Kucoin is a cryptocurrency exchange that was launched in September 2017. The exchange is based in Hong Kong and it has been growing in popularity due to its wide range of altcoins, low trading fees, and good security.
One of the unique features of Kucoin is that it has its own cryptocurrency, called Kucoin Shares (KCS). holders of KCS receive a daily bonus in the form of a percentage of the fees that Kucoin collects from trades on the platform. This makes holding KCS somewhat similar to holding shares in a company, and it has led some people to dub Kucoin "the Binance of China".
Kucoin Shares are also used to pay for transaction fees on the Kucoin platform, and they can be traded on the Kucoin exchange.
In this guide, we will take a look at what Kucoin token are, how they work, and where you can buy them.
What are Kucoin Shares (KCS)?
Kucoin Shares are the native tokens of the Kucoin cryptocurrency exchange.
The Kucoin team decided to create their own cryptocurrency for a few reasons. One reason was to incentivize users to hold onto the currency, as holders of Kucoin Shares receive a daily bonus in the form of a percentage of the fees that Kucoin collects from trades on the platform.
Another reason was to create a currency that could be used to pay for transaction fees on the Kucoin platform. By doing this, Kucoin can avoid having to charge high fees like other exchanges.
Kucoin Shares are also used to vote on decisions about the Kucoin platform. For example, users can vote on which new tokens to list on the exchange.
Where to Buy Kucoin Shares (KCS)?
Kucoin Shares can be bought on a variety of exchanges, including Binance, Kucoin, and Gate.io.
If you want to buy Kucoin Shares with fiat currency, you will first need to purchase Bitcoin or Ethereum from an exchange like Coinbase or Gemini and then transfer it to an exchange that offers KCS trading.
How to Store Kucoin Shares (KCS)?
Kucoin Shares can be stored in any wallet that supports the ERC20 token standard, such as MyEtherWallet or MetaMask.
If you want to store your Kucoin Shares on the Kucoin exchange, you can do so by depositing them into your Kucoin account.
How Does Kucoin Work?
Kucoin is a cryptocurrency exchange that allows users to trade a variety of digital assets, including Bitcoin, Ethereum, Litecoin, and more.
The Kucoin platform uses a trading fee system to incentivize users to hold onto the Kucoin Shares (KCS) tokens. Kucoin users receive a daily bonus in the form of a percentage of the fees that Kucoin collects from trades on the platform.
In addition to its trading fee system, Kucoin also uses a transaction fee system to pay for transaction fees on the Kucoin platform.
Kucoin Shares are also used to vote on decisions about the Kucoin platform.
How to Use Kucoin?
If you want to trade on the Kucoin exchange, you will first need to create an account.
Once you have created an account, you will need to deposit some funds into your account. You can do this by transferring Bitcoin or Ethereum from another exchange, or by purchasing them directly on the Kucoin platform.
Once you have deposited funds into your account, you will be able to trade a variety of digital assets, including Bitcoin, Ethereum, Litecoin, and more.
Kucoin also has a mobile app that allows you to trade on the go.
