How to buy Kusama (KSM)
A beginner's guide to buying and selling KSM in Australia.
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How to buy Kusama
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Kusama.
- Open an account on an exchange that supports KSM.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Kusama.
- Buy Kusama.
Complete your Kusama purchase and then find the best wallet to store KSM.
What is Kusama?
In the words of the development team, "Kusama is an early, unaudited and unrefined release of Polkadot." It's basically a live version of a test network for Polkadot, where parachains, dapps and staking can be done for a fraction of what it would cost to do on Polkadot. Features intended for Polkadot are first rolled out on Kusama, which has made it appealing to some as an experimental economy that may continue to hold value over time. The KSM token is used for staking on the network, which allows stakers to launch Validator or Nominator nodes – these are used to secure the parachains and the Kusama relay chain respectively. In return for staking, users are rewarded with additional KSM tokens. Tokens may also be used for governance and voting on upgrades to the protocol.
Kusama (KSM) is the 45th largest cryptocurrency in the world by market cap, valued at $4,248,668,936. The current price of Kusama is $473.121, which is 4.185% higher than yesterday. Prices have ranged between $489.492 and $439.368 over the past 24 hours. All prices are listed in AUD and accurate as of 22 April, 2021 11:04 UTC.
Where to buy KusamaFind an exchange to buy, sell and trade KSM by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Kusama at a glance
|Total KSM supply||10,000,000|
|All time high||AUD$733.048|
Kusama price performance over time
How to sell Kusama
You can cash out your KSM with the same exchange you bought it through:
- Sign in to the exchange you have KSM on.
If you store your Kusama in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of KSM you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Kusama.
What to consider when buying Kusama
Kusama is an experimental test ground for features intended for the Polkadot blockchain network. Make sure you fully understand the risks before using Kusama or buying the token.
- Experimental: Kusama the "Canary" network for Polkadot, meaning it is used to test features and discover vulnerabilities in code changes, dapps and economics before they are migrated to Polkadot. As such, any dapps or DeFi services on Kusama are likely to carry a lot more risk than those on Polkadot or any other base-layer network.
- Tokenomics: The token is used for network payments, setting up new parachains and is staked to validate the network. The total supply of tokens is 10 million, with roughly 90% of the supply in circulation at the time of writing (March 2021). New tokens are awarded for validating the network.
- Competitors: Kusama is the test network for Polkadot, which makes the two complementary but also competitors. One of the advantages the test network has over Polkadot is that it is cheaper to deploy dapps and set up new parachains. Polkadot on the other hand is a lot more secure and expensive due to its strict requirements for protocol upgrades and staking requirements.
A comparison of the benefits and use-case of each network. Source: Polkadot Network
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