Crypto is an ever-expanding market that renovates itself almost daily. The scope for creativity and growth is always high. This is where artificial intelligence (AI) comes into play. It has broken records and set new horizons for crypto traders.
Inculcating AI in cryptocurrency has eliminated several loose ends that cost crypto traders their hard-earned assets. Removing human emotions, unbiased predictions and trading automation have revolutionized this highly volatile market. XAI, too, is a product of AI.
What Is XAI?
It is a meme token endorsed by Elon Musk himself. Designed to cater to the biggest entertainment category, this token is perfect for AAA gamers. AAA games are the “blockbusters”, to put it simply. GTA 5 is a highly popular, high-budget, and expensive example of a AAA game.
Since its Go Live in April 2023, this token has attracted hoards of crypto traders. You can invest in it too. However, complete your research on its long-term benefits before taking my word for it. Although XAI is predicted bearish at the moment, it is predicted to rise soon.
Easy In-Game Purchases
Did you jump out of your seat when you found out you could use XAI in GTA 5? Yeah, I did too. You can purchase valuable items in-game if you own this token. Keeping in mind that AAA games work on a Pay To Win model, a dedicated gaming currency solves many problems.
You don’t have to spend real money to buy the in-game articles. You can exchange your fiat or cryptocurrency for XAI on a reliable exchange (Coming right up) to continue playing uninterrupted.
Use of Abstraction Wallets
One unique feature of this AI-powered token is account abstraction. Account abstraction allows you more control over your wallet as compared to traditional blockchain. You use EOA as your default account with conventional blockchain. However, abstraction uses smart contracts in your blockchains.
Abstraction wallets are more resistant to hacking and theft. Also, they save you time. You have to get every transaction approved and authorized individually with an EOA, which can become a nuisance. But account abstraction reduces this process a lot. Less used time, more gaming adventures!
Now that you know what XAI is and how it can benefit you, let’s move on to the buying site. Although you can buy it from almost any exchange, the best place to trade it is Kucoin Exchange. It is reliable, easy, and supportive.
Why Use Kucoin Exchange?
Kucoin, known as the “peoples’ exchange,” is among the top ten crypto exchange platforms. Its competitive price plans and balancing market liquidity make it the best choice to trade a surging token like XAI.
Security and Privacy
Kucoin has developed stringent security measures. Since the foremost hack in 2020 that caused this exchange a significant loss, they have rallied impressively. You can set up trading passwords, extensive identity verification, and anti-phishing phrases.
Kucoin is backed up by an insurance brokerage called Lockton. You get a 1:1 compensation insurance in case of a circumstantial loss.
Hosting High-Tiered Crypto Coins
You can buy XAI here and trade it with the best coins. Bitcoin, Ethereum, and several revenue-generating cryptocurrencies are at your disposal at Kucoin. Moreover, you can also sell Bonk for KCS, Kucoin’s native coin.
The great news is that you get huge discounts if you buy and hold KCS for a month. You can devise a profitable buy-hold-trade strategy with it. You can buy XAI at Kucoin, use it to buy KCS, hold it for a few months at a discounted price, and sell it for another high-paying coin.
Market Liquidity
Kucoin creates market liquidity by opening order slots for investors to buy and exchange. The market liquidity decreases when the investors buy/trade here because the slots are filled. Kucoin repeats this process to ensure a precise balance of supply and demand.
You can select “Market Order” on the Kucoin homepage, enter the amount of USDT you want to buy, and select “Buy KCS.” You will get a fulfilled order in a few seconds.
Ease of Navigation
You can buy XAI here within minutes due to its straightforward navigation. Although you may be overwhelmed by the many tools and features Kucoin offers, you can easily find buying and trading options. Once you are familiar with it, you can appreciate its features individually.
How to Buy XAI: Step-By-Step Process
Step 1: Register & Verify
First, you have to register on Kucoin. You need an email, phone number, and strong password for this. After registration, you must verify your identity.
To finalize the KYC verification, you need a government-issued ID or Passport. The Kucoin verification process takes 10-15 minutes.
Step 2: Deposit Funds
After successfully creating and verifying your Kucoin account, you can deposit funds. If you have cryptos such as USDT in other wallets, you can deposit them into your Kucoin account.
IMPORTANT: You can only deposit cryptos once you log in by scanning the QR code with your Kucoin mobile app.
If you wish to onramp using fiat, you can do so with your credit card, bank account, or any other payment method that Kucoin accepts. Click on “Buy Crypto“. You can deposit funds in 40 currencies, including USD, EUR, GBP, CAD, AUD, etc.
Step 3: Go to the Kucoin Spot Market
After successfully depositing funds into your Kucoin account, head to the Kucoin spot trading section. This is where we will buy the XAI token.
Select “Trade” in the header menu and click “Spot Trading”.
Step 4: Search for XAI
You can either type “XAI” into the search bar at the upper left side or in the currency search bar. Select “Spot” instead of “All” to look at the immediate and accurate market position of XAI.
You should log in to your Kucoin account if you haven’t at this point. You can only buy XAI if you have a verified account.
Step 5: Buy XAI On the Kucoin Spot Market
Now that we have successfully deposited funds into our account and navigated to the XAI chart, we can finally buy XAI tokens.
For this, we will use a “Market” order. So make sure you select “Market” instead of “Limit” order. This ensures we buy XAI immediately at the ongoing market rate without waiting.
Choose how many XAI tokens you want to purchase and click “Buy” to finalize the transaction.
Step 6: Store XAI In a Secure Wallet
After successfully purchasing the XAI cryptocurrency, you should decide where you want to store your digital assets. We never recommend keeping cryptos on an exchange, as these can be subject to hacks or bankruptcies.
The best place to store crypto assets such as XAI is a hard wallet like the Ledger Nano X. You can learn more about this hardware wallet in our dedicated Ledger Nano X review.
Step 7: Track Your XAI Investment Performance
If you want to keep track of your crypto portfolio, including XAI, you can use tools such as coinmarketcap or TradingView. Coinmarketcap is an extensive crypto database that tracks valuable information such as prices, volume, popularity, etc.
TradingView, on the other hand, is a professional charting tool with much more advanced features to do an in-depth analysis of cryptocurrencies, stocks, commodities, and more.
Alternative Exchanges to Buy XAI
Although Kucoin is the best exchange to buy XAI, you can also buy it from other exchanges. Some names are:
- Binance
- Uniswap V2
- Bitget
- CoinEx
- Coin Base
- Houbi Global
- OKX
What to Do If Your Crypto Goes Down?
You might go down a spiral of depression if you are a novice or bought the currency without deep research. Nonetheless, novice or seasoned, this can happen to anybody because it is an unpredictable market.
Seasoned and well-informed traders turn the devalued crypto into profit by looking out and grabbing the perfect window of opportunity. Currently, there are two popular methods traders use to make money from devaluing cryptocurrency.
Shorting
This method implies short-term trading. You sell crypto and buy it back at a reduced price. You earn profit by the price difference. Shorting goes as follows:
- You borrow a devaluing cryptocurrency from a lender and open a short-term trading position.
- You sell it in the market and keep an eye on its graph.
- If the price of the currency decreases further in the upcoming days, you buy it back immediately.
- You return the borrowed currency to the lender and close your position. You keep the profits.
- Contrarily, if the price of the currency increases, you have to buy it at a higher price. You suffer a loss. You have to pay the lender for their loss also.
Shorting is a speculation game like the entire crypto market. You can have foresight and accurate calculations and still incur losses. Hence, be careful handling your assets.
Spread Trading Shorting
Spread trading in crypto is the price difference between the market rate and the rate at which you have traded a currency. Consequently, spread trading shorting is a strategy you use to earn profit in the bearish.
You weigh two currencies of the same price group and earn profit through them. This process goes as follows:
- You borrow two currencies that have the same ongoing price. For example, Ethereum and AVA.
- You wait until one of those currencies’ price goes up. Let’s say, Ethereum goes up. You sell Ethereum and buy AVA with all the money you made from selling Ethereum. Note that AVA is still down and you have more AVA now.
- Ultimately, AVA will go up in price. This is your opportunity window.
- You can now sell AVA at a higher price. This price difference is your profit.
You can close your position with your lender once you get the profit. You only have to pay them for the open position with this method.
Conclusion
XAI is a meme token dedicated to purchases in the AAA gaming industry. This AI-based crypto has revolutionized the market. It uses smart contracts to build account abstraction. It allows you more protection against theft and hacking. Unlike conventional blockchain that uses EOA, abstraction wallets by XAI provide stringent security.
