The ultimate beginner's guide to trading Kin
What is Kik?
Kik Messenger is one of the most important messaging apps of the past decade. At its height, it was estimated that 40% of American teenagers were using Kik to send messages, images, video, and other digital content to people in their networks.
Kik allows users to sign up anonymously, and though this has not been without controversy, it has allowed for many users to take part in the system without barrier, and to create an interesting and creative culture for sharing digital content.
Just two weeks after its introduction to the world in 2009, Kik already had more than a million registered users. This growth was driven by Twitter. Since then, Kik has been invested in by China’s TenCent and has raised $100 million during ICO.
What is the Kin Coin ICO?
Kin coin is the new digital token of the Kik digital ecosystem. The Kin coin ICO introduced several billions of kin coin to the cryptocurrency investment community. The total supply is 10,000,000,000,000 (ten trillion), but only several hundred billion are available in the Kin coin circulating supply of today.
Kin coin was released as a payment solution within the Kik ecosystem. Kik had experimented with digital currency a couple of years prior, but this was the first time a true cryptocurrency was introduced. Kin coin can already be used on the network in simple ways, with many more use cases to come.
How is Kin Coin Used?
Anyone who has spent any time learning about the cryptocurrency industry will understand that there are multiple projects trying to monetize the relationship between consumer and advertiser, by turning the advantage to the consumer.
For many years now, consumers have had little control over the ways in which they are advertised to. Furthermore, consumers simply had to give away their time and attention for free. With the growing Kik ecosystem, consumers can start to curate the marketing they receive, and they’ll be incentivized with Kin coin for taking the time to engage with advertising content.
Kin coin goes deeper than this, however. Kik wants to create an environment where excellent content creators are rewarded in real time for their participation in and cultivation of the larger ecosystem. Kin coin would serve this purpose. Kin coin can also be used for tipping, micropayments, orders, reimbursements, and more. It’s an agile digital currency for the agile digital world.
Why Are Investors Excited About Kin Coin?
It’s clear to just about everybody that digital communication and social media aren’t going anywhere. As Facebook continues to hemorrhage users, many are starting to look for the next big thing. Kik, in many ways, is and has been the next big thing, but as the company, $1 billion valuation and all, is still not a truly world-conquering app, many investors see incredible growth potential.
- Kin coin is also exciting because it transcends the Kik network. Of course it has many use cases with Kik (tipping, paying bots for services like ordering pizza, getting paid for viewing adds, etc.), but it’s also freely tradable in the larger cryptocurrency industry, against international virtual currency standards like Bitcoin, Ethereum, Litecoin, NEO, and ARK.
- Finally, the enormous number of kin coin available means that the Kin coin price is very, very low. At the time of this writing, a single Kin coin price is just over 1/10 of 1 cent ($0.001). This allows investors to buy up huge quantities of Kin coin for the future.
- A low priced coin isn’t a value in itself, but some think there are advantages for owning these cheap coins. For one, new users tend to think that “cheap=good deal”, making these coins desirable for beginners. Also, cheap coins are very volatile, a dream for day traders and those who simply want to take profits at an opportune moment before cashing out or buying into a new cryptocurrency.
So, whether you are a user/believer in the Kik ecosystem, or you are an investor who simply knows the way the wind blows (or some combination of the two), there’s a whole lot to love with Kin coin. If you’re sold, and want to know how to buy Kin coin of your very own, we’ll show you how to buy Kin coin at today’s low Kin coin price in the rest of this Kin coin review.
How to Buy Kin Coin
Kin coin is a little tricky to buy, especially for beginners. It doesn’t trade on large exchanges like Bittrex or Binance. We’ll cover the way to buy it through Mercatox. Because Mercatox isn’t well known and doesn’t have the volume of some larger exchanges.
How to create a Kin coin wallet. MyEtherWallet is probably the most convenient and best known option at this point, and really, every crypto trader should have one as it supports dozens of good coins (and dozens of bad ones too). Start by going to MyEtherWallet.com and starting a new account.
As you input the simple information requested of you, make sure to record the Private Key/Secret Code they give you. This code is the only way you’ll be able to regenerate your account if you lose access to it for whatever reason. Store it in a safe place, make a copy, and store the copy somewhere else.
See that account address in the upper right hand corner of the screen? This is your personal MyEtherWallet address, to which you can send all of your Ethereum, Kin coin, and other ERC20 tokens from now on MyEtherWallet will store them all.
2) How to Buy Kin Coin on Mercatox
Mercatox is a little known exchange, but it’s the most significant conventional crypto exchange which sells Kin coin at the moment. This might seem a little funny, but it’s actually a great thing for investors. For a cryptocurrency to go mainstream, it must be bought and sold in many large exchanges.
Kin coin is just getting off the ground. The fact that you can only get it through smaller exchanges means that you are here near the ground floor. If and when Kin coin really takes off, the investor should have powerful returns as a reward for getting in early.
Start by making your Mercatox account. All this entails is going to Mercatox.com, inputting your new account name and password, and responding to the registration email. There are no other requirements of you to begin trading on Mercatox, making this one of the easiest exchanges to sign up with we’ve ever seen.
Now that you’re in your Mercatox account as your Kin coin exchange, click on your “MyWallet” tab on the upper left side of the screen. This will show your various Mercatox wallets. Click “Deposit” by the Bitcoin wallet.
This is your Mercatox Bitcoin wallet. You’ll need Bitcoins to trade against Kin coin. Buy Bitcoin at Coinbase
and send the Bitcoins to this address. You can do this by clicking “send” or “withdraw” in your Coinbase Bitcoin wallet, once your Bitcoins have been ordered and delivered.
Now click on “Trade” at the top of the screen. Type “Kin” into the search bar and you’ll see the “Kin/BTC” trading pair. Click this. This will take you to the screen where you can trade Bitcoin for Kin Coin.
At the bottom of the screen you’ll see a “Buy Kin” menu. Type the price at which you’d like to buy 1 Kin coin (the lowest “Ask” price is the kin coin price that will allow you to buy Kin coin now). Now type in how many Kin coins you want to buy. Then click “Buy”.
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How to Send Your Kin Coins to MyEtherWallet for Safekeeping
It’s possible that a Kin coin exchange might go offline, get hacked, or otherwise be involved in a situation where you couldn’t get your coins. That’s why it’s always a good idea to store your coins somewhere else. Because you’ve already made a MyEtherWallet, this will be easy. Start by going back to the “My Wallet” page on Mercatox.
Type “Kin” into the search line and click “withdraw” by the Kin Coin wallet (The bottom wallet pictured in the image above). This will give you a withdraw menu. For the address, go back to your MyEtherWallet and copy the address we already discussed above. Paste this into the address line on Mercatox, choose to send all of your coins, then hit “submit”. In minutes, your Kin coins will be safe and sound in your MyEtherWallet.
Final Thoughts on Kin Coin
Kin coin is one of the most promising projects bringing digital currency into the social media and digital services industry. They’ve already incorporated Kin coin with some success and plan to increase its use cases as the Kin ecosystem expands around the world, and in size and quality. For investors in the Kin coin project, the economic future is looking pretty bright. Good luck!