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Lisk is a blockchain platform designed to facilitate the development and distribution of JavaScript based decentralised applications (DApps). The Lisk ecosystem aims to provide developers the opportunity to build, distribute and monetise their applications with the use of customised blockchains, smart contracts, cloud storage and nodes.
In this guide, we’ll walk you through where and how to buy Lisk (LSK), how the token works and key things you should consider before buying it.
This is our quick guide to just one way to buy LSK. Compare some other options in the table below.
You can buy LSK tokens at various exchanges, using fiat currencies such as US dollars (USD), Australian dollars (AUD) or euros (EUR). Alternatively, you can buy LSK with cryptocurrencies like bitcoin (BTC) or Ethereum (ETH). Some of the exchanges that offer the option to buy LSK tokens are listed below.
Here’s an example of how to buy LSK if you decide to purchase it.
The above exchanges list LSK. If you’d like to buy LSK using Australian dollars, you might consider local exchange, CoinSpot. To open an account, sign up on CoinSpot’s website and then log in. You will need to verify your identity by providing the requested identification documents in order to deposit AUD.
Alternatively, as Binance is one of the largest cryptocurrency exchanges by trading volume at the time of writing, we will also use Binance as an example. You can buy LSK at Binance with cryptocurrencies such as BTC or ETH. To open an account at Binance, you need to sign up on the website and follow the instructions you receive to your email. After this, log into your account.
If you’re using Coinspot, click the “Deposit AUD” link from your account dashboard and enter your desired amount.
Binance doesn’t accept fiat currency deposits, so you will first need to own or acquire a cryptocurrency which can be paired with LSK, such as BTC or ETH. If you don't own any cryptocurrencies which can be paired with LSK, our guides can show you how to get started:
Once you have bought cryptocurrency to pair with LSK, log into your Binance account and select the “Funds” button at the top menu. Next, click “Deposits” in the drop-down menu. Select the cryptocurrency you wish to pair with LSK on the next page and Binance will generate a deposit address. If you bought BTC to pair with LSK, you would select BTC. After this, you would transfer your funds by sending your BTC to the deposit address generated by Binance.
Exchange-related risks can include hacks, system errors or the site going down, so it’s usually recommended to withdraw your coins from an exchange and store them in a wallet.
You can sell LSK tokens on the same exchange where you bought them, or transfer them to another exchange that supports LSK. Similar to Step 3, you will need to pair LSK with either another cryptocurrency or fiat currency such as AUD/LSK or BTC/LSK. After deciding this, you enter the amount of LSK tokens you want to exchange. Once you have entered this number, confirm the final sale value and proceed to sell your LSK tokens.
You can use the following wallets to store your LSK:
Discover more ways to store your cryptocurrency in our introductory guide to wallets.
The team behind Lisk intend to make blockchain technology more accessible by building a Software Development Kit (SDK) written in JavaScript. The Lisk platform software has three components: JavaScript, NodeJS and PostgreSQL. Through the sale of LSK tokens, the team hopes to finance projects which are built on the Lisk platform.
Lisk (LSK) is the cryptocurrency token of the Lisk platform. It is used to pay fees and to grant access to the system. The ticker symbol for the Lisk token is LSK and the algorithm it uses is called Delegated Proof-of-Stake (DPoS). This means that everything related to the network or the addition of new blocks to the blockchain is done by delegate voting.
Anyone can apply to become a delegate and the delegate collects votes from LSK owners. 1 LSK equals 1 vote, so if you have LSK in your wallet you can vote for delegates. The delegates with the most votes start securing the network and they subsequently receive rewards in LSK tokens.
Find out more about Lisk in our comprehensive guide.
If you are wondering whether to buy LSK or any other cryptocurrency, you must be fully aware of the risks involved as cryptocurrencies are speculative and volatile. You should take the following points into consideration if you still want to buy LSK:
By considering the above factors and conducting your own research, you should be able to make a more informed decision about whether you would buy LSK.
Picture: Shutterstock
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