OKB Complete Guide: 6-Month Real-Use Review and Investment Know-How
Today, based on my experience using OKB for 6 months, I will explain it step by step so that even beginners can easily understand it. In particular, I will share with you the trial and errors and tips I experienced while actually using it, so it will be helpful if you read until the end!
OKB, what is it?
OKB is, simply put, a 'coupon' concept created by the OKEx exchange. It is a token that allows you to receive various benefits from specific services, like a Starbucks Starbucks card or Lotte Department Store points.
Actually, the first time I learned about OKB was because of the transaction fee. At the time, I was trading Bitcoin frequently, and the fee was burdensome every time I traded. Then, a colleague told me, ""If you pay with OKB, you can get a 20% discount,"" so I bought it right away.
Since it's based on blockchain technology, I can check transaction history transparently, and I feel safe because no one can manipulate it in the middle. At first, these technical aspects seemed difficult, but when I actually used it, it wasn't much different from using a regular app.
OKB's beginnings and its journey so far
It was first released in April 2018, so it's already been a 'veteran' token for over 6 years. At the time, I thought it was just another exchange token, but as OKEx grew into a global top 3 exchange, the value of OKB also increased.
The Binance hack in 2019 is particularly memorable. At that time, many people moved to OKEx, and the price of OKB skyrocketed. That was the first time I realized, ""Ah, this is the real value of exchange tokens.""
Recently, it has grown beyond a simple exchange token into a larger ecosystem. Partnerships with DeFi projects are increasing, and it can now be used in NFT marketplaces. I remember saving fees with OKB when I first bought NFTs last year.
How does it work technically?
Technically speaking, OKB is an ERC-20 token that runs on the Ethereum network. In simple terms, you can think of it as a digital coupon that runs on a large computer called Ethereum.
This is what it felt like when I actually used it:
- Check in MetaMask wallet: When you see OKB next to Ethereum, it looks interesting at first.
- Automatic discount application: When you select OKB when trading, the discount is automatically applied. It's convenient because there's no need for separate settings.
- Participation in events: Sometimes, you need OKB to participate in special events. I recently participated in the first-come-first-served event for newly listed coins, and the allocation changed depending on the OKB holdings.
For those who are curious about the technical part, all transactions are automated through smart contracts. There is no room for human intervention, so it is transparent and safe. You can also check the transaction history in real time on the blockchain explorer.
Where can I actually use it? (Actual usage review)
I mainly use it for these purposes. I will introduce only the most useful ones that I have used for 6 months:
Discount on transaction fees (most used)
- When trading Bitcoin: Originally 0.1% → 0.08% when using OKB
- Same discount when trading Ethereum
- Also applied when trading altcoins (Ripple, Ada, etc.)
If you trade hundreds of thousands of won a month, the amount you save is quite large. I trade about 2 million won on average per month, and thanks to OKB, I save 40,000-50,000 won a month.
Participate in special events
- Priority Purchase of New Coin Listings: I made 30% profit from the IEO I participated in last year
- Airdrop Event: Opportunities to receive tokens for free
- VIP Level Benefits: Bigger discounts applied when trading volume is high
Staking Rewards (This is a real tip)
If you deposit OKB, you can receive an annual interest of about 8-12%. It is a much higher rate of return than bank savings. Of course, there is a risk of price fluctuations, but if you plan to hold it for the long term, it is not a bad choice.
Which exchange can I buy it on? (For Koreans)
Obviously, OKEx is the main one, but these days, you can easily buy it on Korean exchanges. I'll recommend the exchanges I've used in order:
• The most used exchange by Koreans
• You can buy it in Korean won
• Commission: 0.25% (reasonable level)
• Deposit/withdrawal speed: Usually within 10 minutes
• Customer service Korean support
- Binance: No. 1 exchange in the world, various trading options
- Huobi: Chinese exchange, high OKB trading volume
- Coinbase Pro: US representative exchange, good stability
Personally, I think it's the most convenient to buy directly in KRW on Upbit. I especially recommend Upbit to beginners. The interface is intuitive, and if there's a problem, you can ask questions in Korean.
What's the atmosphere like in the OKB community?
The OKB community is more active than I thought and information is shared well! I also invested alone at first, but after joining the community, I was able to get a lot more information.
Places I frequently check:
- Telegram OKB Korea: Real-time information sharing mainly for Korean users. You can get the fastest price movement and news.
- Official Twitter account: @OKEx for official updates and event news
- Reddit r/OKEx: In-depth analysis articles from overseas users. If you can speak English, be sure to subscribe.
- Discord: You can ask questions directly through real-time chat
Sometimes in the community, ""OKB goes to the moon!"" Although there are also some excessive expectations, overall, there is healthy information sharing. In particular, in-depth discussions on technical analysis and market trends are impressive.
Wallet Selection Guide for Safe Storage
Wallet selection is really important for safe storage. At first, I only stored my money on exchanges, but after hearing news of a hack, I moved to a personal wallet. I will honestly review the wallets I have used for 6 months:
Hardware wallets (the safest, but...)
- Ledger Nano S/X: This is my main wallet. It's really safe, but it can be a bit expensive at around 150,000 won.
- Trezor: It's a bit simpler to use. However, it's hard to buy domestically, so I have to buy it overseas.
Software wallet (convenience vs. security)
- Metamask: Available on both PC and mobile. Free, but susceptible to hacking when connected to the Internet
- Trust Wallet: Mobile wallet created by Binance. The interface is clean.
Exchange wallet (convenient but risky)
I strongly recommend that you only store small amounts that you frequently trade, and withdraw most of them to your personal wallet. Many people think that ""saving money in an exchange is like saving money in a bank,"" but it's a completely different concept.
Must know when investing! (Painful experience)
I'll share with you the trial and error I experienced while using OKB for 6 months. If you know these mistakes in advance, you can make smarter investments:
The volatility is really, really high
Some days, it goes up 20% in one day, and the next day, it goes down 30%. At first, I was greedy and thought, ""Wow, great!"", but I got really stressed out.
Invest only as much as you can afford to lose
In my case, I only invest about 10% of my allowance. I'm really worried when I see people investing more than 50% of their salary. Cryptocurrencies are more volatile than stocks.
Check information in multiple places
- Don't just believe what one YouTuber says (I made this mistake too)
- You need to comprehensively judge communities, news, official announcements, etc.
- In particular, certainty that ""it will definitely go up"" is dangerous
Find out about taxes in advance
There are taxes on cryptocurrency trading profits. I didn't know this at first, so I was confused later. I recommend that you keep accurate transaction records.
Conclusion: Is OKB worth investing in?
After using it for 6 months, I can tell you that OKB is not a simple speculative coin, but a utility token that can actually be used usefully. Of course, many people hold it for investment purposes, but I use the exchange frequently, so I am satisfied with the practical aspect.
When to recommend OKB:
- People who frequently trade cryptocurrency
- People who are interested in saving on fees
- People who like to participate in new projects
- People who believe in the long-term growth of the cryptocurrency ecosystem
When to consider carefully:
- People who are new to cryptocurrency investment
- People who expect short-term profits
- People who have difficulty handling high volatility
- People who lack investment funds
However, please remember that cryptocurrency investment always carries risks. Don't blindly say, ""I'll hit the jackpot!"" Rather than jumping in, I hope you study enough and establish your own investment strategy.
I plan to continue using OKB in the future. I think I can kill two birds with one stone: practicality when using the exchange and long-term value increase.
If you have any further questions about OKB, please leave a comment. I will help you as much as I can within the scope of my knowledge! And if you actually invest, please share your experience.
Then, I hope you have a safe investment today, and I will see you again in the next post! 🚀