Karatbars just released the official KCB to KBC exchange rate. The document is now available in your Karatbars backoffice.
To view the document:
Under ‘General’ go to ‘Downloads‘, then select ‘Terms and Conditions’, then click ‘Fixing of the exchange rate KCB to KBC for the Hard Fork’
(See Screenshot #1 below)
You can also view and download the document here.
Okay, the exchange rate is 2.54 KBC = 1 KCB
This rate is 5 times higher than expected! (see why below).
How was this exchange rate calculated?
The calculation was based on two components. View the document if you want to see what those components are.
Keep in mind that KBC is basically that new coin (on this blog sometimes I referred to this new coin as GSC). It’s just the name hasn’t been changed yet. It may or may not be changed to GSC or something else in the near future.
Okay 2.54 KBC = 1 KCB… So, for every KCB you will get 2.54 KBC when performing the exchange on Karatbit.
Let’s say you have 100,000 KCB coins. Then, in total, you will get 254,000 KBC coins (100,000 x 2.54).
Why is this rate 5 times higher than expected?
Remember that it was said that 2 KCB may equal to 1 KBC (GSC)? (I mentioned that on this blog a few times).
2 KCB = 1 KBC expressed differently is 1 KCB = 0.5 KBC. (Just divide both sides by 2).
Now, let’s compare the rates:
Expected rate: 1 KCB = 0.5 KBC
Actual official rate: 1 KCB = 2.54 KBC
Given the above, what is difference between the expected and the actual official rate? Divide 2.54 by 0.5 and you will get the difference, which is 5.1.
As you can see, the official exchange rate turned out to be 5 times higher than expected! This is a big reason to celebrate 🙂
When will you be able to exchange KCB for KBC?
According to the hard fork timeline, on December 21 (tomorrow) the swap from KCB to KBC will be activated on Karatbit.
On this same day – tomorrow – you will be able to use the ‘exchange’ feature and exchange KCB for KBC (according to the timeline).
Then, starting on January 5, all KCB that you exchange for KBC can be freely manipulated on the markets.
In other words, you will be able to trade, withdraw, and deposit these ‘new’ KCB coins. Note: You will have to perform these actions over ERC20 contract.
Here is a ERC20 contract — 0xf3586684107ce0859c44aa2b2e0fb8cd8731a15a (called KBC smart contract).
That’s pretty much it about the exchange rate for today.
Leave any of your questions below 🙂
p.s. If you are curious… Given the above exchange rate, how many KCB in 1 KBC then?
2.54 KBC = 1 KCB
2.54 KBC/2.54 = 1 KCB/2.54
1 KBC = 0.39 KCB … So, there is 0.39 KCB coins in 1 KBC coin.