How to buy Loki (LOKI)

Where to buy Loki in Australia

A step-by-step guide to buying Loki

Unfortunately, there's currently no way to buy Loki directly with Australian dollars. As a result, if you want to get your hands on some Loki you'll first need to acquire a cryptocurrency such as bitcoin (BTC), then exchange it for Loki. Read on for an example of how to do this.

• Step 1. Buy BTC

  The first thing you need to do is buy some Bitcoin. If you need advice on how to complete this step, check out our guide on how to buy BTC.

• Step 2. Register for a KuCoin account

  As you can see in the table above, Loki can currently only be traded on a limited range of crypto exchanges, so compare the features of those platforms to decide which one meets your needs.

  For the purposes of this example, we'll show you how to buy Loki on the Singapore-based KuCoin exchange.

  To register for a KuCoin account, visit the KuCoin website and click the "Register" button at the top right of screen. You'll then be prompted to provide your email address and create a password.

  Don't forget to also activate 2-factor authentication before proceeding to step 3.

• Step 3. Deposit BTC into your KuCoin account

  If the Bitcoin you'll be using to buy Loki is already in your KuCoin account, skip ahead to step 4.

  If it's not, log in to your KuCoin account and look for the Bitcoin segment near the top right of screen. Click on it and select "deposit."

  Select Bitcoin from the currencies listed to view your KuCoin BTC wallet address and QR code. Copy this address, or scan the QR code, to make a BTC deposit from your Bitcoin wallet.

• Step 4. Buy Loki

  Once the funds have arrived in your account, click the "Exchange" tab at the top left of screen and search for LOKI/BTC in the field provided. Then it's a matter of typing in the details of your transaction, including the amount of LOKI you want to buy and your price in BTC.

  Finally, remember to double-check all the details of your transaction before clicking "Buy LOKI".

How to sell Loki

If you want to sell your Loki, the process you'll need to follow is quite similar to the buying process outlined in step 3. However, make sure you enter your transaction details in the "Sell" field on your exchange's trading page, and please be aware that you may not be able to directly exchange Loki for the fiat or cryptocurrency you want.

Which wallets can I use to hold Loki?

While you can store the coins you purchase on an exchange if you wish, the risks of hacking and theft mean that this is generally not advised. Instead, most users recommend moving your crypto assets to a secure wallet that allows you to retain control of your private key.

If you're searching for a wallet where you can safely store your Loki, there's limited choice available at the time of writing. You'll need to use an official Loki wallet – a desktop wallet for Windows, Mac and Linux is available for download from the Loki website, where you can also find a download link for the command line interface wallet (better suited to advanced users).

How Loki works

An Australia-based cryptocurrency project with roots dating to late 2017, Loki is built on a modified version of the Monero codebase. Using the CryptoNote protocol, it's designed to provide the means to transact privately and anonymously.

Through the use of cryptography tools such as ring signatures, stealth addresses and RingCT, it makes it impossible for third parties to see the sender, recipient, or amount of any Loki transaction. Whether or not these details are revealed is entirely up to the user.

In addition to functioning as a privacy coin, Loki also provides the potential to communicate privately and anonymously. Loki uses a hybrid proof-of-work and proof-of-service system to achieve consensus and is powered by a network of self-regulating Service Nodes. These nodes route information privately through the network and share the blockchain with users and other nodes.

The result is LokiNet, which features its own decentralised, anonymous and private messaging service known as Loki Messenger. The network can also be used to run applications, which are known as Service Node Apps (SNApps).

What to consider before you buy LOKI

Cryptocurrencies are famous for their volatility, capable of experiencing substantial price fluctuations within a short time period. They're also complicated assets that can have their price influenced by a wide range of factors, so you'll need to carefully research any crypto coin or token before deciding whether or not to buy.

If you're thinking of buying any Loki, make sure you consider the following:

Picture: Shutterstock

Disclosure: At the time of writing the author holds ADA, ICX, IOTA, POWR and XLM.