The wallet is an integral part of cryptocurrencies. It is like a bank where you store your money, but in a digital format. There are many types of wallets that we can use. But, there are some tips that we should follow while choosing a wallet according to our needs.
Describe Kucoin
KuCoin is a crypto exchange that features the trading pairs of many digital assets. The KuCoin community has been seeking to move away from centralized exchanges in general and toward decentralized ones in particular.
KuCoin is a blockchain asset exchange which has its own cryptocurrency KCS (KuCoin Shares). KCS is the official token for KuCoin and it has a total supply of 200 million. Holders of KCS can obtain various fee discounts, dividends, participate in promotional activities and get other extra benefits.
SHIB USDT and KCS are available for trading on KuCoin, but you have to hold your own private keys to access them both on your own hardware device.
What are Kucoin Shares?
Kucoin shares is a token issued by the Kucoin Cryptocurrency exchange. It pays dividends to anyone who holds it regularly. For those who want passive income, this is a perfect way to generate some profit. The grand scheme of things is relatively simple. The more people use the Kucoin platform, the more dividends are generated.
Kucoin Shares work in two ways: one is as a discount token and another one is as a dividend token. As a discount token, you get cheap fees on all trades on the platform. This makes buying and selling cryptocurrency efficient; hence, you can do them both at once.
As a dividend token, you get paid for holding KCS for over 30 days. This means that if you hold it without making any transactions, you will automatically receive dividends from other users on the platform through their trading activities.
What is the Kucoin Community Chain KCC Wallet?
KCC is a light wallet connected with your registered KuCoin account. It allows you to transfer some tokens such as BTC, ETH TRX/USDT and KCS from the exchange to your wallet freely without any registration process. You can log into your account at any time, check your balance and transfer tokens easily to other wallets or exchanges.
The KCC Wallet was launched by KuCoin on September 2017 to reward users for the time they spend using KuCoin. The longer you’re part of the exchange, the more money you can potentially earn by staking your coins in the KCC Wallet.
As with any other cryptocurrency wallet, users will have to download the KCC Wallet and create an account. This will be used to log into your account and access your private key, which is how you send your KCC tokens to the wallet. Users can also transfer their KCS tokens to the wallet as well if they want to use them for staking instead of KCC tokens.
The next thing that you need to do is complete KuCoin’s Know-Your-Customer (KYC) registration process. You need this information because anyone who wants to withdraw their rewards from the KCC Wallet has to first pass KYC verification on KuCoin’s end before they can withdraw any funds from their account.
Why Is Wallet Important in Crypto?
The importance of wallet in crypto is key for the functioning of the system. A wallet is a digital place to store cryptocurrency. In order to send or receive cryptocurrencies, a wallet must be “full”, i.e it must contain coins from both sender and receiver. If one party uses a full wallet and the other a not-full one, no transaction can occur.
Bitcoin and other cryptocurrencies allow people to store value, transfer money, and make transactions without needing a bank. Wallets are the in-between place where you store your money and keep track of it. Wallets can be software or physical objects like a USB drive. You can have as many wallets as you want, but you will always have one main wallet that is used to store the bulk of your cryptocurrency.
If you’re new to cryptocurrencies, or even if you’re a seasoned veteran, it’s important to understand how wallets work and how they differ from each other.
How To Create KuCoin Community Chain (KCC) Wallet
So to create a KuCoin Community Chain (KCC) Wallet, we have to follow some steps.
- First, click here to visit KuCoin Official website.
- Second, Click on “[Register]” at the top right corner of the website.
- Third, Enter your email address, password and click the “[Create Account]” button.
- Fourth, You’ll receive a verification code via email from KuCoin.
- Fifth, Enter the verification code and click “[Submit]”
- Sixth, KuCoin will check again for another verification code via your email address.
- Seventh, Enter the verification code and click the “[Submit]” button.
You should be able to see your new KuCoin account there and it is ready for you to deposit KCS token in it so you can start trading on their platform.
The benefits of using KCC are many. It helps with the scalability issues that smaller coins run into when they have large spikes in traffic. Instead of clogging up the network with transactions from one specific coin, those transactions can be handled more efficiently on the KCC chain. This way, KCC can also act as a bridge between different coins, allowing for cross-chain transactions.
