Will KIP-0020 change how my existing Kaspa coins and transactions work?

If you do not use covenant bindings, your Kaspa coins and ordinary transactions are unaffected in structure and semantics by KIP-0020. A UTXO (Unspent Transaction Output) is the technical record that proves you own a certain amount of KAS — think of it as your coin balance stored on-chain. KIP-0020 only alters the data format and rules for transactions that specifically opt into the new covenant binding feature; standard sends and receives keep the same structure. There is one narrow caveat the proposal notes: activation gating of transaction versions and opcode validity does apply across the board, which is why upgrading your software when the fork activates is still necessary. In short, your KAS balance is safe and ordinary transactions continue to work, but you must run updated software to stay on the network.