With a market capitalization of $3.7billion USD, Lisk occupied the 14th in the ranking of cryptocurrencies. Lisk was introduced when 2016 was just beginning. Since that time, it has experienced a steady growth of 1448.5% with its popularity increasing on daily basis. At the time of writing of this piece, one LSK will be sold for $7.24. Do you have any interest in the digital currency? If it is successfully re-launched, it is likely to be the altcoin to look out for in this year.
How to Purchase Lisk Coin
At the moment, Lisk cannot be purchased directly from any exchange with credit/debit card or bank account. The easiest way to acquire it is to first purchase Ethereum or Bitcoin and then use them to trade it. But bear in mind that ETH attracts lower exchange and transfer charges than BTC.
Buy LSK with Bitcoin
It is quite easy to purchase LSK with bitcoin. All you have to do is to buy bitcoin and barter it for LSK in any exchange that has BTC-LSK pair. Basically, there are two major ways of getting bitcoin. First, is to acquire it from an exchange such as Gatehub, Kraken, Coinbase, CEX.IO, Changelly. A person-to-person transaction is an alternative for you in case you are not comfortable with brokers. Many individual BTC dealers are available in online marketplaces.
Get Lisk with Ethereum
The process, benefits, and disadvantages of purchasing LSK with ETH are almost the same with those of bitcoin discussed above. The major difference is that Ethereum dealers incur lower transfer fee than BTC traders. But viewed from another perspective, Bitcoin has a wide acceptability than ETH. The implication of this is ETH/LSK is not in much demand as BTC/LSK.
How to Buy LSK on Exchange Platform
I normally purchase the token from CEX.IO and Changelly. Below are the steps on how to utilise the two platforms.
1. Create An Account
Start by registering and verifying an account on the exchange by providing the required documents. There are different levels of verification and each stage requires certain documentation. Normally, your account is limited pending when all documents are submitted. As you are providing them, you will be crossing over the levels until you reach the final stage. Go to the deposit page to add the details of your plastic cards in case you prefer them as a banking option.
2. Buy Bitcoin or Ethereum
When you set up an account, you need to put fund into it to be able to acquire bitcoin or ether through it. So, when it is bankrolled, Press the button for buy/sell to pay for the amount the token you ordered for. The inclusion of 7% service fee by CEX.IO is the reason for this. In my view, this is expensive but sometimes, it is fine especially when the buyer is in a desperate situation.
3. Exchange BTC or ETH for Lisk
I usually move my token from CEX.IO to Binance where it will be exchanged for Lisk following a few-steps process which includes:
Move Your Crypto to Binance
Following a similar process, as described above, you begin by creating an account with Binance to be able to use their services. The requirements for the registration include an email ID needed when you want to make some changes on your account setting, edit your password and view your transaction history.
But in the absence of an email, sign up can be implemented via the listed social media platforms. Binance uses 2FA system to ensure users’ accounts are secure. So, install Google Authenticator for logging into your account. Once the account set up is completed, move your BTC or ETH from CEX.IO to Binance.
Trade for LSK
Make a choice of coin to deal on from the homepage of Binance. Here, it is BTC for LSK or ETH for LSK as the case may be. Fill up the box for the preferred amount to be swapped. Type in the amount you want to sell on the box provided. Then hit the button for exchange. The rate at which the deal will be done will appear on the next page.
Take a look at the rate and the details of the transaction to see whether if there is an error or not. Them, you will be prompted to review the transaction details of the transaction for the second time. If you are satisfied with what you saw, click the button for ‘confirm & Make Payment.’
Transfer to Your Wallet and Withdraw
The wallet address to move the token will appear on the screen. The deal takes a couple of minutes to be completed but when you are done with it, an email containing the details of the transaction will be forwarded to your electronic mail inbox.
FAQ
1. Lisk or Ethereum?
2. What is Lisk Nano?
3. How is LSK Doing Right Now?
4. What 2018 Holds for LSK?
5. Is It a Good Investment?
Lisk Features
At its earliest beginning, nobody had a clear understanding of what the network was and how it could be utilized in the coming years. The blame is partly ours because our commercials about the platform at the time of the ICO were in other digital coin’s communities. Secondly, we are yet to publicize our vision paper. Here, I will through more light on Lisk in order to clear this confusion.
What is LSK?
Lisk’s network is not under the control by any central body as it is the case with other popular tokens; but in contrast with bitcoin and NXT respectively, it uses no PoS and PoW like Nxt and Bitcoin respectively. Instead, it uses Delegated PoS which is an uncomplicated adaption of Bitshare’s initial consensus algorithm.
This implies all LSK owners can participate in contributing in the selection process of the mainchain’s delegates who protect the network. The token’s name for this virtual currency is LSK. Only 10 seconds are required for a LSK transfer to be completed. If a transaction doesn’t pull through within 1 to 2 minutes, it is considered immutable.
Pros and Cons
- The use of sidechains which improves the speed at which transactions are completed eliminating the issue of bloated networks.
- The use of sidechains also provides individual digital coin developers the opportunity to develop a blockchain app of their own with the use of their customized coin which they can link up to the network’s blockchain.
- It’s considered the most suitable token available for application developers thanks to the freedom it provides them to work as they like without any restrictions or mechanisms requirements to abide by.
The major problem with this network is the extended block time. Here, a block gets a 10 seconds extension if a delegate is not able to forge a block at the end of 17 minutes. Moving a block to the round when this happens can result in the delay in the confirmation of transactions.