New KuCoin ‘Convert Dust To KCS’ Function | No More Small Balances Left Hanging

[cryptodabbin]

Global cryptocurrency trading platform KuCoin has probably responded to some of the crypto traders' demand to create a valuable dust feature. 'Dust' in cryptocurrency is a term used to refer to the total quantity of coins that an individual can not trade. The new feature, known as the Convert to KCS function, will allow users to convert their dust into KCS, the cryptocurrency exchange's native currency. To explain the feature, though, a lot of other matters need to be visited first.

What is Crypto Dust?
Dust is a negligible quantity of cryptocurrency coins or tokens left in your account or crypto dust in this instance. For smaller balances that were inherently difficult to trade, since they were lower than the transaction costs, the word crypto dust or dust was commonly used as slang. Lying in most users’ crypto wallets, these negligible amounts of crypto coins were frequently overlooked or ignored and stayed idle.

A lot of crypto exchanges, referred to it as dust as they are crypto tokens and coins left from trades. These nominal tokens were inaccessible for trades, as most exchanges have a minimum trade crypto trading requirement. Intriguingly, in a really simple but effective process, KuCoin allows users to convert their dust into KCS tokens. Users would be able to convert less than 0.001 BTC equivalent crypto dust into KCS tokens.

What’s the problem with Crypto Dust?
What is the dilemma of accounts getting dust? As a trader, small balance handling is a valuable function for long-term traders because when trading multiple assets, it avoids users from wasting resources. The tiny amounts on crypto exchanges are a major problem "since they are funds that can not be used" to transact. Binance does have a similar service that allows users to convert small balances into its Binance Coin (BNB).

As KCS holders pay minimum fees on the exchange, this conversion comes as an added bonus. Throwing some light on the advantages of the feature, the structure of KuCoin's taker and maker fee plus VIP discount currently exists for KCS holders on the exchange, and customers need a mere 1000 KCS to use Level 1 fee discounts. However, more than a thousand KCS should be enough to achieve the full discount.

KuCoin and KCS token
KuCoin is among the popular cryptocurrency exchange that enables users to trade or exchange their crypto assets either for profit or normal transactions. KuCoin supports a number of fiats including USD, JPY, KRW, EURO, GBP, and more. Fortunately, the exchange also provides some attractive taker and maker fee structure plus VIP discount. But that’s not all, they also enable users to benefit from holding their KCS tokens.

With a current supply of 170 million tokens, the KCS token was built in 2018 as an ERC-20 token on the Ethereum network. The KCS token is KuCoin 's native cryptocurrency. KCS tokens cover a flexible variety of use cases. The versatility of the token allows it to be used in most instances of your daily life, such as gifts, daily commutes, or even as transaction fees on the KuCoin platform. KCS tokens can be used for a plethora of things.

At the time of writing, more than $88 billion in transaction volume (USD) has been accumulated on the platform. KCS is currently trading at  $0.86 according to Coinmarketcap and despite the price stayed surprisingly stable after the hack, it is for the time being a high-risk high-reward token.

How KuCoin Convert to KCS’ Function Works


The method of converting crypto dust to KCS tokens is very straightforward. The user dashboard has been introduced with a "Convert to KCS" button. They should press the button once the user logs in to their KuCoin account and follow the prompts. In their account, the user then selects the cryptocurrency dust that they want to convert. The value of the converted crypto dust in KCS is shown at the conversation details, as well as the transaction cost.



Scroll through your list and see if there are any coins you do not want to be converted. If you are satisfied, click on ‘Convert to KCS’. You will then be presented with the conversation details along with the confirmation button. Whatever the number of coins you are holding, this won't take some time to process, you can also convert dust to KCS to your heart's content. At this time, it only appears to be working on KuCoin’s official website and will soon be deployed on the KuCoin App.

For detailed know-how of the converting process, you may visit the official KuCoin guide.

A High Degree Of Utility
After the sudden move, whether it will shoot up or not in the coming days, the value of KCS is still unclear. The implementation of the new feature could not have come at a better time, whether it was intended to create a chain reaction that would raise the value of KCS or not. KuCoin is known for constantly being quick-witted about the game, but it is safe to say that, particularly after the recent hack, it will turn out to be helpful for its native token.

Presently, the new feature is limited to KuCoin desktop and web platforms. Nevertheless, proposals are in the advanced stages to integrate it into the mobile app. Again, to access the new feature, click the ‘Assets Overview’ button, and then proceed to ‘Trading Account’. From there you can see the ‘Convert to KCS’ feature.

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[TomPluz]

This is a very good new feature coming from Kucoin. I understand that Binance pioneered this feature (as far as I know, btw) and I even wondered why other big exchanges did not offer the same especially those who got their own functioning token too. Now, I am sure that all Kucoin loyal users are happy to use this tool. Rather than have those little assets just sitting there on the exchange, this time they can have some value too that can traded freely. Despite the recent hack of Kucoin, I still believe on this good exchange.

[masterrex]

I like that new Kucoin exchange feature, Because I have some untradable tokens in my Kucoin account, I'm already using Kucoin since 2017, thats why I possess some token dust in my account, It was just like a Binance feature in which its users can convert the small amount of cryptocurrencies to BNB and use it as a trading fees for me that was a good action of Kucoin.Kudos!

[Jaephoenix]

That is an important feature. It's a long time coming. Binance has had that feature for nearly a year now and I find it quite useful. Kucoin being touted as one of the biggest crypto exchanges should have adopted it. And it also helps its native token growth and market cap

[tinakoya]

Finally we have this feature to convert dust. We've been asking for it on twitter and I'm glad Kucoin listened to their users. Binance had this feature which makes a huge difference as it's annoying having several crypto dust in your wallet and unable to trade them. I was able to convert to 20$ worth of BNB the other day.

[cynthiaaddison]

Awesome feature to have, no tokens will be lying ideal in wallet anymore

[bigcash2011]

This is very handy feature especially if a platform has thousands of small traders, this feature will especially help them accumulate or aggregate small left behind coins into kcs which they can trade or exchange according to their needs.

[nelson4lov]

This a really nice feature been added to kucoin exchange, binance had it already and I have been using all my crypto dust to bnb and it has been really helpful, some times you will be amazed how much its worth after you turn all those dust into one, nice one kucoin team.

[comer]

i've seen that feature in binance and other some exhanges are also having that fuctionality. i think it good and it attract more trader because their funds will not be waste as dust. I do conversion everytime at the binance exchange when theres little amount left after the trade.

[labonikhatun]

Binance is much better than KuCoin. I get most of the benefits from binance. Transactions here are much faster and there is no hassle with small to large balances. KuCoin seems to have a lot of trouble with kyc. kyc sites are mostly scammed.