Kucoin is a cryptocurrency exchange that released its own coin, KCS, in 2018. It was made as an attempt to solve the problems with centralized exchanges. However, traders believe that Kucoin may find itself struggling to stay relevant in the future. This article will explore what’s going on at Kucoin and whether it will ultimately die out or continue to thrive for many years to come.
KuCoin has had a rough year so far, but how long will it last?
There are currently some big changes happening in the cryptocurrency market and one of them is spot grid KuCoin shift from centralized trading platforms to a decentralized exchange model. This means that the company is no longer able to manipulate the market like they did before. Sadly, this also means that it probably won’t be able to survive much longer without a shift in structure.
KuCoin’s Decentralized Trading Model
As most cryptocurrency traders will tell you, centralized exchanges can be manipulated and they are not really on the same level as their decentralized model. Under this new decentralized model, users and traders alike can trade cryptocurrencies without any issues or worries about fraud or hacks. However, many people seem to forget about the current problems that these exchanges have with providing reliable withdrawals and a strong platform for their user’s transactions.
Despite the fact that KuCoin is trying to implement a decentralized exchange, not everyone is convinced that they will be successful. Many people believe that they simply don’t have the technology to handle the large amount of transactions or orders in the market. This lack of faith in their technology could really make this exchange become irrelevant very quickly.
How Can They Survive?
Now, I’m not saying that KuCoin will fail to stay around long term, but their new model has an uphill battle ahead of them if they want to be successful. The cryptocurrency community doesn’t seem very interested in it and traders still prefer centralized exchanges instead of decentralized ones. If KuCoin can find a way to solve the problems that centralized exchanges have and prove that they can handle their new volume of transactions, they could become extremely successful.
However, if they can’t figure out what’s going on with the withdrawal issues or their new decentralized exchange doesn’t work, then KuCoin could fade into obscurity and be one of those failed exchanges that we all remember.
Whether you’re a trader or not, it’ll be interesting to see what happens with this exchange in the coming months. If they are able to add some significant upgrades to their system and increase their volume of transactions, then there’s no reason why they won’t remain successful for years to come. If they can’t figure out a way to make it work, then things might not be looking too good for this exchange.
Now, what will happen?
Like I said before, the cryptocurrency community has come to expect a lot from centralized exchanges. So, if KuCoin is able to add some impressive and meaningful upgrades to their system, then this new model might just be their chance at restoring their reputation and staying relevant in the industry.
However, given the current issues that they’re having with unreliable withdrawals as well as their decentralized model not being open 24/7, it’ll be interesting to see how things play out. Even if they do get their withdrawal issues fixed and are able to implement an upgraded version of their decentralized exchange with better security features, they still have a long way to go before they can survive successfully in this industry.
The good news is that they were able to make it this far, and there’s still opportunity for them to turn things around. However, at the moment, it appears as though KuCoin might just fade into the sunset with so many other exchanges trying to get a piece of the pie.
KuCoin is one of the newest cryptocurrency exchanges, releasing in September 2017 and has since skyrocketed to popularity. They are currently the 35th largest cryptocurrency exchange in the world by trading volume, with daily trading volume at roughly $103 million USD. They quickly grew and developed a reputation for being a cryptocurrency exchange that supported various altcoins, but struggled with support from English users and service downtime.
Due to its new decentralized model, KuCoin also supports KCS tokens that have an incentive passive income linked to them called ‘KuCoin Bonus’. KuCoin Bonus is a reward for holding Kucoin Shares (KCS) tokens in your account.
While the KuCoin team is working hard to maintain reliable services and trade volume, many people are still skeptical of the platform.
The forecast for KuCoin is a little up in the air. The exchange has an uphill battle if they want to remain successful in this evolving market while also staying competitive with other competitors.
However, the exchange has already released several new features and improvements over the past few weeks that hint towards a brighter future for their company. If they continue to implement their vision for long term success, then it looks like KuCoin might be able to survive for years after all.