The world is prime and ready to adopt blockchain, but is blockchain truly prime and ready to adapt to the world? As of now, we've seen the rise and continued growth of blockchain technologies and innovations, but there is certainly a lot that needs to be done and experimented with. Today, we're going to show you our guide on how to buy Kusama, one blockchain network that is open to being a large sandbox to play around with.
Kusama describes itself as ‘Polkadot's wild cousin,' and its network indeed is a wild place to be a part of. For all that Polkadot is famous and grand for, within the global blockchain ecosystem, developers and early adopters still need a place to test and refine new technologies before moving them onto public blockchains. This is where Kusama comes in, as being a wide-open playground for experimentations and concepts to go amok.
Failure on Kusama is always an option, and every mistake is a chance to learn something new before being deployed in its fullest and most complete state on Polkadot or any other blockchain network. This is what every blockchain needs, a laboratory-like Kusama where everyone and everything is welcome to build something different and where imaginations run wild. So, come along on a journey and read our how to buy Kusama guide to learn more.
Where To Buy Kusama (KSM) – Top 5 Exchanges
Although Kusama is a highly unusual blockchain protocol given its experimental ecosystem, the rapidly growing popularity of Polkadot has meant that more developers are flocking to Kusama as a way to test and optimize their applications before launching them publicly. As such, Kusama's native KSM tokens are highly becoming more sought after, as it is an important currency within the Kusama community.
Because of that, Kusama's KSM tokens are easier to find than some other cryptocurrency tokens, having been listed on most of the world's most popular and well-known exchanges. As we try to guide you along our how to buy Kusama guide, we'll also make our recommendations for you of the top-five exchanges where you can find KSM tokens being sold, to make things a bit easier.
Every single cryptocurrency exchange will be different to operate than the rest, and therefore, the process of buying anything, including Kusama's KSM tokens, will vary depending on which marketplace you're choosing. Each cryptocurrency exchange will also have its respective up- and down-sides compared to its peers, and some might make the buying process easier. This can be done, for example, with easy fiat on-ramp options to exchange them into crypto.
There are also other factors to consider, such as security, privacy, ease of use, along with additional services such as staking or yield farming. You can always look through a more comprehensive list of all the cryptocurrency exchanges with Kusama and its KSM tokens for sale, using sites like CoinMarketCap CoinGecko. Here are our top recommendations for our how to buy Kusama guide, based on the aforementioned criteria.
A Step-By-Step Guide On How To Buy Kusama
Next up in our how to buy Kusama guide, we can finally show you the step-by-step process of buying Kusama and what it requires. Once again, it's worth pointing out that the process will differ based on the cryptocurrency exchange that you're planning to use, and we can only cover just one through our guide here. However, all exchanges should work roughly the same, and we hope our example here to give you a better idea.
For today's how to buy Kusama guide, we'll be giving you a step-by-step demonstration using Binance. This is simply because of Binance's popularity as being the world's largest cryptocurrency exchange. Binance is also very easy to use and with loads of convenient options to deposit funds with or to make a direct purchase using a wide variety of different fiat currencies.
Moreover, Binance also has additional services for your KSM tokens beyond just buying, selling, and exchange them. Binance has built-in options for staking Kusama's KSM tokens so that you can use your cryptocurrencies to take part in powering and securing their network. Moreover, you can comfortably earn a healthy passive income of more than 14% APY yearly rewards by staking KSM.
Step 1: Create an Account on Binance
First and foremost, we'll need to create an account on the Binance exchange, which is just as simple as creating an account on any online platform. But before we can begin to do anything else, you should make sure that you're visiting the real Binance site, as there are many fake webpages that try to emulate legitimate sites to prey on unsuspecting visitors. Malicious sites like these can steal personal data or unload viruses into your computer.
The best way to know if a website is legitimate or not is by checking its URL address for any spelling errors or oddities. If it says “binnance.com” or “biinance.com,” for instance, then you know that this website is not the actual Binance. To make things easier, you can use the links provided in the above section, as we've listed the best cryptocurrency exchanges listing Kusama. Next, hover over and select the yellow ‘Register' tab along the top right-hand side.
Follow the on-screen prompts as needed, and then choose to register using your email or phone number. It's easy, and we highly recommend that you use a strong password. You can register for an account on Binance through their webpage or with their mobile apps for iOS or Android. Also, unlike the small deposit that is often required for opening up a bank account, Binance – as with all cryptocurrency exchanges – does not require an initial deposit.
Step 2 – Complete the Registration Process
After the initial registration steps, Binance will ask you to verify your identity with an authentication link sent to your email inbox. This step is normal for most online services, and your registration on Binance will be done after clicking on that link. Before we continue any further with our how to buy Kusama guide, we also suggest that you head over to your Binance account settings and take the added precaution of enabling 2-factor authentication (2FA).
You can then use an authenticator app, such as Google's Authenticator, to manage 2FA with Binance. This is optional, but it's important to make sure your funds and data on Binance are extra secure. This will lock down your Binance account with an extra layer of security against any malicious actors or third parties from trying to steal your KSM. You'll now be asked to verify using 2FA for each time for actions such as logging in or withdrawing from Binance.
This means that only you can authorize these to take place. Another optional step would be to have your account verified. You can do this by sending over personal information or documentation, such as your identification or driver's license. This is only necessary if you're planning to gain access to other services within Binance or if you're planning to trade with large volumes beyond its default limit.
Step 3 – Select your preferred deposit method into Binance
Moving along with our how to buy Kusama guide, you'll be required to make a deposit of funds into your Binance account wallet so that we have something to buy KSM tokens with. One of the major advantages of using Binance is that it allows for a wide range of deposit options, both for fiat currencies around the world such as bank transfer or using your credit card, and a wide array of different supported cryptocurrencies.
For the following steps of our how to buy Kusama guide, we shall take a look at two of the more popular options for making a deposit into Binance. Firstly, we'll look into using fiat currencies through a simple credit or debit card and then buying a cryptocurrency for which we can then swap into KSM. Next, we'll look into how to deposit cryptocurrencies straight into your Binance wallet and exchange those for Kusama's KSM tokens.
Step 4 – Deposit Funds into Binance Using Fiat Currencies
As of writing this how to buy Kusama guide, Binance, unfortunately, hasn't yet enabled the ability to make a direct purchase of Kusama's KSM using the available fiat deposit and payment selections. Therefore, we shall first be needing to buy a cryptocurrency using fiat and then swapping that cryptocurrency into KSM tokens. This is a much more time-consuming and complex process than a simple deposit of cryptocurrencies.
First, let's go back to the main Binance site, and hover your cursor over the ‘Buy Crypto' tab on the top left-hand side. One of the prompts should mention, ‘Pay With,' where you can scroll through between a different number of fiat currencies, such as the USD, EUR, GBP, and so forth. The fiat currency you select will then determine what sort of deposit and payment options are made available for you to buy cryptocurrencies with.
You can also make fiat currency deposits from the ‘Wallet' page of your Binance account. For example, if you choose to deposit with US Dollars (USD), then you can deposit through a SWIFT bank transfer. Alternatively, you could use your credit or debit card. There are also other options, such as peer-to-peer (P2P) cryptocurrency trading. All the necessary processes should be easy enough to follow, as prompted by Binance as you go along.
Those options will allow you to use fiat currencies to directly purchase a select number of cryptocurrencies, which you'll then exchange for Kusama's KSM tokens. This includes well-known tokens such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), or stablecoins like Tether (USDT). If you're planning to use those tokens to immediately exchange into KSM, then we suggest using a non-volatile stablecoin like USDT, USDC, BUSD, and so on.
Step 5 – Deposit Funds into Binance Using Cryptocurrencies
Now, we shall take a look at a different alternative in knowing how to buy Kusama, which is to deposit funds into Binance using cryptocurrencies instead of fiat. This is far less complex, more time-efficient, and might even save you from having to pay extra fees. Another positive for using Binance is its support for a huge basket of cryptocurrencies, so you're likely to find compatibility for whichever token you're planning to send over.
Head over to the Binance homepage, hover over the ‘Wallet' tab on the top right-hand side, and click on ‘Overview.' Now, along the top section of the wallet ‘Overview' page, you might see a yellow ‘Deposit' button. Click this, and Binance will prompt you on which cryptocurrency you'd like to deposit. There are a few key pieces of information to take note of while depositing with cryptocurrencies – the type of cryptocurrency, the deposit address, and any additional tagging.
As an example for our how to buy Kusama guide, let's say you're depositing Bitcoin into your Binance wallet. If you'd like to deposit Bitcoin (BTC) into Binance, you'll need to select ‘Bitcoin' under the option of supported cryptocurrencies. Please make sure to double-check that you've selected the right one. In order for you to receive Bitcoin deposits for your Binance wallet, you'll have to withdraw Bitcoin from another account wallet elsewhere.
For example, if you make a withdrawal of Ethereum and deposit that into a Bitcoin address, your Ethereum might be lost forever and cannot be recovered. Next up, you'll need to get the deposit address right. You can copy and paste the deposit address on Binance and onto the withdrawal page at wherever you're withdrawing Bitcoin from. Cryptocurrency addresses are long and comprise of a mixture of numbers, symbols, and letters.
Once more, double-check to ensure that you've copied over the complete and right address without a single character missing, as you could risk failing the transfer or mistakenly sending your cryptocurrency tokens to someone else. To make this process easier, you could instead scan a QR code to make the transfer. For instance, if you're trying to withdraw Bitcoin from a mobile wallet app, scan the QR code that is shown on Binance to deposit it there.
You can also choose which blockchain network you might want the transfer to be confirmed with, and this will decide how much fees you'll have to pay for the transfer depending on conditions such as network congestion. This might also affect the amount of time you'll have to wait before receiving your Bitcoin deposit on Binance. Note that the blockchain network options will change depending on which cryptocurrency you're depositing with.
There might be other information that you'll need, depending on which cryptocurrency you're sending over. For example, you may require additional tagging, such as a ‘MEMO' or Payment ID. Whenever you're trying to withdraw said cryptocurrency, it will prompt you, as well as on Binance, through the deposits page. The same applies here; copy over the corresponding data, and double-check. Then, wait for the deposit to be confirmed and reflected in your wallet.
Step 6 & 7 – Swap Cryptocurrency into Kusama (KSM) Tokens
Whether you've bought cryptocurrencies using fiat, or you've deposited crypto tokens from elsewhere, you'll now need to exchange those into Kusama's KSM. This is a straightforward process to follow along, and you'll have KSM in no time at all. First, go to the Binance homepage, and hover over the ‘Trade' tab on the top left-hand side. You can see 5 distinct options here – Convert, Classic, Advanced, Margin, and P2P.
The simplest option for buying Kusama's KSM tokens is to ‘Convert' from one cryptocurrency to KSM. On Binance, this is the simplest and most convenient option that is made available to swap from different cryptocurrencies. This conversion service is currently made available to only a handful of different cryptocurrencies.
You don't have to worry about trading fees or matching your trade with someone else's on an order book. However, you also do not have any control or input in the conversion process, as it's done automatically. You'll only be needing to select the two different cryptocurrencies to convert from end to end the amount for the conversion. For more advanced users, Binance also offers more traditional trading setups for buying, selling, and exchanging tokens.
The ‘Classic' tab will direct you to a more detailed marketplace, where you can see graphs, charts, an order book, and a list of selections that you can choose from. The ‘Classic' section is a much better choice if you need more control to better match the cryptocurrency markets or if your selected cryptocurrency is not supported via the ‘Convert' option, as mentioned earlier. Here, there is also a choice to buy Kusama automatically based on prices in the order books.
Best Wallets To Hold Kusama (KSM)
By now, we've completed our step-by-step guide on how to buy Kusama, and regardless of whichever exchange or marketplace you're using, we hope you now have your hands on some KSM tokens. But before we can make a final conclusion, it's worth taking some of our time to recommend for you the best practices of safely and securely storing your newly bought Kusama.
There is no end to the continued cycle of cybertheft campaigns made to steal countless people's hard-earned and priceless cryptocurrency holdings. Far too many cryptocurrency holders have fallen victim, with billions of dollars every single year channeled to the pockets of criminals. Although cryptocurrency exchanges are far safer nowadays than they were before, storing your assets, there isn't always the best option.
Cryptocurrency theft can be easily preventable by using a dedicated wallet. These cryptocurrency wallets are nigh on impregnable, or at the very least very hard to get into. The most common types of cryptocurrency wallets are software-based ‘hot' wallets and hardware-based ‘cold' wallets. Although these wallets are robust and secure, it doesn't mean that they're difficult to operate.
In the years before, cryptocurrency wallets can be hard to use or are terribly designed and just outright confusing for most people. But nowadays, there are plenty of options, with colorful user interfaces and fluid navigation for a completely seamless experience. Wallets can also offer more services within their applications, such as their own exchange, enabling easy purchases, or earning a passive income through staking rewards.
For our how to buy Kusama guide, here are some of the very best wallets to keep your KSM tokens safe and sound.
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More Information About Kusama
Kusama is a permission-less network that shares much of its codebase with Polkadot, although they both remain independent of one another. Kusama behaves as a canary network or a software development testing ground, where developers can beta test and launch pre-releases of their application before being made publicly available on Polkadot. Just like Polkadot, Kusama's blockchain protocol is highly interoperable and scalable.
By creating a sandbox-like environment, Kusama has allowed developers to create and experiment with new projects at speed, without limitations, and can even scale with ground-breaking new functionalities. The key difference between Kusama and Polkadot is its governance, whereby Kusama's decentralized blockchain protocol can enable much faster network upgrades compared to other blockchains.
Network referendums require only seven days for voting and eight days to implement those updates following the tabulation of the votes. Kusama's structure consists of three key components. The Relay Chain is the central hub of the Kusama blockchain. Parachains are sidechains that run parallel to the Relay Chain. Meanwhile, Bridges are special blockchains that interconnect the Kusama chain and allow it to operate in conjunction with other chains.
These three components, just like in Polkadot, are key in maintaining its high scalability for future applications and easy interoperability with other blockchains, such as Ethereum. The native currency of the Kusama blockchain is KSM, and it has several functions. It is the primary governance tool for the Kusama community while also helping to power and secure the blockchain and its Parachains. Furthermore, KSM is used to pay for fees on the network.
Kusama's KSM tokens have seen a massive price appreciation lately after remaining stagnant throughout 2019. While writing this how to buy Kusama guide, the price for one KSM token is $230.25, which marks an eye-watering 25,082.3% gain from its all-time lows just one year ago. There are 8,470,098 KSM in circulation out of a 10,000,000 KSM supply. This gives it a market capitalization of $1,950,269,519, making Kusama the 47th-most valuable cryptocurrency.
It's a good time now to mark an end to our how to buy Kusama guide, and we hope you've been able to learn a thing or two about how to buy Kusama and its special KSM tokens. We've also hoped that you've now been more aware of the Kusama project and why it matters so much within the blockchain community. Technology, as a whole, is always in a never-ending experimental state.
Year after year, there will always be changes to technology, and the blockchain is no different. We're starting to see hope that blockchains, just like Polkadot, will begin to see more adoption in the real world after years of being a hobbyist's tool to stick it to the man. But no more, as the underlying values of decentralization powered by blockchains, are now being optimized in their masses atop Kusama's playgrounds. If it fails, then try and try again until it succeeds.