If you have any interest to buy KILT Protocol (KILT), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of KILT Protocol (KILT).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
- Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transferring Your Cryptos to an Altcoin Exchange Huobi
Now let me show you how to KILT Protocol (KILT) using your investment from Binance.
But not every crypto can be traded in Binance we need to transfer our coins to an exchange that KILT Protocol (KILT) can be traded.
I will show you how to use Huobi which is a famous exchange to trade altcoins. We will use the link below to register your new account.
Once you have completed similar processes as you have done before with Binance you are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades KILT Protocol (KILT), you will need to transfer your BTC from Binance to that specific exchange.
Usually done through a wallet system. to huobi deposit move your mouse over to “Balances” on the top right and click “Exchange Account”. Look for “BTC” from Token section and copy the given “Deposit Address”
To do this part may be a little difficult but don’t worry, it is easier than a bank transfer. Then copy your unique BTC wallet address and go back to Binance.
Then move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”. Look for BTC in the list and click on “Withdraw” on the right hand side.
You have to paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Type down the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Next, click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s all, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trade KILT Protocol (KILT)
Now you have to go back to Huobi to buy KILT Protocol (KILT) with the Bitcoins you sent.
Move your mouse over “Spot Trading” and click “Exchange” then you will see trading menu. Look for huobi trade in the left column make sure to select “BTC” pair and in the search bar type in “KILT”.
After you move your coin click on it and now you will see a price chart of KILT/BTC in the middle of the page. Select the “Market” tab as that is the Easiest way of buying orders.
Also, you can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
Once you have confirmed everything, click “Buy KILT”. Now you own your KILT!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever KILT Protocol gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store KILT Protocol securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your KILT Protocol for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy KILT Protocol with cash?
The answer is No. Because there is no way you can directly buy KILT Protocol with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy KILT Protocol while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase KILT Protocol or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
What is KILT Protocol (KILT)?
KILT is a decentralized blockchain identity protocol for issuing verifiable, revocable, and anonymous claims-based credentials in [ Web 3.0] (https://coinmarketcap.com/alexandria/article/what-is-web-3-0).
KILT’s mission is to return control over personal data to its owner, restoring privacy to the individual and enabling innovative business models around identity and credentials. KILT aims to achieve this by combining real-world trust with the benefits of blockchain technology. Developers can use KILT to create identifiers for people, machines, services and anything that identities can be built on.
KILT is built on Parity Substrate, and launched mainnet as a Kusama parachain in September 2021. Substrate offers seamless integration opportunities with Kusama and Polkadot projects like gaming, NFTs, DeFi and DEXs; KILT is also implementing enterprise partnerships in the energy, health care and banking sectors.
What KILT Protocol Offers
For consumers: KILT provides a way to represent your identity without revealing things you prefer to keep private. It brings the old process of trust in real-world verifiable credentials (passport, driving licence, certificate, etc.) to the digital world, while keeping your data private and in your possession. Users have the option to store information and can choose what information they want to disclose and to whom.
Who are the Founders of KILT Protocol?
KILT Protocol was founded in 2018 by Ingo Rübe, CEO of BOTLabs GmbH, together with Hubert Burda Media, where he served as CTO from 2012 to 2017. Earlier Ingo worked as project director for the German publisher Axel Springer SE from 2006 to 2012. Ingo served on the board of directors of the Drupal Association from 2017-2020, and BOTLabs is a founding member of the International Association for Trusted Blockchain Applications (INATBA).
Recognising the potential of blockchain to restore autonomy and control over personal data, Ingo set out to create identity solutions that could be standardised and implemented by corporates and entrepreneurs worldwide.
How Does KILT Work?
In KILT, digital identity consists of two parts: a Digital Identifier (DID), and Verifiable Credentials (VCs) linked to the identifier. Identity is built by adding more credentials to the identifier.
Using KILT, a trusted authority (the Attester) will be able to issue documents (Credentials) which are then owned and controlled by the person (the Claimer) they are issued to. KILT never stores personal data on the blockchain; this data is in the Credential which is under complete control of the user. The blockchain is only used to store hash values.
Blockchain technology enables the user to prove the authenticity and validity of their Credential to anyone they decide to show it to using this hash. And the Attester has the ability to create a new hash to revoke the Credential if it is no longer valid.
What Makes KILT Protocol (KILT) Unique?
KILT is building a permissionless trust infrastructure for real-world business cases that help individuals and entities prove and protect their online identity.
By offering accreditation in the digital world, where businesses can verify credentials and build trust, KILT is providing a base layer for verifiable credentials in Web 3.0.
It’s important to note the Kusama parachain provides key elements for KILT, including:
- Block finalization and network protection (an additional security level);
- Interoperability (interoperability between parachains, which enables KILT to utilize additional functionality like smart contracts and oracles;
- Ability to provide DIDs (Decentralized Identifiers) and Verifiable Credentials to other parachain projects via the Relay Chain, providing enormous network effects for KILT.
What is a Decentralized Identifier (DID)? Click here and find out.
What are Parachains? CMC’s tech deep dives are here to help.
Check the CoinMarketCap blog for the recent news and market insights.
How Many KILT Coins (KILT) are in Circulation?
- Total supply at Token Generation Event (TGE): 150 million pre-minted KILT Coins.
- Initial circulating supply: 34 million.
- The remaining pre-minted coins will be gradually unlocked over a period of 6 to 60 months.
- Initial inflation will be around 5% per annum, dropping to 1% per annum within the first 6 years and then slowly moving towards 0%.
KILT launched as a decentralised parachain on Kusama in September 2021 with three major token utilities: payment, on-chain, and staking mechanisms for collators and delegators.
Regardless of whether KILT Protocol moves from a Kusama to a Polkadot parachain (as determined by community governance), there would be only one KILT network and one KILT Coin across both.
How Is the KILT Protocol Network Secured?
The KILT blockchain uses a variation on Proof-of-Stake (PoS) consensus called Limited Delegated Proof-of-Stake (LDPoS) to maximize chain security. This LDPoS system has two roles:
- Collators: hold the data of the blockchain, collecting transactions and building blocks. (Similar to validators on Kusama and Polkadot networks.)
- Delegators: back a trusted collator with their staked KILT Coins.
As a parachain on Kusama (and eventually Polkadot, depending on community governance), the security of KILT Protocol is provided by the Kusama Relay Chain. The blocks of transaction data verified by the collators on the KILT network will be passed to the Kusama validators to be finalized and become the state of truth.
Where Can You Buy KILT Coins (KILT)?
The KILT token will be released in late 2021. Users will be able to purchase KILT by waiting for a listing on an exchange.