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KyberNetwork is a trustless, decentralised cryptocurrency exchange. This Ethereum-based protocol is designed to provide the instant exchange of digital assets and cryptocurrencies with high liquidity.
The KyberNetwork Crystal token (KNC) is used to pay fees on the KyberNetwork platform. To find out how these tokens work, what affects their value and how you can buy KNC in Australia, keep reading.
This is our quick guide to just one way to buy KNC. Compare some other options in the table below.
KNC is available on a number of popular cryptocurrency exchanges, such as the following:
If you’d like to buy KNC in Australia, here’s an example of how you can do it:
It’s free to register for a CoinSpot account by entering your email address and creating a password. In order to trade using Australian dollars, you’ll need to provide further details (your full name and contact information) as well as proof of ID to verify your account. It’s also recommended that you set up two-factor authentication for increased security.
From the account dashboard, click the “Deposit AUD” link and follow the prompts to enter the desired amount you want to transfer or the amount of cash you want to deposit at a Blueshyft-enabled newsagency.
Please note that while AUD deposits are an option in this example, many cryptocurrency exchanges don’t allow you to exchange fiat currency for cryptocurrency. If that’s the case, you’ll need to own or buy a widely traded crypto first, such as Ethereum (ETH) or bitcoin (BTC), and then exchange it for KNC.
The final step is to trade your ETH, BTC or other supported crypto pairing for KNC. To do this on CoinSpot, click on the “Buy/Sell” link at the top of the screen and search for “KNC”. Click on “Buy KNC” and enter either the amount of KNC you want to buy or the amount of AUD you want to spend. After reviewing the details of your transaction, including any fee that applies, click “Confirm Buy” if you’re happy to proceed with the purchase.
The process for selling KNC is essentially the same as the process outlined in step 3 above, but in reverse. However, it’s also important to be aware that cryptocurrency exchanges only offer specific currency pairings, so it may not be possible to directly exchange your KNC for your desired currency.
KNC tokens are ERC20-compliant tokens on the Ethereum network and can be stored in any Ethereum-compliant wallet, such as the following:
Announced in 2017, KyberNetwork is the brainchild of blockchain technology developers Loi Luu, Yaron Velner and Victor Tran. Vitalik Buterin, the founder and chief scientist of Ethereum, is also listed as an advisor. Its ICO was held in September 2017 and made headlines after raising around US$60 million in a little over a day.
Central exchanges are unable to provide instant transfers as well as being vulnerable to internal fraud and external hacking. To combat this, the developers set out to create a decentralised exchange that allows for the instant exchange and conversion of cryptocurrency coins and tokens.
The aim of KyberNetwork is to allow users to hold coins in their own wallets and to exchange them instantly for other tokens using smart contracts. KyberNetwork claims this will allow it to offer the following:
Buying cryptocurrency is complicated and speculative, with several risks you need to be aware of before you purchase any cryptos. If you’re thinking of buying KNC, make sure you take the following factors into consideration first:
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