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How to Buy Lisk (LSK) Coin: The Ultimate Guide

Bob Mason
Lisk (LSK) has unique features as a cryptocurrency that put this coin in the top of the crypto list. Below is a step-by-step guide to Lisk and how to buy Lisk.

What is Lisk (LSK)?

Lisk was formed in May 2016 following a Crypto hard fork and was rebranded in February of this year. The hard fork led to a change in the database from SQLite to PostgreSQL, with Lisk also being open source with development taking place in GitHub.

Lisk is described as a decentralized application and sidechain development platform.

Lisk makes it easy for developers to build and deploy blockchain applications in JavaScript with the open source Lisk Sidechain Development Kit (SDK) offering, the ethos of Lisk being to make life easier for developers and remove confusion over what language developers need to learn in order to get into the blockchain game.

The SDK platform facilitates the development of decentralized applications (DAPPS) and creation of an independent blockchain that is linked to and secured by the Lisk blockchain.

Developers are able to build applications on their own sidechain that is linked to Lisk’s blockchain, with developers able to publish, distribute and generate income from their released apps.

In summary, developers are able to create their own white label sidechain, customize the sidechain with its own token, without having to write a single line of code, design an interface, while also providing an optimal environment to test, deploy and promote apps from the Lisk sidechain.

Developers will cover the costs associated with developing on the Lisk network and using Lisk services with LSK tokens.

How to Buy Lisk (LSK)?

There are a number of exchanges that offer Lisk at the time of writing, including Binance, Bittrex, and HiBTC, but with a limited number of pairings, currently LSK/BTC and LSK/ETH. Below is a step-by-step guide for buying Lisk with Bitcoin on Binance.

Before purchasing LSK coins, it is recommended to first set up a Lisk Nano digital wallet that can store your LSK coins after purchase. The very same wallet would then be used when looking to sell LSK coins, where the coins would be transferred from the wallet to a particular exchange for sale, or to a merchant in the event of a purchase with LSK coins should merchants accept Lisk coins in the future.

Please refer to ‘Create Lisk (LSK) Digital Wallet’ section below for the steps involved in the creation of a Lisk digital wallet.

We do not recommend that you hold your purchased LSK coins on the exchange, as exchanges have faced multiple hacks that have resulted in coin holders losing their investments, in some cases the exchanges unable to cover investor losses.

Buying Lisk (LSK) with Fiat Currencies

At present, there are no exchanges that provide an LSK/ Fiat Currency pairing to purchase LSK coins with fiat currencies, which leaves prospective buyers with the only option of buying either Bitcoin or Ethereum and transferring the coins to exchanges that cater for LSK/BTC or LSK/ ETH trade pairings, our recommendation is to purchase LSK with Bitcoin on Binance, based on trade volumes.

Buying Lisk (LSK) with Cryptocurrencies

For those looking to buy LSK coins with cryptocurrencies, you would need to find an exchange that caters for the LSK/Altcoin pairing that you are looking to buy the LSK coins with, at present the only two pairings available being with Bitcoin and Ethereum.

By market volume, Binance has the largest share of trading volume. The LSK/BTC pairing accounts for 76% of total LSK trade volume, with Binance the leading LSK/BTC exchange by 24-hour volume with 14.7% of trading volume.

On this basis, we would recommend Binance as the exchange of choice to buy LSK with the LSK/BTC pairing, the higher volumes providing the greatest LSK liquidity.

Buying Lisk (LSK) with Bitcoin

Outlined below is a step-by-step guide to buying LSK coins with Bitcoin on the Binance exchange:

For prospective LSK buyers not holding Bitcoin (or Ethereum) on an alternative exchange or in a digital wallet, LSK buyers would need to open a Binance account, purchase Bitcoin (or Ethereum) on an alternative cryptocurrency exchange and then transfer the Bitcoin’s (or Ethereum) from the wallet or exchange to the newly opened Binance account by following the following steps:

  1. Open an account on an exchange that allows the purchase of Bitcoin (or Ethereum) with fiat currencies.
  2. Go to the Binance website and go through the registration process. (Remember that is recommended to always use strong passwords and to enable the 2FA option when prompted).
  3. Withdraw your acquired Bitcoins (or Ethereum) from the alternative exchange selected and transfer them to the newly opened Binance. This can be done by selecting the funds’ tab and selecting ‘Deposit Withdrawals’ in your Binance account. In the search box, enter ‘Bitcoin’ (or Ethereum) and select ‘Deposit.’ Copy the BTC deposit address from your newly opened Binance account and paste the address into the exchange from where the Bitcoins (or Ethereum) were purchased by selecting ‘Send.’ It may take more than an hour for the transfer to be completed, depending on backlogs, but you will receive a notification once the Bitcoins (or Ethereum) have reached your newly created account.
  4. Once the notification has been received, log into your newly opened Binance account and go to the trading platform and search for LSK/BTC (or LSK/ETH) and complete the LSK coin purchase.
  5. Once acquired, you can find your newly purchased LSK coins in the ‘Deposits Withdrawals’ tab that can be located in the ‘Funds’ section. We recommend that you do not leave your LSK coins on the exchange and transfer the coins to your recently downloaded LSK compatible wallet.
  6. Select ‘Withdrawal’, enter the required details, including the wallet address and select ‘Submit’. The LSK coins will then transfer from your Binance account to your LSK Nano digital wallet and will be stored there until you wish to sell them.

For existing Bitcoin (or Ethereum) holders, you will need to open an account on Binance and follow steps 2-6 above.

Create a Lisk (LSK) Digital Wallets

Creating a Lisk digital wallet is an important first step in the purchasing of LSK coins, as it is always recommended that acquired coins are held in a private wallet and not on an exchange, where coin holders’ can be the victim of theft.

When searching for an LSK wallet, we strongly suggest that you identify appropriate wallets by viewing the LSK website and download one of the team’s recommended wallets.

Lisk Nano is the official Lisk wallet that allows you to store, send and receive Lisk coins that also connects with the Lisk network, removing the need for blockchain syncing.

To download the wallet:

  1. Go to the LSK website and go the ‘Product’ page and scroll down to Lisk Nano and download the app.
  2. Run the installation file after downloading the app, after which the Lisk Nano wallet will automatically open.
  3. Select ‘New Account’ and click ‘Next’ after reading the pop-up content.
  4. Create a passphrase with your cursor and then copy the 12-word passphrase somewhere safe and in multiple places. DO NOTE: Losing the passphrase will mean that you will lose your LSK coins.
  5. After saving your passphrase in multiple locations, click ‘Yes! It’s safe’ at which point you will be required to double check the passphrase. Enter the missing part of the passphrase and click ‘Login,’ which will open LSK Nano wallet.
  6. Once open, copy your wallet address as you will need it once you have acquired your Lisk coins with Bitcoin (or Ethereum) on Binance to transfer the LSK coins for safe keeping.

Lisk Coin Price and Market Cap

At the time of writing, Lisk (LSK) had a market capitalization of $1.25bn, with a price of $11.90 which is down from its all-time high $41.66 struck on 31st January, whilst having recovered some of the losses, LSK having hit 2018 low $6.61 on the 1st April.

Lisk’s market cap reached an all-time high of $3.925bn on 18th February.

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The Benefits of Lisk (LSK)

As blockchain continues to evolve and revamp the tech world and beyond, with developers ever keener to get into blockchain tech that will become the mainstream of tomorrow, the issue many developers facing being what language should be learned in order to begin developing decentralized blockchain applications.

The founders of Lisk have identified the need to provide developers with an easy to use the platform on existing Javascript, bringing the world of blockchain to the developed world and even to those looking to learn.

In providing the tools to develop platforms without the need to learn a new language, the evolution and speed of delivery of new concepts will only improve with Lisk’s existence, embracing blockchain and marrying it with the very developers that are needed to fully integrate blockchain technology into the everyday world.

A great advantage of using the Lisk platform is that individual sidechain applications can exchange data with the Lisk’s mainchain, allowing the sharing of minds.

While Lisk offers the opportunity for developers to create their own decentralized blockchain applications’, the fact that these are created with sidechains means that Lisk will remain scalable, with the number of platforms developed using Lisk having no impact on Lisk’s performance or security.

Making life easier for developers and the world of blockchain can only be a good thing for the future and with the Lisk team deciding to not reinvent the wheel and basing the tech on Javascript, it couldn’t be easier.

This article was originally posted on FX Empire

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