How To Buy Klaytn (KLAY)?

A common question you often see on social media from crypto beginners is “Where can I buy Klaytn?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Klaytn (KLAY)

First, you will need to open an account on a cryptocurrency exchange that supports Klaytn (KLAY).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Klaytn (KLAY) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Klaytn (KLAY)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Klaytn (KLAY) or Klaytn (KLAY) trading pairs. Look for the section that will allow you to buy Klaytn (KLAY), and enter the amount of the cryptocurrency that you want to spend for Klaytn (KLAY) or the amount of fiat currency that you want to spend towards buying Klaytn (KLAY). The exchange will then calculate the equivalent amount of Klaytn (KLAY) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Klaytn (KLAY) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Klaytn (KLAY)?

Launched in June 2019, Klaytn is a public blockchain platform providing an accessible user experience and development environment in order to convey the value of blockchain technology. The platform combines the best features of both public blockchains (decentralized data and control, distributed governance) and private blockchains (low latency, high scalability) via an efficient ‘hybrid’ design.

Klaytn aims to bring blockchain technology to all types of users, from micro startups to enterprise divisions. The company’s mission is to make decentralization via blockchain available on a global scale. In addition, the project has already secured interest from numerous highly reputable brands around the world.

Who Are the Founders of Klaytn?

Jaesun Han is the founder and CEO of GroundX, the company behind the Klaytn blockchain. Han has a Ph.D. in electrical engineering and computer science from the Korea Advanced Institute of Science and Technology. His professional career started as a postdoctoral researcher for KAIST, where he conducted extensive research into distributed computing.

His first jump towards entrepreneurship was in 2007, when Jaesun Han founded NexR, the first big data and cloud computing tech startup in Korea. In 2008, Han took up a position as a chairman of the board of the Consortium of Cloud Computing Research. In November 2011, Jaesun Han became the CTO of KT Cloudware, a company dedicated to technically support KT Ucloud services.

Aside from his business and entrepreneurial ventures, Jaesun Han is also a credited adjunct professor at KAIST.

What Makes Klaytn Unique?

You can easily deploy your own chain or join other chains on Klaytn without any technical knowledge required; you don’t need to be an expert in cryptography or have a deep understanding of blockchain technology. Without the need to consult a highly specialized technical advisor, anyone can launch their own token economy ecosystem on Klaytn, according to their literature.

As an ecosystem of a wide array of decentralized applications (DApps), Klaytn presents users with the opportunity to find or develop the right type of application for their needs. Because of the decentralized nature of the platform, users have virtually unlimited use cases before them, as app publication is not restricted. Klaytn supports DApps in a multitude of spheres, including digital asset management, art collecting and trade, game development, and decentralized exchanges.

Because of this versatility, Klaytn has attracted the attention of institutional investors like Humanspace, Wemade Tree and Piction Network.

Klaytn development updates in 2023

Klaytn, the public blockchain platform developed by South Korean internet giant Kakao Corp, has made significant progress in 2023 with various developments and initiatives. Here are some of the key updates:

• Expansion and Network Upgrade: Klaytn has focused on strengthening liquidity through major exchange listings and supporting the launch of Klaytn-exclusive metaverse flagship services. The platform aims to attract new active users by increasing the number of on-chain services and enhancing the user experience for Web3 users. Additionally, Klaytn is working towards becoming a permissionless network and plans to launch a permissionless network pilot on its mainnet, Cypress, in the second half of 2023​​.

• Partnerships and Integrations: Klaytn has collaborated with various partners, including D’CENT wallet and Break First Fund, to expand its ecosystem. The integration with Fleta, a project offering high speed and unlimited scalability, is expected to further expand both ecosystems. While the integration date has not been announced, KLAYswap users will be able to utilize Fleta Connect once it is completed​​​​.

• Token Demand and Value: Klaytn’s roadmap for 2023 has emphasized increasing the demand and value of the KLAY token. The blockchain plans to establish KLAY as a deflationary asset and provide more tools for developers looking to launch products on the network. This includes a governance proposal to burn about 50% of KLAY’s supply to increase its value based on the demand and supply principle​​​​.

• Community Engagement and Price Performance: Klaytn maintains an active community of users, developers, and investors, with a strong presence on social media platforms such as Twitter, Reddit, Github, and Facebook. The community is optimistic about Klaytn’s future, with several members expressing bullish sentiments about the project and its token, KLAY. The price of KLAY has shown fluctuations, experiencing a rally followed by consolidation, reflecting the dynamic nature of the cryptocurrency market​​.

These developments highlight Klaytn’s ongoing efforts to grow its project, foster community engagement, and increase the utility and value of its token in the evolving blockchain and cryptocurrency landscape.

Official website: https://www.klaytn.com/

Best cryptocurrency wallet for Klaytn (KLAY)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Klaytn (KLAY)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).