how to buy kusama

Kusama, Polkadot’s ‘wild cousin,’ is a useful experimental blockchain network designed to measure and test development frameworks. On social media, Kusama has even become more popular, enticing users to ask questions like “how to buy Kusama (KSM)” and “where to buy Kusama.”

Do you want to buy KSM and be part of the Kusama ecosystem? In that case, you should read this article thoroughly. We’ll cover the fundamental steps of buying KSM, as well as some essential topics about the token.

Kusama (KSM) Buying Guide

Step 1: Find An Exchange That Supports KSM

To start buying KSM, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support KSM.

Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.

  • 500+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.075%*-0.1%*
  • Sign-up bonus: 10% reduced trading fees*
  • Available in Europe, Asia, Oceania, Africa
  • 1000+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • Sign-up bonus : Up to $500 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa
  • 1000+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • 10% reduced trading fees & up to $170 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa

Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification. 

You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.

Step 2: Deposit Funds to Your Exchange Account

Before buying KSM, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.

Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.

Step 3: How to Buy KSM Officially?

Learning how to buy KSM is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the KSM ticker. You can also look directly for KSM trading pairs to save time. Afterwards, just enter the amount of the KSM tokens that you want to buy.

You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.

Everything You Have to Know About Kusama (KSM)

Kusama is the canary network of Polkadot – a testing ground for blockchain frameworks, programs, and development systems. It offers highly advanced interoperable functions that will let developers build almost anything. There are no promises in the Kusama network since everyone can join and use the platform’s services at will.

Here are some of the interesting qualities of Kusama:

  • Kusama is built on the advanced blockchain building kit known as Substrate.
  • Kusama’s codebase is highly similar to Polkadot.
  • Projects in the Kusama platform run under a heavily sharded network.
  • Low cost for deploying parachains (multi-operable blockchains).
  • Low bond requirements for node validators.
  • Active community-driven governance

Kusama is the top choice of many blockchain startups because it allows seamless testing of features and operating models. After all, it’s better to test a complicated system in a controlled environment with a dynamic ‘wiggle room.’

How Does Kusama Work?

KSM, the operational token of Kusama, can be used for staking through the Polkadot Wallet or the Polkadot JS staking app. Additionally, KSM is important for service payments, transaction fees, and governance.

What Makes Kusama (KSM) Unique?

Kusama is unique because it acts as a raw testing ground for developers who want to build ambitious projects or masterpieces. Since everything moves fast in Kusama, developers will often get quick and accurate results. There will be lots of errors, as well as big avenues for growth.  

Relying on a Nominated Proof-of-Stake (NPOS) consensus protocol, Kusama can deliver its features in an economical manner without technological compromises. The platform also supports multi-chain communication, encouraging collaborative work among different blockchains. This is highly similar to the way Polkadot operates.

Kusama’s governance system is permissionless and decentralized. Every KSM holder is eligible for voting rights and other platform privileges. However, Kusama’s hyper-advanced framework offers a faster governance system than Polkadot.

Who Are the Founders of Kusama (KSM)?

The founder of Kusama is Gavin Wood – also the founder of Polkadot and a co-founder of Ethereum. Wood is a respected and renowned computer scientist who has great contributions in the field of blockchain development and cryptocurrencies.

What Are the Use Cases of Kusama (KSM)?

Kusama has platform-centric cases related to transactions, membership, and governance. Understanding KSM’s use cases will help you determine if the token is aligned with your risk appetite.

Here are the common use cases of KSM:

  • Speculative trading
  • Staking for rewards
  • Investment
  • Transaction fees
  • Payments for platform services
  • Governance
  • Parachain bonding
  • KSM nomination or delegation

Who Builds on Kusama (KSM)?

Kusama (KSM) is a fast-paced, low-cost, and highly scalable blockchain meant as an experimental testing ground for apps and systems. Developers can build anything in Kusama, and they can run dozens of trial-and-error processes before fully deploying their projects independently. KSM holders can also stake their tokens to support the network and earn rewards.

Official website: https://kusama.network/

Essential Points of the Kusama (KSM) Whitepaper

The Kusama Whitepaper explained the structural framework and operating mechanisms of the canary network. Plus, the paper also highlighted the importance of Parachains and interoperable blockchain bridges.

These are the strong points of the Kusama (KSM) Whitepaper:

  • Kusama’s technical framework
  • Parachains and Parathreads
  • Kusama services
  • Things that can be done in Kusama
  • Buildable and programmable systems
  • Kappa Sigma Mu membership (cyber societies in Kusama)
  • Kusama Bounty System (for catching bugs)

The Best Cryptocurrency Wallet for KSM

After knowing how to buy KSM, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.

You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.

On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.

What Factors Affect My Choice of Crypto Wallet for KSM?

At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.

Check out the important factors affecting your choice of KSM wallet:

  • Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade KSM right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets will let you trade hundreds of cryptocurrencies without limitations.
  • When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
  • Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
  • Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.

Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors

Now that you already know how to buy KSM, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.

When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.

Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.

If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes. 

General Market Overview for Kusama (KSM)

Do you want to learn more about Kusama (KSM) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!

Additionally, here are some important topics in our blog:

  • Trading speculation about Kusama (KSM)
  • The current market prices of cryptos
  • Detailed price charts with comprehensive histories
  • Whitepaper summaries of cryptos
  • Founder profiles and their related works
  • Up-to-date cryptocurrency news and developments

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