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How to buy KIN in the Philippines

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How KIN works and where to buy it

Kik is one of the world’s largest chat and social media platforms, Kin is the name of its affiliated cryptocurrency foundation, and KIN is the token itself.

The coin was released following an enormously successful ICO which raised over US$100 million and its goal is to be a staple of the user economy.

By offering a token with a promise of inherent usefulness and value, Kik and Kin aim to facilitate the creation of a new monetization system and a new social coin. It’s considered to be a strength that KIN is built into an established existing social media platform and has a multi-million strong existing user base that could start using the currency almost immediately.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Where to buy KIN in the Philippines

KIN can only be purchased with Ether, and it is currently only available on a few exchanges, including the following:

  • Ether Delta
  • Mercatox
  • COSS
  • Bancor Network
  • IDEX

Coin details

The total KIN supply limit is 10 trillion coins. However, it’s unlikely that the full 10 trillion will ever hit the market.

  • 1 trillion – Distributed to users in the ICO.
  • 3 trillion – Distributed to Kik, in equal quarterly installments over 2.5 years (10 quarters).
  • 6 trillion – Held by a smart contract that releases 20% of the remainder each year for perpetuity.

There are indications that you can expect fairly drastic inflation over the first few years, after which it will slow dramatically and eventually become practically non-existent.

  • Starting supply: 1 trillion
  • Circulating supply at the start of the second year: 3.4 trillion
  • Circulating supply at the start of the third year: 5.56 trillion
  • Circulating supply at the start of the fourth year: 6.3412 trillion
  • Circulating supply at the start of the fifth year: 6.3892 trillion

It’s not possible to predict with any certainty how exactly Kik and Kin will use these coins, but they’ll probably be freely doled out as incentives for the next few years.

Most of the coins probably won’t ever appear on the exchanges. Instead, they’ll keep being redistributed throughout the Kik user and partner community without touching the exchanges.

Unless you want to make a down payment on a lifetime of premium Kik features, you may want to plan on giving your tokens away as an incentive to Kik users or aim to sell at various peaks. Think hard about whether there is any point to buying and holding KIN until it settles down.

How does KIN work?

KIN is a general purpose cryptocurrency for use in Kik’s everyday digital services. You might use KIN to tip someone that posts a joke, to buy pizza with an in-app pizzabot or simply send it to someone as a birthday present.

Or you might use it to amplify your own messages to reach a wider audience, to access or create VIP groups, reveal premium content or anything else you can think of.

According to the Kin Ecosystem Foundation, the currency is “designed specifically to bring people together in a new shared economy and will serve as the foundation for a decentralised ecosystem of digital services”. Kik is the first app to accept KIN , with the KIN wallet natively integrated into Kik.

What to consider before buying KIN

Cryptocurrencies are complicated and highly volatile, so it’s important to develop an in-depth understanding of the factors that affect their value before you buy. If you’re thinking of purchasing any KIN, make sure you consider the following:

  • Supply. The total KIN supply limit is 10 trillion coins, so it’s worth considering what effect this large amount of tokens may have on demand. At the time of writing (May 2018) the circulating supply of tokens was 756,097,560,976 KIN.
  • 1 trillion – Distributed to users in the ICO.
  • 3 trillion – Distributed to Kik, in equal quarterly instalments over 2.5 years (10 quarters).
  • 6 trillion – Held by a smart contract that releases 20% of the remainder each year for perpetuity.
  • KIN Rewards Engine. KIN tokens will be distributed as a daily reward to developers and digital services through the KIN Rewards Engine. This engine uses an algorithm designed to calculate a user’s contribution to the overall ecosystem.
  • User base. One of the major obstacles facing all cryptocurrencies is the ability to achieve widespread adoption. In its whitepaper, Kik claims 57% of which are in the 13-24 age bracket. By tapping into an active user base, KIN has the advantage of marketing to an engaged audience.
  • Kik points. From 2014 to 2016 before the launch of KIN, Kik ran a test to find out whether its customers would use tokens on the platform. Kik tokens weren’t blockchain-based and couldn’t be traded outside the app, but by the conclusion of the experiment, up to two million Kik token transactions were taking place per day.
  • Stellar fork. In May 2018, Kin announced plans to fork Stellar and create its own blockchain. The result will be a hybrid, multi-blockchain approach that will see KIN run on Ethereum and also on its own Stellar fork.
  • Whitepaper. Want to know more about the KIN cryptocurrency and how it works? Check out the whitepaper.

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