How to Buy Lisk
The makers of Lisk (LSK) claim that it is the first ever modular form of digital currency; however, it was not developed only to be used as a form of cryptocurrency. It’s also a sidechain platform and an open source decentralized app that aims to make blockchain technology easier to access.
Lisk is similar to Ethereum, as it was developed to be used as a foundation for the manufacturing of other applications and digital coins.
What is Lisk
Lisk functions as a platform provider that offers a decentralized network, like Ethereum (ETH); but, it functions different. Ethereum utilizes Solidity, which focuses on smart contracts and requires developers to learn a new language. Lisk, on the other hand, uses its own extension of the blockchain network, as well as its own token, which allows developers to make, dispense, and keep track of their own decentralized blockchain applications that are connected to Lisk’s network. With Lisk, developers can create and completely customize their own blockchain-based applications.
Because Lisk creates sidechains for the applications that are developed on the site, every Lisk-based application receives its own blockchain, as well as its own token. While acting as a form of cryptocurrency was not the primary intention of Lisk, it does have its own digital coin (LSK). The purpose of the LSK coin is to fuel the platform’s network.
On Lisk, developers have access to tools that they can use to aide with application development. The Lisk-JS, for example, offers and interface for all API calls, and Lisky acts as a command line interface for Lisk Core.
Lisk operates with a proof-of-stake algorithm. With this algorithm, computers that are linked to the network (delegates) collect rewards for forging (or mining) new coins. This process secures the Lisk network. Any device on the proof-of-stake network can be rewarded, as the forger of the next block in the chain is selected at random.
The random selection of forgers on the proof-of-stake network prevents centralized mining, a serious drawback on the proof-of-work network, as the miners that have the most hashing power receive the lion’s share of the rewards. As a result, on the proof-of-work network, miners that have access to the most powerful equipment usually have control of large portions of the network.
The primary advantage of Lisk is that it is truly decentralized platform. As such, all miners on the Lisk network have a fair chance of receiving rewards.
Where to Buy Lisk
LSK, Lisk’s digital coin, can be purchased at several cryptocurrency exchanges. Some of the most popular exchanges that LSK can be purchased on include:
How to Buy Lisk
In order to purchase LSK tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for LSK. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts Lisk
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for Lisk Coins
- When your ETH has arrived in your Binance account, you can exchange it for LSK tokens
- Select ETH currency
- Search for LSK in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of LSK you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of LSK you would like to purchase, select the “Buy button”
- Your LSK order will be immediately filled; your ETH will be transferred into LSK
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Why Buy Lisk
The core developer team at Lisk is outstanding and the LSK coin shows great promise. While a network that all of the future growth of the company will be based has not yet been determined, they do have a Main-Net and a Software Developer Kit.
Additionally, since the company rebranded, there has been a big increase in LSK prices. Furthermore, the team behind Lisk is highly responsive and has proven to be successful when deploying their technologies.
How to Sell Lisk
LSK can be sold on the same exchanges that they were purchased on, or you can transfer them to other exchanges that support the coin. To do the latter, use the following steps:
- Create an altcoin exchange account
- Fund your account with LSK coins
- Sell your LSK coins for other digital coins, such as Bitcoin
- Sell your digital coins for fiat currency
- Withdraw your fiat currency
Which Wallets Can I Use for Lisk?
The following wallets can be used to store Lisk:
- Lisk Nano
Since Lisk wasn’t created as a digital coin for buying and selling, its value is based on the adoption of Lisk technology by developers, corporations, and investors. While the value of Risk is low compared to other forms of cryptocurrency, it’s price has increased and it is projected to continue increasing in the future.
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