I just started mining Kadena and have a few questions for the group.
I’d ultimately like to move the KDA to USDC in Coinbase for purchasing more miners via Coinbase Commerce. That is the endgame.
But until that happens I want to secure my KDA. Right now the KDA is just building up in DXPool. I know it isn’t advised to mine into an exchange but I also don’t want to pay a ton of fees for multiple moves and exchanges. If I send the coins into zelcore or Kadena’s Chainweaver from DXPool will I pay a fee to then send it to say KUCoin? Then another fee to convert it to USDC (or BTC) on KUCoin? Then another fee to send that USDC (or BTC) to Coinbase?
Also as of Aug for KUCoin it looks like you can deposit on all 20 chains and on withdraw KUCoin will transfer your KDA to chain 1, so that’s a lot easier than before.
Thanks for the help!
I was told by others in the forum saying that kucoin only accepts chain 1 deposit so many kda miners were sending their kda to zelcore. if what you said is true, then I believe sending directly to an exchange would be the best bet if you are exchanging and not hodling
That seems to have changed. kucoin now accepts deposits in all 20 chains. That seems to mean (from what little I know) that you can deposit straight from DXPool now as well as convert/withdraw out of kucoin on chain 1 (basically bypassing the zelcore/wallet step). But again - I’m ok going to a wallet as long as it doesn’t add another ‘fee’ step in the chain from mining to coinbase.
- Official KDA exchange
- Accessible globally
- KYC not required
- As of August 6th 2021, deposit of KDA in all 20 chains (chain 0 to chain 19) is now supported.
- When withdrawing KDA, Kucoin will transfer your KDA to your Chain 1 address.
Yes, just to back this up, I have had no problem sending some Chain-0 KDA from Zelcore wallet directly to Kucoin. I’ve also had no issues converting KDA to USDT, which I then use to purchase other alts.
Kucoin doesn’t require (though does “suggest”) KYC . . . at least for now.
Good, thanks for the confirmation. Was there a fee/gas involved in sending KDA from Zelcore to Kucoin? If so do you know how much?
EDIT: I had to look up what KYC is.
KYC, otherwise known as “Know Your Customer” or “Know Your Client,” is a set of procedures for verifying a customer’s identity before or while doing business with banks and other financial institutions. Compliance with KYC regulations can help keep money laundering, terrorism financing, and more run-of-the-mill fraud schemes at bay. By first verifying a customer’s identity and intentions at the time of account opening and then understanding their transaction patterns, financial institutions are able to more accurately pinpoint suspicious activities.
@JoeJoe There was a fee. But it was very nominal (almost nothing) relative to the amounts that I’ve been x’ferring.
And as an aside . . . when it comes to financial institutions, US KYC regulations are strict and fines for financial institutions that don’t strictly adhere are punitive. This is a good data point when one evaluates scam/no scam for ASIC resellers. If they accept VISA/MC/AMEX and/or accept domestic wire transfers, bank KYC really reduces the risk that they’re a scam. Doesn’t eliminate it and doesn’t mean that resellers only accepting crypto are scams. But if the reseller is banking with Chase, Citi, BofA, Wells etc., odds are high that the reseller is legit.
Now even if the reseller is legit, whether the reseller has staying power if the Chinese manufacturers screw them over and they have to make their clients whole is another question entirely.