What is Kusama?
If you plan to buy or sell Kusama, you can do so on Beaxy. It is a digital currency exchange that offers a variety of features and currency pairs. On Beaxy it is possible to buy KSM with US dollars, euros, pounds, and yen. Beaxy also offers a variety of other features, such as a mobile app, partner program, Hummingbot, fiat transfers and more.
You can easily buy and sell KSM on Beaxy. Still, unfortunately, it is impossible to do this directly with a bank card. Start with buying BTC and then exchange it for KSM on the exchange trading platform. Here is the short instruction on how to buy Kusama on Beaxy:
1. Sign up for a Beaxy account and verify your email address.
2. Deposit crypto or fiat currency into your account.
3. Buy BTC
4. Exchange BTC to KSM
5. That’s it! You’ve successfully bought KSM on Beaxy.
KSM value and price
The live Kusama price on 31 October 2022 is $35.80, with a 24-hour trading volume of $31,171,625. The market cap is $303,892,910. The circulating supply is 8,470,098 KSM coins.
Advantages and disadvantages of KSM
Advantages
Earn interest
With Kusama, you will earn interest on your cryptocurrency holdings by staking them in a validator node. The more KSM you stake, the more rewards you will earn. You may also earn interest by participating in a parachain auction.
Interact with dApps
Kusama provides an easy way to interact with decentralized applications (dApps) built on its network. There are many different dApps available, and you can use them for trading cryptocurrencies, playing games, and more. You may also interact with other users, and the community is very active. If you’re looking for a place to interact with dApps, then Kusama is a great option.
Use Polkadot’s features
As Kusama is built on Polkadot’s technology, it offers all the features of Polkadot, including parachains, cross-chain messaging, parathreads, and bridge chains. A parachain is a blockchain connected to the Polkadot relay chain and can share data and transaction processing with other parachains. Polkadot’s cross-chain messaging system (XCMP) allows parachains to communicate directly without going through the relay chain. Parathreads are like parachains but cheaper to deploy and can be used for smaller applications.
Get involved in development
Kusama is an open-source project; anyone can get involved in its development. The community is welcoming, and there are a lot of opportunities to participate in the development, whether you are an experienced developer or just getting started.
Disadvantages
Still developing
The Kusama project is still in its early stages of development, so there is a higher risk of bugs and errors.
Low-interest rates
The interest rates offered by Kusama KSM are not as high as some other DeFi projects, so users may not earn as much interest on their holdings.
Lack of popularity
Kusama KSM is not as widely used as some other DeFi projects, which means that there is a smaller pool of users to earn interest from.
Best KSM wallet – how to choose
There are a few things to consider when choosing the best KSM wallet. The first is what type of wallet you need. There are four main types: desktop, mobile, web, and hardware. The next thing to consider is what features you need. Some wallets allow you to hold multiple cryptocurrencies, while others are designed for just one. There are also wallets that offer different levels of security, such as multi-factor authentication or hardware types where you store your private keys offline. The last thing to consider is the ease of use. Some wallets are easier to use than others. If you are new to cryptocurrency, you may want to choose a wallet which is easy to set up and use.
Storage
Kusama (KSM) can be stored in various ways, but the most important thing is to keep it safe and secure. Users store their KSM tokens in any wallet that supports the Web3 standard, such as Polkadot.js, Trust, Atomic, or Ledger Nano S. Each type has its pros and cons, so it’s essential to choose the one that’s right for you.
A desktop wallet is a great option if you need to keep your KSM offline and away from potential hackers. A mobile type is a good choice if you need to access your coins on the go. An online wallet is a convenient option if you want to be able to easily send and receive KSM.
Conclusion
With Beaxy, you will easily explore all advantages of crypto trading. A user-friendly interface and high-security standards will help you to get profit. Open an account and get full access to various options and currency pairs, including KSM-BTC.