Learn the Basics of Trading and Transferring Cryptocurrency
Buying Kin and using cryptocurrency as a whole can seem extremely complicated to the average consumer but once you understand the fundamentals its easy. Once you learn the basics, you’ll be able to buy Kin and store it safely. You will learn about other currencies such as Bitcoin and Ethereum and storing them likewise.
Please note, we are not offering financial advice. Its solely your decision if you chose to buy Kin or any other cryptocurrency and I expect you do your due diligence. If you don’t know what Kin is, why not learn more about the kin rewards engine. This algorithm is the bedrock for the whole Kin eco-system.
Below are the topics we’re going to cover to successfully buy Kin;
- Setting up a wallet to store cryptocurrency, hardware wallets are recommended. Arguably just as secure as a hardware wallet is a paper wallet if stored correctly. (If you do not own the private key for the wallet you are using then you do not own the coins. Exchanges are not suitable for storing cryptocurrency long term.)
- Learning about reputable websites that will let you exchange your Fiat currency for the cryptocurrency. Fiat currency is the definition for legal tender of which the value is backed by the government who issues it. We will use Coinbase as an example.
- Learning about investing in altcoins such as Kin, you need an exchange that has the suitable pairings for the altcoins you wish to buy. for example, ETH/KIN would equate to Ethereum/Kin as many altcoins don’t have a fiat pairing. We will use Binance and IDEX as an example.
- Please remember before transferring any cryptocurrency into any new wallet to perform a test transaction first.
52 Second Nano Ledger S Overview Video;
Before you make any financial investments or decisions due diligence should be a priority. This advancement in technology could possibly be the biggest shift of wealth this decade. Unfortunately, that brings opportunists hoping to make a quick score off others misfortune. Take for example the Bitconnect (BCC) fiasco, a pyramid scheme that collapsed. The ATH (all time high) was at over $400, its now at $0.33 (at time of writing). Guaranteed returns mean something is wrong, nothing is guaranteed in the cryptoworld. However, there are hundreds of great legitimate projects with real use cases.
Buy Kin and Keep it Secure with a Cold Storage Hardware Wallet
A wallet contains software that securely stores your public and private keys to interact with various blockchains. Users can view their balance, send and receive payments and conduct other operations dependant on their wallet.
If someone sends you cryptocurrency, they’re signing off ownership of the coins being sent to your wallet address. You won’t be able to spend these coins and unlock the funds unless the private key stored on your wallet matches the public key the balance has been assigned too.
Your wallet doesn’t store any funds it simply allows you to access them through the blockchain. Your private key is what allows you to complete actions on the blockchain, not your wallet. The wallet is just an interface to do so easily.
What are the different types of a cryptocurrency wallet?
- Desktop: wallets are installed on a computer. You can only access this type of wallet from the computer it’s downloaded too. Desktop wallets provide high security but will be vulnerable if the computer gets compromised.
- Online: wallets are run on the cloud and are easily accessible from most locations. Whilst more convenient to access, online wallets look after your private keys, this could be a problem if the service provider is compromised.
- Mobile: wallets run through on an app on your phone. Mobile wallets are often smaller and simpler than desktop wallets because of the limited space available on a mobile.
- Paper: wallets are very easy to use and provide a very high level of security. Paper wallet simply refers to a physical copy or printout of your public and private keys. Using a paper wallet is relatively straightforward. Transferring funds can either be done manually by entering your private keys or by scanning the QR code. Paper wallets are great for long-term cold storage if you’re on a budget.
- Hardware: wallets differ from software wallets, also known as cold storage wallets. They store an investor’s private keys on a hardware device like a USB. Hardware wallets make transactions online but are stored offline which provides increased security. Making a transaction is simple. Investors simply plug in their device to any internet-enabled computer, enter a pin, send their currency and confirm. A hardware wallet makes it possible to easily transact while also keeping your money offline and away from danger.
Learn about the Kin Rewards Engine, Would it Benefit You, to Buy Kin?
When you’ve decided what type of crypto wallet best suits your needs, combine it with your research and check the type of wallet is supported by the coin you wish to purchase and hold. You will need an erc20 token compatible wallet to store your coins if you buy Kin. Prepare your wallet and securely store your private keys if required, you’re now ready to buy some cryptocurrency.
With your research, wallet and money, go to Coinbase and create an account. Coinbase currently has 4 of the top 10 coins found on coinmarketcap which are Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Ethereum is great for transferring between exchanges when buying altcoins, it often has a quicker confirmation time than the other 3 cryptocurrencies listed.
If you need to transfer your currency off Coinbase you can log in through Coinbase pro. It’s a slightly different exchange run by Coinbase with no transaction fees for transfers, you simply use the same login.
Please double check and check again that the public keys are inputted correctly before making any transaction.
Exchanges are Not Suitable for Storing Cryptocurrency Long Term
Coinbase doesn’t offer any other coins than the four listed above. To buy altcoins you have to go to another exchange for a wider variety of pairings. Create an account on Binance and deposit your Ethereum from Coinbase into your Binance wallet. The balance will be spendable in your wallet after 30 confirmations.
I would recommend a test deposit on all new wallets first, especially for larger transactions when you buy and move cryptocurrency. When your cryptocurrency has been deposited you will need a suitable market to trade in.
For example, with ETH/KIN you would be able to trade Ethereum for Kin or vice versa. Kin isn’t listed on Binace but you can find the exchanges that list it here. My personal preference is IDEX when I buy Kin, it has low withdrawal fees, and is easy to use with a Nano Ledger S wallet.
After you’ve visited the exchange you want to trade in and found a suitable market, head in the interface and place an order. On the left, green is the buy order price per unit (For example 0.00000042ETH per 1KIN), red is the sell order price. You can use these as a guideline when you place your orders, I would also check the price on coinmarketcap.
When the order has been for-filled, transfer your investment off the exchange and into a secure wallet for safe holding.
Cryptocurrency is a speculative asset, it’s complex and involve significant risks. They are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and do your own due diligence before relying on this information.
If you have any problems or questions just leave a comment below.