip 3
Before trading, check the token’s current price. KSM prices fluctuate with other crypto assets. The cryptocurrency market is highly volatile. You should also explore trading strategies in order to fully understand the risks and benefits.
Step #4: Buy Kusama KSM
Voilà! You are now ready to purchase 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. Click on BTC at the top-right corner, and then search for KSM. You should see 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?
You can sell, store or stake Kusama KSM once you have purchased it on Huobi Global or Binance. 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. Although you have the option to trade your KSM tokens directly on the platform, most traders prefer that their digital assets be stored in their own crypto wallets. It is possible to distinguish between a Software Wallet, Hot Wallet, and a Hardware Wallet, Cold Wallet.
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. Although they store keys online, and may not be as secure as hardware wallets due to their simplicity of use, software wallets are great for beginners with just a handful tokens.
Hardware and cold wallets such as the 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. Hardware wallets allow you to sign and confirm transactions via the blockchain. This gives you extra protection against malware, phishing sites and cyber-attacks. 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 allows holders to stake their tokens, earning interest.
Kusama token holders can earn income by validating transactions with their tokens, temporarily locking them on Kusama and earning rewards for taking part in the Proof of Stake consensus mechanism.
KSM prices can be volatile and stakes could prove 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 have the option to trade their Kusama tokens anytime during their 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 allows you to experiment with new features and test them before moving on with your official launch via the Polkadot Network. Kusama features a flexible governance model, low stake requirements and an extensive 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.
Our CoinStats blog provides information about cryptocurrency exchanges, wallets, portfolio trackers and tokens. We also offer in-depth buying guide for buying various cryptocurrency such as How to Buy Metaverse Index.
This is Investment Advice This website contains information that is intended to be informative. It does not recommend you to purchase, sell or hold any security, financial product or instrument.
The market for cryptocurrency can be volatile. Do your research thoroughly and only lose what you are able to afford. Kusama’s past performance is not indicative of Kusama’s future.
Trading stocks and CFDs can be risky. CFD trading can cause losses of between 74-89 percent in retail investor accounts. Before making an investment, you should carefully consider your situation and explore your options.