KuCoin Shares cryptocurrency guide advises where to buy and how to buy KuCoin Shares. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about KuCoin Shares as well its status in the world of cryptocurrencies.
KuCoin Shares, Thursday, 2020-12-10
- 1 What Is KuCoin Shares?
- 2 Beginner's Guide to KuCoin Shares
- 3 Where and How to Buy KuCoin Shares?
- 4 KuCoin Shares Markets
- 5 Where to Spend or Use KuCoin Shares?
- 6 How Does KuCoin Shares Work?
- 7 KuCoin Shares Regulation
- 8 Is KuCoin Shares Secure?
- 9 History of KuCoin Shares
- 10 KuCoin Shares Videos and Tutorials
- 11 See Also
KuCoin Shares (KCS) are the native currency on the KuCoin cryptocurrency exchange platform. The tokens were designed to help share the successes of the platform with users. This implies that if you hold some KCS, you are entitled to some dividends from the network on a daily basis.
The tokens were developed months after Binance, another Chinese based cryptocurrency exchange, released its native tokens that made it very popular. Now, KuCoin Shares have made KuCoin an attraction for both local and international traders/ investors.
Like BNB of the Binance network, KuCoin Shares are ERC20 tokens. Besides, they are only used on the KuCoin ecosystem. This implies that to buy, use and get rewarded for holding KCS, you must be on the KuCoin network. Though this might be seen as a limiting factor, KuCoin considers it a good model to draw more users and maintain them in the network.
The value of KuCoin shares has been going up rapidly as more people discover its promised benefits. Its price has also climbed significantly between launch and mid-2018. These are early indicators that KCS is a great investment. Here is a more comprehensive review of KCS.
Have you been looking for a high potential cryptocurrency network to join? Well, you have come to the right place. KuCoin Shares are the native coins of the KuCoin exchange that have demonstrated huge. The demand of its tokens has been growing steadily and the value has also been on an upward trend between launch and mid-2018. This makes it a high potential network that everyone targeting great returns should consider. But before you can make that decision, it is advisable to take a closer look at the KuCoin Shares.
This guide was created to help those targeting to invest, use, or follow the KuCoin Shares make the right decision. It takes a comprehensive review of the network, what it is, where to buy, how to buy, markets and its value. This is not all. The guide digs deeper to demonstrate how KuCoin Shares work, consumer protection, and its history. Whether you have some questions about KuCoin Shares or simply want to clear the doubts, all the answers are in this guide.
KCS tokens have become sensational across the globe. The notion that people get rewarded with part of the KuCoin proceeds for simply holding KCS makes many users start looking for ways of buying the tokens. The following are the main ways of buying the tokens.
- Buy from KuCoin exchange: The KuCoin is the native platform and main location for buying KCS. Like other exchanges, KuCoin requires users to open trading accounts in order to buy KCS. Then, you have to verify the account using information such as phone number and proof of location. Once the account is created, you are now free to go ahead and buy as many KCS as you want. Remember that it is a cryptocurrency only platform. This implies that you can only use other cryptocurrencies to but KCS on KuCoin.
- Buy directly from those who already have the coins: The process of buying KCS from KuCoin is seen by some to be lengthy because of the need to sign up for trading accounts. As KCS and other cryptocurrencies become more popular, their communities have started forming clubs to help share related information. Now, these clubs have also emerged as direct buying points for various cryptocurrencies such as KCS. A good example of such a club is the Melbourne Cryptocurrency Club.
One of the things you must have when joining the KuCoin network is a cryptocurrency wallet. A wallet is defined as a digital location for storing assets such as tokens. However, a closer look at the definition indicates that it is indeed a misconception. Cryptocurrencies do not leave their native networks. This implies that they cannot in any way be stored elsewhere.
What your KuCoin Shares wallet stores are a set of codes that help to identify the tokens and facilitate transactions. The first code stored in the wallet is the private keys. This is a very important code that must be used when making transactions. The code must be kept as private as possible.
The second code stored by the wallet is the public keys. It is also referred to as the public address. Unlike the private keys that point at your KCS tokens, the public keys act as the address to your wallet. Therefore, those who want to pay you in KuCoin Shares should use the public keys.
The wallet also stores the seed. This is a special code that is not used as many times as the private or public keys. The code is only used to regenerate the private keys in the event of a loss. It is very important that the seed and private keys are stored securely and away from the main computer. The following are the top KuCoin Shares wallets.
- Ledger Nano S.
Credit cards are perhaps the most used method of payment across the globe today. Traders and buyers prefer them because they are easy to use, portable, and can be used in both conventional and online marketplaces. Now, you can also use the cards to buy KuCoin Shares.
One thing you need to appreciate about KCS is that they are only available at the native network and exchange, KuCoin. Therefore, because KuCoin does not accept credit cards, you will have to start from a different platform such as CEX.io to buy an alternative cryptocurrency. Consider purchasing Bitcoin because it is listed both in CEX.io and KuCoin. Finally, exchange Bitcoins for KCS at the KuCoin exchange.
There is no method that can be used to buy KCS with PayPal. PayPal looks at cryptocurrency networks as direct competitors. Therefore, it blocks transactions directed to or related to them. People with their funds in PayPal accounts should consider withdrawing either to their credit cards or bank accounts.
Banks are very special to people. They are trusted to process salaries, hold their valuables, and even provide financial advice. Now, you can also use the bank account to buy KCS. Here is the process.
- Start by purchasing an alternative cryptocurrency such as Ether from a platform that accepts wire transfers. A good example is Changelly. Then, follow the following procedure.
- Visit the KuCoin exchange and create an account. Once you verify the account, move a step ahead to set the 2-factor authentication. This is important for enhancing your security.
- Load the Ether tokens you bought in the first step. If you have other assets such as Bitcoin, BCH, and NEO, they can also be used.
- On the purchase section of KuCoin, select buy KCS and pay with Ether. When you complete the transaction, the KuCoin Shares you have bought will be credited to your trading account.
- The last step is moving the KCS tokens to your wallet. This is important because they are at a greater risk of getting attacked at the exchange than your wallet.
If you have some KCS, there are two ways of earning more from them. One, you can hold them and wait for the value to grow and also earn bonuses distributed every day by KuCoin. However, there are those who want to optimize ROI (Return on Investment) by trading the coins on the market. Cryptocurrencies are traded in crypto exchanges that allow users to pair them with other assets such as Bitcoin and Ripple.
Unlike other cryptocurrencies that are listed in multiple exchanges, KuCoin Shares can only be traded on the mother network, KuCoin. Here, you can follow the latest trends, pair them with new or even older cryptocurrencies. Remember that just like other trading and selling platforms; you should be extra careful by following the emerging trends and moving the KCS tokens to a cold store when not trading them.
If you have some KCS and want to send them, the charges will depend on the quantity you want to send. The cost is paid as Gas to the miners who confirm the transactions in the Ethereum network. You can calculate the transaction cost with the following equation (transaction cost = gas used by transaction X gas price).
The KuCoin trading exchange
The cryptocurrency markets have been growing rapidly to keep pace with the fast-rising demand for digital assets. The markets operate almost the same way that forex platforms work. However, trading involves use of cryptocurrencies as opposed to fiats. Notably, KuCoin Shares are only listed on the KuCoin exchange. This implies that even if you have other crypto assets in a different exchange, you have to move them to KuCoin to pair them with KCS.
KuCoin is a cryptocurrency only trading platform that entered the market in May 2017. It was started by cryptocurrency trading professionals who were concerned that the existing platforms were becoming overly complex and insecure. The founders wanted to be among the top exchanges in the globe by the close of 2019.
a) The KuCoin Shares
- To fast track the objective of becoming one of the best exchanges in the market, KuCoin introduced KuCoin Shares, the native tokens in its network. The tokens are used to encourage people to hold the native tokens for a reward with part of the transaction fees. Also, the tokens help to provide users with discounts when they pay using KCS and rewarding those who refer others.
- A total of 200 million tokens were created when KuCoin Shares was released. 35% of these tokens went to the founders while 15% were released to consultants. The remaining 50% was reserved for the public. Note that the 50% that went to consultants and founders were locked until September 2021.
b) The KuCoin registration process
- To start trading at KuCoin, you are required to register for a trading account. This involves providing your email address and selecting a strong password. You are required to confirm the account with an email address before logging into the account to adjust the settings.
- Once on the account, the trading interface is very straightforward to use. You should start by setting the 2-factor authentication to enjoy an additional layer of security for the account. The account has advanced features that allow users to track their KCS and other assets, manage their rewards, KuCoin bonuses, and other discounts.
c) Trading fees
- KuCoin was aimed at helping to keep the cost of transactions as low as possible for those using the platform to trade. Though deposits on the KuCoin are not charged, trading attracts a 0.1% charge of the total volume.
- The withdrawal fee depends on the cryptocurrency being withdrawn. For example, withdrawing BTC, LTC, and Ether attracts 0.0005, 0.001, and 0.01 charges respectively. Note that 50% of the transaction fee is put back to the system to reward those who hold KCS.
d) Other key KuCoin features
- To make the KuCoin exchange more effective, the development team has been adding a raft of new features. They do not want to simply lower the transaction fees, but also ensure that traders have a unique experience to keep them coming back. Other features include
- Highly efficient customer services through their website, hotline, and email.
- They list very many assets on the exchange to provide traders with many options to trade profitably all the time.
- The exchange promises users bank-level security for their assets.
- Transactions processing is very fast. It is only a matter of seconds before standard transactions can clear while larger withdrawals take about ten minutes.
KuCoin Shares is one of the top performing cryptocurrencies in the market. By July 12th, 2018, the value of KuCoin Shares had shot to $296,491,191 in market capitalization at a price of $3.2. This growth has placed KuCoin Shares on position 42 in the CoinMarketCao ranking well ahead of others such as Dogecoin with a market capitalization of $267,963,366 and Populous with $236,281,813.
KCS has demonstrated to be a highly profitable venture. Between launch and mid-2018, the price of KCS grew with more than 300%. This implies that if you invested about $1000, the value would have grown with more than 300%. To increase on user’s profitability, KuCoin distributes 50% of the revenue generated from transaction fees to KCS holders.
Though all indicators point that KuCoin Shares is a highly profitable investment, it is prudent to also appreciate other factors that can affect the profitability. Some of these factors include the looming regulations, emerging competition, and security.
You can spend KuCoin Shares on the KuCoin exchange. This is the primary reason why the tokens were created. If you want to make a purchase from a store that only accepts other cryptocurrencies such as Bitcoin, simply convert KCS to the accepted digital asset.
While many cryptocurrencies such as Bitcoin and Ripple are aimed at becoming major payment networks, KuCoin Shares was targeted at helping to support the KuCoin exchange. Even if users can comfortably use the tokens to make payments to those who accept them, the target of KuCoin was to promote the use of its exchange platform. Therefore, KCS can only become a major payment option for the KuCoin platform.
KuCoin shares tokens were introduced into the market in September of 2017. The tokens are described as the currency of the KuCoin cryptocurrency exchange. The main focus of creating the tokens was helping to promote KuCoin trading exchange by rewarding those who use it and hold the tokens through the sharing of profits and discounts.
The profit distribution method factors the quantity of KCS that a holder has in the wallet. For example, a person who held about 10,000 KCS in March would receive about $8 in reward for holding the native coins. Note that the benefit to be provided to users is calculated on all the cryptocurrencies traded in the KuCoin platform.
For every 1000 KCS held, users will also get a 1% trading fee discount. The discount is capped at 30% depending on the amount that one has in his wallet. For example, a person with 20000 KCS would get a 20% discount while another with 50000KCS would get the maximum discount of 30%. The discount cannot go beyond 30% even if you hold more KCS.
Yes, KuCoin Shares use blockchain technology. The tokens are ERC20-compliant cryptocurrencies built on the Ethereum blockchain. This implies that when you want to send the tokens, the transactions are completed without involving a third party such as a bank. Everything is done on a peer2peer basis. The effect of this direct blockchain application include the following;
- The transactions are completed faster.
- You can make transactions any time of the day or night.
- The cost of transactions goes down with a great margin because there are no profit-seeking middle-entities.
The nodes spread in the Ethereum network take up transactions and follow back to ensure that you have ample KCS to spend. They also help to add the transactions to the public ledger to ensure that you do not double spend.
KuCoin Shares cannot be mined. The total supply of KCS is 180 million. However, only 90 million had entered the circulation by mid-2018. Initially, the total supply of KCS was 200 million. However, 10% of the net profit in every quarter of the year will go to buying back KCS and destroying them so that only 100 million will be ultimately left in the Buy-back program. To help with distribution of the remaining KCS, you only need to buy some stake and hold them in a wallet. KuCoin shares system rewards those holding KCS with part of the transaction fee paid by users.
KuCoin Shares have become some of the most sought-after cryptocurrencies in the market today. People coming to the network want to know whether they will get higher returns on investments and other benefits. Here are some of these benefits.
- KCS provides users with a new way of earning from the network. By simply holding the tokens, you are entitled to get a share of the profit made in the exchange.
- KCS allows users to make transactions in a decentralized manner. Unlike banks where cashiers and financial authorities can easily pull out the details of individual account holders, KuCoin Shares is a decentralized system that allows users to operate anonymously.
- The KuCoin network has demonstrated to be highly secure and effective in protecting users’ assets. Unlike other networks such as Bitcoin Gold that was hacked in a few days after launch, KuCoin security is very effective. Users can, therefore, invest without worrying about incurring losses.
- The development team has demonstrated its commitment to progressively improve the network. For example, it has promised to ultimately change the exchange into a decentralized exchange.
- For investors, the progressive growth of KCS price promises good returns. For example, the price grew from $0.71 in October 2017 to $3.0 in early July. If this trend is maintained, KCS could ultimately rival even other top cryptocurrencies such as Bitcoin.
While there are many benefits associated with KCS, it is important to also take a closer look at the risks. This will give you the perfect picture of the cryptocurrency and assist you in making the right decision.
- KCS tokens, unlike others such as Bitcoin, can only exist in the KuCoin exchange system. This implies that if the exchange ceases to exist for any reason, the tokens would also cease.
- While the value of KuCoin Shares has been growing steadily, there is a great risk of getting topped by the emerging decentralized exchanges. Many people feel that the current exchanges such as KuCoin are highly centralized; a consideration that raises the risk of users’ assets and information.
- The looming regulations pose a very huge risk to KCS. Many administrations have been threatening to pass harsh cryptocurrency laws because they feel threatened. If such laws are passed, the chances are that cryptocurrencies such as KCS could enter into a recession.
- The danger of getting attacked. KCS, like other cryptocurrencies, are prone to get attacked by hackers. Because of the fast growth of KCS price, hackers feel that it is a high-value token. Therefore, you should consider storing the tokens securely in a cold store.
- Though KuCoin has its target trained in supporting cryptocurrency trading, it is at a risk of getting suppressed because of its location. Like other Chinese based exchanges, KuCoin and KCS are likely to suffer from periodic gag orders by the local administration.
- The risk of sending KCS to the wrong address. Because KCS requires people to key in the public addresses when sending value, it is very easy to send the funds to the wrong address. It is very important to always triple check the public keys before flagging off transactions.
- Because KuCoin and KCS are new, they will take time before the associated features can be proven table. In many cases, it takes about three to five years for a cryptocurrency to be considered stable.
Many are the times when you hear people saying that they have lost their cryptocurrencies. To know how to keep your KuCoin Shares safe, it is important to start by understanding what happens when the tokens get lost.
- Loss through sending to the wrong address: This is one of the common channels of loss because users are required to input lengthy public keys. In such a case, it implies that the tokens have changed hands and now belong to another person.
- Loss through damage to the wallet: Cryptocurrency wallets can be damaged by formatting the computer drive or attack by malware. When such instances happen, it implies that the tokens are still in the network under your signature but in a dormant state.
- Loss through hacking: When hacking attacks take place and your tokens are stolen, it implies that they have changed hands. They are still in the network but under a different owner.
- Loss through forgetting the private keys: The private keys are perhaps the most important thing when you decide to join KuCoin network. Because they call your tokens to live when making transactions, forgetting them means that you have lost the tokens. However, the tokens will still be in the network until the keys are regenerated.
For about ten years between 2009 when Satoshi Nakamoto released the first blockchain network and mid-2018, most governments have been feeling threatened by cryptocurrencies. They feel that cryptocurrencies are taking their space and that governance could ultimately become impossible. In the United States, the first country that to note the threats that associated with cryptocurrencies, there was no sign of a cryptocurrency regulation framework by mid-2018. Other jurisdictions that have indicated they face huge risks from cryptocurrencies include China, Russia, and the UK.
While most of these countries are fast to note the issues that come with cryptocurrencies, it is interesting that none of them had made significant moves to craft legislative frameworks. Indeed, some countries are opting for direct gag orders that hit the cryptocurrencies on the head.
A closer look at individual jurisdictions reveals that crafting regulations for cryptocurrencies such as KuCoin Shares is no walk in the park. Many administrations do not have an idea of where to start with cryptocurrency regulations. Here are other reasons why most countries do not have cryptocurrency regulations.
- Most of the blockchain technologies are very advanced and molting at a very fast rate.
- Cryptocurrencies are considered resultants of processes that most administrations started. For example, Hong Kong, Malaysia, UK and even the US have special offices that sought to facilitate fintech operations. Because cryptocurrencies are considered part of the resultant products, they are finding it hard to pass laws restricting them.
- Cryptocurrencies such as KuCoin Shares are decentralized. This implies that there is no central entity that controls them. Instead, their use and governance are controlled by users spread across the globe.
- The topic of cryptocurrencies has taken a highly political angle. The governments that commit to passing cryptocurrency regulations are considered to be against the will of the people.
Even as it emerges that most administrations are finding it difficult to come-up with cryptocurrency regulations, it is important to appreciate their inherent drive. Some of the administrations such as Russia are already working on draft laws to guide the application of cryptocurrencies. Take a look at the next section to understand where different jurisdictions have reached with the regulations.
KuCoin shares are legal in most of the countries because none of them had passed a cryptocurrency regulation by mid-2018. However, some have opted to use direct orders while others are welcoming the cryptocurrencies. The outlook pastes a mixed global pattern.
KuCoin Shares are legal in Russia. Russia is one country that has demonstrated unique zeal to pass a cryptocurrency regulation to guide their blockchain technology and related products’’ applications. Like other countries, Russia had initially opted to take a hands-off approach about cryptocurrency regulations. Before 2018, the country only advised the citizens to be cautious because of the huge risks associated with digital assets.
Suddenly, things changed starting in January 2018. The ministry of finance indicated that it was impossible to tell whether traders who accepted payment in cryptocurrencies were committing a crime. By the close of the month, the ministry of finance had crafted a cryptocurrency regulation draft bill referred to as the digital financial assets draft bill.
The draft bill considers digital assets such as cryptocurrencies and tokens to be properties and not legal tenders. This implies that they cannot be used for payments as a legal tender. By further categorizing them as properties, it implies that all entities involved in tokens or cryptocurrencies release must be legal parties.
The draft law goes ahead to provide strict requirements for release of tokens such as KuCoin Shares. It requires that the tokens are rigorously vetted by the Russian authorities to ensure that they are properly priced and the involved issuer a legit party. This legislation could slow down the current fast rate of releasing new tokens because of additional assessment mechanisms.
For the exchanges that target to operate in Russia, the draft law requires them to be registered entities. They are also mandated to install strict KYC (know your customer) strategies and to install customer protection systems. If the draft bill is passed into law, it could greatly suppress the anonymity espoused in many cryptocurrencies such as KCS.
While many countries have been fast to note the threats that come from cryptocurrencies, one jurisdiction that has a very unique method of working with blockchain technology is Venezuela. The country has rushed miles ahead of others by establishing its own national blockchain referred as petro cryptocurrency. However, it appears that a different force other than love for blockchain is driving Venezuela’s quest for blockchain technology.
For years, Venezuela has become the face of human rights abuses across the globe. Because of these abuses under President Nicholas Manduro, the country has been sanctioned by many jurisdictions such as the EU and the US. Now, to beat these sanctions, Venezuela opted to go blockchain by developing its own anonymous petrol cryptocurrency.
As an anonymous network, the petrol cryptocurrency is used by countries and entities that want to trade with Venezuela. This clears off the handle of raising the red flag when trading products especially oil from the country. After seeing that the petrol cryptocurrency is working well in facilitating the sale of fuel, Venezuela is now moving to the next step of making it a legal tender. In April 2918, the Venezuela parliament adopted the presidential decree that requires all the ministries and government departments to adopt petrol cryptocurrency as a means of payment alongside the country’s currency.
While some countries have indicated that the use of blockchain technology in Venezuela is an indication of the threats that face the globe from the technology, some are fast to point that it is a great thing. Russia and China have already expressed interest in sending their delegations to Venezuela and establish how such operations can be replicated back at home.
Switzerland, unlike China and Russia among other countries that have pointed out huge problems arising from cryptocurrencies, has been seeing more benefits from cryptos. The Swiss administration has indicated that it is stopping at nothing in ensuring that it emerges as a crypto nation. In January, the finance minister, Schneider-Ammann indicated that the country had been at the forefront in building the fintech niche. Therefore, it was not letting go because others were seeing things differently.
Johann pointed out that the administration had agreed to set up a clear framework that would support cryptocurrencies that want to set their bases in Switzerland. To kick-start the process, the government created an ICO working group to look at the blockchain niche and give recommendations for a tech-neutral framework. The team is expected to provide its recommendations by the close of 2018.
The commitment to support cryptocurrencies has seen Switzerland become a magnet for cryptocurrency foundations. Many investors have opted to locate their foundations and operational servers in Switzerland to avoid interference by local administrations. Even as other countries point to the threats that face them from cryptocurrencies, one jurisdiction that will no doubt be a home to them is Switzerland.
4) The United States
KuCoin Shares are legal in the US. While the US was among the first countries to note the threats that come from cryptocurrencies, its administration was yet to decide on the course to follow by mid-2018. The federal administration has opted to follow a global approach in trying to get a clear legal framework that works. The administration’s focus is driven by the fact that cryptocurrencies are global. Therefore, even installing a legal framework on a single jurisdiction might end up not having a significant impact because the networks could still flourish elsewhere.
In January 2018, the Deputy Director of Treasury, Sigal Mandelker, went on a global mission to try and convince top crypto jurisdictions on the need for urgent regulation. He visited South Korea, China, and Japan to try and get a common front on cryptocurrency regulations. In Japan, he indicated that the threats from cryptocurrencies were becoming too dire and, therefore, needed an urgent address. Even with the global focus, the US still lacks a clear roadmap towards crafting a legal framework. This has made some states to step in and start drafting local frameworks that suit them.
An April 2018, Arizona became the first US state to pass a cryptocurrency related law. It passed the HB 1091 that allows citizens to pay their taxes in cryptocurrencies such as KCS. Arizona administration appreciates that a lot of people with cash in cryptocurrencies feel locked out to pay taxes because they are not legal tenders.
Though Arizona acted out of a genuine need, it has now become a learning point or others. Many states in the US are studying the Arizona cryptocurrency law with the aim of installing similar frameworks back home. Even other countries are now starting to look at cryptocurrencies from a positive angle.
One of the blockchain related topics that have generated a lot of confusion is taxes. A large number of people in cryptocurrencies do not pay taxes. In the United States, only a handful of people who file their tax returns capture their profits or losses from cryptocurrencies such as KuCoin Shares. With more people joining the cryptocurrency networks to trade and invest, many governments feel that they are on the brink of losing control.
Even though cryptocurrencies are encrypted to help users operate anonymously, the privacy cannot be guaranteed forever. Take the example of Bitcoin. When Bitcoin was launched in 2009, many people including criminals jumped into it because they could operate anonymously. Now, new technologies have made pulling out user information and related transactions easier. When such technology is a developed in the future, those who trade KuCoin Shares without paying taxes are likely to also get exposed.
Instead of waiting to get exposed for tax evasion, tax experts indicate that you can enjoy all the benefits without going against the law. Here are some useful points to follow to operate on the right side of the law when trading KuCoin Shares.
- Consider all revenue from KuCoin Shares taxable income.
- Ensure to always capture your trading when filling the annual returns. Note that you should include the information irrespective of whether you made profit or loss.
- Ensure to note important details such as the value of KuCoin Shares and traded volume in the case that a clarification is needed.
- For those who are unsure of how to file the details of related cryptocurrency trading, it is advisable to work with a tax or accounting experts.
KCS does not have consumer protection. Unlike banks that follow transactions to ensure that both sender and recipient details are correct, it is different with KCS. Like other cryptocurrencies, KuCoin shares are decentralized and operations are completed on a peer2peer basis. This means that if you send the coins to the wrong address, there is no one to complain to. Indeed, you cannot even complain to a court of law because cryptocracies are not regulated.
Because you are on your own, it is important to implement precautionary measures at all stages of operation with KCS. Here are some useful safety tips to consider.
- Always triple check the public address when sending value on the network.
- Always move the KCS tokens to a cold storage when not trading them on the exchange.
- If possible designate a specific computer for trading KCS. If you must use the computer for other purposes, avoid visiting risky sites.
- Keep your computer and KCS client updated all the time.
- Ensure to store the private keys and the seed phrase for the computer securely and away from the main computer.
Many illegal traders have been coming to the cryptocurrency niche in droves to take advantage of their anonymity. The anonymity helps to protect users from being discovered and even third-party seizures. However, no illegal activity had been reported with KuCoin Shares by mid-2018.
Yes, KuCoin Shares are secure. When KuCoin created KCS, the main goal was to outdo other exchanges such as Binance that had adopted the same model earlier. This could not be possible without ensuring that the security is optimized. Here are the methods used to enhance the security of users and KCS.
- Regular updates to fix bugs and malware that target the network.
- Advanced encryption.
- Even distribution of KCS tokens to reduce the danger of 51% attack.
Yes, KuCoin Shares is anonymous. The KuCoin team was categorical of the looming competition especially Binance that had cut a name for its efficiency. To provide stiff competition to others in the network, KuCoin put a lot of emphasis on privacy. The cryptocurrency uses advanced cryptography to keep traders’ info and assets private when running transactions. When you send KCS to another person on the network, it is very difficult for the details to get unmasked. Even the miners spread on the Ethereum network can only confirm the balance of your account but cannot know the personal details.
KuCoin has never been hacked. When the KuCoin development team started working on their token, they aimed at giving users a reliable and secure platform that could not be hacked easily. Note that this does not indicate that hackers do not attempt to break into the network. The development team has been very aggressive in identifying security gaps and sealing them before attacks are successful.
If you lose KCS, it is possible to restore them depending on the nature of the loss and preparedness before the loss. If you lost the KCS coins through forgetting the private keys, they can be restored by regenerating the keys using the seed phrase.
For those who lost their KCS through damage to their wallets, restoration can be done by reinstalling the wallet from a backup. Once you update the wallet, it will reconcile the details and reflect the latest balance.
If you lost KCS through hacking or sending to the wrong address, it implies that they have changed hands. The loss is permanent and there no method that can be used to restore them.
The cryptocurrency niche has grown rather fast as more digital assets keep entering the market. For new cryptocurrency enthusiasts and even traders, picking the right network is now based on trust. Here are some of the top reasons why a lot of people have demonstrated their trust for KuCoin Shares.
- KCS has a highly dedicated team. The members led by the CEO, Michael Gam have huge technical understanding of the blockchain niche and its application.
- The KCS buy-back program used in the KuCoin Shares is expected to help reduce the total supply of coins and raise the overall value of the network.
- The cryptocurrency is associated with a highly aggressive exchange, KuCoin. People are expecting to see KCS price growing at the pace that KuCoin has been trending.
- KCS tokens were designed took advantage of the advances made in the blockchain industry. This is the reason it is marketed as a better option compared to other cryptocurrencies in the market.
- The development team puts a lot of effort into securing the network. With a strong core code and a highly committed team, no hacking attempt has been successful in the network. This approach is expected to continue keeping the system even more secure.,
- The KuCoin Shares model was introduced after others such as Binance and COOS had introduced theirs. This means that it is introducing an already tested and proven model which raises the chances of success with a huge margin.
- By accepting to share the profit generated at the KuCoin exchange, many people see the exchange as a reliable and trusted platform. They feel valued because they are simply getting a section of the profits that other exchanges are unwilling to share.
The history of KuCoin Shares can be traced back to KuCoin exchange formation. The founders were concerned that cryptocurrency trading was becoming extra complex, less motivating, and expensive. Therefore, they came up with an exchange that could address the issues and become one of the best in the market. The KuCoin Shares were released into the market in September 2017 to help motivate users in the KuCoin network.
Between launch and mid-December 2017, the price of KCS remained within the range of $0.8. In December, the price climbed steadily and hit the peak of $19 on January 10th 2018. Then, it took a downward trend until it hit the lowest mark of $2.3 on March 20th, 2018. In the second quarter of 2018, the price of KCS remained within the range of $2.6 by the close of June 2018. It will be very interesting to see how the price progresses in the subsequent years.
KuCoin shares were created by Michael Gam and a team of 12 tech experts at KuCoin. Gam was a technical expert at Ant Financial, one of the top affiliate programs of the Chinese giant Alibaba. He also worked as a senior partner in other projects including KF5.COM and MikeCRM. Other members of the KuCoin Shares development team include;
- Eric Don.
- Top Lan.
- John Li.
- Jack Zhu.
- Kent Li.
- Remy Ran.
- Will Zhang.
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